Speaker · Updated
Anastasia Amoroso: latest market views
Partners Group
Summary
Anastasia Amoroso is Managing Director and Chief Investment Strategist at Partners Group, where she runs investment strategy for the private wealth and retirement business and is a frequent market commentator on CNBC.
Chorus has 11 views from Anastasia Amoroso across 2 episodes on CNBC Halftime Report and Bloomberg Surveillance since October 10, 2026. Their latest calls: bullish on Anthropic.
Where they stand
Their latest bullish or bearish call on each company.
- AnthropicBullish ·
What they talk about most
The latest views
Newest first. Every quote is checked against the episode's transcript.
AI infrastructure & data centers
Fairly optimistic on hyperscalers reporting this week; their debt is manageable given strong interest coverage.
Amoroso is fairly optimistic on hyperscalers reporting this week, provided they do not focus on upsizing capex, since that trade no longer works. She says she is looking for about $2.3 trillion in cloud revenue (figure as spoken), and that meeting it would be positive. The key is whether they can sustain their debt, and hyperscalers' interest coverage ratios are significant. Neocloud banks require interest-cost hedging, so rising rates should not suddenly deteriorate their finances. Markets are discerning who has debt under control, and she thinks hyperscalers do.
“And I will tell you right now, we're looking for about... $2,300,000,000,000 in cloud revenue. So assuming those hyperscalers meet those expectations, I think that's positive... they can sustain the debt levels... if you look at the interest coverage ratios for hyperscalers, they're significant.”at 9:39
CNBC Halftime Report: The Investment Committee Prepares for a Pivotal Week 10/26/26 ·
AnthropicBullish
Anthropic's customer count rising from 950 to 12,000 shows AI adoption still scaling.
Amoroso says the top topic among her private portfolio companies is how to embed AI and automate operations, and it is a race. Capabilities improve daily, and more competition drives adoption. She points to Anthropic reporting 12,000 customers as of September 30, up from 950, as evidence the AI trade in public and private markets is still very much scaling.
“Anthropic itself said they had 12,000 customers, as of, you know, September thirtieth of this year, which is up from 950. And that tells me that AI trade, public and private markets, is still very much scaling.”at 23:28
CNBC Halftime Report: The Investment Committee Prepares for a Pivotal Week 10/26/26 ·
The Gulf is shifting from a capital source to a direct investment destination in energy, AI and manufacturing.
Amoroso says the Apollo–Mubadala deal repositions how the Gulf is treated globally. The region has long been a place to source capital, but now investors are moving to invest directly in countries like Abu Dhabi. She cites her firm's presence in Dubai and Abu Dhabi and a new Kuwait office. She sees significant opportunity from the region's technology commitment, its data center and AI push, the need to strengthen energy infrastructure, and manufacturing and digital services.
“The move is actually to invest directly into the countries like Abu Dhabi... we do believe there's a significant investment opportunity in the region itself... the data center push, the AI push from Abu Dhabi, it comes from energy... So that's highly investable.”at 32:48
CNBC Halftime Report: The Investment Committee Prepares for a Pivotal Week 10/26/26 ·
Defense trade is bullish long term, backed by multiyear US government contracts and reindustrialization.
Amoroso likes the defense trade, which has taken a back seat to midterm election worries. She cites US government commitments to multiyear contracts and a strong emphasis on reindustrializing and expanding the defense manufacturing base. She calls this bullish both near term and longer term.
“The fact that the US government is committing to multiyear contracts, and there's this huge emphasis on reindustrialization and expanding the manufacturing base of defense, that's really bullish, not just near term, but longer term.”at 41:56
CNBC Halftime Report: The Investment Committee Prepares for a Pivotal Week 10/26/26 ·
Fear of software's death is overdone; earnings are solid and valuations have reset, with software 6% off highs.
Amoroso says the fear of the death of software has been one of the most exaggerated fears this year. Software companies' earnings have held up well, they beat last quarter, and they likely beat this quarter. Valuations have reset nicely, leaving software about 6% below its highs. Longer term, she says the true beneficiary of AI is what can be done with the models, and software may succeed.
