ChainThink report, July 16: According to the latest investor survey by Bank of America (BofA), most investors do not believe the AI spending boom has peaked and still expect the surge in related expenditures to persist through the second half of this year.

The survey indicates that markets continue to anticipate major platforms such as Microsoft, Amazon, Alphabet, and Meta to expand investments in data centers, GPUs, and power infrastructure.

Meanwhile, concerns over hyperscaler spending accelerating too quickly, debt pressures, and credit risks are intensifying, with some respondents beginning to focus on free cash flow, buyback capacity, and balance sheet resilience.

BofA's survey reveals that AI has shifted from a pure growth narrative to one centered on capital discipline, as investors now scrutinize return-on-investment cycles, depreciation pressures, and whether cloud providers may be forced into overbuilding due to competitive dynamics.