Skip to navigationSkip to main contentSkip to right columnADVERTISEMENTAditi GangulyFri, June 12, 2026 at 7:15 PM GMT+2 11 min readMoneywise and Yahoo Finance LLC may earn commission or revenue through links in the content below.Amid a fire hose of financial forecasts and guidance from endless talking heads, CEOs, social media personalities and others, more and more industry watchers are pointing to telltale signs that the stock market’s bull run can’t last much longer.One of these is Michael Hartnett, managing director and chief investment strategist at the Bank of America’s research arm. He issued some guidance to clients this past week that’s very telling of his blunt prognosis for the current AI frenzy: prepare for the bubble to burst.Top PicksThe ultra-rich use these 5 real estate strategies to build wealth while they sleep — you can start with just $100The IRS usually taxes gold as a collectible — but this little-known strategy lets you hold physical bullion tax-free. Get your free guide from Priority GoldDave Ramsey warns nearly 50% of Americans are making 1 big Social Security mistake — here’s how to fix it ASAPHartnett — who coined the term The Magnificent Seven (1) for the seven largest tech stocks — hasn’t written Substack diatribes or given tons of interviews, as industry gurus like Michael Burry, Jamie Dimon and others (2) have. But his “post-bubble roadmap” offers a stark picture. His research report, The Flow Show, is not available publicly (3), but excerpts have been published (4).Today’s trend looks a lot like past crises — including the dot-com bubbleOn Friday, yet another unignorable, potentially calamitous pattern emerged in the S&P 500 that pricked the ears of Hartnett and others. While the index hit another record closing high (5), it was only 21 stocks that led it there — just one more than the 20 that propelled the dot-com bubble to its peak before everything came crashing down in 2000.Other key red flags behind recent performance include what Hartnett called “speculative” and “exponential price action;” overvaluation of firms that have yet to produce earnings relative to their stock price; a high bull & bear indicator; extreme imbalance and over-concentration, with only 10 stocks comprising two-fifths of the index’s power; and the fact that the vast majority of S&P components (upwards of 330) are now sitting at 20-40% below their previous highs.All of this and more has driven Hartnett and his team to issue some simple advice that he believes will prove necessary in the near future.To mitigate the damage of a potential correction, they suggest the tried-and-true strategy of leaning into bonds — a historically reliable, but perhaps boring area of the market that isn’t high-flying right now.Terms and Privacy PolicyPrivacy & Cookie SettingsMore Info