Bank of America(US:BAC) 智通财经网·2026-02-06 13:07Group 1 - The core viewpoint is that as the U.S. midterm elections approach, the attractiveness of major tech companies is declining, making small and mid-cap stocks the best investment choice [1][2] - The U.S. Bank strategist team, led by Michael Hartnett, indicates that aggressive intervention policies by President Trump to lower costs in energy, healthcare, credit, housing, and electricity are putting pressure on energy giants, pharmaceutical companies, banks, and large tech sectors [1] - The report suggests a strategy of going long on the real economy sectors while shorting Wall Street financial sectors until Trump's approval ratings rise due to a shift towards livelihood issues [1] Group 2 - Investors are accelerating their exit from tech stocks due to concerns over the impact of artificial intelligence (AI) technology, seeking investments that will benefit from the Trump administration's cost-lowering measures [2] - The Nasdaq 100 index recorded its largest three-day decline since April, dropping 4.6%, while the S&P 500 index has underperformed its equal-weighted index by 4.2 percentage points year-to-date [2] - The Bank of America notes a significant shift in corporate business models from "light asset" to "heavy asset," posing a major threat to the market dominance of the so-called "seven giants" in tech [2] - It is projected that AI capital expenditures for large tech companies will reach approximately $670 billion this year, accounting for 96% of their cash flow, compared to only 40% in 2023 [2] - The era of large-scale stock buybacks for these companies is considered to be over, as their balance sheet advantages diminish [2] - Hartnett has been optimistic about international stocks since late 2024, a prediction that has proven to be highly prescient as U.S. stock performance continues to lag behind global markets [2]