Bank of America lays out the exact scenario that could finally pop the stock market's AI bubble

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• Bank of America says the ongoing "anything but bonds" bull market has led to a very top-heavy stock market.
• The firm is watching real 10-year yields and credit spreads for signals of when that AI-led rally could end.
• BofA says higher yields and tighter spreads could sound recession alarms and spur a stock sell-off.

Bank of America has coined a phrase for what's going on in markets right now, calling it an "anything but bonds" bull run.