It’s possible that the bubble in Artificial Intelligence (AI) equities has burst, and that the US stock market’s broad-based strength will end soon. Nonetheless, this isn’t our baseline scenario, partly because demand for AI hardware doesn’t seem to be waning, and partly because we continue to forecast a soft landing for the US economy. We are therefore sticking to our forecast for the S&P 500 to end this year at 6,000.
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