Nvidia(US:NVDA) Di Yi Cai Jing Zi Xun·2025-09-29 10:25Core Insights - The S&P 500 index has shown a remarkable performance in September, achieving a return of +2.3%, significantly above the historical average of -0.6%, and marking a new high for September returns [1] - The ongoing AI wave is driving the market upward, with several Wall Street firms projecting the S&P 500 index to exceed 7000 points [1][3] - The market is currently in a transitional phase of rolling recovery, with expectations for corporate earnings growth to surpass forecasts [3][4] Market Predictions - Goldman Sachs has raised its return forecasts for the S&P 500 to +2%, +5%, and +8% over the next 3, 6, and 12 months, corresponding to index levels of approximately 6800, 7000, and 7200 points [3] - Morgan Stanley maintains a baseline scenario of 6500 points but acknowledges the increasing likelihood of a bullish scenario reaching 7200 points [3] Earnings Growth - Earnings growth is identified as a primary support for the bull market, with 54% of the S&P 500's year-to-date increase attributed to earnings growth [4][5] - The current market lacks extreme speculative phenomena, and the basic valuation remains favorable compared to previous years [4] AI Industry Focus - The AI industry chain is recognized as the core driver of the current bull market, with its extensive ecosystem expected to sustain upward momentum for the overall index [6][7] - Recent strategic partnerships, such as NVIDIA's collaboration with OpenAI, have significantly influenced market sentiment and stock prices [7][8] Investment Sentiment - Despite concerns about overvaluation in AI-related stocks, the fundamental outlook remains strong due to relatively cheap capital and the Federal Reserve's decision to lower interest rates in a high-inflation environment [8] - Market participants are divided on strategies to navigate the current overbought conditions, with experienced traders typically opting to wait for a pullback [9]