Bank of America investment strategist Sebastian Raedler said the accelerating artificial-intelligence spending boom resembles earlier capital cycles that ultimately disappointed investors, even when the underlying technology succeeded. Hyperscalers are expected to spend $1 trillion over the next 12 months, up from $330 billion in early 2025, while average AI token prices have fallen about 50% since summer. Major banks remain broadly positive on AI lending and their own adoption of the technology, although Goldman Sachs, Wells Fargo and JPMorgan Chase executives highlighted uncertainty over demand, leverage and the timing of financial benefits. Citigroup said AI tools have accelerated product development and reduced technology vendor costs.