Wall Street thinks there’s a chance the S&P 500 could push 20% higher by 2027

Good morning. On Fortune’s radar today:

The case for S&P to hit 9,000

Unpacking SpaceX’s IPO strategy

Hitting the net immigration plateau 

Visualizing the AI-skills paradigm

S&P 500 futures are up 0.6%.

In Europe, the Stoxx 600 is up 0.41% in early trading, and the U.K.’s FTSE 100 just dropped dramatically before lunch—down 0.46%,

Asia: South Korea’s KOSPI is up a healthy 8.42%. Japan’s Nikkei 225 is up 3.14%. India’s Nifty 50 is flat. China’s CSI 300 is down 1.39%. 

Brent crude is just under $107 a barrel this morning.

Bitcoin is down overnight to $77,171.  

The bull case for S&P hitting 9,000

Hot off the back of another record-breaking earnings call from Nvidia, JPMorgan Private Bank’s Kriti Gupta and Nick Roberts believe it’s “entirely plausible” for the S&P to hit 9,000 by mid-2027. 

In a note shared with Fortune ahead of its release this morning, the duo wrote that bullish sentiment is grounded in the AI revolution, pointing out that there hasn’t been a streak of six consecutive quarters of double-digit earnings growth since the aftermath of the global financial crisis (GFC).

"The path to 9,000 extends beyond the tech sector. It relies on broader AI adoption across sectors that increases productivity and bolsters margins across the board," the pair wrote, adding that the focus of the AI story is now shifting from infrastructure to adoption.

Headwinds, of course, include a bond market sell-off and questions over the Strait of Hormuz. On the latter, normalization of global oil supply would reverse the effects of current uncertainty in regions that have suffered the most from the oil price shock—like Europe or Japan—potentially even boosting them.

Inside SpaceX’s IPO ambitions

Last night we finally got a peek at SpaceX’s S-1 registration statement filed with the Securities and Exchange Commission, formally kicking off what is set to be one of the most consequential—and closely watched—initial public offerings (IPO) in corporate history.

For many investors, the head-scratcher has been why? Elon Musk, the richest man on the planet, has stitched together an unusual structure of various companies he controls: AI company, xAI, and social........

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