Bank of America survey: Global investors' risk appetite is heating up rapidly, and AI capital spending has yet to deter bulls

Comparing news, Bank of America's latest global fund manager survey shows that global investors' risk appetite is rapidly heating up. As US stocks approach record highs again, fund managers' allocation of the stock market rose to a five-year high, and the cash ratio fell to 3.5%, indicating that the market has clearly recovered from previous concerns about slowing growth and the AI bubble.

Bank of America strategist Michael Hartnett pointed out that a record 56% of fund managers surveyed do not expect a significant landing-style slowdown in the global economy. In other words, mainstream market positions are betting that the economy will remain resilient, corporate profits will continue to expand, and risk assets will still receive liquidity support.

Notably, the survey shows that AI capital expenditure has not yet become a core concern for investors. Although tech giants continue to raise budgets for data centers, GPUs, servers, and power infrastructure, and the market is increasingly discussing overheated AI spending, the Bank of America survey shows that fund managers are currently not too concerned about growth, interest rate hikes, AI capital spending, or US political risks.