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BofA’s Hartnett warns of ‘biggest bubble since railroads’ in AI rally; implications for India and EMs


Hartnett highlights the AI rally-led concentration risk with classic bubble characteristics, yet aggressive selling won’t materialise until a major IPO wave and a Fed tightening shock from rising inflation hit. For India and EMs, near-term pressure from US yields, rupee weakness, and FII flows are risks. But, compelling longer-term opportunities lie in commodities, consumer stocks, and smaller AI adopters as capital rotates away from mega-cap dominance once the peak passes.