Goldman Sachs reports that S&P 500 companies' Q2 revenue (excluding energy) grew 6.4% year-over-year, reaching its fastest pace in five years, with large tech companies being the primary growth driver. Excluding tech stocks, the median S&P 500 revenue grew only 3%. During the same period, corporate earnings jumped nearly 50% year-over-year, partly due to tech companies raising private investment valuations. Additionally, companies received over $100 billion in tariff refunds, using this windfall for marketing, cost reductions, and lowering customer prices.