Half of Google's and Amazon's 'blowout AI profits’ came from a stake in Anthropic—not from their actual business

Four of the largest U.S. tech companies reported earnings Wednesday afternoon, confirming an AI capital expenditure buildout without modern precedent. Combined, they spent $130.65 billion on capital expenditures in the first three months of 2026—more than three times the inflation-adjusted cost of the Manhattan Project, in a single quarter. The headline profits suggest the bet is paying off; Google parent Alphabet’s profit jumped 81% to $62.6 billion last quarter, while Amazon Web Services delivered its fastest growth in fifteen quarters.

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