AI bull market is only mid-innings
The panel argued that the current AI-driven bull market is in its middle innings, supported by unprecedented revenue growth and strong projected S&P 500 earnings.
The argument
The guests pointed to S&P 500 earnings projections of $427 by 2028 (representing ~40% growth) and Anthropic's explosive annualized revenue run rate climbing from $87 million to $45 billion. They argued that while short-term volatility is possible, the underlying fundamental growth of AI and compute demand prevents this from being a late-stage bubble.
The thesis, stress-tested
✓ What validates it
- ✓S&P 500 earnings tracking toward the projected $427 target by 2028
- ✓Continued exponential revenue growth reported by leading AI model developers like Anthropic and OpenAI
▸ Risks discussed
- ▸Midterm election year volatility
- ▸Potential overbuilding of compute capacity by hyperscalers ahead of enterprise adoption
Hear it yourself
"It's weird that you're bringing this up because, like, Matt and I were just talking earlier today. Our desks are right next to each other, and we were talking about how many crazy things have gone on. And they are crazy and change is constant. But one thing that I was thinking about was, like, has there ever been a decade where it just followed the playbook? Like, things aren't normal and it kinda feels like it's been not normal for so long that that is the playbook. And I don't I don't I don't know if that's, like, the normal thing to think, but that's, like, definitely how it feels."
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