According to CoinMeta, the S&P 500 index once again outperformed inflation in 2026, thanks to outstanding earnings growth, despite higher Treasury yields bringing new valuation pressures. The index has risen by about 12%–13% so far this year, significantly exceeding the latest U.S. inflation data. The Consumer Price Index rose by about 3.4% year-on-year in July, while the Federal Reserve's preferred PCE indicator rose by 3.7%. S&P 500 companies reported exceptional second-quarter results, with FactSet indicating that earnings growth reached its highest level since the second quarter of 2021, at about 33.5% year-on-year. Analysts expect earnings to grow by about 27%–28% year-on-year in the third quarter. Artificial intelligence remains a key driver of earnings growth, with technology and communications service companies performing exceptionally well, and heavy investment in AI infrastructure continuing to support earnings expectations.