{"id":144845,"date":"2026-11-05T18:15:18","date_gmt":"2026-11-05T23:15:18","guid":{"rendered":"https:\/\/professional.content.cirrus.bloomberg.com\/professional2023\/insights\/equities\/thematic-momentum-broadens-beyond-ai\/"},"modified":"2026-11-06T12:49:33","modified_gmt":"2026-11-06T17:49:33","slug":"thematic-momentum-broadens-beyond-ai","status":"publish","type":[3762],"link":"https:\/\/professional.content.cirrus.bloomberg.com\/professional2023\/insights\/equities\/thematic-momentum-broadens-beyond-ai\/","title":{"rendered":"Thematic momentum broadens beyond AI"},"content":{"rendered":"<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-compact row-padding--bottom-none bbg-row--full-bg-bleed\" data-anchor='row-6af43e025f1c5'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-7\"\n    style=\"\"\n    >\n    <p><div\n    class=\"bbg-spacer bbg-spacer--lg\"\n    >\n<\/div><div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p class=\"small\"><strong><span style=\"font-size: 14px; letter-spacing: 1px; color: #0062dd;\">ARTICLE<\/span><\/strong><\/p>\n\n<\/div>\n<div\n    class=\"bbg-spacer bbg-spacer--sm\"\n    >\n<\/div>    <h1 class=\"bbg-metadata bbg-metadata--title\">Thematic momentum broadens beyond AI<\/h1>\n<div\n    class=\"bbg-spacer\"\n        style=\"height: 50px !important\"\n    >\n<\/div>    <ul class=\"bbg-categories_list\">\n                    <li>\n                <a href=\"https:\/\/professional.content.cirrus.bloomberg.com\/professional2023\/insights\/category\/equities\/\" rel=\"category tag\">\n                    Equities\n                <\/a>\n            <\/li>\n                    <li>\n                <a href=\"https:\/\/professional.content.cirrus.bloomberg.com\/professional2023\/insights\/category\/markets\/\" rel=\"category tag\">\n                    Markets\n                <\/a>\n            <\/li>\n                    <li>\n                <a href=\"https:\/\/professional.content.cirrus.bloomberg.com\/professional2023\/insights\/category\/technology\/\" rel=\"category tag\">\n                    Technology\n                <\/a>\n            <\/li>\n            <\/ul>\n<\/p>\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-5\"\n    style=\"\"\n    >\n    <div id=\"\" class=\"wpb_content_element bbg-single-image align-left\">\n    <figure class=\"bbg-single-image__figure\" style=\"max-width:100%\">\n                <img loading=\"lazy\" decoding=\"async\" width=\"1200\" height=\"801\" src=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/new-chart.jpg\" class=\"bbg-single-image__image attachment-full\" alt=\"A data graph tracks the movement of stocks\" title=\"Stock Market Curve\" \/>\n        \n            <\/figure>\n<\/div>\n\n\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-none row-padding--bottom-none bbg-row--full-bg-bleed\" data-anchor='row-6af43e026b44f'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-6 bbg-column--m-width-6\"\n    style=\"\"\n    >\n    <p>    <p class=\"bbg-metadata bbg-metadata--date\">November 5, 2026<\/p>\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><strong>Bloomberg Professional Services<\/strong><\/p>\n\n<\/div>\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-2 bbg-column--valign-middle bbg-column--m-width-2 bbg-column--s-padding-right-2\"\n    style=\"\"\n    >\n    <div class=\"bb-tts\"\n\tdata-selector=\"main\"\n\tdata-label=\"Speak this page\"\n\tdata-custom-play=\"Play\"\n\tdata-custom-pause=\"Pause\"\n\tdata-custom-stop=\"Stop\"\n\tdata-overlay=\"false\"\n\tdata-invert=\"false\"\n\tdata-no-time=\"false\"\n\tdata-no-button-text=\"false\"\n\tdata-one-button=\"true\"\n\tdata-one-style=\"true\"\n\tdata-hide-stop=\"true\"\n\tdata-voice=\"Gordon\"\n\tdata-pitch=\"1\"\n\tdata-speed=\"1\"\n\tdata-align=\"flex-start\"\n>\n<\/div>\n\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-none