[UBS strategists believe there is room for widespread gains in AI-related stocks] September 15th, UBS strategists said that as AI-related expenditures are increasingly converted into profits in the industrial, healthcare, utility and financial industries, the stock market rally driven by the AI ​​concept has not subsided, but is spreading. The team led by Bhanu Baweja favors maintaining exposure to the AI ​​sector while enhancing protection against macro risks that are undervalued by the market. They predict that the S&P 500 Index will rise to 8100 points by the end of 2026, which is about 6% higher than Monday's closing price, and rise to 8900 points in 2027; the European Stoxx 600 Index is expected to rise to 690 points by the end of 2026, an increase of about 8%, and further rise to 760 points by the end of next year. Strategists said that although the economic growth rate is not very high, the unusually strong earnings indicate that the AI ​​capital spending cycle is spreading beyond hyperscale cloud service providers and chip manufacturers. They also believe that the market's view on the long-term interest rate outlook is too hawkish, and expect the Federal Reserve to begin cutting interest rates in June 2027; they predict that gold prices will reach $5,000 by the end of the year, and believe that gold remains the preferred hedge against fiscal, geopolitical and currency risks.