Global fund managers are signaling a historic reversal in sentiment regarding corporate spending, driven primarily by concerns over the aggressive pace and financing of the artificial intelligence (AI) capital expenditure boom. According to the latest Bank of America (BofA) Global Fund Manager Survey (FMS) conducted Nov. 7-13, investors have warned companies are “overinvesting” for the first time in two decades.

The survey of 202 panelists managing $550 billion in assets under management (AUM) revealed a net 20% of FMS investors now believe companies are deploying capital too aggressively—a sentiment not observed since August 2005. This dramatic shift is explicitly linked to the “magnitude & financing of the AI capex boom,” according to Bank of America Research.

The findings are especial

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