How Nvidia and Micron Are Single-Handedly Reshaping S&P 500 Tech Earnings

The article argues that Nvidia and Micron are disproportionately shaping S&P 500 Tech earnings expectations. Early Q2 reporting is strong, with 49 S&P 500 companies posting 48.7% earnings growth and a 91.8% EPS beat rate. For the full S&P 500, Q2 earnings are expected to rise 25.3% on 11.9% revenue growth, while Tech is projected to grow 48.8%. Micron’s reported quarter was exceptionally strong, with earnings up 1,350.1% and revenue up 345.7%, materially boosting sector and index growth rates. Excluding Tech, S&P 500 earnings growth falls to 14.1%; excluding Nvidia and Micron, Tech growth drops from 48.8% to 25.3%, underscoring how concentrated the market’s earnings momentum remains in AI-related semiconductors.