His remarks on AI financing are notable for equity markets, suggesting BofA sees limited risk that higher rates derail the current capex cycle, which could support sentiment toward AI infrastructure and semiconductor names even in a higher rate environment. ---BofA's Moynihan says the Fed likely needs three more hikes this year to tame inflation, but doesn't expect that to derail the AI infrastructure boom. He noted, however, that the outlook could shift if inflation data continues to surprise to the downside, pointing to a recent month in which price growth came in better than expected. "But right now, they think that three hikes gets the Fed in a place that they can have the inflation tamed." He said he does not expect further rate increases to meaningfully affect the short-term financing companies are using to fund data center and AI infrastructure projects.