Tech stocks are driving a historically large portion of market earnings: $AMZN, $GOOGL, $META, and $MSFT contributed ~34% of the S&P 500’s YoY EPS growth in Q1 2026, making them a key driver of profit growth for the index. At the same time, semiconductor companies accounted for another 31%, while all other companies in the index contributed just 36%. In other words, those two groups accounted for 65% of the S&P 500’s earnings growth in Q1 2026, up from 52% in Q1 2025. Looking ahead to the current earnings season, semiconductor companies are estimated to increase their contribution by +17 percentage points in Q2 2026, to a record 48%. Meanwhile, the contribution from $AMZN, $GOOGL, $META, and $MSFT is expected to fall -25 percentage points, to just ~9%. Earnings growth leadership is shifting toward the semiconductor sector.