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Wall Street is betting tech stocks could shrug off any concerns about AI capital expenditures and higher interest rates and close out the year strong.

Global technology equity funds have attracted about $195 billion in inflows over the last 12 months, the most of any major sector, according to new data from Deutsche Bank (chart below). This is more than the next nine sectors combined.Inflows into tech funds have doubled over the past few months."Technology funds are dominating global investor demand," strategists at The Kobeissi Letter said.

Can you blame the Street for still loving tech stocks? The earnings engine for some of the biggest names in the world continues to work overtime with no signs of slowing down.

In aggregate, second quarter earnings reported by the "Magnificent Seven" companies exceeded estimates by 66.2%, compared to 26.5% for all S&P 500 companies, according to data from FactSet.

The Magnificent Seven includes Alphabet (GOOGL), Amazon (AMZN), Apple (AAPL), Meta (META), Microsoft (MSFT), Nvidia (NVDA), and Tesla (TSLA).

Earnings growth for the Magnificent Seven tallied 118.5% for the second quarter, which is the highest earnings growth rate reported by these seven companies going back to at least the fourth quarter of 2020.

By comparison, the blended earnings growth rate for the other 493 S&P 500 companies for the second quarter clocked in at 31.8%.

The top five contributors to earnings growth for the S&P 500 for the second quarter (in order) were Alphabet, Amazon, Micron, Nvidia, and Chevron.

Brian Sozzi is Yahoo Finance's Executive Editor, host of the 'Power Players With Brian Sozzi' podcast and a member of Yahoo Finance's editorial leadership team. Follow Sozzi on X @BrianSozzi, Instagram, and LinkedIn. Tips on stories? Email brian.sozzi@yahoofinance.com.

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