Global Research Unlocked

In this episode of Must Read Research on Global Research Unlocked, Candace Browning explores whether today’s elevated conviction in risk assets is supported by the underlying data. We discuss record-bullish investor positioning, introduce a new AI tracker designed to monitor the key drivers of technology sentiment, and examine how competition, pricing, and infrastructure demand are reshaping the AI landscape. We also explore what’s driving gold’s rally, from central bank purchases to shifting currency dynamics, and highlight fresh evidence from the Bank of America Institute suggesting the long-standing divide between higher- and lower-income consumers may finally be beginning to narrow.
 
"Bank of America" and “BofA Securities” are the marketing names for the global banking businesses and global markets businesses (which includes BofA Global Research) of Bank of America Corporation. Lending, derivatives, and other commercial banking activities are performed globally by banking affiliates of Bank of America Corporation, including Bank of America, N.A., Member FDIC. Securities, trading, research, strategic advisory, and other investment banking and markets activities are performed globally by affiliates of Bank of America Corporation, including, in the United States, BofA Securities, Inc. a registered broker-dealer and Member of FINRA and SIPC, and, in other jurisdictions, by locally registered entities. ©2026 Bank of America Corporation. All rights reserved.

In this episode of Must Read Research on Global Research Unlocked, Candace Browning follows the flow of capital through the artificial intelligence ecosystem to explore where investment, adoption, and infrastructure spending are having the biggest impact. We examine how new chip-funding programs could reshape investment-grade credit markets, why convertible bonds are drawing attention as an alternative way to gain AI exposure, and what the latest labor market data suggests about the debate over AI-related job displacement. We also discuss Australia's role in global liquefied natural gas markets and how energy security, infrastructure, and reserve replacement are becoming increasingly important as global demand evolves.
 
"Bank of America" and “BofA Securities” are the marketing names for the global banking businesses and global markets businesses (which includes BofA Global Research) of Bank of America Corporation. Lending, derivatives, and other commercial banking activities are performed globally by banking affiliates of Bank of America Corporation, including Bank of America, N.A., Member FDIC. Securities, trading, research, strategic advisory, and other investment banking and markets activities are performed globally by affiliates of Bank of America Corporation, including, in the United States, BofA Securities, Inc. a registered broker-dealer and Member of FINRA and SIPC, and, in other jurisdictions, by locally registered entities. ©2026 Bank of America Corporation. All rights reserved.
 

Please join our rates & FX strategists to discuss key risk events in the second half of August. We will also update our core rate & FX views for the remainder of the summer.
 
Bank of America" and “BofA Securities” are the marketing names for the global banking businesses and global markets businesses (which includes BofA Global Research) of Bank of America Corporation. Lending, derivatives, and other commercial banking activities are performed globally by banking affiliates of Bank of America Corporation, including Bank of America, N.A., Member FDIC. Securities, trading, research, strategic advisory, and other investment banking and markets activities are performed globally by affiliates of Bank of America Corporation, including, in the United States, BofA Securities, Inc. a registered broker-dealer and Member of FINRA and SIPC, and, in other jurisdictions, by locally registered entities. ©2026 Bank of America Corporation. All rights reserved.

It's been a summer of extremes, and this week's Must Read Research highlights four themes shaping markets across regions and asset classes. Candace Browning, Head of Global Research at BofA Securities, reviews a powerful earnings season that continues to deliver broad-based EPS growth, even as investors become increasingly difficult to impress. The episode also examines mounting risks in European energy markets amid record temperatures and tightening gas inventories, the accelerating AI investment cycle driving memory demand following SK Hynix's landmark U.S. listing, and a potentially significant reshuffling of MSCI emerging-market indexes that could redirect billions of dollars in investor flows. Together, these developments offer a timely look at the forces influencing corporate profitability, energy security, AI infrastructure spending, and global capital allocation.
 
"Bank of America" and “BofA Securities” are the marketing names for the global banking businesses and global markets businesses (which includes BofA Global Research) of Bank of America Corporation. Lending, derivatives, and other commercial banking activities are performed globally by banking affiliates of Bank of America Corporation, including Bank of America, N.A., Member FDIC. Securities, trading, research, strategic advisory, and other investment banking and markets activities are performed globally by affiliates of Bank of America Corporation, including, in the United States, BofA Securities, Inc. a registered broker-dealer and Member of FINRA and SIPC, and, in other jurisdictions, by locally registered entities. ©2026 Bank of America Corporation. All rights reserved.

