Financial analyst Tom Lee sees a rosy time ahead for stocks, thanks to the innovation of artificial intelligence and a massive incoming wealth transfer to millennials.24/7 Philadelphia news stream: Watch NBC10 free wherever you are
As S&P 500 reaches fresh highs, experts say generative artificial intelligence will create new investment opportunities Lee said his firm has studied what drives innovation cycles in America. In the two biggest previous periods — in the 1940s and 1950s, and then again in the 1990s — there was a global labor shortage."We've gone into a period of structural deficit of prime force labor, which is going to last until 2045, which means another tech cycle, I think, is underway."
"To us, this is really early stages for the amount of money that will be spent on generative AI," said Lee, pointing to profits already seen by companies like" one of the largest wealth transfers ever in history, it's more net worth than the entire net worth of China," Lee said.