UBS
UBS is a multinational investment banking and financial services company established in Switzerland. It has two headquarters in Zurich and Basel. As the world's largest Swiss banking institution, UBS has offices in major financial centres around the globe. It is renowned for its strict policy of client data confidentiality and its culture of bank secrecy.
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UBS cuts the 12-month target for the South Korea KOSPI index from 8,000 points to 7,500 points.
UBS lowered its 12-month target for Korea's KOSPI index from 8,000 points to 7,500 points, reflecting concerns over deteriorating corporate earnings amid a stronger won. (Jin10)
Galaxy Research Head: Some Long-Term Funds Increased Bitcoin ETF Holdings in Q3, SIGFIG Clients Added $73 Million
Odaily reports: Alex Thorn, Head of Research at Galaxy, posted that 13F filings for Bitcoin ETFs are still in the early stages, with most large asset managers and registered investment advisors (RIAs) typically submitting their filings only by the November 16 deadline.However, some long-term funds have already increased their Bitcoin ETF holdings in the third quarter. Wealth management advisory firm SIGFIG Wealth Management submitted its first relevant filing, with its clients adding approximately $73 million worth of Bitcoin ETFs in the third quarter. A significant portion of the firm's assets under management comes from retail client accounts at banks such as Wells Fargo, Citizens, Santander, and UBS.
Alex
Bitcoin
Galaxy
Galaxy
Long
UBS: AI Sector Fell 5% Last Week; Tech and Non-Tech Synchronized Rally Undervalued
UBS believes implied correlation is too low. If interest rate and oil price pressures ease, the midterm election risk does not materialize, and earnings beat expectations, tech and non-tech sectors may rally in tandem. The firm recommends buying S&P 500 December out-of-the-money call options, buying industrial call options, selling consumer staples call options, going long utilities versus consumer staples, going long KOSPI versus NIFTY 50, and reducing energy exposure.
Rally
Rally
Rally
UBS: Analog chip inventory down 10%, cycle continues upward, Texas Instruments top pick
UBS estimates that given strong demand, tight supply, rising prices, and low distributor inventories, the analog semiconductor cycle still has further upside. TXN's finished goods inventory stands at 75 days, above the industry average of 39 days, making it a top pick due to its inventory positioning, potential for market share recovery, and free cash flow inflection point; Analog Devices (ADI) is expected to report Q3 revenue growth of 8.5% sequentially, exceeding the seasonal baseline of 4.6%, with earnings expectations equally favorable.
ADI Chain
Analog
Fidelity: Institutions Have No Way Back on the Path to a Tokenized On-Chain Future
Odaily News — Matthew Horne, Head of Digital Asset Strategy at asset management firm Fidelity Investments, said that over the past 18 months, real institutions have continued to advance toward a tokenized on-chain future, and there is "no way back." He noted that tokenization can provide structural advantages for financial institutions and help asset managers reach new markets.Horne said U.S. asset management institutions in particular are incentivized to move assets on-chain, as tokenization can improve how investors access assets and help institutions reach new markets. Over the past 30 days, demand for tokenized assets grew 41%, with the number of holders exceeding 493,000.Ka Yan Chan, Head of Digital Asset Business Development at UBS Group, said that core assets such as U.S. Treasuries and equities could drive billions of dollars on-chain. She noted that if market infrastructure institutions such as the Federal Reserve or the DTCC take the lead in transforming the custody layer into a tokenized platform, on-chain capital could expand from billions of dollars to trillions of dollars.The U.S. Securities and Exchange Commission (SEC) issued a "no-action" letter in December 2025 to a subsidiary of the Depository Trust and Clearing Corporation (DTCC), allowing it to provide tokenization services for securities markets. Over the past 30 days, more than $1.2 billion in funds has moved on-chain, with stablecoins and tokenized assets combined exceeding $323 billion. (Cointelegraph)
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UBS Group is hiring two heads of digital assets in New York.
UBS Group recently recruited two digital asset leads in New York, each responsible for products such as tokenization and stablecoins as well as digital asset distribution, with a maximum base salary of $242,500.
