The driving force behind the profit growth of the S&P 500 index is shifting from large technology companies to the semiconductor industry

According to The Kobeissi Letter, in the first quarter of 2026, Amazon, Alphabet, Meta, and Microsoft collectively contributed approximately 34% of the year-on-year earnings per share growth for the S&P 500 index, while semiconductor companies contributed 31%. The contribution of semiconductor companies to the S&P 500 index's profit growth in the second quarter is expected to rise to 48%, while the contribution of Amazon, Alphabet, Meta, and Microsoft is expected to drop to 9%.