Titans

NASHVILLE — The Chargers won the battle but lost the warrior.

They held off the Tennessee Titans 27-20, but saw their outstanding left tackle Joe Alt go down with the same injured ankle that sidelined him earlier this season.

It was a troubling and ominous blow Sunday to a franchise that’s in a constant state of reshuffling its offensive line and unable to sufficiently protect quarterback Justin Herbert. Before losing Alt, the Chargers lost right tackle Bobby Hart to what they called a groin injury (but looked to be a hurt leg).

On a cool and overcast day, the Chargers had enough to get past the one-win Titans — the Chargers (6-3) were favored by 9½ points — but will face far stiffer competition in the second half of the season. The Titans haven’t won at home since last Nov. 4.

Chargers coach Jim Harbaugh helps offensive tackle Bobby Hart off the field in the first half.

(John Amis / Associated Press)

Herbert, who ran for 62 yards in the Week 8 win over Minnesota, again provided the bulk of the Chargers’ running game. He led all rushers with 57 yards in nine carries, including a one-yard touchdown.

The Titans fired coach Brian Callahan last month after the team got off to a 1-5 start, putting in place interim coach Mike McCoy, who was head coach of the San Diego Chargers from 2013 to 2016.

The Chargers absorbed a huge blow in the second quarter when Alt went down with an ankle injury, the same ankle that caused him to miss three games earlier this season. Alt, the best player on the offensive line, had returned for the Week 8 game against Minnesota and his presence was noticeable in both run blocking and protection of Herbert’s blind side.

Chargers wide receiver Quentin Johnston catches a touchdown pass next to Tennessee Titans cornerback Jalyn Armour-Davis during the first half Sunday.

(John Amis / Associated Press)

But Sunday, he was felled by 285-pound Titans edge rusher Jihad Ward, who was blocked into the back of Alt’s legs. Alt sat on the turf for a few minutes, surrounded by Chargers medical staff, before a cart rolled onto the field to take him off.

It was the latest setback for an offensive line besieged by them this season, and an indication that Herbert will remain the most hit and harassed quarterback in the league this season.

Even though the Titans were without defensive tackle Jeffrey Simmons, their best player, Herbert was still under near-constant pressure.

Herbert threw a pair of touchdown passes in the first half, although his first throw was abysmal. It was straight into the arms of Tennessee linebacker Cody Barton, who turned the visitors’ second play from scrimmage into a 24-yard pick-six.

As he does virtually every week, Herbert picked up some big gains with his feet. He had a 39-yard scramble in the second quarter, and rolled out in the fourth and scored his first rushing touchdown of the season, sliding in from a yard out. That capped a 15-play, nine-minute, 99-yard drive in response to a goal-line stand.

Chargers quarterback Justin Herbert is sacked by Tennessee Titans linebacker Jihad Ward during the second half Sunday.

(George Walker IV / Associated Press)

The Titans (1-8), who have had troubles moving the ball in the red zone, scored their second touchdown of the half on a 67-yard punt return by rookie Chimere Dike, who leads the NFL in all-purpose yards.

Those issues in the red zone were on display in the third quarter, when the Titans had four plays inside the 10 and couldn’t score, including third and fourth downs from the one.

Anchoring the middle of the Chargers’ defense was Daiyan Henley, playing two days after his older brother was shot and killed. After a sack in the first half, the third-year linebacker dropped to his knees and turned his palms to the sky and held out his hands in prayer.

Edge rusher Odafe Oweh had a pair of sacks, bringing his total to four in four games since being traded to the Chargers by Baltimore last month.

The Rams traded for cornerback Roger McCreary, star receiver Puka Nacua is expected to return for Sunday’s game against the New Orleans Saints and receiver Tutu Atwell will spend at least four games on injured reserve.

All of those moves were announced by the Rams or discussed by coach Sean McVay on Monday as the Rams returned from an off week.

With the NFL trade deadline approaching next week, the Rams acquired McCreary, 25, and a conditional 2026 sixth-round pick from the Tennessee Titans in exchange for a conditional 2026 fifth-round pick.

McCreary, a 2022 second-round pick from Auburn, has three career interceptions, including one this season. He is expected to provide depth to a cornerback group that lost Ahkello Witherspoon early in the season because of a broken collarbone. Witherspoon, who has been doing some individual work, was expected to be sidelined 12 weeks.

McVay said veteran Darious Williams also suffered a shoulder injury in the Rams’ Oct. 19 victory over the Jacksonville Jaguars in London.

So McCreary, who is in the final year of his rookie contract, could fortify a position group that includes Cobie Durant and Emmanuel Forbes Jr. Safety Quentin Lake has played as a slot cornerback and hybrid linebacker.

The Rams played against McCreary and the Titans in Week 2.

“We were looking to be able to add some depth,” McVay said, according to a transcript of a videoconference with reporters. “He was a guy that we respected from playing against him earlier this year.”

Nacua sat out against the Jaguars because of a high ankle sprain he suffered during an Oct. 12 victory over the Baltimore Ravens.

Rams wide receiver Puka Nacua catches a pass against the Baltimore Ravens on Oct. 12.

(Terrance Williams / Associated Press)

McVay said he expected that Nacua would practice this week and play against the Saints.

Nacua ranks fourth in NFL with 616 yards receiving.

“We do expect him to be back on Wednesday and expect him to play this week unless there are setbacks,” McVay said.

Atwell, who signed a one-year, $10-million contract before this season, played only 10 snaps against the Jaguars after sitting out against the Ravens because of a hamstring injury. He has four catches for 164 yards, including an 88-yard touchdown.

