Imagine earning almost an extra $100 billion and dedicating exactly one vague sentence to it. That’s exactly what Google’s parent company, Alphabet, did in its second quarter earnings report.

The tech giant reported that its “other income” amounted to $98 billion in the second quarter, saying it came from unrealized gains on its investments.

Analysts did not ask Alphabet executives about the earnings on their earnings conference call. Instead, they focused on their growing capital expenditures and their position in the AI ​​race. Shares of the tech giant closed down about 1.24%.

This is not the first time Alphabet has done this. In April 2025, the company revealed a similar profit of $8 billion on paper. Google is under no obligation to disclose exactly where those profits come from, and it doesn’t.

The gains are almost certainly related to very smart investments the company has made in companies like SpaceX, Anthropic, and Databricks.

Google was an early investor in SpaceX, buying about 7% of the company in 2015. SpaceX also uses Google Cloud for its Starlink service. SpaceX is currently worth around $1.5 trillion since its IPO last month. Google invested in SpaceX when it was worth only about $12 billion: that’s a 133-fold return.

Google has also invested heavily in Anthropic, owning about 14% of the company last March, according to documents seen by the New York Times. The AI ​​lab was valued at nearly $1 billion in a massive $65 billion funding round in May. Some investors believe it is already worth $1.2 trillion.

Additionally, Google is an investor in Databricks, valued at $188 billion in a funding round earlier this month.

Google, SpaceX, Anthropic and Databricks did not respond to requests for comment.

Google’s investment skills are certainly impressive. But investors are more concerned about Google’s own prospects.

The tech giant increased its capital expenditures to a high of $205 billion this year as it competes in AI. While Google has major advantages in chip distribution and manufacturing, its efforts to build a leading AI model have not borne fruit.

It continues to delay its next big AI chatbot, which some rivals are mocking online.

Still, many analysts remain optimistic about Google’s fundamentals. Its revenue increased nearly 25% compared to last year thanks to strong advertising and cloud sales, which are also being driven by AI.

“Another impressive quarter for Google,” said Emarketer principal analyst Nate Elliott.