S&P 500 aggregate earnings increased 52 percent in the second quarter compared with the prior year, with technology profits rising 74 percent, according to CNA. Alphabet and Amazon recorded substantial mark-to-market gains on investments in AI firms including Anthropic, while AI infrastructure stocks contributed roughly one-third of S&P 500 earnings-per-share growth. Alibaba reported a 75 percent profit decline to 10.44 billion yuan despite a 75 percent increase in capital expenditures.