Woofun AI reports that a Bank of America investor survey indicates the majority of market participants do not believe the AI spending cycle has reached its peak. Investors anticipate that major platforms including Microsoft, Amazon, Alphabet, and Meta will sustain expansion in data centers, GPU infrastructure, and power systems during the second half of the year.

The survey highlights a shift in market sentiment from pure growth optimism to scrutiny of capital discipline. While spending is expected to continue, concerns are mounting regarding accelerated hyperscaler expenditure, debt pressure, and credit risks. Investors are increasingly questioning free cash flow sustainability, share repurchase capacity, and the potential for overbuilding driven by competitive pressures.