AI Productivity Is Real. 83% of Stocks Are 10% Off Highs. Why Does Barry Ritholtz Like Bonds Again?

AI boosts advisor productivity and research speed, but offers no durable investing edge amid narrowing market breadth and swelling AI-linked valuations and credit risk.

• Breadth is narrowing: Barry Ritholtz notes 83% of S&P 500 stocks are down 10%+ from 52-week highs and 42% are down 20%, even at index all-time highs.
• AI CapEx props up GDP: Ritholtz says backing out AI capex and data-center spending would leave the economy 'slightly contracting.'

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