The Wall Street firm looked at the holdings of U.S. large-cap equity mutual funds that are actively managed.
Fund managers' love for artificial intelligence-related stocks has grown as many of these tech companies have become their essential holdings in the portfolio, according to Bank of America's analysis. It screened the S & P 500 for stocks that saw the largest increase in ownership breadth over the past 12 months, measured by the percent of funds owning each name. Bank of America found that 9 of 10 stocks on its list are tied to the AI boom.
" Broadcom saw the biggest increase in fund ownership over the past year, with 45% of active managers holding the stock as of April. The chipmaker issued a rosy guidance in March, saying it expects $10 billion in revenue from AI chips this year. Other chipmakers that made the list are Arista Networks , Applied Materials and Nvidia. Nvidia has been a clear winner in the AI space with shares doubling again in 2024.
Stock Markets Eli Lilly And Co Broadcom Inc Arista Networks Inc Applied Materials Inc NVIDIA Corp Netflix Inc Servicenow Inc Uber Technologies Inc Meta Platforms Inc Business News
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