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Bank of America says there are two things that will drive the next bull run in stocks

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An undervalued artificial intelligence play and a resilient consumer could underpin the next uptick in stocks, the firm posits.

Artificial intelligence's influence on increased productivity and a strong consumer could underpin the next bull run on Wall Street, according to Bank of America. Savita Subramanian, head of U.S. equity and quantitative strategy, said Wednesday that AI advancements will streamline worker productivity and drive future growth for stocks outside of "The Magnificent Seven" that markets have yet to fully capture.

Group members Nvidia and iPhone maker Apple have surged more than 200% and more than 40%, respectively. Subramanian also highlighted resilient consumer spending as another bull case for Wall Street, noting the U.S. in particular is better suited in this sector compared to other regions due to fixed mortgage rates locked in before the Federal Reserve ended its quantitative easing cycle.

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