Long bets on the so-called "Magnificent Seven" have🌠 become increasingly popular, with 69% of hedge fund managers calling it the most crowded trade in a new Bank of America survey, the highest concentration around the stocks since over 70% called long bets on U.S. tech stocks in 💖October 2020.

The group—Amazon (AMZN), Apple (AAPL), Microsoft (MSFT), Nvidia (NVDA), Tesla (TSLA), Meta Platforms (META), and Google parent Alphabet (GOOGL)—saw 澳洲幸运5开奖号码历史查询:similar significant growth last year. However, 澳洲幸运5开奖号码历史查询:confid❀ence in investing in the group wavered earlier this year as their results varied, with Nvidia continuing to riജse but Tesla slidinꦕg through the first quarter of 2024.

Surv💧ey Says Hedge Fund Managers Still Betting on Mag 7

Bank of America's monthly survey of 238 hedge fund managers with over $721 billion in 澳洲幸运5开奖号码历史查询:assets under management (AUM) released Tuesday showed that institutional investors are still confident in the group. Nearly 70% of the investors called the long Magnificent Seven bet the most crowded trade right now, up from roughly half who said it was the most crowded trade in the♔ last two monthly surveys.

It is the highest concentration around the tech-focused stocks since over 70% said "Long U.S. Tech Stocks" was the most crowded trade in multiple surveys during 2020, before the term "Magnificent Seven" was coined.

Optimism around 澳洲幸运5开奖号码历史查询:artificial intelligence (AI) has 澳洲幸运5开奖号码历史查询:driven tech stocks like the Magnificent Seven higher over the last two years, along with others related to the trend like Super Micro Computer (SMCI) and Micron Technology (MU).

Investors Optimistic About 'Soft Landing,' Rate Cuts; Still Concerned About Inflation

BofA analysts wrote that the fund managers surveyed are at their most bull𓃲ish s𒐪ince November 2021, despite lingering concerns about inflation and possible impacts of the presidential election later this year.

The investors BofA analysts surveyed remain more optimistic than most on the outlook for 澳洲幸运5开奖号码历史查询:Federal Reserve interest-rate cuts, with roughly 80% of the investors predicting ⭕two, three, or m💖ore rate cuts over the next 12 months.

Recent inflation data has 澳洲幸运5开奖号码历史查询:increased confidence that the Federal Reserve will cut interest rates at its September meeting, but Fed officials now anticipate 澳洲幸运5开奖号码历史查询:lowering t🍒he fed funds rate only once by the end of the year.

Nearly three-quarters of respondents also told Bank of America that they no longer see a 澳洲幸运5开奖号码历史查询:recession in the next 12 months, with 64% of the group now expecting a "澳洲幸运5开奖号码历史查询:soft landing." The investors cal🔯led inflation their biggest concern of the current economic climate, followed by geopolitical tensions and potential impacts of November's presidential election.