Artificial intelligence infrastructure spending is poised to become the dominant force behind S&P 500 earnings growth over the next two years, according to new analysis from Goldman Sachs.
Goldman Sachs projects that beneficiaries of AI infrastructure investment will account for roughly half of S&P 500 earnings per share growth in both 2026 and 2027. That’s two years–for the math challenged.
The windfall extends beyond semiconductors. Tech hardware manufacturers, industrial (XLI) companies, and utilities (XLU) all receive substantial earnings boosts from the ongoing AI infrastructure buildout as data centers proliferate and power demands surge.
But wait, the earnings growth gets more concentrated than that. Calculatins by Seeking Aloha show that consensus estimates from Wall Street analysts indicate that Nvidia (NVDA) and Micron Technology (MU) together will account for a third of S&P 500 EPS growth this year.
However, there is a catch. There’s always a catch, right/
Goldman Sachs notes that growing depreciation expenses from hyperscalers—-the large cloud computing providers investing heavily in AI infrastructure—-will partially offset the broader earnings boost to the S&P 500. This drag is expected to have a larger impact in 2027 than in 2026.
Goldman’s list of the top 10 corporate contributors (ranked) to S&P 500 earnings in 2026
NVIDIA (NVDA), Micron Technology (MU), Alphabet (GOOGL) Broadcom (AVGO) Meta Platforms (META), Sandisk (SNDK), Microsoft (MSFT), Amazon.com (AMZN), Exxon Mobil (XOM), and Chevron (CVX).
