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 −1.6% · YTD +11.9%Nasdaq 100 (QQQ) · 1M −5.6% · YTD +12.4%Semiconductors (SMH) · 1M −11.2% · YTD +39.3%Utilities (XLU) · 1M +5.0% · YTD +4.8%
| Index | Type | Stocks | Tightness | 1D | 1W | 1M | 3M | YTD | 1Y | Breadth | 6M path |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Chips & Networking | System | 89 | — | −2.6% | +13.0% | −19.5% | −24.3% | +69.7% | +74.4% | 6% | |
| Power & Cooling | System | 69 | — | −1.5% | +8.7% | −10.4% | −20.3% | +1.0% | −2.5% | 17% | |
| Materials | System | 25 | — | −2.3% | +2.1% | −5.2% | −21.1% | +6.5% | +13.1% | 24% | |
| Physical AI | System | 45 | — | −1.7% | +4.6% | −3.9% | −17.0% | −1.4% | −0.7% | 27% | |
| Hot AI Themes | System | 42 | — | −2.8% | +9.9% | −3.6% | −8.6% | +28.1% | +22.7% | 33% | |
| AI Chips (GPUs & Custom ASICs) | Theme | 6 | 72 | +0.2% | +21.9% | −15.1% | −17.2% | +63.7% | +46.4% | 33% | |
| Leading-Edge Chipmaking (Foundry) | Theme | 5 | 84 | −1.1% | +14.0% | −18.6% | −18.5% | +60.8% | +68.2% | 0% | |
| Lithography Machines (EUV) | Theme | 4 | 78 | −1.3% | +8.3% | −12.4% | −9.7% | +29.4% | +43.0% | 0% | |
| Chip Equipment (Deposition, Etch, Inspection) | Theme | 8 | 66 | −1.8% | +19.1% | −14.2% | −25.7% | +28.2% | +37.5% | 0% | |
| Chip Testing & Burn-in | Theme | 5 | 70 | −3.7% | +21.5% | −22.5% | −30.4% | +90.2% | +84.1% | 0% | |
| AI Memory (HBM & DRAM) | Theme | 3 | 88 | −0.8% | +8.0% | −11.5% | −12.5% | +116.7% | +140.4% | 0% | |
| AI Storage (Enterprise SSD & HDD) | Theme | 4 | 72 | −2.2% | +12.3% | −27.5% | −41.8% | +160.6% | +147.4% | 0% | |
| Chip Packaging (CoWoS) | Theme | 6 | 80 | −1.9% | +15.4% | −14.3% | −18.9% | +36.3% | +38.8% | 0% | |
| Chip Substrates (ABF & Glass) | Theme | 4 | 64 | −6.7% | −4.8% | −31.3% | −21.7% | +170.9% | +182.8% | 0% | |
| Silicon Wafers & Chemicals | Theme | 4 | 48 | +0.7% | +12.1% | −18.5% | −18.6% | +52.0% | +42.4% | 25% | |
| Laser Chips for Optics (InP) | Theme | 4 | 82 | −3.6% | +23.3% | −24.3% | −34.4% | +204.1% | +257.3% | 0% | |
| Optical Transceivers (800G / 1.6T) | Theme | 7 | 76 | −3.6% | +19.1% | −24.8% | −41.6% | +14.4% | +44.4% | 0% | |
| AI Networking (Switches & Retimers) | Theme | 6 | 62 | +0.8% | +17.4% | −11.7% | −18.8% | +20.3% | +19.1% | 33% | |
| Fiber, Cable & Connectors | Theme | 4 | 68 | −1.5% | +6.9% | −23.0% | −25.1% | +15.1% | +16.5% | 0% | |
| AI Server Racks (Taiwan ODMs) | Theme | 6 | 52 | −2.9% | +6.0% | −15.9% | −18.7% | +34.5% | +19.4% | 0% | |
| 800V Rack Power (Power Shelves & PSUs) | Theme | 7 | 66 | −2.6% | +17.1% | −9.6% | −18.9% | +41.8% | +41.2% | 14% | |
| 800V Power Semis (SiC & GaN) | Theme | 6 | 54 | −2.1% | +12.9% | −6.2% | −22.8% | +42.4% | +43.4% | 0% | |
| MLCC & Passive Components | Theme | 6 | 62 | −3.9% | +1.2% | −31.2% | −24.8% | +105.8% | +97.3% | 0% | |
| AI PCBs & Laminates (CCL) | Theme | 5 | 70 | −7.1% | +7.9% | −26.6% | −24.5% | +100.8% | +137.5% | 0% | |
| Gas Turbines | Theme | 4 | 90 | +0.6% | +8.8% | −12.3% | −23.1% | +6.3% | +10.2% | 0% | |
| Transformers & Switchgear | Theme | 9 | 86 | +0.8% | +5.0% | −14.9% | −26.3% | +7.7% | +0.3% | 0% | |
| Data Center Electrical Gear (UPS, Busway & Distribution) | Theme | 6 | 76 | +0.4% | +8.4% | −7.0% | −16.8% | +13.1% | +9.8% | 17% | |
| Grid Connection & Transmission | Theme | 5 | 88 | −0.9% | +9.5% | −1.1% | −12.6% | +16.0% | +11.7% | 40% | |
| High-Voltage & Subsea Cable | Theme | 4 | 74 | +2.1% | +8.5% | −8.7% | −13.1% | +12.3% | +24.2% | 50% | |