McVay said offensive tackle Rob Havenstein also is expected to return this week from an ankle injury that has sidelined him for three games.

The Rams are 5-2 heading into their game against the Saints (1-7) at SoFi Stadium.

Brian Callahan has the dubious distinction of being the first NFL coach to be fired this season.

The Tennessee Titans announced Monday they were parting ways with their second-year coach after starting the season at 1-5 with rookie quarterback Cam Ward, the top overall pick in April’s draft, under center. Callahan was 4-19 overall.

“While we are committed to a patient and strategic plan to build a sustainable, winning football program, we have not demonstrated sufficient growth,” Chad Brinker, Titans president of football operations, said in a statement. “Our players, fans, and community deserve a football team that achieves a standard we are not currently meeting, and we are committed to making the hard decisions necessary to reach and maintain that standard.”

Callahan, the son of former Oakland Raiders and Nebraska head coach Bill Callahan, was a backup quarterback at Concord De La Salle High School and served in the same role at UCLA from 2002 to 2005. The former walk-on earned a scholarship his senior year, when he became the Bruins’ holder on field goal and extra-point attempts.

Callahan entered the coaching ranks upon graduation, winning a Super Bowl as a Denver Broncos assistant coach in 2015. He went on to become quarterbacks coach for the Detroit Lions and Oakland Raiders, then offensive coordinator for the Cincinnati Bengals in 2019.

A hot commodity for teams in search of a head coach in 2024, Callahan was among at least nine candidates interviewed by the Chargers (that job ultimately went to former Michigan coach Jim Harbaugh) and one of 10 candidates for the Titans job.

Callahan replaced former coach Mike Vrabel, who had been fired after six seasons with the Titans. This weekend, Vrabel will lead the 4-2 New England Patriots into Nashville to play his former team. It remains to be seen who will be on the Titans sideline as interim head coach.

Broadcom (AVGO -0.06%) and Oracle (ORCL 1.72%) have been two of the best-performing mega-cap growth stocks in 2025. As of this writing, Broadcom is up 19% since reporting earnings on Sept. 4, and Oracle soared 36% on Sept. 10 in response to its own blowout earnings and guidance.

Broadcom is getting closer to reaching a $2 trillion in market cap, and Oracle is knocking on the door of $1 trillion. Yet, you won’t find either of these stocks in the “Magnificent Seven,” which only includes Nvidia (NVDA -0.20%), Microsoft (MSFT 0.73%), Apple (AAPL 2.98%), Amazon (AMZN 1.04%), Alphabet (GOOG 0.69%) (GOOGL 0.65%), Meta Platforms (META -1.32%), and Tesla (TSLA 1.48%).

The “Ten Titans” corrects that error by adding Broadcom, Oracle, and Netflix (NFLX 1.38%) to the group. Combined, these 10 growth stocks now make up 39.1% of the S&P 500 (^GSPC 0.28%).

Here’s how the Ten Titans have disrupted the stock market in just a few years and why their dominance in the S&P 500 can still impact your investment portfolio, even if you don’t own any of the Ten Titans outright.

Image source: Getty Images.

A lot has changed in less than three years

The S&P 500 is up a staggering 70% since the start of 2023, and a big reason for that is artificial intelligence (AI). Specifically, a few major companies are profiting from AI through semiconductors and associated networking hardware, software infrastructure, cloud computing, automation, and efficiency improvements.

The Ten Titans encapsulate this theme. The group is now double the market cap of China’s entire stock market and is largely responsible for moving the S&P 500 in recent years.

At the end of 2022, the Ten Titans made up 23.3% of the S&P 500. But since then, many of the Titans have increased in value several-fold, with Nvidia and Broadcom leading the pack.

Data by YCharts.

The Ten Titans’ combination of size and rapid gains has redefined the structure of the S&P 500. Here’s a look at each company’s weight in the S&P 500 as of this writing.

Data source: Slickcharts.

Oracle’s surge on Sept. 10 briefly pole-vaulted it to become the tenth-largest company by market cap. At that time, the nine largest names in the S&P 500 were all tech companies — a far cry from the days when the most valuable U.S. companies were from the oil and gas, consumer staples, financials, and industrial sectors.

The Ten Titans’ influence is growing

Even if you don’t own any of the Ten Titans stocks, their rise may still have ripple effects for your financial portfolio.

The biggest impact would be if you own index funds or exchange-traded funds (ETFs) with exposure to these holdings. Market-cap weighted passive funds that follow a growth theme or the general market will likely have sizable positions in the Ten Titans. And S&P 500 funds that mirror the index, like the Vanguard S&P 500 ETF, SPDR S&P 500 ETF, the iShares Core S&P 500 ETF will all have around 39% of their holdings in the Titans.

The sheer size of the Ten Titans means that the S&P 500 is no longer a balanced index, at least for now. Rather, it’s more of a growth index, similar to how the Nasdaq Composite is typically viewed.

The S&P 500 may contain hundreds of holdings, but its performance is now based on just a couple dozen companies. Investors looking for mid-cap or even large-cap stocks should venture outside the index because the S&P 500 offers little exposure to non-mega-cap names.

Navigating a Ten Titans-dominated market

The rise of the Ten Titans has benefited their shareholders, S&P 500 index fund investors, and folks with exposure to these stocks through ETFs. However, because they are so big, they will likely make the S&P 500 more volatile going forward.

Investors can offset the Ten Titans concentration by investing in value and dividend stocks that no longer make up a large percentage of the S&P 500. On the other hand, if you’re looking for a low-cost and straightforward way to get exposure to top growth stocks, the S&P 500 may be one of the simplest ways to do so.

