UBS economists believe the US economy could accelerate in the coming years, but the current expansion remains narrowly focused and largely dependent on investment in artificial intelligence technologies.

According to the bank's analysts, the bulk of economic activity is concentrated in the technology sector. Demand is further supported by rising stock markets, which are stimulating consumer spending among high-income households.

Meanwhile, a significant portion of other sectors of the economy are showing weak growth or are on the verge of contraction. Rising energy prices and the impact of trade tariffs on real incomes remain additional risks.

UBS expects the Federal Reserve to cut interest rates twice in 2026, bringing the rate range to around 3.00-3.25% by the end of the year. However, analysts caution that further economic growth will largely depend on continued investment momentum in artificial intelligence.