Is ChatGPT To Thank For All Of 2023’s Stock Gains?

You can't separate the S&P 500's YTD gains from the performance of large-cap US tech shares. And you can't separate large-cap US tech shares from the A.I. hype. Put that together and what do you get? Well, I'll tell you: You get a pretty strong case for the contention that were it not for ChatGPT, US stock benchmarks would be lower in 2023, not higher. "Without the A.I.-popular stocks, the S&P would be down 2% this year, not up 8%," SocGen's Manish Kabra remarked, in a recent note. H