Megacap Tech gets more powerful.
This Q1 earnings season, the contribution has made an outsized impact. Megacap Tech about 17.3% of the total S&P 500 earnings - close to double that of Q4, 2025. Here, Megacap Tech = AMZN, AAPL, META, MSFT, NVDA, GOOGL Source: Ayesha Tariq, CFA, Factset, S&P
The hyperscalers' combined free cash flow is expected to fall to ~$4B in Q3.
Their free cash flow this year will likely be at its lowest level since 2014, when revenues were about a seventh of their current size. Source: Edward Conard, FT
Since the start of 2026, the S&P 500 has risen by +8%, consensus forward 12-month EPS estimates have risen by +13%, and the P/E multiple has declined from 22x to 21x.
Source: Neil Sethi, Goldman Sachs
World's Largest Data Centers ▶️
Source: Mack
Asset class returns as of 8/5/2026
Source: Charlie Bilello
Another day and another new all-time high for Korea Kospi with Samsung and Hynix again on fire.
AI memory changed the rankings fast. Samsung Electronics is now a $1T+ company. SK Hynix is sitting near JPMorgan by market cap. Korea is not a side story in AI anymore. Source: koreanstockguy on X
Miners are currently seeing the strongest margins in the history of the data.
Source: Tavi Costa
More sell-side firms and Fed watchers are removing/delaying cuts from their outlook, including a couple forecasters after the April NFP.
Half now see no cuts this year (and risks are clearly tilted to this group continuing to grow given inertial nature of these forecasts). Source: Nick Timiraos
