The analysis notes that the S&P 500 has risen 116% and the Nasdaq Composite 155% since October 2022. Despite nearing its fourth anniversary, the current bull market is still 18 months short of the average length since 1949. Analysts project S&P 500 earnings growth of 14.4% next year and 26% over the next five years, supported by broader market participation beyond AI stocks and robust earnings growth in non-megacap tech companies.