UBS: Tech and Semiconductors Poised to Rally in 2024 on AI Spending and Supply Shortages
• UBS bullish on equities and bonds rallying more in 2024, prefers tech and semiconductor stocks • Sees soft landing happening for U.S. economy as base case • Highlights information technology as most preferred US sector due to quality and AI spending growth • Expects semiconductor demand to outpace supply in 2024, creating upside for industry • Notes semiconductor stocks like Nvidia, AMD, and Marvell already showing strength in 2024