Bank of New York Mellon shares rise 70% on strong cost control and AI-driven growth.

Bank of New York Mellon (BK) has seen its share price increase by 70% over the past year, driven by effective cost management and operational efficiency enhanced by AI technology. The company's low-risk business model, with minimal credit exposure and diversified fee-based income, supported a 13% revenue growth and a 78% rise in pre-tax profit excluding interest in the first quarter. Despite strong performance and a new $10 billion share buyback program, BK's valuation at around 15 times earnings suggests limited potential for further multiple expansion, leading to a 'Hold' rating recommendation.