According to FactSet data, S&P 500 companies' Q2 earnings on average exceeded analysts' expectations by 29%, more than four times the historical average and the largest surprise since records began in 2008. The report notes that although the accounting earnings of Google and Amazon (primarily from investment revaluation rather than operating profit) significantly boosted the overall figures, even excluding these two companies, the S&P 500's earnings growth rate still reached 32%, with an earnings surprise of 10.9%, well above the five-year average. Furthermore, the S&P 500's net profit margin reached 16.9%, a new high since 2009, with the semiconductor industry's earnings soaring by 135%, indicating that artificial intelligence is driving actual operational growth in corporate America.