Bank of America: There are three major thresholds for triggering "comprehensive hedging" in the US stock market this summer, and the conditions have not been triggered yet, but signals are accumulating According to BlockBeats, on June 28th, Hartnett, Chief Strategist of Bank of America Securities, listed three major thresholds for triggering "comprehensive hedging" this summer in the latest "Capital Flow Report": Mag7 ETF falling below $60, USD/JPY falling below $110, and yield curve inverted again. The three conditions have not been triggered yet, but the signals are accumulating. At present, US stock funds have recorded a net outflow of $8.5 billion, the first time since March, after experiencing a historic net inflow of $119.2 billion; The continued underperformance of ultra large scale cloud providers compared to chip stocks is pushing the sustainability of AI capital expenditures to the core of market debates: Apple's increase in MacBook prices and Microsoft's increase in Xbox prices are both directly related to rising memory costs; Vera Rubin rack memory prices have risen 435% cumulatively, and Goldman Sachs predicts that AI capital expenditures may reach $1.4 trillion by 2027. The core question that Hartnett continues to ask is - how much more does cloud merchants need to fall before the market starts pricing capital expenditure cuts? Funds in the US stock market have shifted ahead of schedule, with liquidity flowing out of tech giants into cyclical assets such as semiconductors, small and medium-sized enterprises, housing, and REITs. This is interpreted by the market as an expectation of a shift in policy focus towards affordability. At the level of major asset classes, Hartnett believes that gold below $4000 still has strong allocation value, and doing long end US bonds is currently the most contrarian long-term trade; The US dollar is only for short-term holding rather than long-term allocation, and long-term long positions in emerging markets are its strategic proposition. Since Federal Reserve Chairman Walsh took office on May 22, US Treasury bonds have risen by 3.2%, while stocks have fallen by 1.6%, indicating a clear lead in bond performance.