Alphabet Q2: We Are All Being Fooled (Rating Downgrade)

Alphabet Inc. reported a massive EPS beat driven by mark-to-market gains, not core business growth. Q2 net income surged 298%, primarily from $99B in "other income" tied to SpaceX and Anthropic valuation gains. Core operations grew 30% YoY, but true cloud growth is obscured by related-party deals and artificial valuation uplifts. I find GOOGL stock uninvestable due to opaque financial engineering and heightened risk of a sharp correction in hyperscaler stocks.