---Earlier:UBS argues the equity rally is being underpinned by more than just AI hype, pointing to broadening earnings, resilient economic data and a Fed content to stay on hold. On earnings, UBS said corporate results continue to support the investment case for artificial intelligence, though the bank noted investors are growing more discerning about where genuine value is being created. The bank said this improving sentiment supports its view that cyclical sectors can help broaden the rally beyond technology. UBS highlighted that earnings growth is becoming less concentrated in a small group of megacap technology stocks. Taken together, UBS said strong AI investment, resilient economic data, broadening earnings growth and a patient Fed continue to support its constructive view on equities.