Wall Street analysts now project a 25% jump in S&P 500 earnings for 2025, the steepest climb since the post‑pandemic surge. The forecast hinges on a sturdy U.S. economy and the AI wave, driving expectations for tech giants. Investors see the lift as a key driver behind recent market highs that have pushed the Nasdaq beyond 15,000 points in June.

Yet the speed of these upgrades sparks worry. Ben Inker of GMO warns estimates are rising at an “exceedingly high rate,” echoing 2021 levels. Capital Economics flags that AI‑related earnings and capex