Rams coach Sean McVay is not expected to appear on the team’s injury report this week as they prepare for Sunday’s game against the defending Super Bowl-champion Philadelphia Eagles.

But McVay sustained a foot injury during last week’s victory over the Tennessee Titans in Nashville.

During the Rams’ produced “Sean McVay Show,” McVay said he suffered a torn plantar fascia.

“I was being dramatic limping around toward the end of the game,” McVay said, adding, “The good news is I’m not playing, so I’m just on the sidelines watching. So if I have a little cool limp to add some swag, then you’ll know why.”

McVay, 39, is in his ninth season with the Rams, who opened the season with victories over the Houston Texans and the Titans.

The Eagles are also 2-0 after victories over the Dallas Cowboys and Kansas City Chiefs.

Rams sign cornerback Tre Brown

Tre Brown warms up before a preseason game between the San Francisco 49ers and Denver Broncos in August.

(Kelley L Cox / Associated Press)

With starting cornerback Ahkello Witherspoon on injured reserve, the Rams added depth to the secondary on Tuesday by signing cornerback Tre Brown.

Brown, who will turn 28 next week, played four seasons for the Seattle Seahawks before signing with the San Francisco 49ers last March. But Brown suffered a heel injury during training camp, was placed on injured reserve and was ultimately released.

Brown, 5 feet, 10 inches and 185 pounds, played in 39 games for the Seahawks, starting 13. He intercepted two passes.

Brown joins a cornerback group that includes Cobie Durant, Emmanuel Forbes Jr. and Darious Williams. Witherspoon, who suffered a broken clavicle during the Rams’ victory over the Tennessee Titans last Sunday, is expected to be sidelined for 12 weeks, McVay said.

The Rams play the defending Super Bowl-champion Philadelphia Eagles on Sunday at Lincoln Financial Field in Philadelphia.

NASHVILLE — Two nice tuneups.

Two opportunities that showed the Rams can indeed be Super Bowl contenders.

Now the real season — and test — begins.

The Rams’ 33-19 victory over the Tennessee Titans on Sunday at Nissan Stadium improved their record to 2-0.

Puka Nacua scored on a long touchdown run, Matthew Stafford passed for two touchdowns — including his first to Davante Adams — and edge rusher Byron Young had two sacks and forced a fumble to lead the Rams.

Next up: The defending Super Bowl-champion Philadelphia Eagles.

That will be the real measuring stick for a Rams team and coach Sean McVay, who is aiming for a third Super Bowl appearance in eight years.

So next Sunday, the Rams will confidently return to Lincoln Financial Field, where they lost to the Eagles in the NFC divisional round.

The Texans and the Titans are a far cry from the Eagles.

Eagles running back Saquon Barkley, the reigning NFL offensive player of the year, torched the Rams in the 2024 regular season and the playoffs.

He rushed for 255 yards in a Week 12 victory over the Rams, scoring on runs of 70 and 72 yards. In January, he ran for 205 yards and scored on runs of 62 and 78 yards.

Texans quarterback C.J. Stroud is a rising star and Titans rookie quarterback Cam Ward appears on track to possibly become one. But neither is Jalen Hurts, who has played in two Super Bowls and won a title.

Eagles receivers A.J. Brown and DeVonta Smith are a talented tandem, and the offensive line is perhaps the NFL’s best.

And a defense, led by coordinator Vic Fangio, features tackle Jalen Carter, who ended the Rams’ Super Bowl hopes last season when he sacked Stafford one play before Stafford’s final pass fell incomplete.

On Sunday, in a matchup between quarterbacks picked No. 1 in the NFL draft, the veteran came out on top.

Rams quarterback Matthew Stafford looks to pass in the first half against the Titans on Sunday.

(Wesley Hitt / Getty Images)

Stafford, the top pick in 2009, completed 23 of 33 passes for 298 yards, with an interception.

Ward, the top pick in the 2025 draft, completed 19 of 33 passes for 175 yards and a touchdown.

Along with his 45-yard touchdown run, Nacua caught eight passes for 91 yards. Adams caught six passes for 106 yards, including a 16-yard touchdown.

Tight end Davis Allen scored his second touchdown of the season, and running back Blake Corum rushed for his first career touchdown.

The Rams trailed 13-10 at halftime after they gave up 10 points in the final 38 seconds of the second quarter.

The Rams had built a 10-3 lead on Nacua’s long touchdown run and a short field goal by Joshua Karty. But Ward made a sensational play to complete a nine-yard touchdown pass, and then Titans linebacker Cody Barton intercepted a Stafford pass to set up a field goal that gave the Titans the lead.

The Rams got the ball to start the second half and they moved downfield to the three-yard line. But for the second time in the game, they could not convert the opportunity into a touchdown and had to settle for another field goal.

The Titans regained the lead with a long field goal, setting up the Rams most impressive drive.

Stafford completed passes of 24 and 22 yards to Nacua and Corum ran for 15 yards to give the Rams first-and-goal at the eight-yard line. After failing to convert two earlier goal-line opportunities into touchdowns, the Rams finally came through.

Stafford passed to Allen along the right sideline, and the third-year pro reached for the goal line. Officials initially ruled he was short of a touchdown, but upon review it was determined the ball crossed the goal line, giving the Rams a 20-16 lead.

After Young forced a fumble that linebacker Nate Landman recovered, Stafford connected with Adams for a 27-16 lead.

Corum’s short touchdown run completed the scoring for the Rams, who opted to run out the clock rather than score at the end of the game.

