ChainThink reports that, according to Bank of America's latest investor survey on July 16, most investors do not believe the AI spending boom has peaked and still expect the spending surge to continue through the second half of this year.
The survey shows that the market still expects major platforms such as Microsoft, Amazon, Alphabet, and Meta to continue increasing their investments in data centers, GPUs, and power infrastructure.
Meanwhile, investor concerns have grown over hyperscalers' rapid spending, debt pressures, and credit risk, with some respondents beginning to focus on free cash flow, repurchase capacity, and balance sheet flexibility.
The BofA survey shows that AI has shifted from a pure growth narrative to concerns about capital discipline, with investors now focusing on return-on-investment cycles, depreciation pressures, and whether cloud providers will be forced into overbuilding due to competition.