# Micron and Nvidia Drive 36% of Third-Quarter S&P 500 Earnings Growth

- URL: https://stocks.freetheai.org/news/micron-and-nvidia-drive-36-of-third-quarter-s-p-500-earnings-growth-2214e3
- Published: 2026-10-13T20:56:27Z
- Category: earnings; sentiment: mixed; impact: medium
- Symbols: [NASDAQ:MU](https://stocks.freetheai.org/symbols/NASDAQ-MU), [NASDAQ:NVDA](https://stocks.freetheai.org/symbols/NASDAQ-NVDA), [NASDAQ:SMH](https://stocks.freetheai.org/symbols/NASDAQ-SMH)
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Two major semiconductor makers, Micron Technology, Inc. (NASDAQ:MU) and NVIDIA Corporation (NASDAQ:NVDA), are projected to generate 36% of all S&P 500 earnings growth in the third quarter. Overall S&P 500 earnings per share are expected to increase by roughly 27% year-over-year entering the Q3 reporting period, even as valuation multiples across many growth stocks have compressed.

Profit expansion remains heavily concentrated in a small group of market leaders. The ten largest corporate contributors represent roughly two-thirds of expected growth, driven primarily by companies in the memory, semiconductor, and energy sectors. Excluding those top ten firms, overall index earnings growth drops to approximately 11%, while the smallest 300 companies in the benchmark are expected to increase earnings by about 5%. Despite this narrow driver, underlying participation remains broad, as nearly 74% of S&P 500 firms are projected to post positive year-over-year earnings growth, beating the post-2021 median of 66%.

While corporate fundamentals remain resilient heading into the fourth quarter, upcoming quarterly results and corporate guidance will serve as a crucial test for equity market stability. Investors will be closely watching whether earnings momentum can broaden beyond key chipmakers and energy providers. In recent trading, Micron shares fell 3.62% to $953.20, while Nvidia rose 0.97% to $228.50.

## Key points

- Micron Technology and Nvidia are projected to deliver 36% of total S&P 500 earnings growth in Q3.
- S&P 500 earnings per share are expected to grow about 27% year-over-year for the third quarter.
- The top ten corporate contributors account for approximately two-thirds of expected index profit growth.
- Excluding the top ten contributors, S&P 500 earnings growth falls to roughly 11%.
- About 74% of S&P 500 companies are expected to report positive year-over-year earnings growth.

## Questions and answers

### Which companies are driving S&P 500 earnings growth in Q3 2026?

Micron Technology and Nvidia account for 36% of expected S&P 500 earnings growth in the third quarter, while the top ten largest contributors represent roughly two-thirds of total index growth.

### What is the expected S&P 500 earnings growth rate for Q3?

Consensus estimates project roughly 27% year-over-year earnings per share growth for S&P 500 companies entering the third-quarter reporting season.

### How many S&P 500 companies are expected to grow earnings in Q3?

Approximately 74% of S&P 500 companies are expected to deliver positive year-over-year earnings growth, which is above the 66% historical median observed since 2021.