Wall Street had a banner year in 2023. The Nasdaq Composite, which is the standard-bearer for technology stocks, shook off the effects of the bear market, soaring 43% in 2023. After a move of that magnitude, investors are wondering about the possibility of a pullback.

While those concerns are justified, history suggests a different outcome. As far back as 1972, in the first year following a market recovery, the Nasdaq has gained 19% on average, suggesting the market's current rally has more room to run. There were a wide range of outcomes, with a lowly 7% increase in 1986 to a much more robust 38% rally in 2013. However, given the improving economy, conditions appear to be ripe for further gains.

Furthermore, recent advances in the field of artificial intelligence (AI) -- which helped jump-start last year's recovery -- are only now being implemented and could fuel productivity gains in the trillions of dollars, which could drive a bull market for years to come. One company at the cutting edge of this trend is (NASDAQ: MSFT). Despite gaining 57% in 2023, the company could ride these secular tailwinds to greater heights.

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Source Fool.com