Jeremy Richardson unpacks the Q2 earnings scorecard, identifying the standout winners, how easing CapEx concerns are shifting investor confidence and why opportunity may be broadening well beyond technology. Highlights: Cloud hyperscalers are emerging as one of the Q2 winners. Whether their data centres run a few expensive LLMs or a multitude of cheaper open-weight models, the growth in AI usage is what drives their business. CapEx concerns are easing as companies begin to articulate stronger returns on investment, with 2027 estimates jumping roughly 25% from $750 billion to $1 trillion. Looking beyond technology, earnings estimates are beginning to show signs of positive delta, encouraging investors to open their minds, broaden their shopping list, and to look at the more neglected parts of the market.