Morgan Stanley's Chief US Equity Strategist Mike Wilson is doubling down on the firm's $7,800 price target for the S&P 500 by year-end, arguing that the artificial intelligence cycle is just beginning. Wilson told Bloomberg Markets that it's premature to dampen enthusiasm about AI's market impact.

Despite market volatility and economic uncertainty, Wilson maintains confidence in the bullish outlook, suggesting that AI-driven growth will continue to fuel market gains. The strategist emphasized that current market skepticism about the AI theme is overblown, with the technology's transformative potential only starting to materialize.

Wilson's stance reflects Morgan Stanley's broader conviction that AI will remain a dominant market force through 2024. The $7,800 target represents significant upside from current levels, underscoring the firm's belief in sustained market momentum driven by technological innovation and corporate earnings growth.