Second-quarter earnings across the S&P 500 were robust, with companies tied to artificial intelligence infrastructure continuing to account for a substantial portion of overall profit growth.
S&P 500 earnings per share increased 31% from a year earlier during the quarter when excluding one-off income related to private investment holdings. AI infrastructure companies, including hyperscalers, generated approximately half of that increase, with earnings among the group climbing 54% year-over-year.
Strength was not confined to AI-related businesses. Excluding the energy sector, which received a boost from higher oil prices, the median S&P 500 company recorded earnings growth of 14% compared with the same period last year.
However, Goldman Sachs strategists led by Ben Snider said evidence that corporate adoption of AI is translating directly into earnings improvements remains limited. Only 11% of S&P 500 companies quantified productivity benefits from AI for a specific business application during their earnings calls, such as software coding or customer support. Just 2% put a figure on AI's direct contribution to earnings, unchanged from the first quarter.
Goldman's ***** ysis also found little difference in earnings performance between companies reporting measurable AI productivity improvements and those that did not.

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