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Bofa Raises 2024 S&P 500 Profit Forecast Due To AI

BofA Bank of America
A Bank of America logo is pictured in the Manhattan borough of New York City

Bank of America (BofA) has raised its 2024 profit forecast for the S&P 500 index, citing the increasing influence of artificial intelligence (AI) in driving a 'virtuous cycle' of growth.

The financial institution's research arm, BofA Global Research, highlighted the impact of AI on the stock market, leading to a more optimistic outlook for future earnings.

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