• Union Bancaire Privee UBP SA flagged a global AI infrastructure capex upswing shifting bottlenecks from chips to power, cooling, grid capacity, precision engineering.
• Swiss listed firms sit across these constraints, offering diversified exposure to data center build-outs through electrical, thermal, and high-spec construction supply chains.
• Energy demand, especially in the US, is tightening transformer capacity, metering, and temperature management, boosting firms tied to grid upgrades.
• UBP noted Swiss equities trade roughly in line with global markets, at a discount to US equities, despite the SPI’s historically higher valuation.
• The SPI has shown moderate-to-low correlation to the S&P 500 and MSCI AC World, helped by limited direct exposure to mega-cap US tech.

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