---
type: "Topics"
locale: "en"
url: "https://longbridge.com/en/topics/42859057.md"
description: "1. First, let's clear the air: The 'profit' this time might be fake.I'll point out a pitfall first, so you don't get fooled by the numbers tomorrow.Google's earnings per share (EPS) this time are likely to look exceptionally good, even absurdly so — Bank of America has forecasted $8.38 in profit, nearly three times the mainstream market expectation of around $2.9.Why such a big difference? Because Google holds over 10% stake in the star AI company Anthropic, and Anthropic's valuation has surged recently. According to accounting rules, this paper unrealized gain must be included in Google's profit for this quarter.In plain terms: This profit is 'paper wealth,' not real money earned from the core business. Cheering for one-time paper gains is like celebrating a salary raise because your house value went up — two completely different things.So at times like these, it's crucial to shift your eyes away from 'profit' and look at the number that doesn't lie: how much real capital they are actually pouring into the future.$Alphabet - C(GOOG.US)$Alphabet(GOOGL.US)$Intel(INTC.US)"
datetime: "2026-07-22T14:45:01.000Z"
locales:
  - [en](https://longbridge.com/en/topics/42859057.md)
  - [zh-CN](https://longbridge.com/zh-CN/topics/42859057.md)
  - [zh-HK](https://longbridge.com/zh-HK/topics/42859057.md)
author: "[熊猫校长Ming](https://longbridge.com/en/profiles/16386316.md)"
generator: "portal-rs"
---

# 1. First, let's clear the air: The 'profit' this t…


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## Comments (13)

- **ponypheonix · 2026-07-22T15:17:26.000Z**: You've talked a lot about relationships, but you haven't addressed the essence. Why does Google prefer to raise capital to build data centers? Clarifying this point is far more important than anything else; everything else is just formulaic derivation.
  - **熊猫校长Ming** (2026-07-22T15:34:44.000Z): This state is never static during the migration and flow process. Once you understand the relationships, you can judge your current stage yourself. This is my thought. Thank you for your feedback ❤️
- **龙场悟道忘忧草 · 2026-07-22T15:03:51.000Z**: The most important thing is still capital expenditure
  - **熊猫校长Ming** (2026-07-22T15:05:53.000Z): Yes
  - **龙场悟道忘忧草** (2026-07-22T15:07:04.000Z): So it's not suitable to add positions tonight. Take a shower and go to sleep, we'll see how the market reacts tomorrow. I wonder if institutional expectations will be too high; I'm just afraid they wo
  - **熊猫校长Ming** (2026-07-22T15:10:59.000Z): Watch tomorrow's earnings call
- **暴打青春鸟 · 2026-07-22T14:48:08.000Z · 👍 2**: Then you should short it, and expose your short position.
  - **熊猫校长Ming** (2026-07-22T14:53:53.000Z): Why short? I'm holding Google
  - **暴打青春鸟** (2026-07-22T14:54:49.000Z): Dare not even disclose asset size and yield?
  - **熊猫校长Ming** (2026-07-22T15:01:32.000Z): I'm here to share my logic, not my positions. Thanks for following.


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> **Disclaimer: This article is for reference only and does not constitute any investment advice.**