**S&P 500 Earnings Concentration**

**Micron** (**$MU**) and **Nvidia** (**$NVDA**) are expected to account for **36%** of **S&P 500** earnings growth in **Q3 2026**, contributing **+5.2** and **+4.6 percentage points** to the index’s **+27% YoY** growth.

The next **8** contributors are projected to add **+8.2 points**, or **~30%**. The remaining **490 stocks** are expected to add **+9.2 points**, or **34%**.

Excluding the top **10** contributors, earnings growth is estimated to decline **-11% YoY**. 
**
Never in history** has market concentration been like this.

**** **[@venture](https://t.me/venture)