U.S. stocks are pulling back from their all-time highs as some of the steam comes out of Wall Street’s long, record-breaking rally.

OpenAI introduced its conversational intelligence application ChatGPT in November 2022. Since then, artificial intelligence (AI) has become one of the hottest investment themes on Wall Street, and AI stocks Super Micro Computer (NASDAQ: SMCI) and Nvidia (NASDAQ: NVDA) have been the best-performing members of the S&P 500 (SNPINDEX: ^GSPC).

Goldman Sachs, UBS, BMO, and Deutsche Bank have raised their S&P 500 price targets in recent weeks as the index continues to hit record highs.