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Stock rally isn't a new bull market, Morgan Stanley's Mike Wilson says

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Don't be fooled into thinking this year's stock rally is the start of a new bull market, Morgan Stanley's top strategist says

that includes Microsoft, Meta, and Nvidia, which have capitalized on the surge in interest in ChatGPT and artificial intelligence.

"While we believe that AI is for real and will likely lead to some substantial efficiencies that help to fight inflation, it's unlikely to prevent the earnings recession we forecast for this year," he said.

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