(https://www.cnbc.com/2026/08/07/bank-of-america-says-bullishness-highest-since-2021-so-its-time-to-bail-on-risk-assets.html) and the playbook is obvious: rotate into "AI picks-and-shovels" names like AMAT because the semiconductor capex cycle is real, right? Here's the problem — when institutional conviction gets this high on a single narrative, the *quality* of future guidance doesn't matter.

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