Transformational Innovation Opportunities Artificial Intelligence

UBS maintains a strategic overweight in the semiconductor sector despite profit-taking. The firm views the supply-demand imbalance in the AI hardware ecosystem as a multi-year growth catalyst.

Key Takeaways

• 1.Reduced semiconductor/hardware weight in AI portfolio from ~76% to 61%.
• 2.Semiconductor demand story remains intact due to cloud acceleration and agentic AI workloads.
• 3.Maintaining overweight in semicaps and foundries due to supply deficit and supportive economics.

Table of Contents

• Our view
• AI selection list
• ASML
• TSMC
• Risk and concluding thoughts

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