UBP keeps constructive view on selected US tech as AI monetisation gains visibility
QQQ•Fixed income and gold views
The bank favored selected high-yield and emerging-market debt to boost carry, with preference for local-currency and frontier opportunities.
Gold ended July near $4,050/oz, about 28% below its January peak; the bank sees improving risk-reward into year-end.
UBP stays constructive on selected US technology
Union Bancaire Privee kept a balanced risk stance for August 2026, urging investors to stay invested despite elevated valuations and rate uncertainty.
It maintained a constructive view on selected US technology, citing second-quarter evidence that AI spending is translating into revenues; cloud growth averaged 43%.
US technology leaders posted second-quarter earnings growth of 69.4%, led by semiconductors; broader S&P 500 median EPS growth reached 17%.
