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 −4.3% · YTD +16.3%Semiconductors (SMH) · 1M −10.7% · YTD +50.4%Utilities (XLU) · 1M +7.7% · YTD +1.8%
| Index | Type | Stocks | Tightness | 1D | 1W | 1M | 3M | YTD | 1Y | Breadth | 6M path |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Chips & Networking | System | 89 | — | +1.0% | −5.7% | −15.8% | −7.6% | +93.3% | +119.5% | 7% | |
| Power & Cooling | System | 69 | — | +1.0% | −5.1% | −13.0% | −10.5% | +4.4% | +2.9% | 19% | |
| Materials | System | 25 | — | +0.8% | −4.5% | −15.4% | −10.0% | +8.2% | +32.3% | 12% | |
| Physical AI | System | 45 | — | +1.2% | −0.6% | −8.8% | −10.1% | +0.9% | −1.7% | 24% | |
| Hot AI Themes | System | 42 | — | +1.6% | +4.5% | −6.1% | +15.3% | +37.0% | +18.8% | 55% | |
| AI Chips (GPUs & Custom ASICs) | Theme | 6 | 72 | +2.8% | −2.7% | −15.7% | +6.4% | +82.6% | +64.4% | 0% | |
| Leading-Edge Chipmaking (Foundry) | Theme | 5 | 84 | +1.4% | −2.0% | −16.8% | −0.5% | +88.4% | +98.9% | 0% | |
| Lithography Machines (EUV) | Theme | 4 | 78 | −0.8% | −5.1% | −6.3% | −14.2% | +31.8% | +53.5% | 0% | |
| Chip Equipment (Deposition, Etch, Inspection) | Theme | 8 | 66 | +1.4% | −8.0% | −19.2% | −16.5% | +28.8% | +36.1% | 0% | |
| Chip Testing & Burn-in | Theme | 5 | 70 | +0.6% | −9.2% | −24.7% | +2.4% | +98.0% | +112.7% | 0% | |
| AI Memory (HBM & DRAM) | Theme | 3 | 88 | +0.6% | −0.9% | −23.5% | −12.8% | +130.4% | +213.9% | 0% | |
| AI Storage (Enterprise SSD & HDD) | Theme | 4 | 72 | +1.4% | −4.4% | −28.0% | −15.9% | +232.8% | +359.5% | 0% | |
| Chip Packaging (CoWoS) | Theme | 6 | 80 | −1.1% | −7.5% | −16.7% | −9.9% | +40.2% | +48.4% | 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% | −12.0% | −16.4% | +62.4% | +44.1% | 0% | |
| Laser Chips for Optics (InP) | Theme | 4 | 82 | +5.1% | −5.0% | −23.0% | +8.6% | +245.3% | +432.4% | 0% | |
| Optical Transceivers (800G / 1.6T) | Theme | 7 | 76 | +3.2% | −7.9% | −24.2% | −19.4% | +34.8% | +94.8% | 0% | |
| AI Networking (Switches & Retimers) | Theme | 6 | 62 | +2.4% | −4.0% | −13.1% | −4.2% | +25.6% | +23.1% | 17% | |
| Fiber, Cable & Connectors | Theme | 4 | 68 | −0.0% | −9.0% | −16.6% | −9.2% | +27.7% | +41.3% | 0% | |
| AI Server Racks (Taiwan ODMs) | Theme | 6 | 52 | −0.6% | −1.5% | −13.4% | +0.8% | +55.6% | +34.2% | 17% | |
| 800V Rack Power (Power Shelves & PSUs) | Theme | 7 | 66 | +2.7% | −2.6% | −17.2% | −6.0% | +45.6% | +41.2% | 0% | |
| 800V Power Semis (SiC & GaN) | Theme | 6 | 54 | +1.1% | −2.2% | −15.4% | −14.9% | +43.9% | +35.3% | 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 | +1.4% | −7.2% | −0.8% | +3.1% | +157.8% | +215.4% | 40% | |
| Gas Turbines | Theme | 4 | 90 | +1.6% | −6.4% | −12.7% | −11.4% | +11.8% | +21.5% | 0% | |
| Transformers & Switchgear | Theme | 9 | 86 | +0.4% | −6.1% | −18.4% | −13.9% | +15.0% | +23.6% | 11% | |
| Data Center Electrical Gear (UPS, Busway & Distribution) | Theme | 6 | 76 | +2.2% | −4.4% | −12.8% | −8.8% | +11.2% | +2.9% | 0% | |
| Grid Connection & Transmission | Theme | 5 | 88 | +1.2% | −3.7% | −5.2% | −16.4% | +10.3% | +8.6% | 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 | +1.0% | −2.7% | +4.2% | −2.9% | −14.4% | −22.9% | 50% | |
