Is the US equity bull run far from over?

The S&P 500 has hit fresh highs, rallying over 13% since the end of March, and UBS remains bullish—keeping an "Attractive" rating and a year-end S&P 500 target of 7,500. UBS points to three drivers for further upside: strong corporate earnings (nearly 80% of reporters beating sales and EPS so far), anticipated Fed rate cuts (about 50 basis points of easing pencilled in), and sustained AI-driven spending benefiting semiconductors, power and data‑center related sectors. The Philadelphia semiconductor index’s recent surge (c.45% in four weeks) underpins the sector-led advance. Risks include Brent crude above $109/bl and upcoming central-bank policy decisions and mega-cap earnings that could expose sentiment to shocks.