Report published September 1, 2026
UBS Research: European Information Technology Sector Strategy & Equity Preferences
UBS · September 1, 2026
UBS Chief Investment Office retains an Attractive rating on the European Information Technology sector, driven by strong AI-related demand for semiconductor equipment and enterprise cloud migration. Top conviction ideas within the Most Preferred list include ASML, ASM International, and SAP.
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Finvaulta summarizes UBS's analysis. Attribute opinions, forecasts, time-sensitive values, and chronology to the issuer and report date; do not treat this page as an independent verification or a current market-data source.
Key Takeaways
- 1.UBS maintains an Attractive sector rating on Eurozone IT, driven by AI-related semiconductor equipment demand, cloud software migration, and consensus EPS growth projected to accelerate from 14% in 2026 to 24% in 2027.
- 2.Top picks are ASML, ASM International, and SAP, benefiting from Moore's Law scaling, the gate-all-around (GAA) transistor architecture shift, and high-visibility enterprise cloud migration.
- 3.The benchmark has shifted from equal-weighted to the MSCI Europe Information Technology Index, leading to concentrated active weights including 56.0% in ASML and 17.0% in SAP.
Table of Contents
- European Information Technology
- Equity preferences
- Positioning and key trends
- Summary of recent results
- Ad hoc changes
- Sustainability considerations
- Equity selection
- About the authors
- Producers, disseminators and their competent authorities
- Frequency of updates
- Equity selection system
- Global asset class preferences definitions
- Statement of Risk
- Risk information
Report data
Key figures extracted from this report
| Metric | Estimate | Context |
|---|---|---|
| Forward P/E | 28.2 x | Eurozone IT sector forward valuation multiple compared to its 15-year historical average of 21x |
| Consensus Sector EPS Growth | 14.0% | European Information Technology sector projected consensus EPS growth rate for 2026 |
| Consensus Sector EPS Growth | 24.0% | European Information Technology sector projected consensus EPS growth rate for 2027 |
| ASML Portfolio Weight | 56.0% | ASML's weight in the UBS European Information Technology Equity Preference List |
| BESI AI System Sales Share | 60.0% | Share of BE Semiconductor Industries system sales driven by artificial intelligence applications |
Reports in this series
Equity Preference List is shown in chronological order through this edition, published on September 1, 2026.
Part of the Equity Preference List series — view all 13 editions
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