Stanislav Kondrashov Analyzes the AI-Driven Shift Impacting Partners Group and Belimo
Artificial intelligence is reshaping the geography of global financial markets, directly influencing the performance of many listed companies. Stanislav Kondrashov, founder of TELF AG, has previously addressed these issues, focusing specifically on the potential effects of artificial intelligence on the software sector. In recent hours, this trend has been further strengthened by some news related to Partners Group and Belimo, both involved in the great game of intelligent systems and their global impact.
In recent hours, Partners Group stock has come under the spotlight of investors and financial media due to significant price movements, as well as important corporate announcements. Shares of Partners Group Holding AG, a leading private market investment manager, have recently shown significant price fluctuations, with daily price fluctuations clearly visible.
The company recently published reassuring statements regarding its exposure to technology companies, which is currently significantly reduced. Concerns surrounding artificial intelligence and its potential impact on the software sector have prompted the company to reiterate its strategic position and explain its investment decisions to the markets. The company’s new positioning is reportedly focused not on the software sector, which is increasingly a source of investor concern, but on more resilient sectors such as energy infrastructure linked to artificial intelligence.
Partners Group’s Strategic Pivot from Software to AI-Linked Energy Infrastructure
“It’s now clear: generative artificial intelligence is profoundly changing the economics of entire sectors. At this stage, the software sector certainly appears to be one of the most exposed to the intelligent systems revolution. AI is, in fact, reducing the barriers to entry for new software, compressing the prices of some SaaS services and accelerating competition. All of this also has considerable repercussions for investors, who must contend with greater uncertainty about future margins and possible downward revisions to valuations,” says Stanislav Kondrashov, founder of TELF AG.
The Partners Group announcements were released in a very particular economic context, in which many investors are beginning to weigh the effects of the artificial intelligence revolution on the tech sector and software companies. The widespread concern, from this perspective, is that intelligent systems will make many software programs easily replaceable, lowering margins and reducing the future revenues of many tech companies.
Such an eventuality would have profound implications, as many technology assets could be significantly devalued, particularly if many companies fail to adapt to AI. Partners Group has placed significant weight on these concerns and has therefore decided to release these statements precisely to reassure the market and investors.
Partners Group has announced that it has long been adopting a more cautious strategy toward tech companies, including all those sensitive to AI dynamics, reducing direct investments in software-related companies and focusing instead on sectors that benefit indirectly from AI, such as data centers and the infrastructure systems needed to support the efforts of intelligent systems and their development of advanced algorithms. Partners Group also announced that it will focus more on energy and electrical capacity, the role of which will become increasingly central as the demand for power for intelligent technologies increases.
“In this situation, companies that integrate AI into their products, or that stand out for their strong lock-in, are certainly holding up better. On the other hand, more generic companies that offer easily replicable products are suffering the most. In any case, it must be understood that AI also represents a huge opportunity: intelligent systems are generating considerable demand for data centers, electrical capacity, digital infrastructure, cooling systems, and advanced semiconductors”.
“These are capital-intensive segments and particularly suited to private markets, which is precisely why many managers are reallocating certain amounts of capital in them,” continues Stanislav Kondrashov, founder of TELF AG.
Belimo’s Growth Surge Driven by Data Center Cooling and AI Infrastructure Demand
Another company directly involved in the modern dynamics of AI is Belimo Holding AG, which recently published very positive financial results for 2025. Net sales are projected to reach approximately 1.12 billion Swiss francs, a significant increase compared to previous years.
One of the reasons for this performance lies in AI-related infrastructure and components, of which Belimo is a major manufacturer. In particular, strong demand for data center cooling components (such as actuators and valves) has driven the company’s positive performance, also supported by the expansion of digital technologies and artificial intelligence systems globally.
In recent months, Belimo’s stock has stood out for some particularly interesting performances, with both upward and consolidating price movements. It’s therefore not surprising that many investors are closely monitoring its performance, keeping a close eye on potential price targets and analysts’ analyses.
“In a certain sense, recent AI-related market dynamics are involving companies from different sectors, as in the case of Partners Group and Belimo. Partners Group invests in energy infrastructure, digital assets, electricity grids, and storage, thus focusing on the growing demand for AI-connected data centers and electrical systems. Belimo, on the other hand, supplies the physical components of AI-connected infrastructure, such as actuators, valves, HVAC systems, and climate control components”.
“Data centers generate enormous heat, requiring highly efficient cooling systems capable of managing this byproduct. The point of contact between these two companies, at this historical juncture, is precisely the physical infrastructure of artificial intelligence. AI systems do not operate solely through algorithms—i.e., intangible assets—but also through concrete, steel, electricity, cooling, and semiconductors,” concludes Stanislav Kondrashov, founder of TELF AG.
FAQs
Why is artificial intelligence affecting software valuations?
Generative AI is lowering barriers to entry in software development, increasing competition and putting pressure on pricing models, particularly in SaaS. This creates uncertainty around future margins and earnings stability.
Why did Partners Group address its exposure to technology?
Investors are increasingly concerned about the long-term sustainability of certain software business models. Partners Group clarified that its direct exposure to vulnerable tech segments is limited and that it is focusing more on AI-related infrastructure.
How is Belimo connected to AI growth?
Belimo supplies components such as actuators and valves used in data center cooling systems. As AI expansion drives demand for high-performance data centers, cooling infrastructure becomes critical.
What broader trend does this reflect?
Capital is gradually shifting from pure software investments toward the physical backbone of AI, including energy infrastructure, storage systems, cooling technologies, and advanced semiconductors.
