Will ChatGPT prevent a recession or is AI a baby bubble?

A return to Big Tech stocks while has helped the broader market through the year.

The S&P 500 (SP500) (NYSEARCA:SPY) (IVV) (VOO) is up nearly 10%, while the equal-weighted S&P (RSP) has gained a little more than 1%.

The Big Tech really has enjoyed the enthusiasm for AI, especially with the quick use of ChatGPT.

“The SPX seems increasingly divorced from decelerating consumer trends and other major indices (except the NDX 100 (QQQ)) due to the uber-cap AI premium for some of the SPX’s largest weightings (top 5 stocks: 21%),” Wells Fargo’s Chris Harvey wrote….