S&P 500 BULL MARKET GAINS 117% AS AI RALLY RAISES CONCENTRATION RISKSThe S&P 500 has surged 117% since October 2022, add | Hanami
S&P 500 BULL MARKET GAINS 117% AS AI RALLY RAISES CONCENTRATION RISKS
The S&P 500 has surged 117% since October 2022, adding nearly $40 trillion in market value, largely driven by AI-related stocks.
However, the equal-weight S&P 500 has underperformed by a record 52 percentage points, highlighting the rally's narrow leadership.
With Nvidia up over 1,900% and Treasury yields recently hitting 5.34%, investors are increasingly focused on whether earnings growth can sustain the bull market.(Historical earnings: For fiscal 2027 Q2 (period ended 2026-07-26), NVIDIA reported basic EPS of 4.87, diluted EPS of 4.85, net income of USD 118.010 billion, and revenue of USD 177.837 billion. In the prior-year period (ended 2025-07-27), basic EPS was 1.85, diluted EPS was 1.84, net income was USD 45.197 billion, and revenue was USD 90.805 billion. For fiscal 2027 Q1 (period ended 2026-04-26), basic EPS was 2.4, diluted EPS was 2.39, net income was USD 58.321 billion, and revenue was USD 81.615 billion.
Consensus expectations: For fiscal 2027 Q3 (event date 2026-11-17), consensus EPS estimate is 2.5253 and revenue estimate is USD 111.318 billion. For fiscal 2027 Q4 (event date 2027-02-23), consensus EPS estimate is 2.7989 and revenue estimate is USD 127.381 billion.)