Barclays is casting doubt on the durability of the recent rebound in US equities, warning that a market structure riddled with weak spots leaves risk assets, cryptocurrencies included, exposed to another leg lower.

Alexander Altmann, the bank’s global head of equity tactical strategies, said the recovery that followed a stretch of heavy selling has not resolved the problems underneath it. He pointed to narrow market breadth, lackluster performance in growth shares, only a partial bounce among so-called neocloud companies, persistent softness in crypto and a stalling quality factor.

At the center of the concern is whether investors have properly accounted for the risks embedded in the artificial intelligence trade, which has done much of…