UBS Research: Weekly Power Brief #81: Fundamentals Beyond the Headlines

Key Takeaways

• 1.Recent negative headlines regarding AI development guardrails, data center moratorium risks, and rate expectations create an attractive valuation entry point without impairing core earning power.
• 2.Electrification demand extends far beyond AI data centers, which represent only 8% of the projected USD 32tr global electrical infrastructure capex over the coming decade.
• 3.Management commentary across electrical equipment and industrial companies confirms robust long-cycle backlogs and accelerating short-cycle book-and-ship orders heading into 3Q results.

Table of Contents

• Weekly performance update
• Thoughts of the week
• A barrage of disquieting headlines—what do they mean for Power and resources?
• US industrial companies strike a positive tone into 3Q earnings
• Forgent Power Solutions
• Eaton
• Honeywell
• GE Vernova (not in P&R, but a peer to Siemens Energy and Mitsubishi Heavy)
• Glencore updates
• Quotes of the week
• Risk table
• 12-month CIO selection changes history
• Equity selection system
• Equity selection: An assessment relative to a benchmark
• Global asset class preferences definitions
• Current CIO GWM Americas global rating distribution
• Current UBS CIO global rating distribution (as of last month-end)

Report data

"Power and resources" selection list — as of August 27, 2026.

Reports in this series

Weekly Power Brief is shown in chronological order through this edition, published on September 28, 2026.

Part of the Weekly Power Brief series — view all 3 editions

1. Aug 27Transformational Innovation Opportunities (TRIO) en 1665079
2. Sep 4Transformational Innovation Opportunities (TRIO) en 1665866