There’s been plenty of chatter about the artificial-intelligence software craze pushing stock prices into bubble territory this year as U.S. equities have recovered from the 2022 bear market.
As Wall Street analysts try to anticipate how much higher the market-leading AI stocks like Nvidia Corp. might carry the market, one analyst at Morgan Stanley has offered up some important historical context showing that by at least one measure, the rally’s gains are already looking stretched.
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