Artificial intelligence-related trades have regained momentum, driving the latest round of gains in U.S. stocks. Recently launched AI models and products have made positive progress in market applications, further boosting investor confidence. Without making investment judgments on individual stocks, it is worth noting that driven by the growing demand for customized data center chips and other AI hardware, Marvell Technology has raised its fiscal 2028 revenue forecast above Wall Street expectations and provided an optimistic outlook for long-term profitability. This indicates that overall AI computing power and related infrastructure demand will remain strong, potentially supporting further capital investment. We anticipate that global AI-related capital expenditures will grow by over 33% in 2027, reaching $1.2 trillion, providing significant momentum for profit growth among certain companies in the AI industry chain. Market consensus forecasts show that earnings for Nasdaq 100 index constituents will grow by 43% this year and further increase by 28% next year. Although the recent rise in U.S. stocks has been primarily driven by tech stocks, the drivers of corporate earnings growth have extended beyond the AI sector. We expect earnings for S&P 500 index constituents to grow by 25% in 2026 and further increase by 14% in 2027. The technology sector will remain a key contributor to earnings growth, but we also anticipate profit improvements in other sectors. Sustained robust consumer spending is expected to support the discretionary consumption sector; active capital market activities and a recovery in loan growth will benefit the financial sector; cyclical improvements in manufacturing are likely to drive steady growth for industrial companies. Additionally, we are optimistic about the healthcare and utilities sectors, as these two industries possess defensive characteristics and can benefit from long-term structural growth opportunities. (The above content is sourced from UBS's views on October 7 and is for reference only, not constituting investment advice.)