Bank of America: Going long on the "seven tech giants" has once again become the most crowded trade globally.

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[Bank of America: Going long on "Seven Tech Giants" becomes the most crowded trade globally] Bank of America's monthly fund manager survey shows that, thanks to optimistic earnings performance and improved global economic sentiment, investors are flocking back into the stock market, and holding U.S. large-cap tech stocks has once again become the hottest trade. The August survey included 169 participants who manage assets totaling $413 billion. Among them, 45% of respondents believe that the most crowded trade is "going long on the 'Seven Tech Giants'"—this combination includes major U.S. tech stocks such as Nvidia and Microsoft. In August, overall investor sentiment improved, with only 5% of asset management firms betting on a "hard landing" for the economy. A net 14% of respondents are overweight on global equities, the highest since February, but still significantly down from a net 49% overweight in December of last year.

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