US Corporate AI Spending Accelerates, but Earnings Impact Remains Limited

US corporate spending on artificial intelligence (AI) is accelerating, but its impact on earnings remains limited, according to Goldman Sachs. The brokerage's analysis of S&P 500 companies' Q2 2026 earnings showed that AI infrastructure firms are already benefiting significantly, while the broader corporate sector has yet to see a material earnings boost.

S&P 500 earnings growth in Q2 2026 is tracking at 31 per cent year-on-year, excluding 'other income' linked to certain private investment stakes. Earnings of hyperscalers and AI infrastructure companies benefiting from their capital expenditure rose 54 per cent year-on-year, accounting for around half of the S&P 500's earnings growth during the quarter.

However, the direct earnings impact of AI adoption among US companies remains narrow. Goldman Sachs found that only 2 per cent of S&P 500 companies quantified the impact of AI productivity on earnings.