Micron and Nvidia are projected by LSEG to account for nearly 35% of S&P 500 third-quarter earnings growth, putting two chipmakers at the center of the index’s profit outlook.
On Oct. 19, FactSet estimated year-over-year growth of 29.0%, while LSEG estimated 30.7%. FactSet ranked Micron and Nvidia as its two leading contributors and said growth would be 20.0% without them. LSEG attributed 5.79 percentage points of its estimate to Micron alone.
FactSet separately forecast 27.7% growth for the 493 S&P 500 companies outside the Magnificent Seven. That figure covers a different group from FactSet’s calculation excluding Micron and Nvidia. The FactSet and LSEG estimates for the full index differ by 1.7 percentage points.
Micron reported GAAP net income of $37.701 billion for its fiscal fourth quarter ended Sept. 3, 2026, compared with $3.201 billion in the year-earlier quarter. Revenue rose to $54.229 billion from $11.315 billion. The increase in net income was about 1,078%, calculated from the reported amounts. Micron cited AI-driven demand and operational execution in its fiscal 2026 results and said it was increasing investment in technology, products and manufacturing. Chairman and CEO Sanjay Mehrotra said the company expected an even stronger fiscal 2027 after its record fiscal 2026 results.
FactSet’s Oct. 16 update showed the reporting season was still early: 9% of S&P 500 companies had reported results, and 84% of those had exceeded analysts’ earnings-per-share estimates. The beat rate covered the companies that had reported by that date.
FactSet also identified Meta Platforms, EchoStar and Boeing among other major contributors, partly because their year-earlier earnings per share included large one-time charges.
Nvidia’s fiscal 2027 third-quarter earnings call is scheduled for Nov. 17, according to the company’s Aug. 26 transcript.
