A Wealth of Common Sense · 30 October 2026 · Industry Analysis

Earnings & Expectations

Ben Carlson

Stock market earnings have grown nearly 30% in 2026 while valuations have compressed—a sharp divergence between fundamentals and price, driven partly by AI and semiconductor concentration. Historical data shows earnings and returns often disconnect significantly, making prediction of near-term market moves unreliable.

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Topics: AI (Horizontal) · Semiconductors

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