Goldman Sachs strategists: AI will drive a strong earnings season for U.S. companies

They pointed out that this year's gains in the US stock market were mainly driven by strong corporate earnings, making the upcoming earnings season a key catalyst for market trends. Strategists believe that the core issue for investors will be the level of AI spending by companies other than major tech firms (that is, hyperscale cloud service providers), and whether these investments have already started to generate returns. They expect that stocks related to AI infrastructure will account for nearly 60% of the S&P 500's earnings-per-share growth this quarter, with Micron Technology and Nvidia together possibly contributing more than 40% of that total.