It's a common feeling that the AI bull run has already passed, but history might suggest otherwise.

Looking at the moves since the October 2022 low:

$SPDR S&P 500 ETF Trust(SPY)$  is up about 110% over roughly 3.75 years into this cycle.

For comparison, past cycles show:

2002–2007: +101% over ~5 years

2009–2020: +400% over 11 years

2020–2022: +114% over ~2 years

What could make this cycle distinct? There's real earnings growth underway, massive investment flowing into AI infrastructure—hundreds of billions into chips, networking, software, and data centers—and companies are already generating real revenue and cash flow from it.

Pullbacks are a normal part of any major bull market. The focus isn't on avoiding volatility, but on managing risk, identifying quality companies, and maintaining discipline throughout the cycle.