Bank of America’s chief investment officer views stock market dips and several sectors as prime buying opportunities, despite record market highs.
In a new interview on CNBC’s Closing Bell, Chris Hyzy says the explosion of spending on AI represents a boom that will boost the markets for years to come.
[adinserter block="1"]“If you look out over the next six or seven years and we just kind of pause for a second in the next week or two weeks, the greatest capex boom that we are going to witness is yet to come.
We’ve got trillions yet to go. There’s billions that have been deployed in terms of what has been announced but in terms of actual input into the actual infrastructure, the digital infrastructure space, it’s just beginning.”
Hyzy says that amid the long-term bullish market conditions, certain sectors still offer investors potential bargain buys.
“Weakness in financials, industrials, utilities, information technology, those areas are buying opportunities even though we’re at all-time highs…
In our opinion, you could potentially be looking at another double in the S&P, which is not a lot of heavy lifting because that matches the return that we’ve seen in markets over the last six, seven, eight decades.”
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