In our latest Bear and Bull survey of 2024, a benchmark 71.5% of readers indicated they were bullish going into the final month of the year. They aren’t the only ones. According to the Conference Board, a record number of Americans are bullish on the stock market. Some analysts expect this bullishness to power further returns in 2024, but others are reading the tea leaves — without bearish investors in sight, some are calling a bubble.

• According to a new report from Bank of America, “pockets of euphoria are evident” as analysts continue to forecast record growth for Mag7 companies despite concerns about AI spending.
• On Tuesday, Vanguard added to the rising concerns, with chief economist Joe Davis stating that “investors have gone too far in their bets on AI’s potential.”

Rich pickings: The US stock market is now trading at some of its richest valuations in history, urging caution from analysts. However, while Bank of America and Vanguard aren’t sure when a correction may happen, analysts across Wall Street aren’t holding their breath — issuing extremely optimistic forecasts for 2025. Maybe it’s just another sign that mania is already here. Davis warns that investors are behaving similarly to the run-up to past market corrections. It’s still anyone’s guess when what’s gone up might come down.