Goldman Sachs expects a strong earnings season for US stocks, with S&P 500 constituent companies' Q2 profits surging 22% year-on-year.

格隆汇 July 17th｜According to Goldman Sachs' expectations, the US stock market is set for another strong earnings season. Goldman Sachs estimates that S&P 500 constituent stocks’ Q2 earnings will surge by 22% year-on-year, with stocks related to AI infrastructure contributing nearly 60% of that growth; among them, Micron Technology and NVIDIA together contribute over 40%. If this is ultimately realized, it will mark the second consecutive quarter in which the S&P 500 posts earnings growth of over 20%. The Goldman Sachs report emphasizes that the current focal point of the market is not the performance of tech giants themselves—after all, the AI spending of mega-scale cloud computing companies has become evident—but whether broader companies along the industry chain can actually see earnings realized thanks to AI demand.