**[BofA Market Survey: Most Investors Do Not Believe the AI Bull Market Has Peaked, Momentum Expected to Continue in the Second Half of the Year]** BlockBeats News, July 16 — The latest investor survey from Bank of America (BofA) reveals that market sentiment toward AI capital expenditure is becoming increasingly complex. Most investors do not believe the AI spending boom has peaked and still anticipate that this wave of spending will continue into the second half of the year. However, concerns about hyperscaler spending growing too quickly, debt pressures, and credit risks are on the rise. The survey indicates that investors are not broadly betting on the end of the AI cycle. On the contrary, the market still believes that major platforms like Microsoft, Amazon, Alphabet, and Meta will continue expanding investments in data centers, GPUs, and power infrastructure. The issue, however, lies in the rapid pace of capital expenditure growth, which has led some investors to worry about free cash flow, buyback capabilities, and balance sheet flexibility. According to BofA's survey framework, AI has shifted from being purely a growth narrative to a matter of capital discipline. Over the past two years, the market has rewarded companies for aggressively investing in AI; now, investors are beginning to question the return cycles of these investments, depreciation pressures, and whether cloud providers might be forced into overbuilding due to competitive pressures.