Ken Fisher: What AI Tech Stocks Are Signaling About This Bull

Ken Fisher opens by acknowledging that tech stocks have resurged after a weaker period and expresses a cautiously optimistic view that they will likely continue to perform well. He frames this within a broader thesis that the bull market is transitioning into its final phase, which he emphasizes could still last a considerable amount of time.

Fisher uses the recent Cerebras IPO as a concrete example of early euphoria entering the market. He describes the breathtaking post-IPO price appreciation as symbolic of the transition from the 'optimism' phase of a bull market into the early stages of 'euphoria' — a distinction he views as meaningful for understanding where we are in the market cycle.

Despite the bullish trajectory, Fisher acknowledges a range of ongoing concerns that investors are contending with: weak European economies, lingering tariff anxieties, geopolitical tensions such as the Iran conflict, and widespread political uncertainty. He argues that these worries coexist with rising markets and increasingly speculative valuations that have yet to be justified by underlying fundamentals.

Fisher closes by broadening the perspective, noting that global markets — including regions with no significant tech or AI exposure — have been hitting new highs. He argues this demonstrates that the bull market is a global phenomenon, far wider in scope than the tech-centric narrative most people focus on, and that he has been pointing this out consistently since 2023.