Theme performance
Five sectors, 56 bottleneck indexes, one scoreboard.
Equal-weight, daily-rebalanced indexes built from our coverage, rebased to 100 one year ago and compared with the S&P 500 and semiconductors. % in uptrend = share of stocks above their 50-day average.
Sector indexes vs benchmarks
S&P 500 (SPY) · 1M −0.8% · YTD +13.1%Nasdaq 100 (QQQ) · 1M −4.2% · YTD +16.4%Semiconductors (SMH) · 1M −10.7% · YTD +50.5%Utilities (XLU) · 1M +7.9% · YTD +1.9%
| Index | Type | Stocks | Tightness | 1D | 1W | 1M | 3M | YTD | 1Y | Breadth | 6M path |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Chips & Networking | System | 89 | — | +1.5% | −5.3% | −15.4% | −7.2% | +94.1% | +120.3% | 7% | |
| Power & Cooling | System | 69 | — | +1.7% | −4.5% | −12.5% | −10.1% | +4.9% | +3.3% | 19% | |
| Materials | System | 25 | — | +1.4% | −3.9% | −15.0% | −9.5% | +8.7% | +32.7% | 12% | |
| Physical AI | System | 45 | — | +1.4% | −0.4% | −8.6% | −10.0% | +1.0% | −1.6% | 27% | |
| Hot AI Themes | System | 42 | — | +2.0% | +5.0% | −5.8% | +15.8% | +37.6% | +19.2% | 55% | |
| AI Chips (GPUs & Custom ASICs) | Theme | 6 | 72 | +3.0% | −2.5% | −15.5% | +6.6% | +82.9% | +64.8% | 0% | |
| Leading-Edge Chipmaking (Foundry) | Theme | 5 | 84 | +1.8% | −1.6% | −16.5% | −0.2% | +88.9% | +99.5% | 0% | |
| Lithography Machines (EUV) | Theme | 4 | 78 | −0.6% | −4.9% | −6.1% | −14.0% | +32.1% | +53.8% | 0% | |
| Chip Equipment (Deposition, Etch, Inspection) | Theme | 8 | 66 | +2.3% | −7.2% | −18.6% | −15.8% | +29.9% | +37.2% | 0% | |
| Chip Testing & Burn-in | Theme | 5 | 70 | +2.0% | −7.9% | −23.7% | +3.8% | +100.9% | +115.9% | 0% | |
| AI Memory (HBM & DRAM) | Theme | 3 | 88 | +0.7% | −0.8% | −23.4% | −12.7% | +130.7% | +214.3% | 0% | |
| AI Storage (Enterprise SSD & HDD) | Theme | 4 | 72 | +2.0% | −3.8% | −27.6% | −15.4% | +234.5% | +361.5% | 0% | |
| Chip Packaging (CoWoS) | Theme | 6 | 80 | −0.5% | −7.0% | −16.3% | −9.5% | +40.7% | +48.9% | 0% | |
| Chip Substrates (ABF & Glass) | Theme | 4 | 64 | −1.0% | −6.3% | +0.1% | +2.6% | +254.7% | +301.9% | 25% | |
| Silicon Wafers & Chemicals | Theme | 4 | 48 | +0.0% | −7.3% | −11.9% | −16.4% | +62.4% | +44.2% | 0% | |
| Laser Chips for Optics (InP) | Theme | 4 | 82 | +5.3% | −4.7% | −22.8% | +8.8% | +246.4% | +433.7% | 0% | |
| Optical Transceivers (800G / 1.6T) | Theme | 7 | 76 | +3.8% | −7.4% | −23.7% | −18.9% | +35.4% | +95.8% | 0% | |
| AI Networking (Switches & Retimers) | Theme | 6 | 62 | +3.2% | −3.3% | −12.5% | −3.5% | +26.6% | +24.0% | 17% | |
| Fiber, Cable & Connectors | Theme | 4 | 68 | +0.1% | −8.9% | −16.6% | −9.1% | +27.8% | +41.4% | 0% | |
| AI Server Racks (Taiwan ODMs) | Theme | 6 | 52 | +1.2% | +0.1% | −12.1% | +2.3% | +57.8% | +36.2% | 17% | |
| 800V Rack Power (Power Shelves & PSUs) | Theme | 7 | 66 | +2.6% | −2.8% | −17.3% | −6.2% | +45.3% | +40.8% | 0% | |
| 800V Power Semis (SiC & GaN) | Theme | 6 | 54 | +1.2% | −2.1% | −15.4% | −14.8% | +44.0% | +35.4% | 0% | |
| MLCC & Passive Components | Theme | 6 | 62 | −0.1% | −8.7% | −7.9% | −15.7% | +155.7% | +198.4% | 17% | |
| AI PCBs & Laminates (CCL) | Theme | 5 | 70 | +2.0% | −6.7% | −0.4% | +3.6% | +158.5% | +216.3% | 40% | |
| Gas Turbines | Theme | 4 | 90 | +1.9% | −6.1% | −12.4% | −11.2% | +12.1% | +21.9% | 0% | |
| Transformers & Switchgear | Theme | 9 | 86 | +0.5% | −6.0% | −18.3% | −13.8% | +15.1% | +23.7% | 11% | |
| Data Center Electrical Gear (UPS, Busway & Distribution) | Theme | 6 | 76 | +2.4% | −4.3% | −12.6% | −8.7% | +11.5% | +3.1% | 0% | |
| Grid Connection & Transmission | Theme | 5 | 88 | +2.2% | −2.8% | −4.3% | −15.7% | +11.3% | +9.6% | 40% | |
