Why it’s the luckiest U.S. stock market in history, according to one strategist

22V Research strategist Dennis DeBusschere says the S&P 500’s stretch of record highs is being driven by AI-led profit expansion, fiscal stimulus and a Fed “non‑QE” program buying $40 billion of T‑bills monthly, which has eased financial conditions. He forecasts the S&P 500 could reach 7,800 this year from its close of 7,137.90, noting corporate earnings and margins are being boosted by AI capex even as inflation and an energy shock pose risks. DeBusschere warns that if the economy stays strong, yields could rise and the Fed may have to hike rather than cut, tightening conditions and ending the current “lucky” market run.