US equities have soared this year as investors looked past the earnings recession.
The S&P 500 has advanced 19% this year, almost the same return it posted in 2019 over the same period.
After the blistering gains in AI stocks, the focus for now is on the technology's impact on corporate bottom lines.
Investor exposure to the S&P 500 remains extended and one-sided, bank analysts said.
The Stoxx Europe 600 is trading at a 36% discount to the S&P 500.
The technology sector saw $2 billion outflows in the five trading days through June 21.
Goldman sees further gains, while Morgan Stanley says signs point to the end of the rally.
Investors poured $3.8 billion into technology stocks in the week through May 10.
The firm's view runs counter to the expectations of most analysts.
They are forecasting “roughly flat” earnings growth in most regions this year.
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