Alphabet's independent growth fund made a huge gain on this big AI winner over the last decade.

Alphabet ( GOOG 0.51% ) ( GOOGL 0.47% ) is one of the biggest spenders on artificial intelligence (AI) in the world. During its second-quarter earnings call, CFO Anat Ashkenazi said that it would spend $85 billion this year on capital expenditures, up from her prior outlook of $75 billion. Two-thirds of that would go toward servers for training and running large language models .

But Alphabet is also heavily invested in AI in other areas, including its CapitalG independent growth fund. The fund has $7 billion in assets under management, and it's been an early investor in several major companies (16 of which have made IPOs ).

As of the end of Q2, the fund held 36 publicly trad

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