UBS: Stablecoin market cap set to reach $1.2 trillion by 2031, digital assets heading mainstream
According to Chaoxiang research, UBS’s September 28, 2026 report indicates the initiation of coverage on digital asset strategies, projecting the stablecoin market capitalization to reach approximately $1.2 trillion by 2031, alongside real-world payment volumes of roughly $3 trillion. Stablecoin issuers hold approximately $175 billion in short-term US Treasury-related exposures. The Bank for International Settlements estimates that a $3.5 billion inflow into stablecoins reduces the yield on 3-month US Treasuries by approximately 0.7 basis points, decreasing it by about 4 basis points over a 10-day period. Tokenization can unlock approximately $2.46 trillion in annualized repo trading volume. By 2030, AI agents may facilitate approximately $2 trillion in global C2B e-commerce, with stablecoins accounting for about $56 billion of that volume. UBS believes that as digital assets achieve mainstream adoption, their overall impact on the financial sector will range from neutral to mildly positive. Sectors such as payments and fintech, exchanges, and asset management are assessed as mildly positive, while banking remains neutral. Allocation strategies center on three core themes: stablecoins, tokenization, and agent commerce. Increasing compliance costs particularly favor large-scale operators.
Treasury
UBS: Cybersecurity valuation exceeds pandemic peak, Q3 earnings must beat expectations
According to Chaoxiang Research, UBS's September 28, 2026 research report indicates that the cybersecurity sector's current market-cap-weighted enterprise value to next 12-month free cash flow stands at 62x, while enterprise value to next 12-month revenue is at 15x, both exceeding levels seen during the COVID era. Outside of CrowdStrike, Fortinet, Palo Alto Networks, and Qualys, most vendors experienced no acceleration in second-quarter revenue and billings growth, with third-quarter guidance proving broadly flat overall. Since the April 7 launch of Mythos, cybersecurity stocks excluding those four companies have risen by an average of 62%.
Alto
Alto
Mythos
Chainlink Launches Connectivity Framework, 17 Banks Prepare for SWIFT Ledger Pilot
Odaily News: Chainlink announced on September 28 the launch of a connectivity framework that allows banks to connect to the SWIFT blockchain ledger through the Chainlink platform while retaining transaction signing keys. The framework coordinates institutional systems' interactions with the ledger via the Chainlink runtime environment, and banks adopting the self-signing model do not need to hand over authorization keys to Chainlink.The SWIFT ledger supports 24/7 tokenized deposit payments, with final settlement still completed through existing mechanisms such as real-time gross settlement. Seventeen banks from six continents, including ANZ, HSBC, Citi, Standard Chartered, and UBS, are preparing to conduct tokenized deposit pilots on the SWIFT ledger.
Anzen
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Ledger
UBS: S&P 500 P/E Ratio Down 17%, Fed's Path Determines Future Market Outlook
According to Chaoxiang Research, in a research report dated September 28, 2026, UBS noted that the S&P 500's forward P/E ratio has declined 17% from its November high last year, while the 10-year US Treasury yield has increased by approximately 100 basis points year-to-date to 5.2%, placing it roughly 80 basis points above its one-year moving average. Over the past four decades, the 10-year US Treasury yield has exceeded 1.5 standard deviations only seven times. Current market pricing implies that the Federal Reserve will implement rate hikes totaling approximately 88 basis points over the next year, falling just short of the 100-basis-point threshold. UBS maintains that the Fed's path of rate hikes will determine the direction of equity markets. Historical precedent indicates that when rate hikes surpass 100 basis points within a year, the S&P 500 yields negative returns after twelve months; conversely, following moderate rate hikes, the index averages a 17.7% gain over the same period. Current pricing more closely mirrors a moderate tightening scenario. The valuation model suggests an implied upside potential of roughly 21% for the S&P 500. In terms of asset allocation, investors are advised to focus on high-growth, low-valuation sectors, including semiconductors, pharmaceuticals, refining, and diversified banks.
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UBS: Micron FQ4 Revenue Forecast at $52.4B, Maintains Buy Rating with $1,625 Target Price
According to Chaoxiang Research, UBS's research report dated September 23, 2026 maintains a Buy rating on Micron Technology with a price target of $1,625, representing an upside of approximately 48% from the September 22 closing price of $1,096.16. UBS estimates Micron's FQ4 revenue at $52.4 billion with a gross margin of 87.6%, approximately 160 basis points above guidance; FQ1 revenue guidance is projected at $58.0 to $59.0 billion, with a gross margin expected to increase sequentially by approximately 100 basis points. Earnings per share forecasts for Calendar Years 2027 to 2029 are $212, $277, and $219, respectively.
