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 Viewpoint - The latest Bank of America survey indicates a significant increase in concerns regarding the valuation of technology stocks, particularly AI stocks, with 54% of participants believing they are overvalued, marking a notable shift in investor sentiment [1][5][6]. Group 1: AI Stock Concerns - Approximately 54% of survey participants view AI stocks as being in a bubble, a record high, reflecting a sharp rise in apprehension compared to the previous month [3][5]. - The Nasdaq 100 index has risen 18% this year, pushing its forward P/E ratio to nearly 28 times, exceeding the 23 times average of the past decade, leading some market participants to question the sustainability of current valuations [6][19]. Group 2: U.S. Equity Allocation - Despite concerns about AI stock valuations, fund managers have increased their exposure to U.S. equities, reaching the highest level in eight months, indicating a relative optimism towards the U.S. market [3][7]. - The survey reflects a recovery in investor confidence regarding the U.S. economy, with concerns about recession dropping to the lowest level since early 2022, and a decrease in cash holdings suggesting a shift back to risk assets [9][10]. Group 3: Market Sentiment and Trading Trends - For the first time, respondents identified "long gold" as the most crowded trade for October, with 43% of participants agreeing, although many admitted to having minimal or no gold holdings [11][13][14]. - The complex market sentiment is influenced by worries over the AI bubble and uncertainties in the private credit market, which are dampening a fully bullish market outlook [16][19].