Semiconductor Earnings Growth Share Rises to Record 48% of S&P 500 in Q2

According to The Kobeissi Letter, on July 22, semiconductor enterprises are projected to contribute 48% of S&P 500 earnings growth in Q2, marking a record high and surpassing the Big Four tech companies (Amazon, Alphabet, Meta, Microsoft) as the index's primary profit driver.

In Q1 2026, the four tech giants contributed 34% of S&P 500 earnings growth while semiconductors added 31%. For Q2, semiconductor contributions are forecast to surge 17 percentage points to 48%, while the Big Four's share is expected to decline 25 percentage points to approximately 9%, shifting the earnings growth leadership from large tech platforms to the semiconductor sector.