Michael Hartnett, the Bank of America strategist who first named the seven giant U.S. technology companies as the "Magnificent 7," warned that these stocks may fall to become the seven underperforming companies this year - the "Lagnificent 7." He suggested that investors should Buy international stocks at Low Stock Prices rather than chasing after High Stock Prices in U.S. stocks. Hartnett noted that after record Inflow of funds into U.S. stocks in January of this year, investors have become overexposed. Since the end of 2022, the "seven giants" have driven the S&P 500 Index to achieve a 70% increase. In his report, he wrote that as AI-related spending peaks, these positions face risks. He also believes that other catalysts that have led the U.S. market to perform exceptionally, including strong fiscal support and immigration factors, will also fade this year. "The American exceptionalism narrative is now extraordinarily expensive, and the holdings are abnormally high," the strategist wrote, "the seven giants have become the seven underperforming companies, supporting the expansion of the U.S. and Global Equity and Crediting markets.
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美银策略师:美股七巨头今年将失去光环 建议投资欧洲和日本银行股
Bank of America strategist: The seven giants of U.S. stocks will lose their shine this year, recommending investment in European and Japanese bank stocks.
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