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Goldman Sachs Predicts Strong Earnings Season for U.S. Stocks, S&P 500 Earnings to Surge 22% Year-on-Year in Q2

On July 17, Goldman Sachs projected that the U.S. stock market is set to experience another strong earnings season. The firm anticipates that S&P 500 component stocks will see a 22% year-on-year increase in earnings for the second quarter, with AI infrastructure-related stocks contributing nearly 60% of the growth. Notably, Micron Technology and Nvidia together account for over 40% of this contribution. If realized, this would mark the second consecutive quarter of over 20% earnings growth for the S&P 500. The Goldman Sachs report emphasizes that the current market focus is not solely on the performance of tech giants—given the well-documented AI spending by large-scale cloud providers—but rather on whether a broader range of companies in the supply chain can achieve profitability driven by AI demand.

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