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ReutersActive US funds tally best quarterly outperformance since 2007, BofA says
Actively managed U.S. equity funds in the first quarter posted their best quarterly out-performance since 2007, BofA Global Research strategists said. In the first quarter, 64% of actively managed U.S. large-cap mutual funds beat their Russell 1000 benchmarks, compared to just 38% last year, BofA’s data showed. The Russell 1000 rose about 10%.
ReutersBofA lifts 2024 S&P 500 profit forecast as AI enters 'virtuous cycle'
The brokerage raised its 2024 earnings per share (EPS) forecast for the index companies to $250 from the previously expected $235. BofA strategists said that "2023 was a transition year for Corporate America, and companies have now adjusted to the new higher rate and tepid demand environment." The brokerage expects technology giants such as Microsoft, Amazon, Alphabet, and META to spend $180 billion on capital expenditure this year, potentially benefiting from a "virtuous cycle" stemming from investments in artificial intelligence (AI).
ReutersBofA clinches record number of patents with AI, information security in focus
Bank of America secured a record 644 U.S. patents in 2023, up 13% from the previous year, as the lender focused on information security, artificial intelligence (AI) and machine learning, it said on Wednesday. "Innovation is everybody's business - this is not a lab or some small group tucked away," said Aditya Bhasin, BofA's Chief Technology and Information Officer. BofA also clinched patents in programming technology, online or mobile banking and payments last year, it said.