Please join Sphia Salim in conversation with Aditya Bhave, Mark Cabana and Meghan Swiber post-payrolls and US Treasury refunding. Given the limited guidance at last week's FOMC meeting and resulting US curve steepening, data has become an even stronger focal point for markets. We will discuss the implication of the NFP report for Fed speak, the September decision and US rates. We will also highlight any key takeaways from the Wednesday US Treasury refunding announcement. The call took place at 10am ET, 3pm BST, 4pm CET on Friday 7th Aug.
 
Bank of America" and “BofA Securities” are the marketing names for the global banking businesses and global markets businesses (which includes BofA Global Research) of Bank of America Corporation. Lending, derivatives, and other commercial banking activities are performed globally by banking affiliates of Bank of America Corporation, including Bank of America, N.A., Member FDIC. Securities, trading, research, strategic advisory, and other investment banking and markets activities are performed globally by affiliates of Bank of America Corporation, including, in the United States, BofA Securities, Inc. a registered broker-dealer and Member of FINRA and SIPC, and, in other jurisdictions, by locally registered entities. ©2026 Bank of America Corporation. All rights reserved.

What if one of the market's most widely followed growth benchmarks is really just a bet on a few dozen stocks? This week, we explore rising concentration within major equity indices, how Russell reconstitution is reshaping portfolios, and where opportunities could emerge if market leadership broadens beyond Big Tech.  We also examine an unlikely scarcity story: hazardous waste. With disposal capacity constrained for decades, critical waste infrastructure operators are benefiting from increasingly attractive industry dynamics. Finally, we discuss recent cracks in the AI trade as weakness spreads into high yield credit. We explore pressure on AI-linked data center bonds, the impact of new supply, and whether recent volatility may create opportunities for investors.
 
"Bank of America" and “BofA Securities” are the marketing names for the global banking businesses and global markets businesses (which includes BofA Global Research) of Bank of America Corporation. Lending, derivatives, and other commercial banking activities are performed globally by banking affiliates of Bank of America Corporation, including Bank of America, N.A., Member FDIC. Securities, trading, research, strategic advisory, and other investment banking and markets activities are performed globally by affiliates of Bank of America Corporation, including, in the United States, BofA Securities, Inc. a registered broker-dealer and Member of FINRA and SIPC, and, in other jurisdictions, by locally registered entities. ©2026 Bank of America Corporation. All rights reserved.

Please join Sphia Salim for a discussion with the global rates team on the implications of all the central bank decisions taken this week. We will review the exceptionally uncertain Fed meeting and debate the outlook for 2y & 10y UST yields. We will also discuss the takeaways from the guidance provided by the BoE and BoJ. The call took place on Friday, July 31st, 2026.
 
"Bank of America" and “BofA Securities” are the marketing names for the global banking businesses and global markets businesses (which includes BofA Global Research) of Bank of America Corporation. Lending, derivatives, and other commercial banking activities are performed globally by banking affiliates of Bank of America Corporation, including Bank of America, N.A., Member FDIC. Securities, trading, research, strategic advisory, and other investment banking and markets activities are performed globally by affiliates of Bank of America Corporation, including, in the United States, BofA Securities, Inc. a registered broker-dealer and Member of FINRA and SIPC, and, in other jurisdictions, by locally registered entities. ©2026 Bank of America Corporation. All rights reserved.

Unlocking new markets, from broadband to the moon
The SpaceX IPO has renewed investor interest in the rapidly evolving space economy. But to understand the opportunity that space may present requires an understanding of launch costs and to what extent they can continue to decline. US Aerospace and Defense analyst Ron Epstein explains the economics underpinning the next phase of space development. Ron discusses how advances in rockets have already reduced launch costs from roughly $20,000 per kilogram to as little as $1,000-$2,000, with the potential to fall toward $100 per kilogram. The conversation explores the hurdles to and promise of further declines in costs, the importance of reusability and how dramatically lower launch costs, if achieved, could unlock new markets-from global broadband and orbital data centers to next-generation defense, space manufacturing, and lunar resource development. We also discuss some of the unique challenges space-based data centers-launch costs matter but so do cooling solutions.
 
"Bank of America" and “BofA Securities” are the marketing names for the global banking businesses and global markets businesses (which includes BofA Global Research) of Bank of America Corporation. Lending, derivatives, and other commercial banking activities are performed globally by banking affiliates of Bank of America Corporation, including Bank of America, N.A., Member FDIC. Securities, trading, research, strategic advisory, and other investment banking and markets activities are performed globally by affiliates of Bank of America Corporation, including, in the United States, BofA Securities, Inc. a registered broker-dealer and Member of FINRA and SIPC, and, in other jurisdictions, by locally registered entities. ©2026 Bank of America Corporation. All rights reserved.

