The tech giants' quarterly earnings report hides an interesting detail:

Under normal circumstances, the profits of companies like Amazon and Google mainly come from their core businesses: advertising, cloud computing, and e-commerce.
But in the Q1 earnings report, "other income" accounted for more than one-third of net profit, a ratio that has only been 5%-10% historically.
Where does this money come from?
Google: Private equity investment portfolio unrealized gains of $37.7 billion
Amazon: Invested in Anthropic, with a single-quarter book profit of $15.6 billion
Together, the two companies total $53 billion.
Just from investments alone, they made this much money.
Super platforms are doing quite well in venture capital.
According to KKR data, U.S. GDP grew by 2% in Q1.
Of that, technology capital expenditure contributed 1.9%.
If we broaden the scope a bit, according to the U.S. Census Bureau, technology now accounts for 55% of all corporate investment in the U.S.
This ratio has been climbing for a long time, and AI may accelerate this trend.
It's one thing that Amazon and Google are good at VC.
A bigger fact is: now everyone is a technology investor.