This week’s Market Signals comes to you from New York, where I attended the week-long Portfolio Construction Forum Private Markets International Short Course. Conversations around private markets, infrastructure, AI and portfolio construction unfolded against one of the most fascinating market backdrops of the year.

Equity markets continue to push toward record highs. Semiconductor stocks remain at the centre of the rally. AI infrastructure spending is accelerating almost daily. At the same time, oil markets, bond yields and geopolitical tensions continue t...