row-padding--bottom-compact bbg-row--full-bg-bleed\" data-anchor='row-6af43e026deac'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8 bbg-column--has-bg-color\"\n    style=\"background-color:#e6f3ff;border-radius: 16px 16px 16px 16px;\"\n    >\n    <div class=\"wpb_content_element bbg-card  bbg-card-custom bbg-card-text-black\" id=\"card_1\" data-card_type=\"no_image\">\n      <style>#card_1 .bbg-card__innerwrapper {background-color: #e6f3ff;}#card_1 .bbg-card__innerwrapper {\n\tborder: 1px solid #e6f3ff !important;\n\t}#card_1:hover .bbg-card__innerwrapper {\n\tborder: 1px solid #e6f3ff !important;\n\t}#card_1 .bbg-card__innerwrapper {\n\tpadding: calc(var(--brand-large-padding, 40px) - 1px) !important;\n\t}#card_1 .bbg-card__innerwrapper .bbg-card__title {\n\tcolor: #000000 !important;\n\t}#card_1 .bbg-card__innerwrapper .bbg-card__content,#card_1 .bbg-card__innerwrapper .bbg-card__content p  {\n\tcolor: #000000 !important;\n\t}#card_1.bbg-card_hasImage .bbg-card__innerwrapper{padding-top: calc(var(--brand-default-padding, 16px) - 1px);padding-left: calc(var(--brand-default-padding, 16px) - 1px);padding-right: calc(var(--brand-default-padding, 16px) - 1px);}<\/style>\n  \n  \n  <div class=\"bbg-card__innerwrapper\">\n    <div class=\"bbg-card__content\">\n      \n              <div class=\"bbg-card__eyebrow\" style=\"color: #000000\">KEY TAKEAWAYS<\/div>\n      \n      \n              <div class=\"bbg-card__wysiwyg bb-wysiwyg\"><\/p>\n<ul>\n<li><span class=\"TextRun SCXW85669423 BCX0\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW85669423 BCX0\">Thematic equity leadership broadened in 2026, with genomics, neuro mental health, cloud and cybersecurity gaining momentum alongside AI and semiconductors.<\/span><\/span><\/li>\n<li><span class=\"TextRun SCXW125336714 BCX0\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW125336714 BCX0\">Cloud and cybersecurity returned about 29% and 28% over the past three months, while semiconductors and compute infrastructure declined 18% and 9%, respectively.<\/span><\/span><\/li>\n<li><span class=\"NormalTextRun SCXW104791464 BCX0\">The rotation does not <\/span><span class=\"NormalTextRun SCXW104791464 BCX0\">appear to <\/span><span class=\"NormalTextRun SCXW104791464 BCX0\">indicate<\/span><span class=\"NormalTextRun SCXW104791464 BCX0\"> an AI slowdown as earnings <\/span><span class=\"NormalTextRun SCXW104791464 BCX0\">remain<\/span><span class=\"NormalTextRun SCXW104791464 BCX0\"> robust: semiconductor median sales growth rose to 29.4% and compute <\/span><span class=\"NormalTextRun ContextualSpellingAndGrammarErrorV2Themed SCXW104791464 BCX0\">infrastructure\u2019s<\/span><span class=\"NormalTextRun SCXW104791464 BCX0\"> to 15.5%, even as both themes declined over the past three months.<\/span><\/li>\n<\/ul>\n<p>\n<\/div>\n          <\/div>\n\n      <\/div>\n\n  <\/div>\n\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-compact row-padding--bottom-compact bbg-row--full-bg-bleed\" data-anchor='row-6af43e0271073'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><em>This article includes analysis from BI strategist Jessica Lin, Thematic Strategist at Bloomberg Intelligence<\/em><\/p>\n<p><span class=\"TextRun SCXW21196643 BCX0\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"NormalTextRun CommentStart CommentHighlightPipeHovered CommentHighlightHovered SCXW21196643 BCX0\">AI<\/span><span class=\"NormalTextRun CommentHighlightPipeHovered SCXW21196643 BCX0\"> and semiconductor stocks have dominated thematic equity performance, but market leadership has begun to extend into areas including cloud, cybersecurity, <\/span><span class=\"NormalTextRun SCXW21196643 BCX0\">genomics<\/span><span class=\"NormalTextRun SCXW21196643 BCX0\"> and neuro mental health. The shift raises an important question for thematic investors: is leadership broadening, or is momentum simply moving away from AI?