Global equity funds have seen inflows of nearly $70 billion in the past seven weeks.
U.S. stock valuations have soared relative to the rest of the world.
The strategists' call is at odds with growing concerns that the frenzy around AI this year has run too hot.
Goldman sees further gains, while Morgan Stanley says signs point to the end of the rally.
A “baby bubble” in AI was the dominant market theme in May.
After rallying more than 8% in the first four months of the year, the S&P 500 has meandered in May.
Bank of America has an opposite outlook and is raising its 2023 price targets.
The fund manager is among a chorus of market participants bullish on AI-related stocks.
Most clients “believe it will ultimately get resolved, but not without some near-term volatility,” he wrote.
Funds may have to turn bullish on global equities if stocks continue to rally, they said.
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