[Goldman Sachs Research Report Indicates Strong Earnings Growth for S&P 500, Predicts Future Growth Slowdown] Goldman Sachs' research report dated September 17, 2026, pointed out that S&P 500 earnings per share (EPS) grew 51% year-over-year in the second quarter, with a 26% growth over the past four quarters. Goldman Sachs forecasts EPS growth rates of 11% for both 2027 and 2028, reaching $415 and $460 respectively, with a 12-month target of 8,700 points. AI capital expenditures contributed nearly half of this year's earnings growth, but the contribution is expected to decline from 11 percentage points in 2026 to 7 percentage points in 2027, and turn negative at -1 percentage point in 2028. If semiconductor gross margins were to drop from 70% to the 15-year average of 55%, S&P 500 earnings would decrease by approximately 10%.