Quarterback Matthew Stafford, the linchpin to the Rams’ aspirations for another Super Bowl appearance, emerged largely unscathed from a season-opening victory over the Houston Texans, but another great challenge awaits the offensive line Sunday against the Tennessee Titans.

Left guard Steve Avila is doubtful because of an ankle injury and right guard Kevin Dotson will be playing through an ankle issue.

Not great news for a group that must contain Titans defensive end Jeffery Simmons.

“He is really disruptive,” Stafford said of Simmons, who sacked Stafford three times in a Rams defeat in 2021, “gets off on the count, physical, fast and plays with a nasty streak.”

To reinforce the line and help establish the rushing attack, coach Sean McVay could deploy multiple tight ends.

The Rams’ defense faces quarterback Cam Ward, the top pick in the NFL draft.

Ward completed 12 of 28 passes for 112 yards in a 20-12 defeat by the Denver Broncos. He was sacked six times.

“He didn’t play bad last week,” Rams edge rusher Byron Young said. “He looked pretty comfortable back there even though he got sacked a few times. He was handling himself pretty well. … He knows what he’s doing. Even though he’s a rookie, he’s definitely somebody you can’t sleep on.”

The 10 largest growth-focused U.S. companies now make up 38% of the S&P 500. Known as the “Ten Titans,” the list includes Nvidia (NVDA -3.38%), Microsoft, Apple, Amazon, Alphabet, Meta Platforms, Broadcom, Tesla, Oracle (ORCL -5.97%), and Netflix (NFLX -1.87%).

Oracle, Netflix, and Nvidia have been the best performers of the Titans year to date. Let’s determine if these growth stocks have what it takes to continue outperforming next year.

Image source: Getty Images.

Oracle has innovative ideas, but they come at a price

Oracle has been the standout among the Titans. With a year-to-date total return of more than 40%, it vaulted its market cap above $660 billion.

ORCL Total Return Level data by YCharts.

Oracle was close to dead money in the five years between 2015 and the end of 2019 — gaining just 17.8% compared to 56.9% for the S&P 500. But since the start of 2020, Oracle is up 345% compared to a 100.6% gain in the S&P 500. A big driver of the outperformance is the build-out and adoption of Oracle Cloud Infrastructure (OCI).

Oracle transformed from a database-first company to a fully fledged ecosystem. Not long ago, companies were using Oracle’s database software on third-party clouds. Oracle decided to capture that revenue by building out its own cloud services.

Oracle Integration Cloud hosts software-as-a-service offerings for financial reporting, automated workflows, human resources operations, marketing, personalization, and more. Oracle also offers artificial intelligence (AI)-powered database services. And OCI has been shown to be much more cost-effective for data-intensive operations than Amazon Web Services, Microsoft Azure, or Google Cloud. It’s an especially ideal offering for industries like financial services and healthcare that have complex regulatory frameworks and sensitive information. On its earnings calls, Oracle often discusses how industries are choosing OCI for its security and compliance capabilities.

Oracle was already a leader in enterprise software solutions. And now, it is a major player in the cloud business. The main downside of Oracle is that its valuation is expensive, and it is spending extremely aggressively. Oracle is arguably among the higher-risk, higher-potential-reward Titans. If its investments translate to bottom-line earnings growth, it could continue to be one of the best performers in the group. If not, it wouldn’t be surprising if the stock underwent a sizable sell-off.

Netflix is an entertainment giant that is raking in the cash flow

Netflix’s outsized returns in recent years are partly due to how beaten down the stock was going into 2023. Netflix fell over 50% in 2022, outpacing the broader sell-off in the Nasdaq Composite (NASDAQINDEX: ^IXIC) that year. At the time, other streaming platforms were gaining traction, and Netflix was still inconsistently profitable.

The business model has remained largely unchanged over the past decade. So it’s not a transformational story like Oracle. Rather, Netflix has perfected its craft.

The biggest change has been its content slate — what it spends on, how it markets that content (like the global success of “KPop Demon Hunters,”) and basically just boosting its overall content success rate. The second major change was cracking down on password sharing. This was a resounding success because a lot of new accounts opened up — showing that customers were willing to pay for Netflix because they value the service (again, despite a lot of competition). And finally, Netflix’s ad-supported tier is driving new signups, which accelerates revenue growth.

Netflix is an industry-leading cash cow with high margins. It has become a near-perfect business. The only issue is that the valuation reflects that, as Netflix trades at 52 times trailing 12-month earnings. Netflix could still be a winning long-term stock, but it may need a year or two to grow into its valuation. Therefore, it may not be a standout performer in 2026.

Nvidia just delivered another blowout quarter

Nvidia reported exceptional second-quarter fiscal 2026 results on Aug. 27 despite the company’s China business being hindered by export restrictions to China.

Even with difficult comps from the second-quarter fiscal 2025, Nvidia grew revenue by 56% and adjusted earnings per share by 54%. Arguably, the most impressive aspect of Nvidia’s results is that it continues to sustain ultra-high gross margins over 70%. Nvidia’s high margins allow it to convert a substantial amount of sales into profit, which is a testament to its edge over the competition and technological leadership on the global stage.

Nvidia gets a lot of attention for its data center business — and rightfully so, as it made up 88% of revenue in the recent quarter. But it’s worth noting that the rest of the business is doing well too. Nvidia’s non-data center revenue, which includes gaming and AI PC professional visualization, automotive, and robotics, was collectively $5.49 billion — up 48% compared to $3.7 billion a year ago.

Nvidia is in its third year of what has been an uninterrupted masterclass of exponential growth on a scale unlike any business the world has ever seen. And somehow, the company still has its foot on the gas with no signs of slowing down.