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UBS: The pace of Fed rate hikes may be lower than market expectations, and it expects to maintain interest rates unchanged following a December hike.
UBS stated that despite recent strong US economic data and rising inflation pressures, which have heightened market expectations for further Federal Reserve policy tightening, the bank believes the actual extent of rate hikes may be lower than current market pricing. UBS expects the Federal Reserve to implement one rate hike in December this year before holding steady thereafter, and anticipates inflation to steadily decline over the next six months. Meanwhile, higher bond yields are generating new fixed-income investment opportunities. UBS maintains its bullish outlook on fixed-income assets, believing that US economic resilience and AI investment will continue to support corporate earnings.
Meanwhile
UBS: Bitcoin Miners Pivot to AI Hosting, Five Stocks Average 36% Gain
UBS believes that the scarcity of power interconnection supports rents and development yields. The tenant mix is transitioning from newer cloud providers to higher-credit entities, with Meta, Amazon, AMD, Nvidia, and Anthropic securing leases in succession. Hut 8 and TeraWulf demonstrate the highest pipeline visibility, Applied Digital and Cipher Digital are experiencing the fastest improvement in tenant quality, while Core Scientific and Applied Digital lead in delivery progress. The five companies currently trade at 12x to 18x 2028 EBITDA, below the approximately 19x multiple for data center REITs.
Applied Digital
Bitcoin
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Cipher Digital
Core
Core
UBS: CoWoS Capacity Raised to 270kwpm, ASIC and CPU Drive Subsequent Expansion
UBS believes that demand for ASICs and CPUs continues to drive sequential volume growth, and further capacity expansion will be needed by 2028. The packaging volume for Google TPUs and Amazon Trainiums is expected to reach 9 million and 3.2 million units in 2027, respectively, with Broadcom and Marvell capturing the primary orders. UBS assigns an Outperform rating to NVIDIA, AMD, and Broadcom, and a Buy rating to TSMC, setting a target price of NT$3,650. On the equipment side, UBS lowered its target price for GPTC to NT$4,300, while maintaining a Buy rating.
NVIDIA
UBS: US Tech Volatility Returns to Bubble Levels, Defensive Sectors Outperform
According to Chaoshang Research, UBS's research report dated September 21, 2026 indicates that the median 3-month rolling realized volatility for US-listed semiconductors reached 0.69, the technology sector stood at 0.5, software & services at 0.4, and financials at just 0.17. The share of total US capital expenditures accounted for by hyperscalers rose from less than 5% in 2015 to an estimated over 30% in 2026, increasing the risk of dilution to cash flow return on investment (CFROI). UBS identified US-listed equities with a fixed charge coverage ratio below 1x, including Alphabet, Microsoft, Amazon, SpaceX, Tesla, and Oracle.
Oracle
特斯拉
Binance Auto-Invest Expands to Over 200 New Stocks and ETFs
Odaily News: According to an official announcement, Binance Auto-Invest will support the following stocks and ETFs starting September 17, 2026 at 10:00 (UTC): ABNB, ACN, ADI, ADP, AEM, AEP, ALL, AMGN, AMT, AMX, ANET, AON, APD, APH, APO, APP, ASX, AXP, AZN, B, BA, BAM, BBVA, BCS, BE, BHP, BKNG, BMO, BMY, BN, BNS, BNY, BP, BTI, BUD, CAT, CB, CDNS, CEG, CI, CL, CM, CMCSA, CME, CMI, CNI, CNQ, COF, COP, CP, CRWD, CSCO, CSX, CTAS, CVS, DASH, DB, DDOG, DE, DELL, DLR, DUK, E, ECL, ELV, EMR, ENB, EOG, EQIX, EQNR, ETN, FCX, FDX, FTNT, GD, GE, GEV, GILD, GLW, GM, GOOG, GSK, HCA, HDB, HLT, HON, HPE, HSBC, HWM, IBM, IBN, ICE, IMO, ING, ITUB, ITW, JCI, KKR, KMI, LIN, LITE, LMT, LOW, LYG, MAR, MCK, MCO, MDLZ, MDT, MELI, MFC, MFG, MMM, MNST, MO, MPC, MRSH, MRVL, MSI, MUFG, NEE, NEM, NET, NGG, NOC, NSC, NTES, NU, NVO, NVS, NWG, ORLY, PBR, PBR.A, PCAR, PDD, PGR, PH, PLD, PM, PNC, PSX, PWR, RACE, RCL, REGN, RIO, ROST, RSG, RTX, RY, SAN, SAP, SCCO, SE, SHEL, SHOP, SHW, SKHY, SLB, SMFG, SNDK, SNPS, SNY, SO, SONY, SPCX, SPG, SPGI, SPOT, STX, SU, SYK, T, TD, TGT, TJX, TM, TMO, TMUS, TRP, TRV, TT, TTE, UBER, UBS, UL, UNP, UPS, USB, VLO, VRT, VRTX, VZ, WBD, WDC, WELL, WM, WMB, WPM.
