Big Tech’s Big Stakes in Big AI
As the valuations get bigger, the stakes go higher, quite literally...

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MGAI: Amazon likely owns 22% of Anthropic. Google likely owns 14% of Anthropic. Microsoft may be on the verge of owning ~25%-33% of OpenAI...
Some investors were surprised last week when Amazon's Q1 net income came in at $17.1B, or $1.59 per share — far above the analyst expectation of $1.36 per share. Usually when such surprises happen (on the upside and downside) there's an obvious culprit: paper gains (or losses) on investments. It's a sort of silly accounting rule, especially as it relates to reported earnings, because, of course, there are no actual earnings (or losses) on these. It's all unrealized gains (or losses) that may or may not materialize at some point in the future...