Market concentration and AI buildout spending: tech drives S&P 500 earnings growth while capital ramps
Andreessen Horowitz 1 week ago 13
Tech companies drove most of S&P 500 earnings growth in 2026 while AI-related capex shifted demand from software toward semiconductors, power, networking, and other hardware buildouts. About 76% of the S&P 500’s total earnings growth in 2026 came from tech as of late August. The result is continued GPU demand and capital ramping in compute and related infrastructure despite early-stage AI adoption metrics.