contributing ~76% of the SP500’s total earnings growth in 2026 (as of late August).

The part that is missing --- a big chunk of these "earnings" are really driven by debt. Debt that is often not (yet) being reflected on corporate balance sheets.

https://techstartups.com/2026/07/23/five-big-tech-giants-hav...

Economists at the Bank for International Settlements recently described this financing approach as “shadow borrowing,” referring to capital raised through structures that avoid immediate recognition as debt under existing accounting rules.