Group 1 - The S&P 500 index hit a bottom on October 12, 2022, marking the beginning of a significant bull market that has seen an 85% increase and added $28 trillion in market value over three years [2][3] - The fourth anniversary of this bull market is approaching, raising questions about historical trends in the fourth year of bull markets [4][5] - Historically, out of 13 bull market cycles since 1950, 7 have successfully entered the fourth year, with the weakest year still showing a small increase of +1.1% [5][6][7] Group 2 - The average increase for the S&P 500 in the fourth year of bull markets is +12.8%, with the strongest years recorded in 1957 (+28.4%) and 1972 (+29.7%) [8] - The recent market rally has been primarily driven by the "Magnificent Seven" tech stocks, but the focus may shift from price increases to profit realization in the fourth year [9] - The AI revolution is becoming a significant source of profit, with productivity software, autonomous driving, AI chips, and computing power leasing emerging as new revenue streams [9] Group 3 - The current bull market is entering a phase characterized as "earnings-driven," suggesting increased market volatility but a continuation of the long-term upward trend [11] - The transition from "liquidity overflow" to "productivity repricing" indicates that AI is redefining profit boundaries and reshaping market valuation logic [11] - The fourth year may not signify the end of the bull market but rather the beginning of a new cycle driven by AI, leading to further market differentiation [12]