Semiconductor leaders Micron and Nvidia are forecasted to account for 36% of the S&P 500’s total earnings growth during the third quarter of 2026. This projection underscores the heavy reliance of the benchmark index on the chipmaking industry for its future financial performance.
The S&P 500 is expected to post a 27% year-over-year increase in earnings for the Q3 2026 season. Micron is slated to provide 5.2 percentage points of that growth, while Nvidia is anticipated to contribute an additional 4.6 percentage points to the index's total expansion.