Two AI Chipmakers Make Up 34% of America’s Earnings Boom

Analysts at a Nvidia technology conference in March. Jason Henry for WSJWall Street has rested much of its optimism about the stock market on a surge in corporate earnings. The catch is that the profit growth is being driven by a handful of AI giants.Analysts expect companies in the S&P 500 to report a 30% jump in third-quarter earnings from a year ago, according to FactSet, boosting investor confidence that the good times can keep rolling so long as businesses keep printing money. But just two companies—Nvidia NVDA -0.59%decrease; down pointing triangle and Micron—account for 34% of that growth, according to a Dow Jones Market Data analysis.Copyright ©2026 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8