Savita Subramanian, Head of U.S. Equity and Quantitative Strategy at Bank of America, is cautious on the U.S. stock market. She is concerned that increased leverage related to AI buildout, coupled with unusually tight credit spreads, could signal an impending deterioration in the credit cycle. This led her to set a year-end target price of 7,100 for the S&P 500 in a Bloomberg survey of over 20 strategists, the lowest on Wall Street, implying a 7.5% decline from Wednesday's closing price.