This is basically a bs line of reasoning, and it's easy to verify in 5 minutes (go read some SEC fillings).

Yes the investments do increase GAAP, but these are seperate line items from revenue which is what is listed in the article.

Alphabet is the biggest winner in this department, it's investments gain/losses for the same period as in the article was:

2023: -$1.45B

2024: +$2.24B

2025: +$24.90B

Yes thats a lot, but compared to it's seperate revenue growth of nearly $100B in the same period, it's not that much.