By Hillary Remy
Publication Date: 2026-10-09 16:37:00
Earnings season usually belongs to hundreds of companies at once. This time, two chipmakers could steal most of the show.
Nvidia (NVDA) and Micron (MU) are expected to deliver more than a third of the S&P 500’s earnings-per-share growth for the third quarter, according to a ZeroHedge analysis of Goldman Sachs and FactSet estimates, Yahoo Finance reported. For anyone who owns an index fund, that makes two stocks unusually important this fall.
Nvidia alone can move the whole market. Ahead of its last report in August, options traders were pricing in a stock move worth more than $280 billion in market value.
And because the company makes up such a large slice of the major indexes, that swing reaches far beyond its own shareholders. Analysts had expected about $92 billion in quarterly revenue going into that report.
Also read: Micron just sent a stark memory chip warning to tech stock investors
Nvidia and Micron are carrying the index
Goldman Sachs has done the math. AI infrastructure companies are expected to account for more than half of the index’s third-quarter earnings growth, with Micron and Nvidia alone delivering more than a third. The firm also expects most companies to beat their estimates.
The gap with the rest of the market is striking. The two semiconductor giants are on track to generate more earnings growth than the bottom 490 companies in the S&P 500 combined, as reported by Yahoo…
