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Deutsche Bank strategist Parag Tawde said that since the peak of the COVID-19 pandemic in early 2020, computer-guided traders have never been more bullish on stocks compared to human traders. These two groups form their opinions based on different clues, so it is not surprising that they have different views on the market. Computer-driven short-term quantitative traders use systematic strategies based on momentum and volatility signals, while independent fund managers guide their operations through analysis of economic and profit trends. However, Tawde said that such a level of divergence is rare and historically does not last long. "Independent investors are waiting for something to change, whether it's a slowdown in economic growth or inflation soaring in the second half of the year," he said. "As data is gradually released, if the market falls due to growth concerns, their concerns will be proven right; or if the economy remains resilient, independent fund managers may start increasing their equity exposure due to optimism about the economy."