Have I mentioned the hyper-Pareto distribution of profits?*
For comparison, the total profits of the S&P 500 via the Federal Reserve Bank of St. Louis' FRED database ( ):
As of Q1 2025 the total earnings of the 500 was annualizing to $1.626 trillion.
From Next Big Future, August 3:
....MUCH MORE (some very nice data tables)Google and Microsoft have both gone over $100 billion in annual net income. The big technology companies are growing by as much as 20-25% each year. Their combined annual net income is already over $500 billion. By 2027, they will have combined net income over $700 billion and should reach over $1 trillion combined net income by 2029.
This insane net income money printing is despite huge capex and research spending on AI and other investments....
*If interested see July 9's "The 'new normal' of growth stock dominance"
What our five years of blather regarding advantage flywheels is all about....