Google is quietly turning into a giant investment portfolio.
Over the past two decades, Alphabet $GOOGL has made billions of dollars in private investments — and some of those bets are now reaching the public markets. 🚀 SpaceX $SPCX now represents roughly 95% of Google’s publicly traded investment portfolio. And there could be another major addition soon. 🤖 Anthropic, one of Google’s biggest private AI bets, is expected to go public in the coming months. Alphabet owns a significant stake in the company, potentially unlocking another substantial source of value. Google is therefore becoming more than just Search, YouTube, Cloud and AI. Its portfolio of early-stage investments could increasingly become a meaningful part of the Alphabet story. Is Google slowly becoming a hedge fund with a technology business attached? Graphic credit: Leverage Shares, Global Markets Investor
Google's investment portfolio:
Source: Patient Investor
Alphabet $GOOGL closed below its 200-day moving average for the first time in over a year
Source: Barchart
Alphabet beat Q2 revenue expectations, but missed on underlying earnings.
Revenue rose 24% to $119.8 billion, led by an 82% increase in Google Cloud revenue to $24.8 billion. Cloud operating margin reached 36%. Reported net income was boosted by roughly $99 billion in unrealised gains on investments including Anthropic and SpaceX. Excluding these gains, adjusted EPS was $2.85 versus $2.90 expected. The stock fell 3% after hours. Source: App Economy Insights @EconomyApp Bull Theory Yahoo Finance
Google's capex is on track to nearly triple in two years
Source: Hedgeye @Hedgeye Bloomberg
Alphabet $GOOG just reported NEGATIVE free cash flow for the first time in history.
And the story is not over; Alphabet projected full-year capital expenditures will be $195 billion to $205 billion in 2026, increasing its already sky-high spending estimate for the year as it works to secure an edge in the AI race. Source: Phil Rosen @philrosenn
Andy Bechtolsheim wrote Google a $100,000 check before it even had a bank account.
That $100,000 check is worth $15 billion today. Andy Bechtolsheim is a billionaire German-American electrical engineer, investor, and tech entrepreneur. He co-founded Sun Microsystems in 1982 and Arista Networks in 2004. Source: Bull Theory
Tokens requested from Google, OpenAI and Anthropic relative to total fell to 33% in June 2026 from 72% a year earlier.
Tokenomics matters, or at least it will soon enough. Chinese AI’s gains in the market are remarkable. Source: Bloomberg, Negligible Capital
