Surveillance: Meet ‘MAMU,’ a Stock Market in Grip of AI Euphoria
Perhaps there’s even a case for this tech-led rally to broaden
Wall Street is searching for direction, and smoke from Canadian wildfires is a grim backdrop.
Photographer: Victor J. Blue/Bloomberg
In a stock market shredding one narrative after another, here’s a new one: Maybe the meltup among big-cap tech names makes sense.
In fact, this might be a full-blown MAMU, or "Mother of All Meltups" getting underway, led by the craze around the promise of artificial intelligence and all its beneficiaries. That MAMU phrase — and sentiment — was coined by Edward Yardeni of Yardeni Research, who joined Surveillance this morning. He still sees the S&P 500 on track for 4,600 by yearend, and that such an upbeat estimate may even be a lowball prediction in light of such enthusiasm.