BofA survey: record CIOs say companies are overinvesting in AI capex

A Bank of America survey of 162 fund managers overseeing $440B found a record share believe companies are overinvesting in AI capex. Only 20% advocate increasing capex, down from 34%. A quarter see the AI bubble as the largest tail risk for 2026. 30% of respondents said hyperscaler AI capex is the most likely source of a systemic credit event. The survey contrasts sharply with Big Tech's earnings-week message that they won't dial back AI spending.

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