即便没有 Alphabet 和 Amazon，标普 500 指数刚刚创下了有史以来最大的盈利超预期记录

标普 500 指数创下历史上最大的盈利超预期，整体盈利比预期高出 29.2%，这主要得益于 Alphabet 和 Amazon 的投资重估带来的创纪录惊喜。排除这两家巨头后，盈利超预期仍保持在健康的 10.9%，远高于历史平均水平。企业盈利能力达到创纪录的净利润率 16.9%，而与人工智能相关的行业如半导体则实现了大幅增长。尽管基本面强劲，但该指数的前瞻市盈率高达 20.0，暗示出错的空间有限

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...