🏦 **BlackRock: 'Beyond the AI Bubble Debate' — Weekly Commentary**
BlackRock Investment Institute's July 6 weekly commentary argues the AI bubble question hinges less on today's valuations and more on whether earnings growth can keep pace with elevated expectations, noting the S&P 500's forward P/E sits near 21 versus a Shiller P/E near 40, with Q2 earnings tracking 23% year-over-year growth.

**Why it matters:** The gap between trailing and forward valuation metrics is central to whether investors treat current AI-driven equity gains as fundamentally supported or as multiple expansion vulnerable to a growth disappointment.
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