UBS On-Air: Market Moves House Call: Talking Equity Markets with UBS Asset Management
Nov 3, 2025
In this episode, Jeremy Zirin, a Senior Portfolio Manager at UBS Asset Management, offers keen insights into the evolving equity markets. He discusses how AI adoption is reshaping tech earnings and highlights key focus areas for Q3 earnings, including consumer sentiment and industrial CapEx. Jeremy also analyzes the impact of Fed policy on market leadership and compares current tech valuations to the dot-com bubble. He advocates for a balanced portfolio approach, blending growth and value stocks to navigate potential market shifts.
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Transcript
Episode notes
AI As A Multi-Year Investment Cycle
- AI has moved from experimental to mainstream and is driving large capital commitments across chips, data centers, networking and software.
- This multi-year AI investment cycle supports earnings for tech and related industrials, energy, and utilities over time.
Economic Resilience Supporting Cyclicals
- The U.S. economy has been more resilient than expected with steady consumer spending and cooling but not collapsing labor markets.
- This resilience supports industrials, financials, and consumer discretionary sectors tied to productivity and high-end consumers.
Fed Easing Has Fueled Market Gains
- The Fed's initial September rate cut and expectations for more easing have been a clear tailwind for equities this year.
- Soft-landing rate cuts historically support risk assets and helped cyclicals recover versus defensives.