BlockBeats News, August 14th, AI continues to drive up the US stock market, but a recent Bank of America research report warns that the current market is showing some characteristics similar to the late stage of the 1999 internet bubble. The most prominent signals include high concentration in the S&P 500, record low levels of active stock selection, and a continuous inflow of funds into a few AI winners.

Recently, Nvidia teamed up with Wall Street giants to plan a $500 billion AI infrastructure financing, further amplifying this concern. Optimists believe that this will provide a longer-term funding channel for AI customers, supporting chip, data center, and computing power demand; while pessimists are worried that such arrangements carry a tone of "vendor financing," potentially transforming AI capital expenditure from industrial investment to a more complex financial structure.

Bank of America's view is that when chipmakers, cloud providers, and large tech companies become the core drivers of index gains, the apparent market prosperity may conceal internal vulnerabilities. If a large amount of passive funds flows into the highest market-cap-weighted AI stocks, active stock picking retreats, the market will become more reliant on the performance of a few companies. Once AI revenue growth lags behind capital expenditure expansion, index fluctuations could be magnified.