Goldman Sachs expects another strong earnings season for U.S. stocks, forecasting that second-quarter earnings for S&P 500 companies will rise 22% from a year earlier. The bank said AI infrastructure-related stocks are set to account for nearly 60% of that growth, with Micron Technology and Nvidia together contributing more than 40%. If the forecast is realized, it would mark a second straight quarter in which S&P 500 earnings growth exceeds 20%. Goldman added that the market’s focus is no longer only on the performance of major technology firms. With AI spending by hyperscale cloud providers already well established, attention has shifted to whether a broader group of companies across the supply chain can translate AI demand into actual profit growth.
Goldman Sachs expects another strong earnings season for U.S. equities, forecasting that second-quarter earnings for S&P 500 companies will jump 22% from a year earlier.
According to the bank, AI infrastructure-related stocks will contribute nearly 60% of that growth. Micron Technology and Nvidia alone are expected to account for more than 40%.
If that forecast is met, it would mark the second consecutive quarter in which S&P 500 earnings growth comes in above 20%.
Goldman said the market is not focused only on the results of big technology companies. The report said AI spending by hyperscale cloud providers is already visible, and investors are paying closer attention to whether a broader set of companies across the supply chain can convert AI demand into earnings.
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