Nvidia’s outlook for the third-quarter fiscal 2026 calls for $54 billion in revenue even if it ships zero H20 chips to China — all while maintaining a 73% gross margin. That would mark a 54% increase in revenue and just slightly lower gross margins than third-quarter fiscal 2025 and a near three-fold increase in revenue in just two years.

Despite the impeccable results, Nvidia’s valuation isn’t cheap, as investors are pricing in a sustained breakneck growth rate. But Nvidia just keeps delivering, so its 58.4 price-to-earnings ratio is reasonable.

If Nvidia’s stock price remained unchanged for a year but the company grew earnings by 50%, the P/E would drop to 38.9. So even now, with the stock on track to crush the S&P 500 for the third consecutive year, Nvidia remains a top AI stock to buy now.

I expect Nvidia to continue leading the Ten Titans higher in 2026, especially if trade policy with China eases. However, if for whatever reason there’s a slowdown in AI spending from key Nvidia customers, Nvidia could drag down the Ten Titans and the broader market with it.

The S&P 500 and Nasdaq Composite are hovering around all-time highs. A big part of the rally is investor excitement for sustained artificial intelligence (AI)-driven growth and adjustments to Federal Reserve policy that open the door to interest rate cuts.

While investor sentiment and macroeconomic factors undoubtedly influence short-term price action, the stock market’s long-term performance ultimately boils down to earnings.

Nvidia (NVDA 1.10%) will report its second-quarter fiscal 2026 earnings on Aug. 27 after market close. Here’s why expectations are high, and why the “Ten Titans” stock could single-handedly move the S&P 500.

Image source: Getty Images.

Nvidia’s profound impact on the S&P 500

The Ten Titans are the largest growth stocks by market cap — making up a staggering 38% of the S&P 500.

Nvidia is the largest — with a 7.5% weighting in the index.

The other Titans are Microsoft, Apple, Amazon, Alphabet, Meta Platforms, Broadcom, Tesla, Oracle, and Netflix.

Aside from its value, Nvidia is also a major contributor to S&P 500 earnings growth.

NVDA Market Cap data by YCharts

Megacap tech companies influence the value of the S&P 500 and its earnings. And since many of the top earners are growing quickly, the market arguably deserves to have a premium valuation.

Since the start of 2023, Nvidia added roughly $4 trillion in market cap to the S&P 500. But it also added over $70 billion in net income — as its trailing-12-month earnings went from just $5.96 billion at the end of 2022 to $76.8 billion today. That’s like creating the combined earnings contribution of Bank of America, Walmart, Coca-Cola, and Costco Wholesale in the span of less than three years.

Nvidia’s value creation for its shareholders, and the scale of just how big the business is from an earnings standpoint, is unlike anything the market has ever seen. But investors care more about where a company is going than where it has been.

Nvidia’s unprecedented profit growth

Expectations are high for Nvidia to continue blowing expectations out of the water. Over the last three years, Nvidia’s stock price rose after its quarterly earnings report 75% of the time. Analysts have spent the last few years flat-footed and scrambling to raise their price targets as Nvidia keeps raising the bar. It looks like they aren’t making that mistake any longer — as near-term forecasts are incredibly ambitious.

As mentioned, Nvidia’s trailing-12-month net income is $76.8 billion, which translates to $3.10 in diluted earnings per share (EPS). Consensus analyst estimates have Nvidia bringing in $1 per share in earnings for the quarter it reports on Wednesday and $4.35 for fiscal 2026. Going out further, analyst consensus estimates call for 37.8% in earnings growth in fiscal 2027, which would bring Nvidia’s diluted EPS to $6 per share.

NVDA Net Income (TTM) data by YCharts

Based on Nvidia’s current outstanding share count, that would translate to net income of $107.7 billion in fiscal 2026 and $148.5 billion in fiscal 2027. Unless other leaders like Alphabet, Microsoft, or Apple accelerate their earnings growth rates, Nvidia could become the most profitable U.S. company by the time it closes out fiscal 2027 in January of calendar year 2027. These projections strike at the core of why some investors are willing to pay so much for shares in the business today.

The key to Nvidia’s lasting success

Nvidia can single-handedly move the stock market due to its high weighting in the S&P 500. However, its influence goes beyond its own stock, as strong earnings from Nvidia could also be a boon for other semiconductor stocks, like Broadcom. But the ripple effect is even more impactful.

In Nvidia’s first quarter of fiscal 2026, four customers made up 54% of total revenue. Although not directly named by Nvidia, those four customers are almost certainly Amazon, Microsoft, Alphabet, and Meta Platforms. So strong earnings from Nvidia would basically mean that these hyperscalers continue to spend big on AI — a positive sign for the overall AI investment thesis.

However, Nvidia’s long-term growth and the stickiness of its earnings ultimately depend on its customers translating AI capital expenditures (capex) into earnings — which hasn’t really happened yet.

ORCL CAPEX To Revenue (TTM) data by YCharts

Cloud computing hyperscalers are spending a lot on capital expenditures (capex) as a percentage of revenue — showcasing accelerated investment in AI. But eventually, the ratio should decrease if investments translate to higher revenue.

Investors may want to keep an eye on the capex-to-revenue metric because it provides a reading on where we are in the AI spending cycle. Today, it’s all about expansion. But soon, the page will turn, and investors will pressure companies to prove that the outsize spending was worth it.

The right way to approach Nvidia

Almost all of Nvidia’s revenue comes from selling graphics processing units, software, and associated infrastructure to data centers. And most of that revenue comes from just a handful of customers. It doesn’t take a lot to connect the dots and figure out just how dependent Nvidia is on sustained AI investment.

