Artificial-intelligence stocks remain in a boom phase rather than euphoric territory, according to a Bank of America Corp. survey that found most investors still chasing the rally. The research suggests fear of missing out continues fueling demand, indicating the trade isn't overheating despite rapid gains.

AI equities have surged throughout 2024 as companies race to integrate machine learning capabilities. Major indices tracking these stocks have delivered outsized returns compared to traditional sectors. Yet the BofA data signals investors view this as early-to-mid stage momentum rather than a speculative blow-off top.

The distinction matters because boom-phase rallies typically extend longer than euphoric surges. When investors acknowledge they're buying simply because prices keep rising, markets often have additional runway before exhaustion sets in. This psychology supports continued inflows into AI-focused funds and equities.

For portfolio managers, the message is clear: AI exposure still carries favor among institutional investors. The survey implies positioning for further upside rather than taking profits, which could sustain the sector's leadership in equity markets.