[BofA Fund Manager Survey: Going Long on Global Semiconductors Becomes One of the Most Crowded Trades in History] BlockBeats News, July 17 — The Bank of America July Global Fund Manager Survey reveals conflicting investor attitudes toward AI semiconductor trades: while most have not bet on the end of the cycle, an increasing number believe the trade has become excessively crowded. According to the survey, 82% of fund managers surveyed consider 'going long on global semiconductors' to be the most crowded trade globally, setting a new record. Meanwhile, tech stock allocations have dropped from a net overweight of 26% to a net overweight of 18%, indicating that investors are trimming some long positions without fully shifting to short positions. The survey also shows that 61% of investors do not expect hyperscalers to announce capital expenditure cuts this year. The BofA survey further highlights that the AI bubble has become one of the largest tail risks, with the proportion of respondents selecting it rising from 28% in June to 45% in July. However, only a portion of investors believe AI stocks are already in a bubble phase; more still view them as being in a 'boom phase,' where momentum continues to attract capital inflows, though positioning and valuation risks are increasing. The survey was conducted from July 2 to July 9, covering 210 fund managers who collectively manage approximately $555 billion in assets.