If the investments pay off, the Ten Titans could continue making up a larger share of the S&P 500, both in terms of market cap and earnings. But if there’s a cooldown in spending, a downturn in the business cycle, or increased competition, Nvidia could also sell off considerably. So it’s best only to approach Nvidia with a long-term investment time horizon, so you aren’t banking on everything going right over the next year and a half.

All told, investors should be aware of potentially market-moving events but not overhaul their portfolio or make emotional decisions based on quarterly earnings.

The largest growth-focused U.S. companies by market cap are Nvidia (NVDA 1.65%), Microsoft (MSFT 0.56%), Apple (AAPL 1.21%), Amazon (AMZN 3.12%), Alphabet (GOOG 2.98%) (GOOGL 3.10%), Meta Platforms (META 2.04%), Broadcom (AVGO 1.48%), Tesla (TSLA 6.18%), Oracle (ORCL 1.30%), and Netflix (NFLX -0.20%).

Known as the “Ten Titans,” this elite group of companies has been instrumental in driving broader market gains in recent years, now making up around 38% of the S&P 500 (^GSPC 1.52%).

Investment management firm Vanguard has the largest (by net assets) and lowest cost exchange-traded fund (ETF) for mirroring the performance of the index — the Vanguard S&P 500 ETF (VOO 1.46%). Here’s why the fund is one of the simplest ways to get significant exposure to the Ten Titans.

Image source: Getty Images.

Ten Titan dominance

Over the long term, the S&P 500 has historically delivered annualized results of 9% to 10%. It has been a simple way to compound wealth over time, especially as fees have come down for S&P 500 products. The Vanguard S&P 500 ETF sports an expense ratio of just 0.03% — or $3 for every $10,000 invested — making it an ultra-inexpensive way to get exposure to 500 of the top U.S. companies.

The Vanguard S&P 500 ETF could be a great choice for folks who aren’t looking to research companies or closely follow the market. But it’s a mistake to assume that the S&P 500 is well diversified just because it holds hundreds of names. Right now, the S&P 500 is arguably the least diversified it has been since the turn of the millennium.

Megacap growth companies have gotten even bigger while the rest of the market hasn’t done nearly as well. Today, the combined market cap of the Ten Titans is $20.2 trillion. Ten years ago, it was just $2.5 trillion. Nvidia alone went from a blip on the S&P 500’s radar at $12.4 billion to over $4 trillion in market cap. And not a single Titan was worth over $1 trillion a decade ago. Today, eight of them are.

S&P 500 Market Cap data by YCharts.

To put that monster gain into perspective, the S&P 500’s market cap was $18.2 trillion a decade ago. Meaning the Ten Titans have contributed a staggering 51.6% of the $34.3 trillion market cap the S&P 500 has added over the last decade. Without the Ten Titans, the S&P 500’s gains over the last decade would have looked mediocre at best. With the Ten Titans, the last decade has been exceptional for S&P 500 investors.

The Ten Titans have cemented their footprint on the S&P 500

Since the S&P 500 is so concentrated in the Ten Titans, it has transformed into a growth-focused index, making it an excellent way to double up on the Ten Titans. But the S&P 500 may not be as good a fit for certain investors.

Arguably, the best reason not to buy the S&P 500 is if you’re looking to avoid the Ten Titans, either because you already have comfortable positions in these names or you don’t want to take on the potential risk and volatility inherent in a top-heavy index.

That being said, the S&P 500 has been concentrated before, and its leadership can change, as it did over the last decade. The underperformance by former market leaders, like Intel, has been more than made up for by the rise of Nvidia and Broadcom.

So it’s not that the Ten Titans have to do well for the S&P 500 to thrive. But if the Titans begin underperforming, their sheer influence on the S&P 500 would require significantly outsized gains from the rest of the index.

Let the S&P 500 work for you

With the S&P 500 yielding just 1.2%, sporting a premium valuation and being heavily dependent on growth stocks, the index isn’t the best fit for folks looking to limit their exposure to megacap growth stocks or center their portfolio around dividend-paying value stocks.

The beauty of being an individual investor is that you can shape your portfolio in a way that suits your risk tolerance and investment objectives. For example, you use the Vanguard S&P 500 ETF as a way to get exposure to top growth stocks like the Ten Titans and then complement that position with holdings in dividend stocks or higher-yield ETFs.

In sum, the dominance of the Ten Titans means it’s time to start calling the Vanguard S&P 500 ETF what it has become, which is really more of a growth fund than a balanced way to invest in growth, value, and dividend stocks.

Investors with a high risk tolerance and long-term time horizon may cheer the concentrated nature of the index. In contrast, risk-averse investors may want to reorient their portfolios so they aren’t accidentally overexposing themselves to more growth than intended.

Antonio Campos carries the blood of his legendary father, former Galaxy and Mexican national team goalkeeper Jorge Campos. Perhaps more important, he carries his family’s resilience after they worked to recover from the loss of their home in the Palisades fire.

During Antonio Campos’ first season with the Cal State Fullerton soccer team, he seeks to write his own story and help his team win.

“Just being in college is a success. I feel blessed,” said Antonio, who is studying business while fighting for minutes as a Division I goalkeeper.

He was born in Los Angeles and grew up in the Pacific Palisades area, the second son of Jorge Campos and Canadian Marcy Raston. His sisters chose to focus on volleyball: Andrea, the eldest, recently signed with a professional club in France after a successful college career. Antonio, on the other hand, was torn between basketball and soccer. At Loyola High, he played point guard, although his height, at 6 feet, limited his minutes.

Antonio Campos stands besides his parents, Marcy Raston and Jorge Campos, while wearing Cal State Fullerton gear.

