Stay up in quality on secular growth stories, says UBS' Nadia Lovell

Market Outlook - UBS expects tech to remain a powerhouse, focusing on selective secular growth stories rather than broad markets [1][2] - Investors' risk appetite has increased, with some pickup in meme trades, presenting both upside and downside risks to the market [4] - The IPO market is opening up, alongside the reemergence of meme stocks and Bitcoin's performance [3] Growth Sectors - Tech is identified as a sector with growth momentum, driven by increasing capex spending and the AI story [3] - Electrification stories in utilities and industrials are areas where investors should focus [3] - Financials are also highlighted as a sector of interest [3] Capital Expenditure (CAPEX) - The firm had to move up its capex numbers for AI to $500 billion for next year, suggesting a 33% year-over-year growth on top of the 67% seen this year [6] - Microsoft and Meta are delivering on earnest growth, with capex numbers moving up [5]