According to CoinMeta, investments by large tech companies in Anthropic and OpenAI are distorting the true picture of corporate profitability. Microsoft, Amazon, and Google have reaped considerable investment gains in the most recent quarter due to their holdings in these two companies. According to data from LSEG, the earnings growth of the S&P 500 index increased by about 48% year-on-year in the latest quarter. However, if the investment gains from private AI companies are excluded, earnings growth would drop to around 29%. Analysts generally believe that these one-time gains have led to more earnings exceeding expectations in the short term.