Now that the dust has settled on the second-quarter earnings season, we can all breathe a collective sigh of relief. Despite the endless chatter about tariffs and economic woes, the results were actually pretty darn good. Corporate profits for the S&P 500 jumped a healthy 10.5% year-over-year, and a whopping 77% of companies beat analysts’ expectations.

But the headline numbers never tell the whole story. For investors looking to navigate the rest of the year, the real meat is in the details. Digging into the reports reveals a few key currents moving just beneath the market’s surface. Here are four takeaways you can’t afford to ignore.

1. The Market is Leaning Heavily on Big Tech

Let’s be blunt: the technology sector is carrying the market on its back. While tech companies make up just under 15% of the S&P 500 index, they generated over 23% of its total per-share profit in Q2, with their own earnings rocketing up by 42%. This isn’t just outperformance; it’s a stunning display of dominance. The risk, of course, is concentration. If something spooks the tech sector, it could take an outsized toll on the entire market.

2. AI is the Engine Driving Tech

So, what’s fueling this tech juggernaut? Three letters: A-I. The buzz around artificial intelligence isn’t just hype; it’s translating into real growth. A record-breaking 287 companies in the S&P 500 mentioned “AI” during their Q2 earnings calls. That’s up from fewer than 60 just before the AI arms race kicked off in late 2022. Whether a company is building the AI infrastructure or just using the tools to get smarter, it’s clear that AI has become a primary driver of corporate strategy and, more importantly, profits.

3. It Pays to Be a Globetrotter

It turns out a U.S. passport isn’t the most profitable one for corporations right now. Companies that do most of their business internationally are seeing better bottom-line results. While revenues grew at a similar pace for both domestically-focused and internationally-focused firms, the profit story is starkly different. Companies with a global footprint saw earnings grow 14.2%, significantly outpacing the 10.9% profit growth for their U.S.-centric peers. A weaker dollar, which inflates the value of overseas profits when converted back home, is a key factor. The lesson for investors: you need to know where your companies are making their money.

4. Watch What Companies Do, Not Just What They Say

Despite a cautious tone from many executives, their actions and forecasts paint a brighter picture. Expectations for the S&P 500’s Q3 earnings growth were actually revised upward. Furthermore, 60% of companies that provide full-year guidance raised their outlooks. There is a curious split, however. While 82% of tech companies issued positive guidance, not a single financial firm did. Are the banks just trying to keep expectations low, or is tech getting a little too optimistic?

The big takeaway here is to use these details to fine-tune your perspective. Understand the concentration risk in tech, the real impact of AI, the advantage of global exposure, and the difference between corporate talk and corporate action. Just don’t get so lost in the weeds that you suffer from analysis paralysis. These are tools to sharpen your judgment, not replace it.