Alphabet reported $98.0 billion of investment gains in Q2, which it said were "primarily from unrealized net gains on equity securities." The gains helped drive EPS of $9.11, well above the $2.90 analyst consensus, and net income of $116.86 billion. Alphabet holds a large stake in SpaceX; SpaceX's IPO last month was the largest on record. Alphabet is also a major investor in AI startup Anthropic, which could IPO as early as October. Elon Musk liked the earnings report on social media.