Listen and subscribe to Stocks in Translation on Apple Podcasts, Spotify, or wherever you find your favorite podcasts.

Though economists saw elevated risks of a US recession in recent months, stocks are still powering into their third year of a bull market — and they may not be slowing down anytime soon.

Zor Capital portfolio manager Joe Fahmy said on Yahoo Finance’s Stocks in Translation podcast that despite the brief period of market volatility, the artificial intelligence boom is likely to keep the bull market going for “another couple of years.”

“Throughout history, bull markets are fueled by inventions and innovations that revolutionize our lives,” Fahmy explained (see video above or listen below). “Whether it’s airlines, whether it’s television, internet, smartphones, what they all have in common is increasing productivity. So AI is the new innovation that’s leading this bull market because it’s obviously increasing productivity.”

Though the market has seen various scares in recent months, between the Trump administration’s ever-evolving tariff policies and geopolitical conflicts, Fahmy acknowledged that “the headlines scared a lot of people,” but the reactionary dips don’t indicate that the US market is weak at the moment.

“If you look at the statistics, a lot of institutions are underinvested right now,” he said. “That’s why when you have the Iran scare … everyone’s like, ‘Oh, the market’s going to crash.’ But beneath the surface, institutions have to get in when things are dropping. So a lot of institutions right now are offside, and I think that’s what’s keeping this underlying resilience in the markets.”

During other periods of intense uncertainty, like the early COVID-19 era, there were indications that the market was going to take a serious hit — indicators that Fahmy said aren’t present in the current market.

Read more: How to protect your money during turmoil, stock market volatility

“When things really started to break down in 2020, where we weren’t sure if COVID was going to be a big deal … that’s the market’s reaction to the news. When it breaks certain technicals where the institutions normally support, and they’re like, we’re getting out of it, that’s when you have to heed the warning,” he continued. “But in the case of the recent Middle East crisis, so far the news has been miserable, but the market’s resilient. So that’s an example of the markets holding support.”