According to CoinMeta and research by ChaoXiang, JPMorgan raised its target price for the S&P 500 at the end of 2023 to 8,000 points in its August 9 U.S. stock market strategy report. It also raised its forecast for earnings per share in 2026 to $365 and projected EPS to be $420 in 2027. The report indicates that AI capital expenditures will exceed $1.2 trillion in 2027, cloud revenue is accelerating, AWS backlogged orders have increased to $496 billion, and Google backlogged orders have risen to $514 billion. Excluding the unrealized private equity gains of $152 billion from Google and Amazon, the actual profit growth rate in the second quarter was about 31%, and the normalized EPS for 2026 is estimated to be around $347.