UBP keeps constructive view on selected US tech as AI monetisation gains visibility

• Union Bancaire Privee kept a balanced risk stance for August 2026, urging investors to stay invested despite elevated valuations and rate uncertainty.
• Maintained constructive view on selected US technology, citing Q2 evidence that AI spending is translating into revenues; cloud growth averaged 43%.
• US technology leaders posted Q2 earnings growth of 69.4%, led by semiconductors; broader S&P 500 median EPS growth reached 17%.
• Fixed-income view favored selected high-yield and emerging-market debt to boost carry, with preference for local-currency and frontier opportunities.
• Gold ended July near USD 4,050/oz, about 28% below its January peak; bank sees improving risk-reward into year-end.

Disclaimer: This news brief was created by Public Technologies (PUBT) using generative artificial intelligence. While PUBT strives to provide accurate and timely information, this AI-generated content is for informational purposes only and should not be interpreted as financial, investment, or legal advice. Union Bancaire Privee UBP SA published the original content used to generate this news brief on August 12, 2026, and is solely responsible for the information contained therein.