[Wall Street Bull Ed Yardeni Bets on the 'Roaring 2020s,' More Cautious on AI Rally] Odaily Planet Daily News – As a long-time Wall Street bull, Yardeni Research President Ed Yardeni remains highly optimistic. This year, he has raised his year-end target for the S&P 500 three times, from 7,700 points to 8,250 points, and then to 8,400 points. He believes that the internet bubble of the past was primarily driven by 'Fear of Missing Out' (FOMO), with the forward price-to-earnings ratio of the S&P 500 once soaring to 25x and the tech sector reaching approximately 55x. Today, however, the market is being driven by 'Fantastic Earnings Momentum' (FEMO). As earnings expectations continue to rise, market valuation multiples have instead declined. Currently, the semiconductor sector's price-to-earnings ratio is about 17x, and the overall market is around 20x, significantly lower than during the 1999 bubble period. Regarding the AI rally, Ed Yardeni adopts a more cautious stance. He believes there is currently 'AI fatigue' in the market, making it difficult to determine the ultimate winners and losers. Therefore, he does not recommend investors directly chase individual AI stocks. For those looking to participate in the AI theme, a more suitable approach would be diversified investments through vehicles like Nasdaq 100 index funds. (Morningstar)