[UBS: AI infrastructure supports half of global growth; capital expenditures by cloud vendors will reach US$1.75 trillion next year] On November 10, UBS Chief Economist Arend Kapteyn predicted that the acceleration of economic growth in 2027 will be mainly driven by investment in AI infrastructure. He expects capital expenditures by hyperscale cloud vendors to reach $1.75 trillion next year, but public opposition to data centers may delay short-term spending, and stock market performance will also have a significant impact on the forecast. He also expects that as the inflationary impact of tariffs, energy and memory chip prices gradually subsides, the macro environment in 2027 will become increasingly conducive to a fall in inflation. Monetary policy will only be tightened slightly, and previous interest rate hikes will be reversed in 2028.