| Uranium & Enrichment | Theme | 5 | 76 | +0.2% | −4.8% | −18.2% | −20.4% | −27.3% | −31.3% | 0% | |
| Small Modular Reactors | Theme | 4 | 42 | +1.4% | −5.7% | −22.8% | −26.5% | −35.8% | −48.6% | 0% | |
| Onsite Power (Fuel Cells & Engines) | Theme | 5 | 72 | +2.8% | −3.2% | −11.2% | −3.5% | +39.2% | +30.8% | 0% | |
| Grid Batteries | Theme | 5 | 46 | −0.9% | −6.9% | −17.8% | −20.3% | −40.6% | −41.9% | 40% | |
| Liquid Cooling | Theme | 7 | 74 | +1.2% | −5.3% | −13.8% | +1.1% | +33.7% | +39.5% | 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 | +1.2% | −4.5% | −23.3% | −21.0% | −7.8% | −29.5% | 0% | |
| Electricians & Contractors | Theme | 6 | 78 | +3.2% | −10.9% | −16.6% | −17.6% | +11.2% | +0.8% | 0% | |
| Natural Gas & Pipelines | Theme | 4 | 56 | −0.5% | +1.7% | +6.0% | +5.4% | +21.0% | +25.2% | 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 | +1.6% | −3.7% | −7.1% | −14.6% | +11.7% | +21.4% | 17% | |
| Servo Motors & Drives | Theme | 6 | 54 | +0.4% | −2.3% | −10.1% | −17.7% | −8.6% | −0.9% | 0% | |
| Vision, LiDAR & Tactile Sensing | Theme | 6 | 58 | +1.0% | +2.2% | −5.7% | −1.1% | +20.2% | +0.4% | 33% | |
| Robot Brains (Edge Compute) | Theme | 5 | 48 | +3.2% | +2.8% | −9.6% | +0.8% | +27.2% | +9.6% | 40% | |
| Robot Platforms & Humanoids | Theme | 6 | 44 | −0.2% | −0.3% | −8.0% | −10.2% | −30.5% | −28.1% | 33% | |
| Autonomy & Robotaxi | Theme | 6 | 52 | +0.9% | −2.6% | −9.0% | −10.8% | −29.1% | −31.6% | 17% | |
| Factory Automation & Integration | Theme | 6 | 46 | +0.2% | −1.2% | −4.5% | +1.8% | +14.6% | +9.6% | 33% | |
| Drones & Defence Autonomy | Theme | 4 | 60 | +2.9% | +1.5% | −14.2% | −20.6% | −26.1% | −31.0% | 25% | |
| Copper | Theme | 6 | 74 | +1.4% | −6.9% | −12.0% | −2.2% | +14.0% | +29.8% | 0% | |
| Rare Earths & Magnets | Theme | 6 | 86 | +0.1% | −3.7% | −20.8% | −20.8% | −5.7% | −28.7% | 0% | |
| Gallium, Germanium & Antimony | Theme | 5 | 80 | +1.2% | −7.4% | −25.2% | −4.3% | +40.3% | +159.6% | 0% | |
| Lithium, Graphite & Cathodes | Theme | 4 | 34 | +1.2% | −3.7% | −20.7% | −22.0% | −33.5% | −15.1% | 0% | |
| Specialty & Industrial Gases | Theme | 4 | 52 | −0.2% | +0.5% | +4.9% | −0.5% | +21.8% | +15.8% | 75% | |
| Hyperscalers & AI Cloud (the buyers) | Theme | 7 | 80 | −0.4% | −6.6% | −14.4% | +3.2% | +6.0% | −8.7% | 14% | |
| AI Cybersecurity | Theme | 8 | 62 | +2.5% | +14.6% | +11.5% | +37.8% | +82.6% | +62.5% | 100% | |
| AI Drug Discovery & Health AI | Theme | 5 | 48 | +2.0% | +5.5% | −8.5% | +60.5% | +93.5% | +36.3% | 60% | |
| AI Software & Data Platforms | Theme | 5 | 55 | +2.5% | +7.3% | +4.1% | +33.0% | +33.3% | +23.7% | 100% | |
| AI Devices & Edge | Theme | 3 | 45 | +2.4% | +0.6% | −12.8% | +1.1% | +45.9% | +23.6% | 67% | |
| Launch & Space Access | Theme | 4 | 58 | +2.5% | +10.3% | −4.8% | −2.0% | −1.8% | −4.9% | 50% | |
| Satellite Connectivity & EO | Theme | 5 | 50 | +2.6% | +1.3% | −17.1% | −15.9% | +45.1% | +38.5% | 0% | |
| Quantum Hardware & Cryogenics | Theme | 5 | 38 | −0.9% | +1.4% | −16.4% | −12.8% | −28.0% | −39.0% | 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.