After rising for the third consecutive year in 2025, strategists expect the S&P 500 index to rise further, led by AI beneficiary stocks such as Nvidia, Microsoft, Apple, Tesla, and Palantir, but they also warn of excessive valuations and policy risks.

After rising for the third consecutive year in 2025, strategists expect the S&P 500 index to rise further, led by AI beneficiary stocks such as Nvidia, Microsoft, Apple, Tesla, and Palantir, but they also warn of excessive valuations and policy risks.