Ed Yardeni, widely described as one of Wall Street's most bullish strategists, has raised his year-end S&P 500 target to 8,400 — his third upward revision this year — while cautioning investors against jumping into artificial intelligence stocks at current levels.

The strategist told MarketWatch that he started 2026 with a target of 7,700, moved it to 8,250, and has now pushed it to 8,400. Despite the repeated increases, he said he still does not consider himself bullish enough, and noted that a number of sell-side analysts hold more optimistic views than he does.

On the AI trade specifically, Yardeni said he would not enter that position at this time, according to MarketWatch.

Yardeni also addressed the bond market, saying he does not expect Treasury yields to remain elevated over the long term. He has previously coined the term "bond vigilantes" to describe investors who sell government bonds to protest fiscal or monetary policy. He also expressed continued confidence in what he has called the "Roaring 2020s" — his framework for an extended period of economic expansion this decade.