Tech Drives 3/4 of S&P 500 Earnings Growth as AI Trade Disperses
demian_ai · x · 2026-10-08
Tech now supplies 3/4 of S&P 500 earnings growth, with capital rotating from bits to atoms (semis, power, networking) funded by hyperscaler FCF and debt. Counter-bubble signals: A100-class GPU rental rates holding up, and AI adoption still shallow (few tracked metrics, tiny paid consumer penetration). The market is entering a dispersion phase — infra software, security, and deployment tools that clear real workflows stand out; SaaS must prove itself, hardware must clear fabs, grids, and credit committees.
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