Goldman Sachs expects US stocks to see a robust earnings season, with S&P 500 constituents' second-quarter earnings surging 22% year-on-year.

According to Goldman Sachs, the U.S. stock market is heading for another strong earnings season. The investment bank forecasts S&P 500 constituents will post a 22% year-over-year earnings jump in the second quarter, with AI infrastructure-related stocks contributing nearly 60% of that growth—of which Micron Technology and NVIDIA together account for over 40%. If the forecast materializes, this would mark the S&P 500’s second consecutive quarter of earnings growth exceeding 20%. Goldman Sachs’ report stresses that the market’s current core focus is not the performance of tech giants themselves (after all, hyperscale cloud computing firms’ AI spending is already well-documented), but whether a broader range of companies across the supply chain can turn AI demand into tangible earnings.