The second quarter earnings season is beginning to wind down, with nearly 90% of S&P 500 (^GSPC) companies having already reported.
The takeaway from the quarter so far has been unbridled strength. According to FactSet data, second quarter earnings for S&P 500 companies are on pace to rise 50% year over year, the highest growth rate since 2021. Artificial intelligence has been the growth engine of that broad-based earnings growth, Bank of America strategists noted.
The next test comes this week from key players in different branches of the AI boom. Cloud provider CoreWeave (CRWV), AI server maker Supermicro (SMCI), and chip equipment manufacturer Applied Materials (AMAT) are among the key companies reporting results this week.
Applied Materials (AMAT) stock fell over 3% in after-hours trading despite the chip equipment maker posting record revenue of $9.12 billion, which topped ****** yst expectations.
Earnings per share rose 43% year over year to $3.17 in the fiscal third quarter as "rapid global adoption of AI drives unprecedented demand for our materials engineering solutions," the company stated.
#Growth #week
The takeaway from the quarter so far has been unbridled strength. According to FactSet data, second quarter earnings for S&P 500 companies are on pace to rise 50% year over year, the highest growth rate since 2021. Artificial intelligence has been the growth engine of that broad-based earnings growth, Bank of America strategists noted.
The next test comes this week from key players in different branches of the AI boom. Cloud provider CoreWeave (CRWV), AI server maker Supermicro (SMCI), and chip equipment manufacturer Applied Materials (AMAT) are among the key companies reporting results this week.
Applied Materials (AMAT) stock fell over 3% in after-hours trading despite the chip equipment maker posting record revenue of $9.12 billion, which topped ****** yst expectations.
Earnings per share rose 43% year over year to $3.17 in the fiscal third quarter as "rapid global adoption of AI drives unprecedented demand for our materials engineering solutions," the company stated.
#Growth #week
6 days ago