ADI Chain
AllDomains
Asymetrix
Binance
BitClave
BitWell
19 of 22 Wall Street institutions expect the Fed to raise rates in September, with most anticipating a 50 basis point hike
Odaily reports: 19 of 22 major Wall Street institutions expect the Federal Reserve to raise interest rates in September, with most anticipating a 50 basis point hike.Specifically, Goldman Sachs expects a 25 basis point hike; Bank of America, Deutsche Bank, and RBC expect a 75 basis point hike; JPMorgan Chase, Morgan Stanley, Barclays, Citi, HSBC, UBS, and most other institutions expect a 50 basis point hike. Additionally, Jefferies expects the next rate adjustment to be a 25 basis point cut in December, while Oxford Economics expects a rate cut only in 2027. (Cointelegraph)
Cointelegraph
Rubic
Street
摩根大通
More than 12 banks, including Goldman Sachs and JPMorgan, expect the Fed to raise rates by 25 basis points in September
Odaily reports: More than 12 banks, including Goldman Sachs, JPMorgan, Bank of America, and Morgan Stanley, expect the Federal Reserve to raise interest rates by 25 basis points on September 16. The CME FedWatch tool shows that market pricing puts the probability of a September rate hike at 87.3%, up from 61.9% at the end of August.The U.S. core consumer price index rose 0.3% month-over-month in August, versus market expectations of 0.2%. The current federal funds rate target range is 3.50% to 3.75%. HSBC expects the Fed to raise rates in both September and December, while UBS expects a cumulative 50 basis points of tightening by year-end.The Federal Open Market Committee will begin a two-day meeting on September 15 and will announce its rate decision on September 16. Bitcoin previously briefly broke above $79,000 before falling back to around $77,000. (Bitcoin.com News)
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摩根大通
UBS Teams Up With Nine Institutions to Launch CHF Stablecoin Sandbox Testing, With SIX and TWINT Joining
According to an official UBS announcement, nine Swiss institutions—UBS, PostFinance, Sygnum, Raiffeisen, Zurich Cantonal Bank, BCV, SIX, TWINT, and Swiss Stablecoin AG—officially launched the sandbox testing phase for a CHF stablecoin on September 8, 2026. Conducted in a controlled, real-time sandbox environment, the test utilizes the digital stablecoin CHFD, which is pegged at a 1:1 ratio to the Swiss Franc. Key focus areas include innovative application scenarios such as automated inter-institutional transactions, tokenized settlement of digital assets, and programmable payments. Specific test cases involve mitigating online marketplace fraud risks, ensuring equitable distribution of event tickets, and enhancing the efficiency of public fund disbursements. The testing period is scheduled to run through the end of 2026, with results intended to inform the future development of Switzerland’s digital currency ecosystem.
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SIX Network
Sygnum
UBS Recommends Buying on Dips, Fed September Rate Hike Probability Rises to Around 60%
UBS released its latest investment strategy, advising investors to capitalize on market volatility by buying stocks on dips and establishing hedge positions during gold price pullbacks. The probability of a September rate hike by the Federal Reserve has currently risen to approximately 60%.
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