美银调查：35%投资者担忧企业过度投资创20年新高 四分之一受访者将AI泡沫视为首要尾部风险

Group 1 - The latest Bank of America fund manager survey indicates that investor concerns about overheating corporate capital expenditures have reached the highest level in 20 years, with 35% of respondents warning about excessive investment, a record high since the survey began [1] - Despite concerns over capital expenditures, investor optimism regarding global corporate earnings has risen to its highest level since August 2021, reflecting a complex sentiment in the market [1] - Investors are actively reducing their exposure to technology stocks, with the net overweight in tech stocks dropping to 5%, a significant decline from 19% a month ago, marking the largest decrease since March 2025 [1] Group 2 - One-quarter of respondents view the artificial intelligence bubble as the primary tail risk, with 30% believing that massive capital expenditures by tech giants in AI could trigger a credit crisis [2] - The most crowded trade for the second consecutive month is long positions in gold, accounting for 50%, while long positions in non-tech U.S. stocks rank second at 20% [2]