Crowded Tech Stocks Have Investors ‘Paranoid’ About Bubble Risks
- September BofA survey shows switch into cyclicals, out of tech
- Fund managers are more confident of economic recovery: BofA
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U.S. technology stocks are the world’s most crowded trade, say fund managers overseeing $601 billion, fueling fears about a bubble that could burst the market rally.
Investors surveyed by Bank of America Corp. have never been so unanimous in their conviction on the most popular asset class, with 80% of participants citing long U.S. tech, up from 59% in August. Among the market’s biggest tail risks, concerns about a tech bubble jumped to be ranked behind only a resurgence in Covid-19.