On August 31, according to the Financial Times, large tech giants reported over $160 billion in windfall gains last quarter through investments in other AI companies. These gains boosted their profits but also raised market concerns that paper profits may be exaggerating the actual prosperity of the AI industry. Alphabet, Amazon, Nvidia, and Microsoft all stated in their latest earnings reports that their pre-tax profits were significantly enhanced by the "other income" category, which primarily derived from valuation gains on equity investments in other leading AI firms. These one-time gains were largely driven by market enthusiasm for AI. Against the backdrop of investors closely monitoring tech companies' performance to gauge the health of the AI ecosystem, these gains may distort the true financial performance of these firms. Ben Snider, Chief U.S. Equity Strategist at Goldman Sachs, noted that a few years ago, investors began focusing on the cyclicality of big tech companies' revenues. Now, the profit growth driven by AI investments has raised new questions: Is this growth based on genuine demand, or is it misleading?