BlackRock cools on U.S. stocks, makes first bond bet in six years

The era of U.S. stock dominance is over. For the first time in six years, short-term Treasuries are the superior play as yields hit 24-year highs. The AI rally is a dangerous gamble; hyperscalers are set to burn $1 trillion on capex while spending outpaces free cash flow, creating a debt-heavy bubble that could trigger a global financial correction. We’ve moved to neutral on equities to brace for the fallout. Is the AI dream finally dead, or is this a massive missed opportunity?
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