<\/span><\/span><span class=\"EOP Selected SCXW21196643 BCX0\" data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n\n<\/div>\n\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-none row-padding--bottom-none bbg-row--full-bg-bleed\" data-anchor='row-6af43e027285a'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-3\"\n    style=\"\"\n    >\n    <p><div\n    class=\"bbg-spacer bbg-spacer--sm\"\n    >\n<\/div><hr class=\"bbg-separator bbg-separator-1\" style=\"height:1px;\" \/>\n<div\n    class=\"bbg-spacer\"\n        style=\"height: 32px !important\"\n    >\n<\/div><div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p class=\"small\"><strong><span style=\"font-size: 14px; letter-spacing: 1px;\">PRODUCT MENTIONS<\/span><\/strong><\/p>\n\n<\/div>\n\n<div\n  id=\"cta_815067310599968661\"\n  class=\"wpb_content_element bbg-cta no-icon\">\n  <style>\n    \n    \n    \n  <\/style>\n  <div\n    class=\"bbg-cta-link link-holder\"\n    data-links-type=\"cta-links\">\n    <p class=\"bbg-cta-p left\">\n      <a\n        class=\"bbg-cta-link link\"\n        href=\"https:\/\/www.bloomberg.com\/professional\/products\/indices\/equity\/\"\n        target=\"\"\n        rel=\"\"\n        data-section-name=\"Bloomberg Equity Indices\"\n        >\n                      Bloomberg Equity Indices\n                <\/a>\n    <\/p>\n  <\/div>\n<\/div>\n<div\n    class=\"bbg-spacer bbg-spacer--sm\"\n    >\n<\/div><div\n    class=\"bbg-spacer\"\n        style=\"height: 32px !important\"\n    >\n<\/div><hr class=\"bbg-separator bbg-separator-1\" style=\"height:1px;\" \/>\n<\/p>\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-1\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-6\"\n    style=\"\"\n    >\n    <div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p>A thematic rotation portfolio tracked by Bloomberg Intelligence gained 27% over the past year (YTD as of Oct 16, 2026). The portfolio ranks BI themes on a blend of trailing six- and 12-month returns, equal-weights the top five and rebalances monthly. Note, the exposure of BI themes is replicated by Total Return variants of Aggregate Equal Weighted versions of Bloomberg Thematic Equity Indices in USD.<\/p>\n<p>This article looks at how thematic leadership has changed in 2026, which areas are gaining momentum and what fundamentals and market breadth indicate about the rotation beyond AI.<\/p>\n\n<\/div>\n\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-none row-padding--bottom-none bbg-row--margin-top-compact bbg-row--margin-bottom-compact bbg-row--full-bg-bleed\" data-anchor='row-6af43e0276237'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <div\n    class=\"bbg-column\"\n    style=\"\"\n    >\n    <div class=\"bbg-interstitial\" aria-label=\"interstitial\" tabindex=\"0\">\n\t<style>\n\t\t.bbg-interstitial #card_2.bbg-card_hasCta{\n\t\t\tbackground: url(https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Interstitial_bg.png);\n\t\t\t\tbackground-repeat: no-repeat;\n\t\t\t\tbackground-position: center center;\n\t\t\t\tbackground-size: cover;\n\t\t\tpadding: 104px;\n\t\t\t\n\t\t\t\n\t\t}\n\t\t.bbg-interstitial #card_2.bbg-card_hasCta .bbg-card__content, .bbg-interstitial #card_2.bbg-card_hasCta .bbg-card__content p{\n\t\t\tcolor:white;\n\t\t}\n\t\t@media (max-width: 768px) {\n\t\t\t.bbg-interstitial #card_2.bbg-card_hasCta{\n\t\t\t\tpadding: 80px 32px;\n\t\t\t}\n\t\t}\n\t\t@media (max-width: 480px) {\n\t\t\t.bbg-interstitial #card_2.bbg-card_hasCta{\n\t\t\t\tpadding: 80px 18px;\n\t\t\t}\n\t\t}\n\t<\/style>\n\t<div class=\"wpb_content_element bbg-card  bbg-card-dark bbg-card_hasCta