S&P 500 earnings are projected to rise 27%, but that headline hides extreme concentration. $SPY $QQQ Just two sectors, technology and energy, are expected to generate nearly 80% of the index's growth this quarter. $NVDA and $MU alone account for more than 33%

S&P 500 earnings are projected to rise 27%, but that headline hides extreme concentration. $SPY $QQQ Just two sectors, technology and energy, are expected to generate nearly 80% of the index's growth this quarter. $NVDA and $MU alone account for more than 33% of Q3 growth. Big Tech capex is forecast to jump 116%. For the median S&P 500 company, revenue growth slows to 6% and margins compress to 14.7%. Seeking Alpha Quant Ratings: $NVDA and $AMZN = Strong Buy. $MSFT and $GOOGL = Hold. A 27% headline, a 6% reality for the median company. Is this a broad earnings boom or a narrow one? ▻