Mike Wilson has increased the 12-month price target for the S&P 500 to 7,800, expressing confidence in a continued stock market rally despite recent tech-led sell-offs and market volatility.Investors are re-evaluating the sustainability of high valuations in AI and tech companies, while the Federal Reserve faces pressure to clearly communicate its plans for potential interest rate cuts following a 4.2 percent drop in the S&P 500 since its October peak.