即便沒有 Alphabet 和 Amazon，標普 500 指數剛剛創下了有史以來最大的盈利超預期記錄

標普 500 指數創下歷史上最大的盈利超預期，整體盈利比預期高出 29.2%，這主要得益於 Alphabet 和 Amazon 的投資重估帶來的創紀錄驚喜。排除這兩家巨頭後，盈利超預期仍保持在健康的 10.9%，遠高於歷史平均水平。企業盈利能力達到創紀錄的淨利潤率 16.9%，而與人工智能相關的行業如半導體則實現了大幅增長。儘管基本面強勁，但該指數的前瞻市盈率高達 20.0，暗示出錯的空間有限

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...