The S&P 500 has recorded its highest earnings growth since 2021, with blended earnings per share increasing between 27.1% and 28.4% year-over-year in Q1. This marks the strongest performance since Q4 2021, when the index saw a 32% growth. The surge was largely driven by the 'Magnificent Seven'—Alphabet, Amazon, Apple, Meta Platforms, Microsoft, Nvidia, and Tesla—whose collective EPS soared 63.2% year-over-year. Notably, the remaining 493 companies in the index also showed significant growth, with a 17.4% increase in EPS, marking their fastest growth in five years. Over 84% of S&P 500 companies exceeded EPS projections, while 81% surpassed revenue expectations, both figures well above historical norms. This broad-based growth suggests a reduction in concentration risk, although the tech giants still dominate the earnings landscape.