UBS
May 25, 2026
Equity Compass
Monthly UpdateEquitiesMacro Economic IndicatorsInformation TechnologyIndustrials
UBS maintains an Attractive view on global equities, specifically targeting 7,900 for the S&P 500 by year-end 2026. The outlook is driven by resilient growth and structural trends in AI, power, and longevity, despite ongoing Middle East geopolitical tensions.
Key Takeaways
- 1.Maintains an 'Attractive' view on US equities, raising the S&P 500 index target to 7,900 for year-end 2026 and 8,200 for June 2027.
- 2.Structural growth is driven by the 'TRIOs': Artificial Intelligence, Power and Resources, and Longevity.
- 3.Asia ex-Japan EPS growth forecast significantly raised to 62% for 2026, driven by memory prices and the AI-driven expansion.
Table of Contents
- Executive summary
- Our preferences
- Our top picks
- Global outlook
- Regional perspectives
- Transformational Innovation Opportunities (TRIOs)
- Tactical opportunities and Longer-term investments in focus
- Risk table
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Authors
Moritz VontobelMatthew GilmanRudolf LeemannNadia Lovell
Securities
NVDA2330ASMLLLYSPX
Themes
AI Infrastructure BuildoutEnergy Security and InfrastructureThe Obesity Treatment Boom
Regions
North AmericaEuropeAsia PacificUnited StatesChinaJapan