S&P 500 growth excluding AI infrastructure and energy is 0%
The S&P 500’s forward earnings growth is heavily concentrated in AI infrastructure and energy, with the rest of the index showing 0% growth.
The index’s 8% lift in 2027 EPS estimates is largely driven by a few key sectors, including semiconductors.
The Nasdaq-100 is up 16.8% year to date, with NVIDIA alone adding 15% year to date and 62% over the trailing year.