has_interstitial\" id=\"card_2\" data-card_type=\"no_image\">\n  \n  \n  <div class=\"bbg-card__innerwrapper\">\n    <div class=\"bbg-card__content\">\n      \n      \n                      <h3 class=\"bbg-card__title\">Tailored indices insights and invitations in your inbox<\/h3>\n      \n              <div class=\"bbg-card__wysiwyg bb-wysiwyg\"><p>Sign up<\/p>\n<\/div>\n          <\/div>\n\n          \n<div\n  id=\"cta_525171362455979654\"\n  class=\"wpb_content_element bbg-cta icon icon-arrow\">\n  <style>\n    \n    \n    \n  <\/style>\n  <div\n    class=\"bbg-cta-link link-holder\"\n    data-links-type=\"cta-links\">\n    <p class=\"bbg-cta-p right\">\n      <a\n        class=\"bbg-cta-link link interstitial_cta\"\n        href=\"https:\/\/www.bloomberg.com\/professional\/explore\/indices-insights-tailored-to-your-interests\/\"\n        target=\"\"\n        rel=\"\"\n        data-section-name=\"\"\n                role=\"button\"\n        aria-label=\"Learn more\"\n        >\n                <\/a>\n    <\/p>\n  <\/div>\n<\/div>\n\n      <\/div>\n\n  <\/div>\n\n<\/div>\n\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-compact row-padding--bottom-none bbg-row--full-bg-bleed\" data-anchor='row-6af43e0279987'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<h2><span class=\"TextRun SCXW106742760 BCX0\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW106742760 BCX0\">How broadly is thematic leadership expanding?<\/span><\/span><span class=\"EOP Selected CommentStart SCXW106742760 BCX0\" data-ccp-props=\"{&quot;335559738&quot;:299,&quot;335559739&quot;:299}\">\u00a0<\/span><\/h2>\n<p><span class=\"TextRun SCXW69571666 BCX0\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"none\"><span class=\"NormalTextRun SCXW69571666 BCX0\">Considering<\/span><span class=\"NormalTextRun SCXW69571666 BCX0\"> the composition of the portfolio over the last one year, the returns did not come from a stable set of holdings. The top five themes in the portfolio have rotated repeatedly in 2026 through <\/span><span class=\"NormalTextRun SCXW69571666 BCX0\">Sep<\/span><span class=\"NormalTextRun SCXW69571666 BCX0\">. <\/span><span class=\"NormalTextRun SCXW69571666 BCX0\">2026<\/span><span class=\"NormalTextRun SCXW69571666 BCX0\">, so the gain <\/span><span class=\"NormalTextRun SCXW69571666 BCX0\">likely reflects<\/span><span class=\"NormalTextRun SCXW69571666 BCX0\"> a succession of leaders rather than sustained strength in any single theme.<\/span><\/span><span class=\"EOP Selected SCXW69571666 BCX0\" data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n\n<\/div>\n<div id=\"\" class=\"wpb_content_element bbg-single-image align-center\">\n    <figure class=\"bbg-single-image__figure\" style=\"max-width:100%\">\n                <img loading=\"lazy\" decoding=\"async\" width=\"944\" height=\"579\" src=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Figure-1-Top-Momentum-Theme-Portfolio-vs.-Benchmark-Returns-in-the-Past-12-Months.png\" class=\"bbg-single-image__image attachment-full\" alt=\"Figure 1-Top Momentum Theme Portfolio vs. Benchmark Returns in the Past 12 Months\" title=\"Figure 1-Top Momentum Theme Portfolio vs. Benchmark Returns in the Past 12 Months\" srcset=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Figure-1-Top-Momentum-Theme-Portfolio-vs.-Benchmark-Returns-in-the-Past-12-Months.png 944w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Figure-1-Top-Momentum-Theme-Portfolio-vs.-Benchmark-Returns-in-the-Past-12-Months-552x339.png 552w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Figure-1-Top-Momentum-Theme-Portfolio-vs.-Benchmark-Returns-in-the-Past-12-Months-800x491.png 800w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Figure-1-Top-Momentum-Theme-Portfolio-vs.