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S&P 500 profits have two big PRETTY PADS (PP’s!) in ‘em. ✅ About $150B of Q2 "other income" was just marking up private AI stakes. That's ~12% of S&P EPS. ➡️ $AMZN booked $53.4B; mostly Anthropic ➡️ $GOOG booked a $77.1B; lots of $SPCX ➡️ Q2 earnings growth ~51%. 33% w/o AMZN/GOOG. ➡️ Tariff refunds added ~6% of pretax profits in Q2+Q3, post IEEPA. wild. Still well over 15% earnings growth YOY though when you subtract out some junk and conservatism. A lot of stocks starting to look cheap on multiples.