| High-Voltage & Subsea Cable | Theme | 4 | 74 | +1.4% | −5.7% | −14.7% | −12.4% | +8.0% | +20.5% | 0% | |
| Nuclear Plants & Restarts | Theme | 4 | 70 | +1.8% | −1.9% | +5.1% | −2.0% | −13.7% | −22.2% | 50% | |
| Uranium & Enrichment | Theme | 5 | 76 | +0.8% | −4.3% | −17.8% | −20.1% | −27.1% | −31.2% | 0% | |
| Small Modular Reactors | Theme | 4 | 42 | +2.5% | −4.7% | −22.1% | −25.8% | −35.5% | −48.5% | 0% | |
| Onsite Power (Fuel Cells & Engines) | Theme | 5 | 72 | +3.6% | −2.5% | −10.6% | −2.7% | +40.7% | +32.0% | 0% | |
| Grid Batteries | Theme | 5 | 46 | +0.6% | −5.4% | −16.8% | −19.5% | −40.2% | −41.6% | 40% | |
| Liquid Cooling | Theme | 7 | 74 | +1.9% | −4.7% | −13.3% | +1.6% | +34.5% | +40.1% | 43% | |
| Thermal Management (Cold Plates & Vapor Chambers) | Theme | 5 | 70 | 0.0% | −5.8% | −4.8% | +30.0% | +52.4% | +76.5% | 40% | |
| Data Center Land & Buildings | Theme | 6 | 68 | +3.0% | −2.9% | −22.2% | −19.8% | −6.5% | −28.7% | 0% | |
| Electricians & Contractors | Theme | 6 | 78 | +4.4% | −9.8% | −15.7% | −16.7% | +12.3% | +1.9% | 0% | |
| Natural Gas & Pipelines | Theme | 4 | 56 | −0.9% | +1.3% | +5.5% | +4.9% | +20.5% | +24.8% | 50% | |
| Precision Reducers | Theme | 3 | 64 | +1.9% | +2.0% | −10.6% | −17.4% | +33.0% | +48.3% | 33% | |
| Bearings, Screws & Linear Motion | Theme | 6 | 50 | +1.7% | −3.6% | −7.0% | −14.5% | +11.8% | +21.6% | 17% | |
| Servo Motors & Drives | Theme | 6 | 54 | +0.5% | −2.2% | −10.1% | −17.6% | −8.5% | −0.8% | 17% | |
| Vision, LiDAR & Tactile Sensing | Theme | 6 | 58 | +1.8% | +2.9% | −5.1% | −0.4% | +21.1% | +1.1% | 33% | |
| Robot Brains (Edge Compute) | Theme | 5 | 48 | +2.6% | +2.2% | −10.1% | +0.2% | +26.5% | +9.0% | 40% | |
| Robot Platforms & Humanoids | Theme | 6 | 44 | +0.4% | +0.2% | −7.4% | −9.6% | −30.1% | −27.7% | 33% | |
| Autonomy & Robotaxi | Theme | 6 | 52 | +1.2% | −2.3% | −8.8% | −10.6% | −28.9% | −31.4% | 17% | |
| Factory Automation & Integration | Theme | 6 | 46 | +0.9% | −0.5% | −3.9% | +2.5% | +15.2% | +10.2% | 50% | |
| Drones & Defence Autonomy | Theme | 4 | 60 | +2.6% | +1.3% | −14.5% | −20.9% | −26.3% | −31.3% | 25% | |
| Copper | Theme | 6 | 74 | +1.4% | −6.9% | −12.0% | −2.2% | +14.0% | +29.8% | 0% | |
| Rare Earths & Magnets | Theme | 6 | 86 | +1.1% | −2.8% | −20.1% | −20.1% | −4.7% | −28.0% | 0% | |
| Gallium, Germanium & Antimony | Theme | 5 | 80 | +2.1% | −6.5% | −24.6% | −3.8% | +40.9% | +159.8% | 0% | |
| Lithium, Graphite & Cathodes | Theme | 4 | 34 | +2.3% | −2.6% | −19.8% | −21.1% | −32.8% | −14.1% | 0% | |
| Specialty & Industrial Gases | Theme | 4 | 52 | +0.1% | +0.8% | +5.1% | −0.2% | +22.1% | +16.1% | 75% | |
| Hyperscalers & AI Cloud (the buyers) | Theme | 7 | 80 | +0.9% | −5.4% | −13.5% | +4.5% | +7.7% | −7.4% | 14% | |
| AI Cybersecurity | Theme | 8 | 62 | +2.1% | +14.1% | +11.1% | +37.3% | +81.9% | +61.9% | 100% | |
| AI Drug Discovery & Health AI | Theme | 5 | 48 | +3.2% | +6.7% | −7.4% | +62.4% | +96.6% | +38.5% | 80% | |
| AI Software & Data Platforms | Theme | 5 | 55 | +1.7% | +6.5% | +3.3% | +32.0% | +32.4% | +22.8% | 80% | |
| AI Devices & Edge | Theme | 3 | 45 | +2.1% | +0.3% | −13.0% | +0.8% | +45.5% | +23.2% | 67% | |
| Launch & Space Access | Theme | 4 | 58 | +2.7% | +10.4% | −5.0% | −1.9% | −1.9% | −5.1% | 50% | |
| Satellite Connectivity & EO | Theme | 5 | 50 | +3.9% | +2.6% | −16.1% | −14.9% | +46.6% | +40.0% | 0% | |
| Quantum Hardware & Cryogenics | Theme | 5 | 38 | +0.0% | +2.3% | −15.8% | −12.1% | −27.4% | −38.6% | 40% |
Hypothetical, equal-weight, local-currency price returns without fees, FX or dividends. For research, not a product. Past performance does not predict future results.