A Bank of America monthly survey found the AI-led rally is likely to continue,
with FOMO still driving the trade. Among fund managers surveyed, 56% described
the AI cycle as in a ‘‘boom/expansion’’ phase, 21% called it ‘‘euphoria’’ and 9%
‘‘profit-taking’’. The survey covered investors managing $465bn AUM and ran June
5–11, ahead of the SpaceX IPO. Eighty percent said buy-and-hold global
semiconductor positions are the most crowded trade, the highest reading in the
survey’s history. Respondents trimmed technology overweight from 33% to 26% and
cut global equity overweight from 50% to 38%.
