I'm still very optimistic on the market, says Wharton's Jeremy Siegel

Watch on YouTube ↗  |  July 27, 2026 at 11:23  |  7:37  |  CNBC
Speakers
Jeremy Siegel — Professor of Finance, Wharton School

Summary

Jeremy Siegel dismisses claims of a historically expensive market, pointing to 1999-2000 as far worse. He sees a 10% S&P 500 pop if Iran tensions resolve and remains very optimistic on the early-stage bull market. In AI, he flags capex as toxic and expects rotation into companies that will benefit from cheaper AI compute, especially non-US tech stocks. He also warns that rapid credit growth could keep inflation above the Fed’s target.

  • Siegel calls the most-expensive-market-ever claim 'ridiculous,' citing 1999-2000 as far more extreme.
  • A pause and opening in Iran could trigger a 10% S&P 500 pop.
  • He is still very optimistic on the market, viewing the bull market as in early stages.
  • AI capex is labeled toxic; history shows excessive capex leads to lower returns.
  • Rotation is underway to companies that will exploit cheaper AI, boosting margins.
  • Non-US tech stocks have held up extraordinarily well in this rotation.
  • Rapid credit growth (M2 up 9% annualized) supports a scenario of above-target inflation.
Ideas
Jeremy Siegel Professor of Finance, Wharton School 1:09
S&P 500 bull market early, 10% pop possible
The S&P 500 is in the early stages of a bull market. A resolution of Iran tensions could trigger a 10% pop, and the market is not extremely overvalued relative to the 1999-2000 period. Siegel remains very optimistic overall.
SPY HIGH
Jeremy Siegel Professor of Finance, Wharton School 4:49
Non-US tech stocks to explode on AI cost savings
The next AI revolution will benefit companies that can do what previously cost much at a fraction of the cost, leading to margin and profit explosions. This rotation is already happening, and non-US tech stocks have held up extraordinarily well.
Non-US tech stocks MED
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This CNBC video, published July 27, 2026, features Jeremy Siegel discussing SPY, Non-US tech stocks. 2 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Jeremy Siegel  · Tickers: SPY, Non-US tech stocks