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Bank of America Survey Shows AI Spending Anxiety Persisting as Bond-Yield Risk Takes Lead

September 17, 2026 at 07:15 EDT

Infra & Chips
Sales & Business

Global fund managers are still treating the AI buildout as a central market risk, even as Bank of America’s September survey shows a disorderly rise in bond yields has overtaken the AI bubble as their top tail concern. The shift matters because the AI trade has become deeply tied to equity leadership, corporate debt issuance and expectations for future technology earnings.

September 2026 · Bank of America survey

AI buildout risk meets the bond shock

Fund managers still see AI spending as a major market fault line, but a disorderly rise in bond yields has moved ahead as the top tail risk.

33%

cited disorderly bond yields

28%

cited an AI bubble

79%

expect no hyperscaler capex cut

42%

see systemic credit risk

Top risks, drawn to scale

33%Bond-yield risk

28%AI bubble risk

Takeaway

AI is no longer the top fear, but it remains close behind and is now tied to the larger question of how markets absorb higher yields and heavy tech financing.

Supportive read

Most respondents still do not expect hyperscalers to cut AI capital expenditure, keeping demand intact for compute, chips and data-center infrastructure.

Cautious read

A sizable minority sees AI spending as a systemic credit risk, especially as higher yields raise the cost of financing the buildout.

The market loop

AI capexData centers and chips require large funding.

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Debt supplyTech issuance grows with the buildout.

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Yield pressureHigher rates challenge equity valuations.

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