BREAKING: The S&P 500's net profit margin is on track to surge to 15.7% for Q2 2026, the highest in data going back to 2009. If the current margin holds, it will mark the 10th consecutive quarterly increase. This comes as 27% of S&P 500 companies have reported their results so far this earnings season. Alphabet, GOOGL, is the single largest margin contributor after significantly beating earnings estimates. Meanwhile, 86% of reporting S&P 500 firms have so far beaten EPS estimates, while 80% have exceeded revenue expectations. AI is driving historic earnings growth.(The Kobeissi Letter)