US S&P 500 companies delivered strong Q2 earnings with 15% revenue growth YoY and net profit up ~22% excluding special items. Growth concentrated in Energy (oil tailwinds), Technology (AI infrastructure capex), and Financials (+20%), while Consumer Staples/Discretionary remain sluggish at ~10%. Key lesson: investors now scrutinize cash flow quality and forward guidance over headline numbers—Meta and Amazon saw stock declines despite beating expectations. Watch: data center expansion curbs in Texas and New York over power-grid concerns, potential China competition threat to AI infrastructure.