Why the S&P 500's Path to 9,000 Runs Into Trouble in 2027 | Editor's Pick Stocks

Wall Street’s boldest S&P 500 forecast—year-end 9,000—rests on a single driver: the AI trade. Evercore ISI’s Julian Emanuel argues the index could reach 9,000, supported by about $8 trillion sitting in money-market funds that could rotate into stocks. That top-case level sits well above the Street’s average target near 7,555. The risk in 2027 is that AI spending may outpace the revenue needed to sustain it. Hyperscaler capex is projected to rise from roughly $725 billion in 2026 toward $1 trillion in 2027, while free cash flow has turned negative for the first time in decades.