Tech giants Alphabet, Amazon, Nvidia, and Microsoft collectively booked over $160 billion in unrealized gains in Q2 2026 from rising valuations of their stakes in private AI companies. This figure more than doubled from roughly $69 billion the prior quarter. Alphabet led with $97.9 billion in other income, while Amazon reached $53.4 billion, more than tripling from the previous quarter. SpaceX’s IPO in June 2026 at a $1.77 trillion valuation was the primary driver, allowing Nvidia to crystallize massive mark-to-market gains on its 123 million shares. These profits remain accounting gains that could reverse if companies like Anthropic, valued at approximately $965 billion, go public at a discount to their private market valuation.
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