Joachim Klement, market strategist at Panmure Liberum, warned that the AI trade could unravel as early as 2027 and trigger the sharpest market crash since the global financial crisis. He set a year-end 2027 S&P 500 target of 5,000, implying a 36% drop from current levels — the most bearish forecast among strategists tracked by Bloomberg. He acknowledged the call may be premature and did not advise selling immediately, instead urging clients to prepare contingency plans; Temasek's CIO issued a similar warning, while Citi strategists argued solid earnings can still support equities despite high rates.