Barclays raised its year-end S & P 500 target to 7,950 from 7,800, after what the bank called “a standout earnings season led by tech.” “We raise our FY26/FY27 EPS estimates to $365/$414 and our YE26/YE27 S & P 500 [price target] to 7950/8800 following a standout earnings season led by Tech,” Barclays strategist Venu Krishna wrote in a Wednesday note. The bank left its 2027 S & P 500 target unchanged at 8,800. Technology has been the biggest driver, according to Krishna. Big Tech earnings grew 35% from a year earlier in the second quarter, up from 30% in the last quarter, while earnings for the rest of the tech sector jumped 88%. The analyst said Big Tech earnings continued beat-and-raise execution, reinforcing AI-driven earnings durability. “Tech continues to deliver standout beat-to-miss ratios, with healthcare and energy also showing strength, while Real Estate and Utilities lagged,” Krishna wrote in a note. Barclays boosted its 2026 S & P 500 earnings estimate to $365 per share from $337, while raising its 2027 forecast to $414 from $389. The analyst said after two stronger than expected earnings seasons, continued tech beat and raise results, durable AI demand and a firm industrial backdrop have kept earnings momentum intact. Earnings resilience remains sufficient to offset macro crosswinds, he said in the note. Hyperscaler capex continues to accelerate, with the analyst forecasting hyperscaler capital spending to exceed $1.1 trillion in 2027, up 67% from the prior year. “Growth is expected to moderate in 2028, though spending is still projected to rise by approximately 30%. Google and Amazon are expected to be the largest contributors, with Meta close behind,” Krishna said.