Tempus AI reported GAAP net income of $5.6 million for the quarter ended June 30, the first positive bottom line in its public history, and the number is almost entirely an accounting event. Loss from operations widened to $75.9 million from $61.8 million a year earlier. The line that closed the gap was $97.4 million of fair value changes on marketable equity securities, non-cash and non-recurring by construction. Strip it out and Q2 was a larger operating loss on slower growth.