---
title: "Even without Alphabet and Amazon, the S&P 500 just posted its biggest earnings beat ever"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/295305709.md"
description: "The S&P 500 posted its largest-ever earnings beat, with aggregate earnings 29.2% above estimates, driven significantly by record-breaking surprises from Alphabet and Amazon due to investment revaluations. Excluding these two giants, the earnings surprise remains a healthy 10.9%, well above historical averages. Corporate profitability hit a record net profit margin of 16.9%, while AI-related sectors like semiconductors saw massive growth. Despite strong underlying fundamentals, the index's elevated forward P/E ratio of 20.0 suggests limited room for error."
datetime: "2026-08-08T17:04:41.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/295305709.md)
  - [en](https://longbridge.com/en/news/295305709.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/295305709.md)
generator: "portal-rs"
---

# Even without Alphabet and Amazon, the S&P 500 just posted its biggest earnings beat ever

Quick ReadS&P 500 companies beat earnings estimates by 29%, more than four times the historical average and the largest surprise on record since 2008.Stripping Alphabet and Amazon's accounting gains drops S&P 500 earnings growth from 50% to 32%, still well above historical norms.Semiconductor earnings surged 135% as AI drives broad operating growth...

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> **Disclaimer: This article is for reference only and does not constitute any investment advice.**