Alphabet Inc Class CAlphabet's stake in Anthropic surged, driving unrealized gains and a higher EPS forecast from BofA.

Alphabet's stake in Anthropic has surged to approximately $135 billion, prompting Bank of America to forecast second-quarter earnings per share of $8.38, nearly triple the Street consensus. The stake, representing roughly 14% of Anthropic, was marked at $380 billion at the end of the first quarter and has since benefited from Anthropic's latest $965 billion valuation, driving an estimated $80 billion in unrealized gains. Alphabet reports second-quarter results on Wednesday, with prediction markets pricing a 97% beat probability, but investors will focus on Google Cloud growth, which rose 63% last quarter to $20 billion while supply-constrained, and on capex discipline as free cash flow fell 47% year-over-year and 2026 capital expenditures climb toward $190 billion.
Alphabet Inc Class CAlphabet's stake in Anthropic surged, driving unrealized gains and a higher EPS forecast from BofA.
Bank of America CorpAnthropic's valuation rose to $965 billion, increasing Alphabet's stake value.