Veteran market strategist Mary Ann Bartels of Sanctuary Wealth has issued one of Wall Street’s most bullish predictions, forecasting that the stock market is entering a “Golden Age of Investing” driven primarily by artificial intelligence productivity gains. In her comprehensive 2025 outlook, Bartels projects the S&P 500 could more than double by 2030, potentially reaching between 8,000 and 10,000, with an optimistic scenario of 13,000—representing a staggering 118% upside from current levels.
Bartels’ thesis centers on AI as a transformative force comparable to the internet revolution of the 1990s and the technological breakthroughs of the 1920s with radio and automobiles. She argues that AI-driven productivity gains, combined with a strong U.S. economy, lower corporate taxes, reduced interest rates, and ongoing stimulus from Biden Administration legislation, will enable companies to sustain robust earnings growth through the end of the decade.
For 2025 specifically, Sanctuary Wealth has set an S&P 500 year-end price target range of 7,200 to 7,400—currently the most bullish outlook on Wall Street—which would represent another 20% gain following the strong returns of 2023 and 2024. Bartels believes the market won’t peak until 2029-2030, suggesting investors are still in the early stages of this boom cycle.
Several factors support this optimistic view. Market valuations, as measured by the 5-year Z-score on P/E multiples, are not at extreme levels. Profit margins and earnings growth are rising, particularly in technology-related companies where AI implementation is accelerating. Bartels expects earnings to continue expanding in 2025, especially among tech firms leveraging AI capabilities.
Another bullish indicator is the nearly $7 trillion sitting in money market funds, representing a “mountain of cash” that could flow into equities. Bartels notes that margin debt levels also indicate investors haven’t gone “all in” on stocks yet. “Investors are not all in,” she emphasized, suggesting significant buying power remains on the sidelines. This deployment of cash and building of leverage could “drive equity prices to levels that are almost incomprehensible today,” according to Bartels, marking what she calls “truly the Golden Age of Investing.”
Key Quotes
We believe this is fundamentally driven by the productivity gains from AI and a strong U.S. economy, aided by maintaining lower corporate taxes, lower interest rates, and the ongoing stimulus from the Biden Administration’s pieces of legislation that allows companies to continue to post strong earnings growth.
Mary Ann Bartels of Sanctuary Wealth explains the core drivers behind her bullish market forecast, placing AI productivity gains at the forefront of factors that will enable the S&P 500 to potentially double by 2030.
If we are to repeat this cycle of boom-bust similar to the 1920s, 1950s, 1960s, 1980s and 1990s, we believe we are in the early stages of the boom and that the equity market will not peak until 2029-2030.
Bartels draws historical parallels to previous technological revolutions, suggesting the AI-driven market rally has years of growth ahead before reaching its peak, providing investors with a specific timeline for this bull market cycle.
We believe this cash needs to get deployed and leverage needs to build. If we are correct, this will drive equity prices to levels that are almost incomprehensible today. This is truly the Golden Age of Investing, in our view.
Bartels highlights the nearly $7 trillion in money market funds as untapped buying power that, when deployed into equities, could propel stocks to unprecedented levels, emphasizing the transformative potential of this AI-driven investment era.
Our Take
Bartels’ forecast represents a bold bet on AI as an economic game-changer, but investors should approach such optimistic predictions with measured caution. While AI’s potential is undeniable, the comparison to the 1990s internet boom is a double-edged sword—that era ended with the dot-com crash. The key difference may be that today’s AI leaders like Microsoft, Google, and Nvidia are already profitable giants with real revenue, unlike many 1990s internet startups.
What’s particularly notable is how AI has become the central narrative justifying elevated valuations and continued market optimism. This creates both opportunity and risk: companies that successfully monetize AI will likely deliver exceptional returns, but those that fail to execute could face severe corrections. The $7 trillion in money market funds represents significant dry powder, but whether it flows into stocks depends on AI delivering on its productivity promises. The 2029-2030 timeline provides a useful framework, but market peaks are notoriously difficult to predict.
Why This Matters
This forecast is significant because it represents one of the most bullish long-term predictions from a veteran Wall Street strategist, with AI positioned as the primary catalyst for unprecedented market growth. The comparison to the 1990s internet boom and 1920s technological revolution suggests we’re at the beginning of a transformative economic era driven by artificial intelligence.
For businesses and investors, this outlook validates the massive capital investments flowing into AI infrastructure, research, and applications. If Bartels is correct, companies successfully implementing AI to boost productivity and margins will be the biggest beneficiaries of this “Golden Age.” The prediction also has broader implications for workers and society, as AI-driven productivity gains could reshape employment, wages, and economic growth patterns over the next five years.
The forecast challenges those worried about current market valuations, suggesting that AI’s transformative potential justifies continued optimism. However, it also raises questions about potential boom-bust cycles, as Bartels’ historical comparisons include periods that ended in significant market corrections. The timeline extending to 2029-2030 provides a roadmap for when this AI-driven rally might peak.
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