Small Morgan is drawing another rosy picture again—9,000 points looks tempting, but whether AI can really make money is the real key. For now, believe only half.

JPMorgan Chase stated in its latest report that if technology capital expenditures, AI profitability, and market risk appetite continue to strengthen, the S&P 500 could reach 9,000 points by mid-2027, representing an increase of about 20% from the current level; whether AI continues to translate into revenue and profit will determine if the next rally occurs. Wall Street opinions are divided, with short-term volatility possible, and rising global bond yields and energy shocks pose risks. Historical data shows that sustained high returns over multiple years are difficult to maintain, but the AI sector still has growth potential; if growth this year is below double digits, the likelihood of a rise next year will decrease.