Goldman Sachs Sees 22% S&P 500 Earnings Growth in Q2 on AI Boom

Key Facts

1Goldman Sachs strategists expect S&P 500 earnings to increase 22% in the second quarter, driven by the AI investment boom and high energy prices.

2AI infrastructure stocks, particularly Micron Technology and Nvidia, will contribute significantly to this growth.

Amid the accelerating AI momentum in US markets, Goldman Sachs strategists expect the S&P 500 to see a 22% year-over-year earnings increase in the second quarter, according to a Financial Post report. They highlight AI infrastructure stocks, particularly Micron Technology and Nvidia, as key growth drivers, alongside elevated energy prices supporting the macro environment.

The forecast comes as AI stocks continue trading near strong levels. Per market data, MU closed at $1,132.33 on June 26, 2026, while NVDA closed at $192.53. Peer chip stocks also show strength, with AMD at $521.58 and TSM at $432.35 on the same date, reflecting sustained investor confidence in the sector.

Looking ahead, traders are watching for upcoming Q2 earnings reports that could reinforce the positive AI-driven narrative. MU currently trades at $1,132.33 (close June 26) and NVDA at $192.53, with potential resistance near their recent highs. Markets remain attentive to any economic or monetary policy shifts that could impact the earnings trajectory.