Is anyone else concerned about how much of Big Tech's recent "profit growth" is coming from AI investment revaluations rather than core operations?

For example, when companies like Alphabet own stakes in AI startups such as Anthropic, new funding rounds at higher valuations can generate billions in accounting gains that flow through earnings even though no products were sold and no cash was received.

At the same time, many AI companies appear deeply interconnected through investments, cloud spending agreements, and strategic partnerships. How much of the reported growth across the ecosystem is truly organic demand versus capital circulating within the same group of players?

For BRK.B investors who focus on durable earnings and cash flows: should these mark-to-market gains be largely ignored when evaluating Big Tech profitability? And if AI valuations eventually normalize, how much reported earnings could disappear?

Curious how others are adjusting their analysis of Alphabet, Microsoft, and the broader AI trade.