Greg Ip identifies AI as the specific force driving the U.S. market euphoria, earnings gains, and widening margins, saying AI-driven optimism is gripping the market and that AI will make the economy even greater for capital owners.
Greg Ip argues that the U.S. has entered a 'jobless boom' in which the S&P 500 keeps hitting records because earnings are rising faster than prices and profit margins are widening as companies add revenue without hiring; for owners of capital this is a great economy, so the equity market can keep romping higher even with weak job creation.