A Bank of America survey conducted June 5-11 found most fund managers still see the artificial intelligence cycle in an expansion phase, though positioning in chip stocks is raising concern about how vulnerable the trade may be to a reversal. The poll showed 56% of respondents described the current AI cycle as being in a “boom” phase, while 21% said it had reached “euphoria” and 9% said “profit taking.” The survey covered investors managing $465 billion. It also showed a more cautious stance toward technology shares: 80% identified long global semiconductor stocks as the most crowded trade, and the share of managers overweight tech fell to 26% from 33%. The popularity of the semiconductor trade among fund managers suggests any negative catalyst could trigger sharp selling and increase volatility.