Analysts at private bank JPMorgan say the S&P 500 could be on its way to 9,000, buoyed by broader AI adoption and a sustained earnings supercycle.
Strategy Kriti Gupta He says The index has already achieved six consecutive quarters of double-digit earnings growth. Global earnings growth accelerated from 15.3% year-on-year in the fourth quarter of 2025 to 22.6% in the first quarter of 2026, the highest rate in more than four years.
The analyst says 9,000 could happen by mid-2027, but it would require AI adoption to spread beyond the technology sector, raising productivity and margins economy-wide.
The largest cloud providers deploy more than $800 billion in capital spending on AI annually, reaching an estimated $1.16 trillion by 2027. Analysts compare the productivity boom to the late 1990s, when the S&P 500 had five straight years of returns above 20%.
According to JPMorgan Private Bank:
“Although this is not the fundamental case, the S&P 500 could reach the 9,000 level by mid-2027. A gain of ~22% from current levels may seem optimistic, but it is still entirely reasonable.”
Key risks include rising bond yields, with 10-year Treasury yields rising more than 40 basis points in May, and ongoing geopolitical tensions. Analysts describe the current pullback in semiconductor stocks and momentum as “quite healthy” and are positioning themselves for the next rally.
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