Bullish AI-stock calls and mutual funds’ below-benchmark exposure

On September 22, 2026, Benzinga said Dan Ives sees tech stocks in a “1997 moment,” not a 1999–2000 bubble, arguing that the AI spending cycle is still early. It also quoted Tom Lee saying the “probability of a massive rally” is high as earnings outpace the broader market.

The same day, The Kobeissi Letter said large-cap mutual funds were about 1.75 percentage points underweight AI-exposed stocks versus their benchmarks—the largest such gap on record. The figures exclude Amazon, Broadcom, Alphabet, Meta, Microsoft and Nvidia. It put AI-exposed holdings at 13.0% of the average large-cap mutual fund portfolio, compared with 14.8% in their respective benchmarks.