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IOW, they think the entire stock market is already priced as if the alleged AI miracle is guaranteed to materialize. And if it doesn’t, well…then everything, everything is overpriced. “Outside of the most bullish AI scenario…we forecast that S&P 500 returns would be below their post-1950 average.“

Even I, an AI cynic, am skeptical that AI hype has managed to overprice the •entire stock market• that severely. But then again, maybe I’m overestimating investors.

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