The writer is chief US equity strategist at Goldman Sachs
Is the AI boom inflating an equity market bubble? While investors have debated this topic for the past few years, the sustained strength of the US equity market in recent months has catalysed a new wave of concern among market participants, exacerbated further by the most recent bout of market volatility, including Friday’s 5 per cent drop in the Nasdaq-100 Index.
But the data tells a different story. The US equity market rally this year has been driven by earnings strength, rather than rising valuations or speculative fervour.
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