-Benchmark-Returns-in-the-Past-12-Months-100x60.png 100w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Figure-1-Top-Momentum-Theme-Portfolio-vs.-Benchmark-Returns-in-the-Past-12-Months-768x471.png 768w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Figure-1-Top-Momentum-Theme-Portfolio-vs.-Benchmark-Returns-in-the-Past-12-Months-176x108.png 176w\" sizes=\"auto, (max-width: 944px) 100vw, 944px\" \/>\n        \n            <\/figure>\n<\/div>\n\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><span class=\"TextRun SCXW227440142 BCX0\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW227440142 BCX0\">The composition of the portfolio illustrates that rotation.<\/span><span class=\"NormalTextRun SCXW227440142 BCX0\"> Bloomberg Transition Metals Index (BTMAET Index) <\/span><span class=\"NormalTextRun SCXW227440142 BCX0\">had an early <\/span><span class=\"NormalTextRun SCXW227440142 BCX0\">le<\/span><span class=\"NormalTextRun SCXW227440142 BCX0\">a<\/span><span class=\"NormalTextRun SCXW227440142 BCX0\">d<\/span> <span class=\"NormalTextRun SCXW227440142 BCX0\">from January 2026 through March 2026, with Bloomberg Nuclear Index (BNUAET Index) and Bloomberg Space Index (BSPCAET Index) alongside it. Bloomberg Semiconductors Index (BSEAET Index) took first place in April 2026 and has held it every month since. Beneath them, the remaining four positions changed <\/span><span class=\"NormalTextRun SCXW227440142 BCX0\">frequently<\/span><span class=\"NormalTextRun SCXW227440142 BCX0\"> since then.<\/span><\/span><span class=\"EOP Selected SCXW227440142 BCX0\" data-ccp-props=\"{&quot;335559738&quot;:240,&quot;335559739&quot;:240}\">\u00a0<\/span><\/p>\n\n<\/div>\n<div id=\"\" class=\"wpb_content_element bbg-single-image align-center\">\n    <figure class=\"bbg-single-image__figure\" style=\"max-width:100%\">\n                <img loading=\"lazy\" decoding=\"async\" width=\"944\" height=\"453\" src=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Figure-2-Top-Momentum-Themes-in-2026.png\" class=\"bbg-single-image__image attachment-full\" alt=\"Figure 2-Top Momentum Themes in 2026\" title=\"Figure 2-Top Momentum Themes in 2026\" srcset=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Figure-2-Top-Momentum-Themes-in-2026.png 944w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Figure-2-Top-Momentum-Themes-in-2026-552x265.png 552w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Figure-2-Top-Momentum-Themes-in-2026-800x384.png 800w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Figure-2-Top-Momentum-Themes-in-2026-768x369.png 768w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Figure-2-Top-Momentum-Themes-in-2026-192x92.png 192w\" sizes=\"auto, (max-width: 944px) 100vw, 944px\" \/>\n        \n            <\/figure>\n<\/div>\n\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><span class=\"TextRun SCXW2831593 BCX0\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"none\"><span class=\"NormalTextRun SCXW2831593 BCX0\">Leadership then shifted toward healthcare, with Bloomberg Genomics Index (BGEAET Index) and Bloomberg Neuro Mental Health Index (BNMAET Index) joining the top five in the second half. If we look at sub-components driving this movement, Genomics\u2019 gains are led by therapeutics, with devices and services also contributing. Neuro mental health is led by cannabinoid and psilocybin exposure, followed by non-opioid therapeutics and neuro.