UBS's constructive stance suggests the bank sees limited near term downside for equities, with easing Hormuz-related oil risk and a patient Fed removing two of the more prominent overhangs on sentiment. The emphasis on broadening earnings, beyond the narrow group of megacap technology names, points toward potential rotation into cyclical and mid-cap names if the trend holds, which could support a wider rally rather than one concentrated purely in AI winners. Divergence within the AI trade itself