The driving force behind S&P 500's profit growth is shifting towards the semiconductor industry, with a record high contribution of 48% in the second quarter According to BlockBeats, on July 22nd, The Kobeissi Letter stated that the proportion of technology stocks in the earnings growth of the S&P 500 index has reached a historical high. In the first quarter of 2026, Amazon, Alphabet, Meta, and Microsoft collectively contributed approximately 34% of the year-on-year earnings per share growth of the S&P 500 index, semiconductor companies contributed an additional 31%, and the remaining constituent stocks contributed approximately 36%. The above two types of companies collectively contributed 65% of the S&P 500 index's profit growth in the first quarter, higher than the 52% in the same period of 2025, indicating that the index's profit growth is still highly concentrated in large technology companies and the semiconductor industry. Looking ahead to the second quarter earnings season, the contribution of semiconductor companies to the S&P 500 index's profit growth is expected to increase by 17 percentage points compared to the first quarter, reaching a record high of 48%; The contributions of Amazon, Alphabet, Meta, and Microsoft are expected to decrease by 25 percentage points to approximately 9%. The driving force behind the profit growth of the S&P 500 index is shifting from large technology platform companies to the semiconductor industry. [Original link]