🇮🇳 India has officially become Asia's least-favored stock market in Bank of America's latest fund manager survey. That's a big shift. Because just a few years ago, global investors couldn't stop talking about the "India growth story." Now they're turning cautious. The biggest concern? India still lacks a clear AI winner. At a time when global capital is chasing anything tied to AI infrastructure, semiconductors, and automation, India has struggled to build a compelling public-market AI narrative. But that's only part of the story. Fund managers also flagged: • Slowing growth • High valuations • Lack of major reforms That's a difficult combination. Especially when investors can find cheaper opportunities elsewhere in Asia. The bigger issue is what this says about global capital flows. Markets don't reward good stories forever. They reward earnings growth, productivity, and future opportunities. Right now, many global investors appear to believe India's valuation premium is running ahead of its growth premium. That doesn't mean the India story is broken. It means expectations have become harder to satisfy. And when expectations are high, even good news isn't always enough. The market spent years asking: "Why should I own India?" Now it's starting to ask: "Why should I overweight India instead of everything else?"