| Nuclear Plants & Restarts | Theme | 4 | 70 | +1.6% | +15.4% | +0.9% | −0.8% | −9.3% | −11.5% | 75% | |
| Uranium & Enrichment | Theme | 5 | 76 | −5.3% | +5.5% | −8.6% | −34.2% | −31.3% | −31.2% | 0% | |
| Small Modular Reactors | Theme | 4 | 42 | −3.1% | +14.0% | −10.1% | −33.2% | −35.2% | −43.1% | 0% | |
| Onsite Power (Fuel Cells & Engines) | Theme | 5 | 72 | −0.7% | +9.3% | −12.5% | −18.4% | +31.9% | +16.3% | 0% | |
| Grid Batteries | Theme | 5 | 46 | −3.7% | −1.8% | −11.8% | −30.2% | −43.2% | −48.4% | 20% | |
| Liquid Cooling | Theme | 7 | 74 | −2.9% | +11.0% | −16.5% | −16.6% | +22.1% | +18.5% | 0% | |
| Thermal Management (Cold Plates & Vapor Chambers) | Theme | 5 | 70 | −6.9% | −0.6% | −19.7% | +3.5% | +33.6% | +46.4% | 0% | |
| Data Center Land & Buildings | Theme | 6 | 68 | −3.0% | +16.0% | −7.7% | −31.1% | −6.4% | −16.2% | 33% | |
| Electricians & Contractors | Theme | 6 | 78 | −1.0% | +17.3% | −15.4% | −24.5% | +9.5% | +2.1% | 0% | |
| Natural Gas & Pipelines | Theme | 4 | 56 | +0.3% | +5.2% | −2.6% | −4.5% | +16.0% | +13.5% | 25% | |
| Precision Reducers | Theme | 3 | 64 | −4.1% | +0.9% | −6.1% | −22.3% | +28.9% | +49.9% | 33% | |
| Bearings, Screws & Linear Motion | Theme | 6 | 50 | +0.2% | +3.7% | −4.7% | −13.6% | +12.3% | +20.7% | 17% | |
| Servo Motors & Drives | Theme | 6 | 54 | −1.3% | +1.4% | −6.2% | −19.5% | −9.4% | −0.8% | 0% | |
| Vision, LiDAR & Tactile Sensing | Theme | 6 | 58 | −1.5% | +8.7% | +3.0% | −11.7% | +23.6% | +16.1% | 50% | |
| Robot Brains (Edge Compute) | Theme | 5 | 48 | −1.8% | +8.9% | −3.6% | −11.7% | +17.6% | +4.0% | 20% | |
| Robot Platforms & Humanoids | Theme | 6 | 44 | −2.0% | +2.2% | +2.9% | −9.4% | −29.8% | −33.0% | 50% | |
| Autonomy & Robotaxi | Theme | 6 | 52 | −1.5% | +4.3% | −8.8% | −18.4% | −32.6% | −34.2% | 17% | |
| Factory Automation & Integration | Theme | 6 | 46 | −1.1% | +2.2% | −5.5% | −9.6% | +10.2% | +10.3% | 33% | |
| Drones & Defence Autonomy | Theme | 4 | 60 | −4.2% | +12.3% | −6.3% | −38.9% | −32.2% | −30.2% | 25% | |
| Copper | Theme | 6 | 74 | −2.5% | +1.7% | −12.0% | −11.3% | +10.0% | +23.6% | 0% | |
| Rare Earths & Magnets | Theme | 6 | 86 | −1.9% | +5.0% | +1.4% | −29.3% | +0.5% | −15.1% | 33% | |
| Gallium, Germanium & Antimony | Theme | 5 | 80 | −4.1% | +5.2% | −11.2% | −32.2% | +24.8% | +55.9% | 0% | |
| Lithium, Graphite & Cathodes | Theme | 4 | 34 | −3.0% | −4.7% | −11.8% | −37.9% | −36.5% | −25.4% | 0% | |
| Specialty & Industrial Gases | Theme | 4 | 52 | +0.3% | +1.4% | +9.5% | +7.1% | +30.6% | +24.8% | 100% | |
| Hyperscalers & AI Cloud (the buyers) | Theme | 7 | 80 | −3.3% | +8.0% | −10.5% | −16.5% | +2.0% | −3.0% | 29% | |
| AI Cybersecurity | Theme | 8 | 62 | −0.8% | +6.2% | −9.0% | +1.1% | +52.6% | +37.5% | 12% | |
| AI Drug Discovery & Health AI | Theme | 5 | 48 | −5.3% | +2.4% | +4.3% | +25.6% | +96.8% | +82.3% | 40% | |
| AI Software & Data Platforms | Theme | 5 | 55 | −0.6% | +7.4% | −17.9% | −16.7% | +3.0% | −9.7% | 0% | |
| AI Devices & Edge | Theme | 3 | 45 | −0.6% | +12.0% | −3.3% | −1.7% | +39.6% | +22.3% | 33% | |
| Launch & Space Access | Theme | 4 | 58 | −2.3% | +28.9% | +20.9% | −7.8% | +7.4% | +25.5% | 100% | |
| Satellite Connectivity & EO | Theme | 5 | 50 | −4.4% | +15.5% | +0.6% | −26.2% | +50.0% | +63.9% | 40% | |
| Quantum Hardware & Cryogenics | Theme | 5 | 38 | −5.5% | +6.7% | −3.2% | −26.2% | −30.3% | −35.6% | 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.