The S & P 500 could surpass 8,000 thanks to earnings power from Micron and other technology stocks, according to Trivariate Research. Adam Parker, the firm’s founder, said the consensus outlook for the broad index’s earnings per share in 2027 comes in at $401. Using a 20-times price-to-forward earnings multiple, the S & P 500 could hit 8,020, he said. At a 22-times multiple based on Trivariate’s earnings per share estimate of about $386, the benchmark could reach 8,492. Parker said that growth will be driven by the technology sector, which has already been credited with driving the stock market to all-time highs over recent years. The sector is expected to account for about 59% of earnings expansion over the next two years, which is an “incredibly high” share, according to Parker. “We think it is hard for the market to go up a lot, and Technology to lag meaningfully,” he said. .SPX YTD mountain The S & P 500 in 2026 What’s more, Parker said that when earnings increase at rates as strong as expected, the S & P 500 typically posts high returns. The S & P 500 has already added nearly 10% in 2026, putting it on track for a fourth straight winning year. Within tech, Parker said Micron ‘s shares could rise into the ballpark range of $1,500 to $1,600 per share. Based on a firm analysis, Parker said earnings could top out between mid 2028 and late 2029 at levels that could be higher than Wall Street expects. Parker also said the demand for structural artificial intelligence should elongate Micron’s cycle beyond what’s normally anticipated. Micron shares have surged almost 220% in 2026 and more than 650% over the last 12 months amid the boom in AI memory demand. “Even using normalized earnings rather than peak profits, Micron appears reasonably valued rather than expensive,” Parker said. Analysts are similarly optimistic on Micron. The average analyst has a buy and a price target suggesting shares can rally about 60% in the next year, per LSEG.
