[Wells Fargo: AI Bull Market Is Not a Bubble, Still in Early Stages] According to a report by Golden Finance, Wells Fargo's Chief Equity Strategist Ohsung Kwon remains optimistic about AI-related stocks, predicting that capital expenditures will maintain strong momentum. He stated: 'I believe this is a bull market led by AI, and this trend is likely to continue.' 'First of all, this is not a bubble,' Kwon emphasized, 'The excess returns of the Nasdaq index since the end of the tech bubble have always been driven by its fundamentals outperforming the S&P 500 index, and this trend is expected to persist. Secondly, we are still in the early stages of the AI investment cycle... As long as the stock market continues to provide positive feedback on corporate capital expenditure prospects and growth outlook, this rally will continue.'