According to JP Morgan, 75% of this year's acceleration in US profit growth comes from just two things: AI spending and oil.

In January the consensus for 2026 was 14% growth. It now stands at 27%, with another 22% expected in 2027.

"It is hard to recall such a sudden acceleration in overall profitability"

Despite the recent market pullback, there are no fundamental signs of the boom slowing down for now.