(Courtesy of Campos family)

“Michael Jordan inspired me to play several sports,” said Antonio, who also played baseball and volleyball.

Training sessions with his father during the COVID-19 pandemic led Antonio to eventually focus on soccer and the goalkeeper position.

“With my dad, everything is intense. Lots of training on the beach, reflexes, technique, cutting crosses. Things he did better than anyone else,” said Antonio, who does not shy away from his surname but does not want it to define him.

“I don’t feel pressure. I prefer to teach the values my father instilled in me,” Antonio said.

Galaxy goalkeeper Jorge Campos celebrates during a 1996 game against the San Jose Clash at the Rose Bowl in Pasadena.

(Getty Images)

He is part of the first generation in his family to attend college in the U.S. and he knows that his path extends beyond soccer.

In Mexico, Antonio also didn’t feel he had much of a future, as his own father, Jorge, criticized goalkeeper trainers in that country last year.

“It’s incredible that after 30 years, 40 years, we don’t have a modern goalkeeper, of that style, like Manuel Neuer, Ter Stegen,” Jorge said in a recent interview with ESPN.

Antonio was drawn to Cal State Fullerton as more than just a place to improve his soccer skills. The team’s philosophy, focused on service, ambition and personal development, resonated with him and his family.

“We emphasize being good people. If you go far, you’ll be better socially and culturally,” explained George Kuntz, the Titans’ veteran coach.

Antonio had had doubts about playing college soccer.

“I didn’t want to play at the university level because first-year goalkeepers hardly ever play,” he said.

However, he was assured that everyone would have real opportunities if they earned them through training.

Between the posts, he will have to fight for minutes against quality teammates Eoin Kennedy, Asger Hemmer and Emanuel Padilla. Fullerton opens the regular season on Thursday at Oral Roberts in Tulsa, Okla.

“I want to play, yes, but I also want my teammates to improve. It’s not just about me,” Antonio said.

In 2024, the Titans stood out for their offensive prowess, but they also ranked among the worst teams in the country in goals conceded. That’s why Fullerton reinforced its defense with four goalkeepers on the roster. Antonio is emerging as one of the promising players, with an athletic profile and an ambitious personality that has impressed the coaching staff.

“He’s brave, has good technique and is improving tactically,” Kuntz said.

Earlier this year, Antonio’s focus was pulled away from soccer by a family emergency.

In January, the Campos family home was one of more than 6,800 destroyed by the Palisades fire.

“We lost everything. I couldn’t get anything out,” said Antonio, who still gets emotional while talking about his family’s loss.

That day, he thought about going home, but he decided to go to soccer training after receiving a message from a friend. The change of plans kept him safe.

Antonio was accustomed to evacuations and didn’t worry about the nearby fires. But after learning that his home had burned down, the loss was both material and emotional.

“My mom was devastated. It was her first home in this country,” said Antonio, who highlighted his father’s strength.

“What surprised me was seeing my dad laughing and joking the next day. I never saw him cry. He set an example for us.”

Among the lost items, Antonio regrets he could not save a necklace that his uncle gave him before he died.

“He supported me when I quit basketball. He told me I was going to be a professional. It hurt me to lose that,” Antonio said.

However, the fire also brought the family closer together.

“The most important thing for me was that my family was safe,” Antonio said.

Now, the Campos family lives a few miles from Antonio’s new university while Antonio works to create his own story on the pitch — one that he hopes, like his father’s, can inspire others.

This article first appeared in Spanish via L.A. Times en Español.

The public and dramatic clash between the incumbent President Donald Trump and tech tycoon Elon Musk—two of the United States’ most popular and powerful figures—has escalated the political chaos of a novel sort in the U.S. political culture. In addition to shocking their supporters, their recent rift has revealed the profound and growing ideological and economic divisions in American society. They were once close friends nonetheless. Using important quotes, posts on X, and reliable data, this essay explores the causes and effects of their conflict in order to shed light on the larger American crisis.

A Glance at Trump-Musk Amity

Deregulation, economic protectionism, and a shared detestation of what they called ‘wasteful government spending’ served as the foundation for Donald Trump and Elon Musk’s amity. According to Federal Election Commission filings, Musk was a major supporter of Trump’s 2024 campaign, giving an estimated $300 million. In order to reduce bureaucratic expenses and streamline federal agencies, Trump then created the Department of Government Efficiency (DOGE) and appointed Musk as its head. A new era of American political-cum-economic strategy was marked by this odd friendliness between the then-former president and a tech billionaire.

This amity was evident in Musk’s initial post on X. Musk posted on May 12, 2025:

“Proud to help make America more efficient and innovative. DOGE is about unleashing our true potential. #MakeAmericaEfficient”

On May 15, 2025, Trump returned the compliment by tweeting:

“Elon Musk is a true American genius. With DOGE, we’re cutting the waste and putting America first again! #MAGA”

The media extensively reported on their public amity, with many analysts pointing out that Trump’s populist rhetoric combined with Musk’s technological vision made them a powerful force in the U.S. political culture.

The Fault Lines of Ideology and Economics:

The Trump-Musk relationship deteriorated after Trump’s new spending bill was put into effect, despite their initial unity. The bill called for significant cuts to funding for healthcare and education, higher import duties, and large tax cuts for the capitalists, particularly entrepreneurs in America. The Congressional Budget Office estimates that over the next ten years, the bill would increase the national debt by $2.5 trillion. This bill exposed the profound differences over fiscal policy and social priorities and provoked intense debate among economists, politicians, and the general public.

