The stock-market rally in the U.S. this year, driven by enthusiasm for artificial intelligence (AI) and the hope of economic stability, has made it difficult to predict stock prices. However, one strategist at Bank of America predicts new highs for the S&P 500 index, projecting that it will reach 4,600 by the end of 2023. The stunning projection is due to the impact that the AI revolution should have on labor-market productivity, which will boost not only growth companies and the technology industry, but also less efficient old-time companies.
On January 3, 2022 the S&P 500 reached an all-time high of 4796.56, but it has fallen since then. This prediction by Bank of America suggests that once AI tools begin showing up inside big businesses, then that increased AI-power will overtake that one-time high, turning it into the new, average post-AI S&P 500 index price.
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