According to The Kobeissi Letter, the top seven stocks now account for a near-record 26% of the S&P 500’s total earnings and 67% of the Information Technology sector’s profitability across roughly 70 companies, highlighting historically extreme earnings concentration (source: The Kobeissi Letter, X, Dec 16, 2025). For index traders, this concentration means S&P 500 earnings and price action are unusually sensitive to single-name outcomes among these leaders, elevating event risk around their earnings and guidance (source: The Kobeissi Letter, X, Dec 16, 2025). For crypto traders, tighter equity concentration can magnify cross-asset shocks because crypto and U.S. equities have exhibited higher return correlations since 2020, increasing the probability of spillovers into BTC and ETH during equity drawdowns or rallies (source: IMF, Crypto Prices Move More in Sync With Stocks, Jan 11, 2022). Actionable takeaway: prioritize monitoring earnings calendars and guidance for the top seven, as surprises can disproportionately swing SPX and QQQ and transmit to BTC and ETH through strengthened equity–crypto risk linkage (sources: The Kobeissi Letter, X, Dec 16, 2025; IMF, Jan 11, 2022).

According to @KobeissiLetter, “AI” was cited on 287 S&P 500 earnings calls in Q2 2025, the highest on record (source: @KobeissiLetter). This total has roughly quadrupled over the last three years and surpassed the prior record of 247 in Q4 2024, signaling unprecedented narrative breadth (source: @KobeissiLetter). The five-year and ten-year averages are 124 and 79 mentions respectively, underscoring how elevated Q2 2025 is versus historical baselines (source: @KobeissiLetter). Information Technology led with 65 mentions, representing 98% of its total calls, concentrating the AI theme within the IT sector (source: @KobeissiLetter). The source characterizes this as an AI revolution in full swing and provides no crypto market data or token-specific impacts (source: @KobeissiLetter).