If you look at the page source, there is a JavaScript function rwt()
executed on onmousedown
event.
<a href="http://security.stackexchange.com/"
onmousedown="return rwt(this,'','','','1','AFQjCNHano0MrEGop-Wp0eV_bNhmdh7OtQ','H4np7JuYNqsCuTIjB-78Eg','0ahUKEwjzldecwZfNAhWEVxoKHX8OAnwQFggdMAA','','',event)">
Information Security Stack Exchange</a>
It rewrites the href
for the link you click on (you can even see the change if you click and hold the button).
<a href="https://www.google.com/url?sa=t&rct=j&q=&esrc=s&source=web&cd=1&cad=rja&uact=8&ved=0ahUKEwjzldecwZfNAhWEVxoKHX8OAnwQFggdMAA&url=http%3A%2F%2Fsecurity.stackexchange.com%2F&usg=AFQjCNHano0MrEGop-Wp0eV_bNhmdh7OtQ&sig2=H4np7JuYNqsCuTIjB-78Eg"
onmousedown="return rwt(this,'','','','1','AFQjCNHano0MrEGop-Wp0eV_bNhmdh7OtQ','H4np7JuYNqsCuTIjB-78Eg','0ahUKEwjzldecwZfNAhWEVxoKHX8OAnwQFggdMAA','','',event)">
Information Security Stack Exchange</a>
So technically it's changing the contents of the page on user action. Browsers display the tooltip according to current value.
Any party can do that with JavaScript.
Turn off JavaScript in your browser and Google will provide the results on a page where all destination links are real.