[Goldman Sachs: The AI Investment Wave Will Continue to Dominate the S&P 500 Q2 Earnings Season, but Investors Are Starting to Focus on ROI] BlockBeats News, June 30, Goldman Sachs strategist Ben Snider predicts that the AI investment wave will continue to dominate the S&P 500 Q2 earnings season. He expects S&P 500 constituent companies' Q2 earnings to grow approximately 22% year-over-year; among them, NVIDIA and Micron may contribute about 40% of the overall earnings growth, while AI infrastructure-related stocks could account for nearly 60%. This indicates that although AI-related stocks have recently experienced rotation and divergence, from an earnings perspective, AI remains one of the most important growth drivers for U.S. equities. Goldman Sachs' assessment also suggests that the current bull market is not entirely reliant on valuation expansion. Over the past year, the S&P 500 has risen nearly 20%, primarily driven by earnings growth rather than further increases in price-to-earnings ratios. However, the focus of the earnings season is shifting. Investors have largely accepted that mega-scale cloud providers like Microsoft, Amazon, Alphabet, and Meta will continue to make massive capital expenditures. The real question has become: Can these expenditures generate sufficient revenue, profit margins, and cash flow? In other words, the market wants to see not just AI server orders but also the return on investment (ROI) from AI.