Bank of America Says Investors Are Overplaying AI and Underestimating Consumers

It may be time for investors to pivot from artificial intelligence-linked capital expenditures to consumer-driven spending, Bank of America strategists wrote in a Monday (Oct. 5) note, according to a Bloomberg report. The abundance of AI spending and the shrinking of discretionary spending are already baked into investment positions, with “AI disruptees” such as information technology services, consumer finance and software near record lows and industrial stocks near record highs relative to con