對沖 AI 泡沫 美銀薦黃金與中國股票
Bank of America strategists pointed out that amid the artificial intelligence trading frenzy driving up valuations, gold and Chinese stocks are the best hedging tools against bubbles. The forward price-to-earnings ratio of the S&P 500 Index is about 23 times, with technology stocks accounting for more than one-third. The Bank of America team is optimistic about gold and Chinese stocks, believing they can effectively hedge against inflation risks brought by economic expansion. Chinese stocks have performed well this year, with the MSCI China Index rising 33%
According to the Zhitong Finance APP, Bank of America strategists have stated that as the artificial intelligence trading boom drives up valuations, gold and Chinese stocks are the best hedging tools against this bubble or prosperity.
Currently, the forward price-to-earnings ratio of the S&P 500 index is about 23 times, significantly higher than the average level of 16 times over the past 20 years; the so-called "seven tech giants" account for more than one-third of the index, with a forward price-to-earnings ratio as high as 31 times.
The Bank of America team, led by Michael Hartnett, wrote in their report: "The leading position of AI stocks remains unshaken, and we are optimistic about gold and Chinese stocks as the best hedges against prosperity/bubble."
Since hitting a low in early April, this leading sector has driven the market capitalization of the S&P 500 to increase by about $17 trillion. This week, chip manufacturer Nvidia (NVDA.US) became the first company in the world to surpass a market capitalization of $5 trillion.
Additionally, strong earnings reports from Amazon (AMZN.US) and Apple (AAPL.US) boosted U.S. stock futures on Friday; the market seems poised for a rebound, following some declines due to concerns over Meta Platforms (META.US) plunging due to investor worries about massive AI investment expenditures.
Bank of America strategists pointed out that investors are positioning themselves for robust economic growth in 2026, expecting U.S. interest rates to decline and the Trump administration to introduce market-supportive policies. Gold can hedge against inflation risks that may arise from loose policies and economic expansion.
Gold prices have recently retreated from a historical high of over $4,300 per ounce, partly due to investors assessing the progress of the U.S.-China trade truce. Data shows that global gold funds experienced a record outflow of $7.5 billion in a single week, following four consecutive months of net inflows.
So far this year, Chinese stocks have significantly outperformed the S&P 500 index, with the MSCI China Index soaring 33%, thanks to optimistic expectations regarding China's generative AI competitiveness following the rise of DeepSeek.
When Trump was elected president, Hartnett's team accurately bet on international stocks in Asia and Europe, believing that loose policies in these regions would drive stock market gains
