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BofA Strategist Says Sell US Stocks as AI Seen Forming a Bubble

  • Strategists recommend selling S&P 500 at 4,200 — current level
  • Overall equity funds had weekly outflows, bonds saw inflows
A Bank of America bank branch in Austin, Texas.
A Bank of America bank branch in Austin, Texas.Photographer: Sergio Flores/Bloomberg

Bank of America Corp. strategist Michael Hartnett reiterated his call to sell US stocks, saying tech and artificial intelligence are forming a bubble and the Federal Reserve’s rate hikes may not be over, with rising bond yields posing a risk.

Hartnett, who correctly predicted last year that recession fears would fuel a stock exodus, recommended selling the S&P 500 at 4,200 — the index’s current level.