Money to burn? Big Tech’s AI splurge is blowing out
Opinion July 23, 2026 — 12:01pm Amid a raft of impressive numbers in Alphabet’s second-quarter results, one stands out.
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Summary
The apparent massive lift in profit overstated Alphabet’s operating performance by including a $US98 billion ($140 billion) non-cash mark-up in the value of its investments in SpaceX and Anthropic, but the cash-burn in the quarter was very real. Alphabet had capital expenditures of $US44.9 billion in the quarter – more than double the amount invested the same quarter of last year, and about 25 per cent more than it spent in the first quarter.
Cross-referenced from 3 sources.
Factual coreconfirmed by several independent voices
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Reported detailssecondary facts, each attributed to its source
The apparent massive lift in profit overstated Alphabet’s operating performance by including a $US98 billion ($140 billion) non-cash mark-up in the value of its investments in SpaceX and Anthropic, but the cash-burn in the quarter was very real.
according to The Sydney Morning Herald - Top Stories +1Alphabet had capital expenditures of $US44.9 billion in the quarter – more than double the amount invested the same quarter of last year, and about 25 per cent more than it spent in the first quarter.
according to The Sydney Morning Herald - Top Stories +1
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