<\/span><\/span><span class=\"EOP Selected SCXW2831593 BCX0\" data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span class=\"TextRun SCXW184142260 BCX0\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"none\"><span class=\"NormalTextRun SCXW184142260 BCX0\">In August 2026, Bloomberg Cybersecurity Index (BCYAET Index) joined the top five<\/span><\/span><span class=\"TextRun SCXW184142260 BCX0\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"none\"><span class=\"NormalTextRun SCXW184142260 BCX0\">, <\/span><\/span><span class=\"TextRun SCXW184142260 BCX0\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"none\"><span class=\"NormalTextRun SCXW184142260 BCX0\">in line with the narrative of increased focus on tighter AI safeguards taking hold, which could drive further security spending, as stronger guardrails may require <\/span><span class=\"NormalTextRun SCXW184142260 BCX0\">additional<\/span><span class=\"NormalTextRun SCXW184142260 BCX0\"> AI and compute investment.<\/span><\/span><span class=\"EOP Selected SCXW184142260 BCX0\" data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n\n<\/div>\n<div id=\"\" class=\"wpb_content_element bbg-single-image align-center\">\n    <figure class=\"bbg-single-image__figure\" style=\"max-width:100%\">\n                <img loading=\"lazy\" decoding=\"async\" width=\"946\" height=\"815\" src=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Figure-3-Genomics-and-Neuro-Mental-Health-Returns-by-Exposure-.png\" class=\"bbg-single-image__image attachment-full\" alt=\"Figure 3-Genomics and Neuro Mental Health Returns by Exposure\" title=\"Figure 3-Genomics and Neuro Mental Health Returns by Exposure\" srcset=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Figure-3-Genomics-and-Neuro-Mental-Health-Returns-by-Exposure-.png 946w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Figure-3-Genomics-and-Neuro-Mental-Health-Returns-by-Exposure--552x476.png 552w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Figure-3-Genomics-and-Neuro-Mental-Health-Returns-by-Exposure--800x689.png 800w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Figure-3-Genomics-and-Neuro-Mental-Health-Returns-by-Exposure--768x662.png 768w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Figure-3-Genomics-and-Neuro-Mental-Health-Returns-by-Exposure--125x108.png 125w\" sizes=\"auto, (max-width: 946px) 100vw, 946px\" \/>\n        \n            <\/figure>\n<\/div>\n\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<h2>Tech leadership broadens toward cloud and cyber<\/h2>\n<p><span class=\"TextRun SCXW195916547 BCX0\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"none\"><span class=\"NormalTextRun SCXW195916547 BCX0\">Within technology, leadership is shifting toward cloud (BCLAET Index) and cybersecurity (BCYAET Index) after semiconductors (BSEAET Index) and compute infrastructure (BCIAET Index) drove earlier gains. Cloud and cybersecurity have returned about 29% and 28% over the past three months, leading BI\u2019s accelerating-tech themes, compared with declines of 18% and 9% over the corresponding period for semiconductors and compute infrastructure. The earlier AI-led gains nonetheless <\/span><span class=\"NormalTextRun SCXW195916547 BCX0\">remain<\/span><span class=\"NormalTextRun SCXW195916547 BCX0\"> intact: semiconductors and AI are still up 63% and 41% this year, though semiconductor breadth<\/span><span class=\"NormalTextRun SCXW195916547 BCX0\">,<\/span><span class=\"NormalTextRun SCXW195916547 BCX0\">m<\/span><\/span><span class=\"TextRun SCXW195916547 BCX0\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW195916547 BCX0\">easured as percentage<\/span><\/span><span class=\"TextRun SCXW195916547 BCX0\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"none\"><span class=\"NormalTextRun SCXW195916547 BCX0\"> of constituents of an index above their 200-day moving averages<\/span><span class=\"NormalTextRun SCXW195916547 BCX0\">,<\/span> <span class=\"NormalTextRun SCXW195916547 BCX0\">has narrowed sharply.