On August 19, Bank of America's latest Global Fund Manager Survey revealed that global investor risk appetite is rapidly increasing. As U.S. stocks approach record highs again, fund managers' equity allocations have risen to a five-year high, while cash levels have dropped to 3.5%, indicating a clear recovery from previous concerns over growth slowdown and an AI bubble. BofA strategist Michael Hartnett noted that a record 56% of surveyed fund managers expect no significant "hard landing" slowdown in the global economy. In other words, the market's mainstream positioning is betting on economic resilience and continued corporate earnings expansion, with risk assets still supported by liquidity. Notably, the survey shows that AI capital expenditure has not yet become a core concern for investors. Despite tech giants continuously increasing budgets for data centers, GPUs, servers, and power infrastructure, and growing market discussions about "AI spending overheating," the BofA survey indicates that fund managers are currently not overly worried about growth, interest rate hikes, AI capital spending, or U.S. political risks.