Quick Read – Strip AI infrastructure and energy from SPY, and consensus 2027 EPS estimates show the remaining S&P 500 delivering exactly 0% earnings growth. – Roberts cites rebar mills sold out entirely to data center builders as proof that apparent manufacturing strength flows…
one end market. – Prediction markets give the S&P 500 only a 34% chance of beating gold in 2026, against 41% odds favoring gold. – Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and SPDR S&P 500 ETF didn’t make the cut. Grab the names FREE today
Lance Roberts of RIA Advisors joined Adam Taggart on the Thoughtful Money podcast and brought a sharper version of the market concentration argument that retirement investors holding broad S&P 500 index funds may want to pay attention to. The 0% Growth Finding Roberts walked through cumulative year-to-date changes in consensus 2027 EPS estimates, and the numbers tell a stark story. “Here’s the cumulative year-to-date change in consensus 2027 EPS estimates AI infrastructure stocks, 32%. Energy is 19%.
S&P 500 is 8%,” he said. Then came the punchline: “If you look down at the bottom, the gray line, S&P 500 ex-AI infrastructure and energy, it’s 0% growth.” The takeaway is that the S&P 500’s expected earnings growth is being carried almost entirely by two narrow cohorts. Roberts located the earnings growth driver more precisely. “Most of that earnings improvement is Mag 7.