<\/span><\/span><span class=\"EOP Selected SCXW195916547 BCX0\" data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span class=\"TextRun SCXW145757353 BCX0\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"none\"><span class=\"NormalTextRun SCXW145757353 BCX0\">If we analy<\/span><span class=\"NormalTextRun SCXW145757353 BCX0\">z<\/span><span class=\"NormalTextRun SCXW145757353 BCX0\">e breadth of each tech theme, it is led <\/span><span class=\"NormalTextRun SCXW145757353 BCX0\">mainly by<\/span><span class=\"NormalTextRun SCXW145757353 BCX0\"> recent software gains, with 84% of cybersecurity and 70% of cloud constituents above their 200-day moving averages.\u00a0<\/span><\/span><span class=\"EOP Selected SCXW145757353 BCX0\" data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n\n<\/div>\n<div id=\"\" class=\"wpb_content_element bbg-single-image align-center\">\n    <figure class=\"bbg-single-image__figure\" style=\"max-width:100%\">\n                <img loading=\"lazy\" decoding=\"async\" width=\"951\" height=\"810\" src=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Figure-4-Bloomberg-Intelligence-Tech-Themes-Returns-Breadth.png\" class=\"bbg-single-image__image attachment-full\" alt=\"Figure 4-Bloomberg Intelligence Tech Themes Returns, Breadth\" title=\"Figure 4-Bloomberg Intelligence Tech Themes Returns, Breadth\" srcset=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Figure-4-Bloomberg-Intelligence-Tech-Themes-Returns-Breadth.png 951w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Figure-4-Bloomberg-Intelligence-Tech-Themes-Returns-Breadth-552x470.png 552w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Figure-4-Bloomberg-Intelligence-Tech-Themes-Returns-Breadth-800x681.png 800w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Figure-4-Bloomberg-Intelligence-Tech-Themes-Returns-Breadth-768x654.png 768w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Figure-4-Bloomberg-Intelligence-Tech-Themes-Returns-Breadth-127x108.png 127w\" sizes=\"auto, (max-width: 951px) 100vw, 951px\" \/>\n        \n            <\/figure>\n<\/div>\n\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<h2>Does the software rotation signal an AI slowdown?<\/h2>\n<p><span class=\"TextRun SCXW1572967 BCX0\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW1572967 BCX0\">Fundamentals provide <\/span><span class=\"NormalTextRun SCXW1572967 BCX0\">additional<\/span><span class=\"NormalTextRun SCXW1572967 BCX0\"> context for the <\/span><span class=\"NormalTextRun SCXW1572967 BCX0\">rotation.<\/span><span class=\"NormalTextRun SCXW1572967 BCX0\">\u00a0<\/span><\/span><span class=\"TextRun SCXW1572967 BCX0\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"none\"><span class=\"NormalTextRun SCXW1572967 BCX0\">Cybersecurity\u2019s<\/span><span class=\"NormalTextRun SCXW1572967 BCX0\"> median sales growth rose to 16.6% from 14.7% three months ago as breadth of the theme jumped 32 percentage points, while cloud\u2019s 16.1% growth was <\/span><span class=\"NormalTextRun SCXW1572967 BCX0\">roughly steady<\/span><span class=\"NormalTextRun SCXW1572967 BCX0\"> as its breadth more than doubled. Both themes also saw P\/S multiples expand, suggesting that valuations contributed to recent gains alongside fundamentals. Semiconductors nonetheless <\/span><span class=\"NormalTextRun SCXW1572967 BCX0\">retain<\/span><span class=\"NormalTextRun SCXW1572967 BCX0\"> the strongest growth at 29.4%, up <\/span><span class=\"NormalTextRun SCXW1572967 BCX0\">nearly 7<\/span><span class=\"NormalTextRun SCXW1572967 BCX0\"> percentage points, despite a 17% three-month decline and P\/S contraction to 5.1x from 6.3x.