According to LSEG, if investment gains from private AI companies like Anthropic, OpenAI, and SpaceX were excluded, the S&P 500's most recent quarterly earnings growth would drop from approximately 48% year-over-year to around 29%. This distortion is largely due to significant gains reported by major tech companies. For instance, Amazon saw a $53.4 billion gain primarily from its Anthropic investment, while Alphabet's bottom-line growth surged nearly 300% (closer to 23% without SpaceX and Anthropic gains). Microsoft also added about 10 percentage points to its earnings growth, including a $3.2 billion net income gain mostly from Anthropic and a $480 million gain from its OpenAI stake.