Musk made his opposition apparent on May 28, 2025, in a widely shared X post:

“This new spending bill is fiscal insanity. We’re mortgaging the future of every American for the benefit of a few. Time to wake up! #DebtSlavery”

During a broadcast interview with CNBC, Musk clarified:

“We’re heading toward a debt crisis that will enslave future generations. Cutting essential services while giving tax breaks to billionaires is not just bad policy—it’s immoral.”

Never one to back down from a public challenge, Trump responded on his Truth Social account:

“If Elon wants to save money, maybe he should give up the billions in government incentives his companies get. No more free rides for Tesla! #AmericaFirst”

Millions of followers magnified these interactions, which soon made headlines and provoked contentious debates on all political sides.

Historical Context: Reminiscent of Roosevelt and Reagan

The Trump-Musk rift is not happening alone; Ronald Reagan, who promoted tax cuts, deregulation, and the dismantling of social programs from the New Deal era in the 1980s, is echoed in Trump’s rhetoric and policies. According to economists like Joseph Stiglitz, Reagan’s ‘trickle-down economics’ theory has mainly fallen short of its promise that the wealthy would eventually benefit the general populace.

In his book The Price of Inequality, Stiglitz notes:

“The top 1% have seen their incomes soar, while the middle class has stagnated. The idea that wealth would trickle down has proven to be a myth.”

The legacy of Franklin D. Roosevelt’s New Deal, which established the contemporary American welfare state in reaction to the Great Depression, has always been the true target of these policies. The Social Security Administration claims that these reforms created a social safety net that is still essential today and helped millions of people escape poverty. The American economy and society were radically altered by the New Deal’s organizations and initiatives, like Social Security and unemployment insurance, which offered security and hope in times of need.

Inconsistencies in the Economic Agenda of Trump

There are serious inconsistencies in Trump’s economic policy. He intends to increase revenue through tariffs, particularly on Chinese imports, while simultaneously advocating for additional tax breaks for corporations and the wealthy. He encourages domestic industrialization while undermining important organizations that foster economic planning and innovation, such as government agencies and universities. A contradictory outlook for the future of the American economy is produced by this combination of nationalist protectionism and pro-business incentives.

But instead of creating jobs at home, corporate tax cuts frequently result in offshore investments and profit hoarding, as the Tax Policy Center notes. According to the U.S. Chamber of Commerce, the imposition of tariffs has also harmed American manufacturers who depend on international supply chains. Both the business community and regular Americans, who perceive little improvement in their own economic prospects, are perplexed and frustrated by these contradictions.

Musk brought attention to these inconsistencies in his X post on June 1, 2025:

“You can’t cut taxes for the rich, raise tariffs, and expect manufacturing to boom. The math doesn’t work. We need real solutions, not slogans.”

Several economists, who have long maintained that balanced policies that promote both social welfare and innovation are necessary for sustainable economic growth, found resonance in this statement.

The Clash: Political and Social Repercussions

Both the Republican Party and the general American public have been rocked by the public rift between Trump and Musk. The possibility of losing Musk’s financial and technological support worries a lot of Republicans. The poor and middle class will be disproportionately harmed by the spending bill’s cuts to healthcare and education, according to critics. The debate has also revealed divisions within the Republican Party, with some members voicing worries that Trump’s strategy is alienating important groups and jeopardizing the party’s long-term viability.

According to a June 2025 Pew Research Center survey, 62% of Americans think the nation is ‘headed in the wrong direction,’ with growing worries about political dysfunction and inequality.

Trump has responded in his usual combative manner. At a rally on June 3, 2025, he said:

“We don’t need billionaires telling us how to run our country. We need strong leadership and American values. If Musk doesn’t like it, he can take his rockets and go home.”

In addition to energizing Trump’s supporters, this rhetoric has widened rifts both within the party and across the nation.

The U.S. image in the world amidst domestic chaos

The U.S. has become more assertive overseas as domestic tensions have increased. The U.S. has expanded its military presence in areas like Eastern Europe and the South China Sea because it is unable to keep up with China’s economic growth. In 2024, U.S. military spending hit $950 billion, the highest in the world, according to the Stockholm International Peace Research Institute (SIPRI). This aggressive foreign policy is seen by some analysts as a symptom of imperial decline, as the U.S. seeks to maintain its global influence despite mounting internal challenges.

In his book The Rise and Fall of the Great Powers, historian Paul Kennedy makes the following claim:

“Empires in decline often resort to military solutions as their economic base erodes, leading to overextension and eventual collapse.”

As America’s internal crises increasingly influence its actions on the international scene, these developments have important ramifications for maintaining global stability.

Lessons for other nations

For nations like Pakistan, which have traditionally depended on U.S. assistance, the Trump-Musk conflict and the larger American crisis provide crucial lessons. The dangers of becoming too close to a waning superpower increase as American politics become more erratic. Instead, countries are encouraged to steer clear of what Musk has referred to as ‘imperialist dollar wars’ and instead pursue autonomous, people-centered development. In an era of such volatility, it is becoming more and more dangerous to rely on the United States for economic or security guarantees.

In conclusion, more than just a personal disagreement, the public rift between Elon Musk and Donald Trump is a reflection of the profound inconsistencies and problems the U.S. is currently facing. The limitations of trickle-down economics, the perils of unbridled debt, and the brittleness of alliances based on expediency rather than values have all been made clear by their conflict. The world keeps a close eye on America as it struggles with its internal conflicts and external issues, knowing that the outcome of this superpower will have an impact on the entire world. The Trump-Musk rift is both a sign and a symptom of a country at a turning point, with its internal contradictions exposed for everyone to see and its future course uncertain.