Market Veteran Ed Yardeni Says US Is Headed For 'Roaring' Economic Boom Driven By AI: 'Started Out Awful, But Ended Up Awfully Good'

Market veteran Ed Yardeni predicts a decade of robust economic growth for the U.S., driven by advancements in artificial intelligence, automation, robots, and quantum computers, Business Insider reports.

Roaring 2020s: “I think this is going to turn out to be something like the roaring 2020s,” Yardeni said in an interview with Bloomberg TV.

He believes that despite the initial challenges, the decade will end on a positive note.

“I think that by the end of the decade we’ll look back on it and say, it started out awful, but it ended up awfully good,” he added.

Stock Market Outlook: Yardeni also predicted that the S&P 500 could reach as high as 5,400 by the end of 2024, a significant 18% jump from its current levels. He attributes this potential growth to cooling inflation, which he believes will boost corporate profit margins.

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AI and Tech Stocks: Yardeni suggested that AI, represented by technologies like ChatGPT, could be the catalyst for a “Roaring 2020s” in the stock market. However, not everyone shares his optimism. Some Wall Street analysts, like JPMorgan’s Marko Kolanovic, warn that the hype around AI could be brewing a bubble.

Despite the excitement around AI and tech stocks, recent data from Bank of America shows a $2 billion outflow from tech stocks in mid-June, suggesting a potential “baby bubble” in the A.I. sector.

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