HOLT TMT "A Playbook for the Unprecedented - Global Tech in 24 charts" Booth

Research evidence excerpt

HOLT TMT "A Playbook for the Unprecedented - Global Tech in 24 charts" Booth

Global Research

8 June 2026ab

HOLT TMT Equities

GlobalA Playbook for the Unprecedented - Global Tech in 24 charts

Technology

Helen Booth, CFA

We identify three unprecedented observations shaping current markets and examine how they are playing out in Global Tech. HOLT Sector Specialist

helen.v.booth@ubs.com

+44-20-7883 1736

Observation #1 - Markets have shifted decisively toward near-term profitability

John Talbott, CFA

Global Tech leads the market, with profitability forecast to reach all-time highs and earnings momentum at record levels. Against this backdrop, HOLT Sector Specialist

select stocks remain attractively valued versus history, with positive profit inflections forecasted. john.talbott@ubs.com

+1-212-325 1813

Observation #2 - Bifurcation in Semiconductor and Software Performance, Fundamentals and Expectations Jonathan Carson

Semiconductors are leading Software in stock market performance, earnings momentum and value creation, with stronger cash flow forecasts HOLT Sector Specialist

supporting their valuation premium. However, dispersion is evident across the AI supply chain, with Memory stocks priced for low long-term jonathan.carson@ubs.com

growth expectations, versus Semi Equipment where sustained double-digit growth is implied. Within Software, price performance continues to +1-212-882 5659

disconnect from near-term earnings, as markets distinguish between perceived AI winners (DDOG and CRWD, priced for 20%+ long-term growth) Christine Vargas

and losers (ADBE and INTU, where limited or negative growth is implied). Analyst

christine.vargas@ubs.com

Observation #3 - Hyperscaler Investment is Reshaping Returns +44-20-7568 2409