Goldman: The Q2 earnings season delivered stellar results, with stocks involved in the AI infrastructure build-out continuing to boost S&P 500 profit growth.

S&P 500 EPS growth in Q2 2026 is tracking at 31% year/year excluding the "other income" related to some private investment stakes. Earnings for the hyperscalers and the AI infrastructure companies benefiting from their capex spending increased by 54% year/year in Q2, accounting for about 50% of S&P 500 EPS growth during the quarter.

However, earnings growth for the rest of the market has also been strong and accelerating. Excluding the Energy sector profits that were boosted by higher oil prices, the rest of the S&P 500 posted year/year EPS growth of 14%.