BofA highlights the recent movement in precious metals and nuclear stocks, which showed clear signs of euphoria and underwent a sharp correction on the 17th.

Interestingly, within the bank's "bubble framework" metric, QQQ (tech ETF) doesn't even appear among the top 20.

In other words, while the narrative of excess usually focuses on tech, it is gold, silver, and mining companies that currently hold the most visible bubble risk.