BCA clients are turning decidedly more bullish on US equities.

Half now expect the S&P 500 to gain at least 10% over the next 12 months, up from just 29% three months ago. That shift mirrors our strategists’ recent upgrade of global equities to overweight.

Strong cloud growth, expanding margins, falling leverage and improving consumer conditions all support the outlook. But one risk looms: a major AI IPO that resets market sentiment.