Bank of America’s October survey released on October 13 reveals that 37% of fund managers are overweight technology stocks, the highest since August 2020, up from 30% in September. The poll, conducted among 161 participants managing $453 billion in assets between October 2 and October 8, also shows that 45% of respondents identify semiconductors as the most crowded trade in the market. Managers remain divided on the AI bubble risk, with 45% expecting one to form in 2027 versus 42% who do not. The 34% net underweight in consumer discretionary represents the most bearish reading since July 2008, yet 60% of respondents still anticipate double-digit earnings growth over the next twelve months.
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