Bank of America is now persistently bearish on the AI bubble!

Hartnett states that the current capital misallocation is much more severe than what was observed in 1999 and 2000 —
The weight of tech stocks in the S&P 500 has reached a historic extreme, about 35% above the peak during the 2000 dot-com bubble.
In fact, only a few giants are lifting the market, and many stocks have already exited bear market declines.
Bank of America believes that the current U.S. stock market already exhibits several typical features of late-stage bubbles:
Strong index, narrow breadth, extreme concentration of leaders, capital afraid to exit, narratives outweighing price discipline.
This is also very enlightening for crypto:
The spillover of the AI bubble fantasy in the crypto world has not arrived, and once the U.S. stock market enters a crowded retreat, $BTC is very likely to be sold off first as a high-beta risk asset, especially leveraged positions and altcoins, which will be catastrophic.