BofA Poll Shows Investors Most Exposed to Tech Stocks Since 2020

Global investors chasing the AI-powered equity rally are the most exposed to technology stocks since the rebound from the Covid pandemic six years ago, according to a poll by Bank of America Corp.

The proportion of fund managers who are overweight the tech sector has risen to 37% from 30% last month, the highest since August 2020, the survey shows. About 45% of respondents agreed that there will be an AI bubble in 2027, with 42% saying no.

Artificial intelligence has been the hottest trade in equities, driving gains of almost 120% in the S&P 500 Index during a four-year bull run. But some of the enthusiasm around AI is fading as investors question whether returns will justify the heavy spending on the technology.

Respondents in the October BofA survey said global semiconductor stocks were the market’s most crowded trade.

On Tuesday, sharp declines in South Korean memory giants Samsung Electronics Co. and SK Hynix Inc. pulled an Asian stocks benchmark to its lowest level since August. Contracts tracking the US tech-heavy Nasdaq 100 index slid 0.6%.

Meanwhile, investors turned the least pessimistic on bonds since May 2025. About 37% of participants said the 10-year Treasury yield at 6% would prompt them to move to bonds from stocks, while about 19% said they’re already shifting allocation. The 10-year yield was at 5.19% on Tuesday morning.

The survey was conducted from Oct. 2 to Oct. 8, with 161 participants managing $453 billion in assets responding to questions.