A recession-wary, bond-loaded investment world has repeatedly batted away 2023′s stock market rebound
Dismissal of this year’s much-scorned equity market rally as the frothy preserve of a handful of AI-fueled stocks may be both misleading and also one of its strengths.
Yet this is not some obscure corner of the equity universe. These are of the biggest stocks on the planet - with Apple the first company to ever clock a $3 trillion market cap last week. But even if you assume the relative narrowness of the U.S. stock rally questions its sustainabilty, is flattered by ChatGPT-type hype or even somehow presages a quick reversal - the global view paints a different story.
And while many put down U.S. excitement around artificial intelligence to hype or a mini bubble, there are others who think the leap in so-called generative AI will start to fan out beyond the leading lights and chip infrastructure stocks now benefitting most and infuse other sectors. And this persistent skew in positioning may be one of the best arguments for broadening the equity advance over the remainder of the year - assuming some other shock or an unexpected economic nosedive doesn’t in fact materialize.
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