This is absolutely incredible. Corporate America is currently on pace for the biggest earnings beat EVER recorded. S&P 500 companies are beating earnings per share estimates by an aggregate +29.2%. To put this into perspective, the 5-year average stands at +7.0%, which is already historically high. In other words, S&P 500 companies are now beating already high expectations by ~4.2 TIMES the 5-year average. On top of this, the blended net margin for the S&P 500 is up to 16.9%, also an all time high. Even if you removed Alphabet’s $98 billion gain from unrealized equity investments and Amazon’s $53 billion gain from Anthropic, S&P 500 earnings growth would STILL be +32.0% year-over-year. We are in the midst of the largest investment boom in history.