Group 1 - Global fund managers are holding the lowest cash levels in nearly two decades, with average cash levels falling to 3.7% from 3.8%, the lowest since early 2022 [3][4] - A net 34% of fund managers remain overweight equities, which is below the historical 60% range seen at major market tops, indicating a bullish but not euphoric sentiment [4] - The Bank of America Global Fund Manager Survey shows that 53% of respondents expect lower inflation and stronger growth over the next year, while 45% identify an AI equity bubble as the biggest tail risk [5][6] Group 2 - The "Long Magnificent 7" trade, which includes major tech stocks like NVIDIA, Microsoft, and Apple, is cited as the most crowded bet by 54% of managers [7] - For the first time in 20 years, a net 20% of managers believe companies are overinvesting, driven by hyperscale AI capital expenditure [6]