Bonds issued by large, investment-grade technology companies now offer yields of 6% to 8%, making them more attractive than stocks, according to Michael Hartnett, Bank of America’s chief investment strategist. These bonds have underperformed the broader asset class by 9% this year, their worst relative underperformance in three decades. Last year, Hartnett recommended shorting hyperscaler bonds in anticipation of surging supply in 2026 and wider spreads. He is now reversing that recommendation, arguing that the generous yields offset the risk.
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