Bank of America's "Triple Momentum" model points the way: sectors such as gold, national defense, nuclear energy, and rare earths are leading the global performance. Investors are still significantly underweight in quantum and AI stocks.

Bank of America Corp's "triple momentum" analysis shows that the performance of sub-sectors such as gold (GLD), defense (ITA, XAR), nuclear energy (NLR, NUKZ), and rare earths surpasses all global major industry sectors. This indicator analysis, which combines profitability, price, and news momentum, shows that actively managed long funds maintain positions close to benchmark weights in these sectors. The evaluation system combines the above momentum characteristics, stock rankings, investor positioning, and valuation trends to comprehensively present the current market sentiment. Bank of America points out that this approach aims to determine how much of each industry has been "priced in", providing guidance to investors to help them find potential opportunities in these strong-performing themes. Leading stocks in each theme Bank of America's quantitative strategist selected leading stocks within each investment theme. In the US market, Celestica (CLS.US), Seagate Technology Holdings PLC (STX.US), Western Digital Corporation (WDC.US), Lumentum Holdings (LITE.US), and Amkor Technology (AMKR.US) rank highest in the "triple momentum" in the artificial intelligence (AI) theme. In the defense theme, the top-ranked stocks are IonQ (IONQ.US), V2X (VVX.US), General Dynamics (GD.US), BWX Technologies (BWXT.US), and Leidos (LDOS.US). In the gold theme, the top-ranked stocks are New Gold (NGD.US), Equinox Gold (EQX.US), IAMGOLD Corp. (IAG.US), Barrick Mining (B.US), and Dundee Precious (DPMLF.US). In the nuclear energy theme, the top-ranked stocks are Talen Energy (TLN.US) and BWX Technologies (BWXT.US). In the quantum computing theme, the top-ranked stocks are Quantum Computing (QUBT.US), IonQ, and NVIDIA Corporation (NVDA.US). Lastly, in the rare earths theme, the top-ranked stock is MP Materials (MP.US). Position analysis and valuation insights Investment position data also reveals a significant phenomenon - despite strong momentum in the quantum and AI sectors, investors are still significantly underweight in these two sectors. Bank of America strategists explain that this phenomenon is "mainly because it is difficult to overweight heavily weighted components", but they also point out that funds are actively buying in all themes, with the quantum computing theme ETF (QTUM) showing the most significant increase in holdings over the past year. Furthermore, Bank of America's Global Chief Quantitative Strategist Nigel Tupper states that there are significant differences in valuation indicators between sectors, which are important references for potential future performance. The analysis indicates, "the expected price-to-earnings ratio is highest in the rare earths sector, while the expected price-to-earnings ratio is lowest in the gold sector", providing a reference for relative valuation levels. Bank of America strategists further observe, "the price-to-book ratio is highest in the quantum computing sector, while the price-to-book ratio is lowest in the nuclear energy sector", indicating that these investment themes exhibit different risk-return characteristics.