“It's interesting because maybe the fear of the death of software has been one of the most exaggerated fears this year. And if I look at earnings, for example, for software companies, they've held up very nicely. They beat last quarter. They likely beat this quarter.”at 45:15
CNBC Halftime Report: The Investment Committee Prepares for a Pivotal Week 10/26/26 ·
AI infrastructure & data centers
Data center stocks have fallen, but 1% vacancy suggests a turnaround could follow the midterms.
Amoroso says data center stocks are down quite a bit, but vacancy is only about 1%, which is tight supply. She suggests that once the midterm elections pass, the sector could turn around.
“Data center is down quite a bit, but the vacancy is only 1%. Let's get past the midterms. Could be a good turnaround.”at 46:31
CNBC Halftime Report: The Investment Committee Prepares for a Pivotal Week 10/26/26 ·
Still a bull: earnings accelerating and valuations reset; bull ends only if Fed tightens or AI bubble bursts.
Amoroso stays bullish on equities. The S&P 500 forward multiple has reset from about 23 times at the start of the year to about 19 times, as geopolitical and rate uncertainty were absorbed, and earnings growth is accelerating. She says the bull market ends only if the Fed tightens enough to slow the economy or if the AI technology hope bursts, and she does not see either on the horizon.
“I'm still a bull. I'm still a bull, Tom. I do allow for the possibility that the market will go down at some point.”at 29:26
Bloomberg Surveillance: Supply Shocks Hit Your Wallet, Investor & Consumer Sentiments Diverge, Expensive Suburbs ·
Oil near $100 is less threatening as Middle East supply reroutes out of the region.
Oil is still hovering around $100 a barrel, but a large share of Middle East production is making its way out of the region through rerouted flows. Amoroso argues that the geopolitical fears the market had are being absorbed and digested, so the oil price shock is less of a threat than it looks.
“What I'm talking about is, let's say, the price of oil. And, yes, we're still hovering around a $100 a barrel, but the fact of the matter is a big chunk of the Middle East production is actually making its way out of the Middle East because of the rerouting”at 30:31
Bloomberg Surveillance: Supply Shocks Hit Your Wallet, Investor & Consumer Sentiments Diverge, Expensive Suburbs ·
Capacity-constrained firms have pricing power, driving record earnings while consumers feel squeezed.
Consumer demand is strong, but many sectors such as travel, leisure hospitality and industrials are capacity-constrained. Corporations therefore have pricing power and are using it, which explains the record earnings. Amoroso argues this makes it a solid time to be an investor in companies solving those bottlenecks, even though it is only an okay time to be a consumer.
“corporations have pricing power. They're using that pricing power, which is why we're seeing those record earnings.”at 33:02
Bloomberg Surveillance: Supply Shocks Hit Your Wallet, Investor & Consumer Sentiments Diverge, Expensive Suburbs ·
Private credit offers substantial yield, making it attractive versus public fixed income.
Amoroso says she is attracted to private credit because it offers a substantial yield that investors can earn there. She treats public equities and private assets as a continuum, and in fixed income she sees high-grade bonds and Treasuries as good, with private credit adding yield on top.
“I'm quite, you know, attracted to private credit, the fact is that you have that substantial yield that you can earn there.”at 34:16
Bloomberg Surveillance: Supply Shocks Hit Your Wallet, Investor & Consumer Sentiments Diverge, Expensive Suburbs ·
Term premium reverts to norms, so the 10-year yield hovers near 5%, not 2%.
Part of the move higher in the 10-year yield reflects sticky inflation, robust growth and more uncertainty about the budget deficit trajectory and global growth. Amoroso argues the era of low yields is over and the term premium will revert to historical norms. The 10-year is therefore unlikely to return to 2% and should hover around 5%. She adds that at about 5.25% strong investor demand at Treasury auctions can cap yields.
“the term premium is going to revert to the historical norms, and that means that the ten year treasury is not going to be at 2%. It is likely to hover around 5%.”at 35:25
Bloomberg Surveillance: Supply Shocks Hit Your Wallet, Investor & Consumer Sentiments Diverge, Expensive Suburbs ·
Shows
- CNBC Halftime Report · 1 episode
- Bloomberg Surveillance · 1 episode
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