The Financial Post reports in its Thursday edition that the once-hot Wall Street trades of 2023 are all falling apart, in a fresh blow to market pros blindsided again and again ever since the pandemic broke out. A Bloomberg dispatch to the Post says that nearly halfway into the year, a slew of consensus bets is losing as the U.S. economy defies the recession bears, the artificial-intelligence craze heats up and more. Misfiring strategies include selling Big Tech stocks, snubbing the U.S. dollar and buying into the promise of emerging-market equities as China emerged from COVID-19 lockdowns. The MSCI index tracking global shares is up 10 per cent, compared with a gain of 1.4 per cent from bonds worldwide. Fuelling the surprise equity outperformance is the optimism around AI following November's release of ChatGPT. The frenzy has sparked a surge in shares of computer and software behemoths, with the seven largest tech firms, including Microsoft and Nvidia, accounting for almost all of those gains. AI euphoria, along with better-than-expected corporate earnings and economic data, have helped U.S. stocks to tune out recession alarms from the bond market. The S&P 500 has climbed 19.8 per cent from its October bottom.