Key driver for markets is a September rate cut and more later: Partners Group's Anastasia Amoroso

Interest Rate Cut Expectations - Partners Group believes a rate cut in September is highly likely, potentially exceeding market expectations of 85-87% due to labor market weakness [3][4] - Encouraging PCE data, particularly stable services inflation around 25% year-over-year, supports the likelihood of a September rate cut [6] - A rate cut could cushion the labor market and support consumer spending [14] AI Investment and Growth - While growth rates of AI beneficiaries like Nvidia may be slowing from over 200% year-over-year, hyperscaler capex is projected to be $400 billion next year, driving stock performance [8][9] - The total addressable market growth in AI will materialize through investments in data centers, connectivity, cooling, and related services [10] - Business application software is expected to outpace semiconductor growth within the AI sector, indicating a broadening of the AI trade [12] Broadening Market Opportunities - The broadening of the AI trade extends beyond semiconductors, with opportunities in business application software, including those in private markets [12][13] - Private equity middle market growth companies are seen as having significant potential, with earnings growth and margins exceeding those in public markets [15]