0855 GMT - CaixaBank faces a near-term headwind to net interest income, which should be temporary, while artificial intelligence disruption will be a gradual process, UBS' Ignacio Cerezo and Alvaro Fernandez-Garayzabal write. The Spanish bank's share price has weakened recently due to short-term net interest income uncertainty and fears about deposit margins due to the AI threat. The bank will face a temporary drag in the second half of 2026 as liabilities reprice faster than assets, but increased deposit competition remains the main bottom-up risk. Investors also fear CaixaBank's deposits may be challenged by the rise of AI agents. "Having a definitive view about AI-led changes remains challenging, but we still see this as a gradual, rather than a fast-paced, process," UBS notes. Shares are down 3.2%.