Bank of America lays out the exact scenario that could finally pop the stock market's AI bubble [Yahoo! Finance]
Bank of America Corporation (BAC)
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Source: Yahoo! Finance
The firm is watching real 10-year yields and credit spreads for signals of when that AI-led rally could end. BofA says higher yields and tighter spreads could sound recession alarms and spur a stock sell-off. Bank of America has coined a phrase for what's going on in markets right now, calling it an "anything but bonds" bull run. The firm notes that in the fourth quarter of 2023, stocks and crypto led the way. In the first three months of 2024, it was commodities and... well, still crypto. And so far in the second quarter it's been the US dollar's time to shine. While this has been lucrative for well-positioned traders across asset classes, BofA warns it's a byproduct of immense government spending, and could end up unwinding if a few key conditions are met. The key piece is the cohort of mega-cap tech companies that have long dominated stock-market performance, largely because of their affiliation with AI. BofA says the "anything but bonds" rally has set a particular fire
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