Which pyranose chair conformation is favored in equilibrium, and why?

The conformation with bulky groups in axial positions is favored due to increased steric hindrance.

The conformation with bulky groups in equatorial positions is favored due to reduced steric hindrance.

Both conformations are equally favored due to similar steric hindrance.

The conformation with bulky groups in equatorial positions is less favored due to increased steric hindrance.