会计准则要求每季调整股权投资公允价值，而今年吸收了 xAI 的 SpaceX 上市，更是为投资者带来庞大的帐面增幅，使 Alphabet 与亚马逊的「其他收入」分别翻倍至 979 亿美元及暴增至 534 亿美元。尽管美国科技业基本营收仍具支撑力，但这些非本业现金流入的一次性重估收益，增加了评估企业真实营运表现的难度。
分析师与投资机构指出，这些庞大的帐面收益引发了「获利品质」的疑虑，导致市场下修科技股的本益比估值。专家警告，上半年利润明显夸大了可持续的获利能力，且高度依赖股权重估可能在未来季度造成负增长风险，为后续财报表现埋下潜在的下行隐忧。
Big tech giants booked an over $160bn windfall last quarter from investments in other AI companies, substantially boosting pre-tax profits. However, the surge in 'other income' reported by Alphabet, Amazon, Nvidia, and Microsoft stemmed largely from paper valuation gains on equity stakes in entities like OpenAI, Anthropic, and SpaceX, raising concerns that these gains overstate the true strength and demand of the AI boom. (Key numbers: 1,600)
Accounting rules mandate quarterly adjustments to the fair value of equity holdings, and the public listing of SpaceX—which absorbed xAI—turbocharged these figures, pushing 'other income' to $97.9bn at Alphabet and $53.4bn at Amazon. Although core business earnings across the US tech sector remain strong, the lumpy presence of non-operational revaluation gains obscures the true underlying financial health of these companies. (Key numbers: 979, 534)
Analysts and fund managers highlighted that these massive valuation adjustments raise serious questions about earnings quality, prompting markets to trim tech valuation multiples. Experts caution that these figures materially overstate repeatable earnings power, warning that relying on one-off equity revisions creates the potential for negative earnings surprises and downside risks in future periods.