According to The Kobeissi Letter, in the first quarter of 2026, Amazon, Alphabet, Meta, and Microsoft collectively contributed approximately 34% of the year-on-year earnings per share growth for the S&P 500 index, while semiconductor companies contributed 31%. The contribution of semiconductor companies to the S&P 500 index's profit growth in the second quarter is expected to rise to 48%, while the contribution of Amazon, Alphabet, Meta, and Microsoft is expected to drop to 9%.