ETO Markets：这次AI牛市有何不同？能涨到2026年？

Group 1 - The current U.S. stock market is characterized as a "structural bull market" driven by the AI technology revolution, comparable in historical significance to the internet boom of the late 1990s [1] - The AI technology adoption rate is significantly faster than that of the internet, with AI having penetrated various sectors within three years, unlike the internet which had a negative market breadth until two years before its peak [1] - The current market rally is not limited to the tech sector; utilities and industrials are also benefiting from AI infrastructure development [1] Group 2 - The average valuation in the AI sector is approximately 27 times earnings, similar to the 28 times valuation during the peak of the internet bubble, indicating that high valuations are not unusual during major technological revolutions [3] - The S&P 500 index target has been raised to 6,250 points by the end of 2025, with a potential to reach 7,750 points in 2026, based on projected earnings per share of $287 and a 27 times price-to-earnings ratio [3] - The market is expected to enter a "rational exuberance" phase, with continued capital market activity, despite potential short-term pullbacks [3][4] Group 3 - The current market environment is likened to a "large laboratory" where sectors such as AI, technology, utilities, and industrials are testing their strengths, with the potential for significant outperformance in the next market phase [4] - Investors are encouraged to take advantage of short-term volatility as opportunities for entry, emphasizing the importance of following trends rather than chasing highs [4] - The underlying factors of this bull market include technological drivers, structural breadth, and supportive policies, contributing to a "rational exuberance" [4]