According to Goldman Sachs strategist Ben Snider, the AI investment wave will continue to dominate the second-quarter earnings season for the S&P 500, with expected year-over-year earnings growth for S&P 500 constituents reaching approximately 22%.

Among them, NVIDIA and Micron may account for around 40% of the overall earnings increment, while AI infrastructure-related stocks are expected to contribute nearly 60%. This indicates that despite recent rotation and divergence in AI-related equities, AI remains a significant driver of U.S. equity earnings growth.

The S&P 500 has risen nearly 20% over the past year, primarily driven by earnings growth rather than continued valuation expansion. However, market focus is now shifting toward the return on AI investments.

Investors have largely accepted that companies such as Microsoft, Amazon, Alphabet, and Meta will maintain substantial capital expenditures; the next priority is assessing whether these investments translate into revenue, profit margins, and cash flow.