AI Capex Depreciation Risk Is The Catch To Record Earnings
The second-quarter earnings season is in full swing. So far, the results are landing in line or better than the upwardly revised Wall Street estimates. That's the opposite of how this usually works. Analysts normally trim their forecasts as a year wears on. In 2026, they've done the opposite. The S&P 500 is on track to grow earnings north of 20% for a second straight quarter. The earnings are real. However, a meaningful slice of them is also an accident of accounting timing. That timing, the AI capex depreciation risk, hasn't hit the income statement yet. But it is about to turn from a…
The skinny
The skinny isn't ready yet — notes appear once the transcript is processed.