S&P 500 earnings growth is tracking at 24.7% — well above the 10-year average. The numbers look historic. Yet the real question investors are wrestling with isn't whether Big Tech is growing. It's whether $644 billion in AI capital expenditures across the hyperscalers this year alone will ever generate the returns these valuations require. Strong results can paper over uncertainty for only so long. 📊 Source: Yahoo Finance
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