Global Research Unlocked

This week, T.J. Thornton, Head of Research Marketing at BofA Global Research, fills in for Candace Browning to explore the resources and technologies powering the next phase of AI. We examine whether quantum computing can help address AI’s growing energy demands, why billion-dollar startups remain remarkably rare despite the surge in AI unicorns, and how data centers, grids and electric vehicles are tightening the global copper market. We also look at whether a 38% semiconductor selloff may be approaching historical limits and what could help set the stage for a recovery.   "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 strategists and economists to discuss reactions to the payroll report, US midterms, & UST refunding. We will discuss implications for the US growth, inflation, & Fed path outlook; we will also discuss rate implications. The call took place on Friday, November 6, 2026 at 10 AM ET, 3 PM GMT, 4 PM CET.   "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 looks at how politics and the AI investment cycle are reshaping the financial conversation. We explore why Washington gridlock has historically been a favorable backdrop for stocks, why strong earnings breadth hasn’t been enough to satisfy investors in Alphabet and Meta, and how the AI funding boom is spilling into credit markets, including Oracle. We also examine the growing ties between Tesla and SpaceX, and what a potential combination could mean for AI infrastructure, manufacturing and shareholders.   "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.

Ralf Preusser, Mark Cabana, Sphia Salim and Agne Stengeryte discuss the outlook for global rate markets following the policy decisions by the Fed, ECB, BOC, RBNZ and BoJ and ahead of the decisions by the RBA and BoE. We will also share our thoughts on the UK budget and the US refunding announcement as well as upcoming data releases.   "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.

AI Semis: Spending strong, investor concerns build AI capex has seen upward revisions for years, and estimates for many semiconductor stocks have followed. Positioning in the semiconductor index may have gotten excessive around the June highs, but there have also been less positive developments since, from cancelled IPOs to widening credit spreads for neocloud companies. Combined with continued concerns around open models and AI pricing, these developments have fueled investor fears about the pace of AI spending growth. Vivek Arya joins the podcast to discuss his latest views on semiconductors, what the group needs to resume its upward trend, the sustainability of memory pricing, and how developments in AI models and efficiency could impact chip demand. He also looks to past semiconductor cycles for clues on how much longer this upcycle may last.   "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.