Materials sector positioned to gain from AI spending, defense growth and housing demand, says BofA

Bank of America believes the materials sector could emerge as one of the next major beneficiaries of several powerful global trends, despite currently representing only around 2% of the S&P 500’s total market value, close to its smallest weighting in three decades. According to BofA chief strategist Michael Hartnett, the sector is “set to join new bulls on the block,” supported by rising geopolitical competition for natural resources, rapidly expanding artificial intelligence investment, higher