Michael Hartnett: U.S. stocks now show characteristics similar to the 2000 bubble

According to a report by Bank of America Chief Investment Strategist Michael Hartnett, the current US stock market closely resembles the peak stage of the 2000 internet bubble. The S&P 500 reached an all-time high in May, but only 20 component stocks hit new highs simultaneously, mainly concentrated in the AI and semiconductor sectors. In May, Micron Technology rose 87.8%, SK Hynix increased 81%, Advanced Micro Devices climbed 45.6%, and Samsung Electronics surged 43%. The Nasdaq gained 25% from April to May, marking its best two-month performance in over 20 years, yet market breadth indicators have weakened. Hartnett suggests increasing long-term bonds and defensive allocations to prepare for potential pullback risks.