The Bull Market Turns Four, Energy Headwinds, and Isaacson on AI Safety 10/12/26

Semiconductor and memory-stock breakouts, not just seasonality, will determine whether the four-year-old AI-driven bull market extends further.

• Bull market turns four: Bespoke's Paul Hickey notes years after a 4th-anniversary bull market have historically gained a median 17% (75% win rate); S&P is up 118% and Nasdaq 162% since the 2022 low.
• Watch semis and memory: Hickey flags the DRAM ETF (Roundhill) needing to break above 62 and Oracle's stock as signals the AI trade has room to run further.

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