AI Spending to Lift Every S&P 500 Sector's Q3 Earnings, First Since 2021

September 16, 2026 at 04:30 PM2 min

This digest was compiled by AI from multiple sources — links to the originals are below.

Every sector in the S&P 500 is expected to post earnings growth for the third quarter, the first time since 2021, according to Bloomberg Intelligence data. The broadening gains reflect AI-related capital spending flowing into industrials, consumer firms, and services. Big Tech and energy remain the top growers at 62% and 111% respectively.

Key Facts

Every S&P 500 sector is projected to report earnings growth in Q3 2026, the first broad-based expansion since 2021.
Big Tech and energy are forecast to lead with earnings growth of 62% and 111%, respectively.
Aramark raised its outlook for the second time this year after signing data center service deals expected to add $400–500 million in revenue over two years.
Wells Fargo chief equity strategist Ohsung Kwon said non-AI companies also posted sizable earnings beats last quarter.

AI Capex Broadens Earnings

Bloomberg Intelligence data shows every sector in the S&P 500 is expected to deliver earnings growth for the third quarter, the first time since 2021. Barclays head of US equity strategy Venu Krishna attributed the broadening to the scale of AI-related capital spending, which he said is effectively revenue for storage, hardware, industrials, energy, and utilities. Industrial firms making vacuum pumps, cooling systems, and specialty coatings have seen revenue surge as data center construction stokes demand. Consumer companies are benefiting from AI-driven job creation, housing demand, and rising stock portfolios that encourage spending on shopping, travel, and dining.

Sector Leaders and Services

Big Tech and oil are still expected to stand out with earnings growth of 62% and 111%, respectively, far ahead of other sectors. Aramark boosted its outlook for the second time this year after signing new deals with data center operators to provide catering, cleaning, and transportation services. Those contracts are expected to bring in between $400 million and $500 million in additional revenue over the next two years. Krishna noted that construction jobs have not declined despite rising rates because data center growth has been dramatic enough to reallocate most labor.