Micron and Nvidia drive over one third of S&P 500 earnings growth

Two chip companies, Micron and Nvidia, produced more than a third of all S&P 500 earnings growth in the third quarter of 2026. Micron's profits rose over 1,000% in its August quarter. Nvidia's net income jumped 118% year over year, reaching $54 billion. Together they added nearly ten percentage points to the index's 27% overall earnings growth. Nvidia has also made supply commitments worth $279 billion, more than double the figure from the previous quarter. Micron looks cheap compared to the wider market, trading at about 12 times its earnings against the S&P 500's 26 times. The top 15 stocks in the index now hold 47% of total market value, almost twice the concentration seen at the peak of the dot-com bubble.