$Amazon.com(AMZN)$ Earnings season is nearly wrapped up. Almost 90% of S&P 500 companies have reported, and the results are coming in stronger than expected. Q2 EPS growth is tracking around +30% YoY, excluding investment gains from $Alphabet(GOOGL)$  and AMZN. That is well above the 22% growth expected on July 1. Including those one-time gains, EPS growth approaches +50% YoY.

What stands out is that 76% of companies have beaten EPS expectations. That matches last quarter, which was the strongest beat rate since 2021.

AI spending is not happening in isolation. Hyperscaler capex is increasingly showing up through stronger cloud growth, earnings, and operating leverage. The market may be entering a phase where AI infrastructure investment and corporate earnings reinforce each other. That could be a powerful setup for the broader market.