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Magnificent 7's cash advantage eroded by AI spending, warns Bank of America strategist

Michael Hartnett, who coined the term in 2023, says the tech giants' shift from cash generators to heavy borrowers ties their fortunes to the bond market, while political backlash poses a separate risk.

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Michael Hartnett, who coined the term in 2023, says the tech giants' shift from cash generators to heavy borrowers ties their fortunes to the bond market, while political backlash poses a separate risk.

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