Report published August 17, 2026
How Can I Broaden Beyond Tech in US Equities? | UBS Portfolio Positioning
Source and citation context
- Issuer
- UBS
- Report date
- August 17, 2026
- Analysis as of
- Not stated in source
Authors / editors: David Lefkowitz (CIO Head of US Equities), Nadia Lovell (Head of Global Equity Strategy & Management), Daisy Tseng (Strategist)
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.
UBS expects US equity markets to move higher over the next 12 months, reaching an S&P 500 level of 8,200 by June 2027 as earnings broaden beyond megacap tech. Investors are advised to rebalance concentrated portfolios across preferred sectors including consumer discretionary, financials, health care, industrials, and utilities.
Key Takeaways
- 1.AI remains a strong structural growth theme with capex expected to reach near USD 1tr in 2027, but US market gains are expanding beyond megacap tech.
- 2.Macro resilience and solid earnings support an S&P 500 target of 8,200 by June 2027, with EPS estimates of USD 335 (+20%) this year and USD 375 (+12%) next year.
- 3.Investors are advised to diversify US equity allocations into preferred cyclical and defensive sectors—consumer discretionary, financials, health care, industrials, and utilities—and consider capital-preservation structured investments.
Table of Contents
- Key message
- 01 We believe AI remains a powerful structural investment opportunity.
- 02 But we expect future gains to come from a broader range of sectors, beyond US megacaps.
- 03 We believe investors should take steps to rebalance concentrated positions.
- New this week
- One liner
- Did you know?
- Investment view
- Non-Traditional Assets
- Disclaimer
Report data
Key figures extracted from this report
| Metric | Estimate | Context |
|---|---|---|
| AI-related capex forecast | 1 USD tr | Projected global AI-related capex driven by semiconductor and infrastructure constraints. |
| S&P 500 Target | 8200 index points | UBS price target for the S&P 500 index. |
| S&P 500 EPS Estimate (Current Year) | 335 USD | Earnings per share estimate for the S&P 500. |
| S&P 500 EPS Estimate (Next Year) | 375 USD | Earnings per share estimate for the S&P 500 next year. |
| Russell 2000 Weekly Return | 1.2% | Weekly performance of Russell 2000 outperforming large-cap indices. |
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Authors / Editors
Reported Data Context
- AI-related capex forecast: 1 USD tr (2027) · Source: UBS
- S&P 500 Target: 8200 index points (June 2027) · Source: UBS
- S&P 500 EPS Estimate (Current Year): 335 USD (2026) · Source: UBS
- S&P 500 EPS Estimate (Next Year): 375 USD (2027) · Source: UBS
- Russell 2000 Weekly Return: 1.2 % (Week ending 14 August 2026)