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AI fatigue, tech sell-off seen

Investors are coming out of AI and tech with data showing tech stocks saw $1.7bn in outflows in early September, says Bank of America Global Research. IG financial analyst @AngelineOng looks at where the money is headed.

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Written by

Angeline Ong

Angeline Ong

Financial Analyst, Presenter and Content Editor

Publication date

(Video Transcript)

Tech stock outflows begin

Artificial intelligence: are we all starting to get a bit weary hearing about this term all the time? Research just out from Bank of America suggests that the answer is yes. If we take a look at Bank of America's global research: it's now suggesting that we're seeing the first outflow from tech stocks in almost three months.

Just taking a look at the chart in the week to Wednesday, investors poured money into cash, equities and bonds. And what did they get? Well, they got rid of gold and also emerging market equity.

BoA predicts higher-for-longer oil prices

What is Bank of America's outlook for the rest of the year? Well, they're saying that they're expecting higher for longer oil prices? And also what's interesting is US dollar and yield and tighter financial conditions, they say, remain the September and October risk for risk markets.

As a result, equity funds saw $2.2 billion of inflows in the week to 6 September, Bank of America said, citing data from provider EPFR. But tech stocks get this for $1.7 billion dollars in outflows in the first 11 weeks. And now, they're saying that they're expecting higher-for-longer oil prices.

And what is Bank of America's outlook for the rest of the year where they're saying that they're expecting higher for longer oil prices? And also what's interesting is US dollar and yield and tighter financial conditions, they're saying that they're expecting higher for longer.

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