Where Would The Market Be If ChatGPT Wasn't Invented?

Given what has transpired over the past 3 years, top Goldman Sachs trader Louis Miller says that the biggest tail risk for global markets over the next 12 months may be AI spending.

Since the launch of Chat GPT at the end of November 2022, market cap weighted indices have enjoyed a significantly rally: NDX is up 112% and SPX is up 67%.

This contrasts with RSP up “only” 28%.