美银基金经理调查：美股配置8个月来首次转为超配，超半数认为AI存在泡沫

Core Insights - A record 54% of global fund managers believe that AI stocks are in a bubble, indicating a significant shift in investor sentiment [1][2] - Despite concerns about AI stock valuations, fund managers have increased their allocation to U.S. equities to the highest level in eight months, reflecting a complex market sentiment [1][3] Group 1: AI Bubble Concerns - Approximately 54% of participants in the Bank of America survey view technology stock valuations as excessively high, a notable increase from the previous month [2] - AI bubble is perceived as the largest tail risk, followed by concerns about rising inflation and the potential loss of Federal Reserve independence [2] - The Nasdaq 100 index has risen 18% this year, pushing its forward P/E ratio to nearly 28 times, above the ten-year average of 23 times, raising questions about current valuations [2] Group 2: U.S. Equity Allocation - Fund managers' stock allocation reflects a degree of optimism, with exposure to U.S. equities rising to the highest level in eight months, returning to pre-tariff concern levels [3] - Concerns about an economic recession have decreased to the lowest level since early 2022, indicating renewed confidence in the U.S. economic fundamentals [3] - A decline in cash holdings suggests that funds are flowing back into risk assets [3] Group 3: Market Sentiment Dynamics - Michael Hartnett, a strategist at Bank of America, notes that concerns over the AI bubble and uncertainties in the private credit market are dampening "fully bullish" market sentiment [5] - Recent trade tensions have reignited concerns, impacting market sentiment, with the Nasdaq 100 index leading declines in the U.S. stock market [6] - Although some strategists believe it is too early to worry about a tech bubble, the concerns among fund managers indicate a reassessment of current valuation levels, potentially leading to increased market volatility [8]