Ross Gerber Cites Data to Make a Point: Take Out Alphabet and Amazon, S&P 500 Earnings Growth Looks Far L

Alphabet Inc.

(NASDAQ:GOOG) (NASDAQ:GOOGL) and Amazon.com, Inc.

(NASDAQ:AMZN) are responsible for a large share of the S&P 500’s second-quarter earnings growth, a concentration highlighted by investor Ross Gerber using FactSet (NYSE:FDS) data.

Alphabet, Amazon Drive 71% of Earnings Increase Gerber highlighted FactSet data cited by the Wall Street Journal showing that Alphabet and Amazon account for about 71% of the dollar increase in S&P 500 blended earnings since July. ‘Alphabet and Amazon alone account for about 71% of the increase in S&P 500 blended earnings since July.

If excluded, the growth rate would fall from around 50% to 32%, according to FactSet analyst John Butters.’ https://t.co/hD6h9uiQMF— Ross Gerber (@GerberKawasaki) August 9, 2026 The concentration underscores how heavily the market’s overall earnings growth is being driven by a small number of mega-cap companies, particularly those benefiting from the artificial intelligence boom.