Big Tech's Anthropic and OpenAI stakes are distorting the corporate earnings picture

If you were to strip out Big Tech's investment gains from private AI companies, the earnings story is a lot less bullish.

The top 3

  1. Microsoft's Dominant OpenAI Stake: Microsoft has invested over $13 billion in OpenAI since 2019, securing a 27% stake in OpenAI Group PBC and valuing its investment at approximately $228 billion as of March 2026.
  2. Amazon's Multi-Billion Anthropic Commitment: Amazon has committed up to $33 billion in Anthropic, including an initial $8 billion, a further $5 billion, and an option for an additional $20 billion tied to commercial milestones.
  3. Google's Strategic Anthropic Backing: Google plans to invest up to $40 billion in Anthropic, including a $10 billion upfront payment and up to $30 billion in contingent investments, building on a prior $3 billion investment.

Sources

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