Anthropic and SpaceX just handed Google the biggest profit quarter in company history—on paper

Alphabet reported a record $112.1 billion profit in Q2, a 298% year-over-year increase, driven largely by $99 billion in gains from investments in Anthropic and SpaceX. The profit surge was fueled by soaring valuations of these AI-focused companies, though shares fell after hours due to concerns about rising capital expenditures and competition.