[UBS Wealth Management: As AI accelerates monetization, large technology companies are expected to achieve 15-20% quarterly earnings growth] According to Jinshi Data on September 12, UBS Wealth Management said that the recent pullback in technology stocks was mainly due to rising macroeconomic uncertainty rather than deteriorating AI fundamentals, and the bank expects that as AI accelerates monetization, large technology companies are expected to achieve 15-20% earnings growth in the coming quarters, thereby supporting strong capital expenditures. Comments from the bank's Asia-Pacific Chief Investment Office pointed out that the recent second-quarter earnings season showed that large technology companies' spending on AI showed no signs of slowing down, and executives emphasized that the risk of insufficient spending is greater than excessive spending. As competition among large technology companies in the field of AI intensifies further, their overall capital expenditures are expected to increase by 47% and 16.5% this year and in 2025, respectively, to US$218 billion and US$254 billion, and the comprehensive capital expenditure intensity (capital expenditure divided by sales) is still below the historical peak. (Reprinted from: Jinshi Data)