Key findings from the July survey in more detail:
Investor sentiment rose to its highest level since February, reflecting optimism about economic growth, AI-related capital expenditure and expectations for easier monetary policy.
A record 54% of respondents expect a "no landing" scenario for the global economy, while only 2% anticipate a hard landing.
U.S. equity allocations were raised to the highest overweight position since December 2024.
Long global semiconductor stocks remained the market's most crowded trade for a third consecutive month, cited by 82% of investors.
While some investors trimmed technology positions in July, none reported being short the sector.
61% of respondents say hyperscalers are unlikely to cut capital expenditure this year, versus 28% expecting reductions.
AI bubble risks rose to the top spot among largest tail risk facing markets, pointed to by 45% of respondents.
83% do not expect the Fed to raise interest rates before the U.S. midterm elections in November.
Investors cut their end-2026 oil price forecast to $71 a barrel from $86 in June.
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