Earnings Season Robust but Concentrated

Q2 earnings growth of 31.1% (S&P 500) with high beat rates (86%), but heavily driven by tech giants (tech up 72%). Excluding tech, growth is 19.6%. Valuations have moderated to 20.4 P/E. Hyperscaler capex reaches $800B, reinforcing AI infrastructure theme. Software stocks like Datadog and AppLovin dropped sharply. Disney revenue miss but EPS beat; Honeywell miss. Overall strong but concentration risk remains. Earnings season still in full swing.