Did you know that as of 2021, the global AI market was valued at over $62 billion and is expected to reach nearly $1 trillion by 2030?

Could this be the perfect opportunity to invest in this new technology and cash in later?

In this issue, we’ll discuss the following:

• The Gloom Crew Is Back, Or More Likely They Never Left: First, despite the S&P 500's significant rally, skepticism persists about the economy's strength 😤

• Lots Of Skepticism Over AI: Next, AI hype has pushed stock prices up, but is this optimism justified or just another bubble? 🤨

• Apple Stock Is Under Pressure, But Still Battling: Finally, Apple stock has weathered a downturn, hinting at a possible recovery that could impact the broader market 📉

As always, we offer insights and strategies for navigating the complex world of finance, tailored for both experts and newcomers.

The Gloom Crew Is Back, Or More Likely They Never Left 😤

There are many economists and investors who remain committed to the view that the 40% plus rally in the S&P 500 that started on October 22, 2022 represents little more than foolish investors getting fooled into chasing a fantasy that the US economy is experiencing a soft landing.

One camp of dooms-dayers argue that the steady decline in inflation will not last and a strong economy and tight labor markets will prevent inflation from declining further 📉

Those who espouse this view argue that if the economy stays strong, as it unexpectedly did last year, inflation will be stubborn, and the Fed will not be able to reduce interest rates, which will create problems for equity investors.

This view goes against evidence that the economy is slowing, and wage pressures are moderating due to slower hiring and rising immigration.

But even if their view were to be proven correct, the stock market would perform just fine.

Yes, interest rates might stay higher for longer, but that would only be due to the economy staying stronger for longer, which would be very good for corporate earnings 💼

Lots Of Skepticism Over AI 🤨

A headline in the Financial Times this week reads “Beware of AI Euphoria.”

The premise of the article is that expectations of AI and its transformative powers have taken stock valuations to excessively euphoric levels 📈

With the forward P/E on the S&P 500 sitting at 21 and the forward P/E of Nvidia at 34, there is no doubt that equity valuations are on the rich side, but based on historical periods when valuations reflected extreme optimism that was detached from reality, we are not there today.

AI companies are producing huge demand for their products, and their earnings are real.

It’s possible we could see some disappointments at some point in the future, but we may also be surprised at the upside 🤑

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Apple Stock Is Under Pressure, But Still Battling 📉

Apple stock has taken a beating this year.

The stock is down 10%, this while the S&P 500 is up nearly 10% over the same time period 📈

Market technicals suggest that $170 is a key support level.

Traders have consistently stepped in to buy in the low $170s and upper $160s.

If it can muster a rally from here, that will do wonders for the S&P 500 💵

Inner Circle Macro Update 🔍

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