This week on Signals & Noise, Mark Cabana, co-head of Global Rates Strategy, breaks down the highly anticipated July FOMC meeting, explaining why markets face unusual uncertainty over the Fed's next move. He discusses the case for both holding rates steady and raising them and examines what a surprise hike could mean for Treasury yields, inflation expectations, and financial markets.
 
"Bank of America" and “BofA Securities” are the marketing names for the global banking businesses and global markets businesses (which includes BofA Global Research) of Bank of America Corporation. Lending, derivatives, and other commercial banking activities are performed globally by banking affiliates of Bank of America Corporation, including Bank of America, N.A., Member FDIC. Securities, trading, research, strategic advisory, and other investment banking and markets activities are performed globally by affiliates of Bank of America Corporation, including, in the United States, BofA Securities, Inc. a registered broker-dealer and Member of FINRA and SIPC, and, in other jurisdictions, by locally registered entities. ©2026 Bank of America Corporation. All rights reserved.

This week on Must Read Research, we look back at prior semiconductor selloffs for clues on what may come next and revisit our recent Transforming World Conference for an understanding of the breakthroughs and challenges AI may create tomorrow. Power remains a key constraint for the technology, creating opportunities for traditional oil & gas companies.  We also look at emerging market debt where asset class growth and historical returns should impress even AI investors. 
 
"Bank of America" and “BofA Securities” are the marketing names for the global banking businesses and global markets businesses (which includes BofA Global Research) of Bank of America Corporation. Lending, derivatives, and other commercial banking activities are performed globally by banking affiliates of Bank of America Corporation, including Bank of America, N.A., Member FDIC. Securities, trading, research, strategic advisory, and other investment banking and markets activities are performed globally by affiliates of Bank of America Corporation, including, in the United States, BofA Securities, Inc. a registered broker-dealer and Member of FINRA and SIPC, and, in other jurisdictions, by locally registered entities. ©2026 Bank of America Corporation. All rights reserved.

As AI enthusiasm drives markets to new highs, investors are increasingly asking whether the boom has become a bubble. In this episode of Signals & Noise, Ben Bowler and Arjun Goyal explore why today's AI-driven market shares many of the characteristics of past technological booms while arguing that the current cycle may still have room to run. They discuss BofA's proprietary Bubble Risk Indicator (BRI), a tool designed to identify bubble-like price behavior across asset classes, and explain why volatility often rises alongside prices during periods of intense investor optimism. The conversation examines how FOMO, uncertainty, and increasingly reflexive markets can create powerful momentum, as well as the practical implications for investors managing risk in AI-related equities, semiconductors, memory stocks, commodities, and other crowded trades. The key takeaway: in today's market, understanding psychology and market dynamics may be just as important as understanding fundamentals.
 
"Bank of America" and “BofA Securities” are the marketing names for the global banking businesses and global markets businesses (which includes BofA Global Research) of Bank of America Corporation. Lending, derivatives, and other commercial banking activities are performed globally by banking affiliates of Bank of America Corporation, including Bank of America, N.A., Member FDIC. Securities, trading, research, strategic advisory, and other investment banking and markets activities are performed globally by affiliates of Bank of America Corporation, including, in the United States, BofA Securities, Inc. a registered broker-dealer and Member of FINRA and SIPC, and, in other jurisdictions, by locally registered entities. ©2026 Bank of America Corporation. All rights reserved.

Please join Mark Cabana for a discussion with credit strategist Yuri Seliger & rates strategist Meghan Swiber. Yuri will discuss the outlook for hyerscaler issuance & IG outlook, Meghan will place in context of broader rates. The call took place on Friday, July 24, 2026 at 9 AM EDT, 2 PM BST, 3 PM CEST.
 
"Bank of America" and “BofA Securities” are the marketing names for the global banking businesses and global markets businesses (which includes BofA Global Research) of Bank of America Corporation. Lending, derivatives, and other commercial banking activities are performed globally by banking affiliates of Bank of America Corporation, including Bank of America, N.A., Member FDIC. Securities, trading, research, strategic advisory, and other investment banking and markets activities are performed globally by affiliates of Bank of America Corporation, including, in the United States, BofA Securities, Inc. a registered broker-dealer and Member of FINRA and SIPC, and, in other jurisdictions, by locally registered entities. ©2026 Bank of America Corporation. All rights reserved.