Signal

⚠️ S&P 500 EPS growth includes massive one-time items:

What changed

GOOGL: +$28.7B unrealized investment gain AMZN: +$12.8B Anthropic revaluation META: +$8.0B tax benefit Stripping these: earnings growth drops from +66.8% to +23.7%

Why it matters

GOOGL: +$28.7B unrealized investment gain

Sources

pipeline