As 2024 winds down, investors, economists, and policymakers alike find themselves grappling with an ever-evolving landscape defined by technological advances, market exuberance, and fiscal policy challenges. Rosenberg Research founder, David Rosenberg, just penned a piece called Lament of a Bear. David Rosenberg’s recent reflections on the stock market, artificial intelligence (AI), and the re-election of President Trump provide a nuanced lens through which to view this transformative period. Here, we explore the themes he highlights, from the implications of the AI boom to the structural vulnerabilities in financial markets and the evolving role of U.S. economic policy.
The AI Boom: A Game-Changer or a Bubble in the Making?
One of the defining themes of the past year has been the rise of AI as a transformative technological force. Rosenberg likens the current AI frenzy to the internet boom of the 1990s, where companies raced to capitalize on emerging technology. AI, much like the internet, is poised to reshape productivity, corporate profitability, and the broader economy.
“AI is a game changer,” Rosenberg notes, emphasizing its potential to lower corporate cost structures and drive productivity growth. He draws parallels to the internet era, where innovations revolutionized business models and economic structures. However,
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