BOFA: DEFENSIVES COULD SHINE IF AI HYPE FADES Bank of America strategist Sebastian Raedler warns investors to consider defensive sectors like consumer staples and pharma if AI spending proves unsustainable. He argues AI profitability may fall as cheaper models emerge and customers resist higher prices. While upbeat forecasts from Micron and Qualcomm have lifted sentiment, Raedler says bonds and defensive stocks could outperform if the AI trade weakens.(*Walter Bloomberg)