<\/span><\/span><span class=\"EOP Selected SCXW1572967 BCX0\" data-ccp-props=\"{&quot;335559738&quot;:240,&quot;335559739&quot;:240}\">\u00a0<\/span><\/p>\n<p><span class=\"TextRun SCXW58834135 BCX0\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"none\"><span class=\"NormalTextRun SCXW58834135 BCX0\">Compute infrastructure shows a similar <\/span><span class=\"NormalTextRun SCXW58834135 BCX0\">pattern<\/span><span class=\"NormalTextRun SCXW58834135 BCX0\">, with median sales growth rising to 15.5% from 13.1% even as the theme fell 9% and its P\/S contracted. AI\u2019s sales growth also improved, to 24.6%, as its multiple contracted. The divergence between falling prices and rising growth<\/span> <\/span><span class=\"TextRun SCXW58834135 BCX0\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW58834135 BCX0\">suggest that technology leadership has broadened without a corresponding slowdown in AI-related fundamentals.<\/span><\/span><span class=\"EOP Selected CommentStart SCXW58834135 BCX0\" data-ccp-props=\"{&quot;335559738&quot;:240,&quot;335559739&quot;:240}\">\u00a0<\/span><\/p>\n\n<\/div>\n<div id=\"\" class=\"wpb_content_element bbg-single-image align-center\">\n    <figure class=\"bbg-single-image__figure\" style=\"max-width:100%\">\n                <img loading=\"lazy\" decoding=\"async\" width=\"947\" height=\"551\" src=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Figure-5-Theme-Valuation-Sales-Growth-Breadth-Return.png\" class=\"bbg-single-image__image attachment-full\" alt=\"Figure 5-Theme Valuation, Sales Growth, Breadth, Return\" title=\"Figure 5-Theme Valuation, Sales Growth, Breadth, Return\" srcset=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Figure-5-Theme-Valuation-Sales-Growth-Breadth-Return.png 947w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Figure-5-Theme-Valuation-Sales-Growth-Breadth-Return-552x321.png 552w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Figure-5-Theme-Valuation-Sales-Growth-Breadth-Return-800x465.png 800w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Figure-5-Theme-Valuation-Sales-Growth-Breadth-Return-768x447.png 768w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Figure-5-Theme-Valuation-Sales-Growth-Breadth-Return-186x108.png 186w\" sizes=\"auto, (max-width: 947px) 100vw, 947px\" \/>\n        \n            <\/figure>\n<\/div>\n\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<h2><span class=\"TextRun SCXW232295141 BCX0\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"none\"><span class=\"NormalTextRun SCXW232295141 BCX0\">Longer-<\/span><span class=\"NormalTextRun SCXW232295141 BCX0\">t<\/span><span class=\"NormalTextRun SCXW232295141 BCX0\">erm <\/span><span class=\"NormalTextRun SCXW232295141 BCX0\">r<\/span><span class=\"NormalTextRun SCXW232295141 BCX0\">eturns <\/span><span class=\"NormalTextRun SCXW232295141 BCX0\">c<\/span><span class=\"NormalTextRun SCXW232295141 BCX0\">ame <\/span><span class=\"NormalTextRun SCXW232295141 BCX0\">w<\/span><span class=\"NormalTextRun SCXW232295141 BCX0\">ithout <\/span><span class=\"NormalTextRun SCXW232295141 BCX0\">m<\/span><span class=\"NormalTextRun SCXW232295141 BCX0\">aterially <\/span><span class=\"NormalTextRun SCXW232295141 BCX0\">d<\/span><span class=\"NormalTextRun SCXW232295141 BCX0\">eeper <\/span><span class=\"NormalTextRun SCXW232295141 BCX0\">d<\/span><span class=\"NormalTextRun SCXW232295141 BCX0\">rawdowns<\/span><\/span><span class=\"EOP Selected SCXW232295141 BCX0\" data-ccp-props=\"{}\">\u00a0<\/span><\/h2>\n<p><span class=\"TextRun SCXW80292842 BCX0\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"none\"><span class=\"NormalTextRun SCXW80292842 BCX0\">The pattern is not confined to 2026. Since 2019, the <\/span><span class=\"NormalTextRun ContextualSpellingAndGrammarErrorV2Themed SCXW80292842 BCX0\">top five<\/span><span class=\"NormalTextRun SCXW80292842 BCX0\"> momentum theme portfolio has gained more than 625% cumulatively, equivalent to a 29% annualized return, compared against 18% for the Bloomberg 500 Index, 14% for the Bloomberg World Index and 18% for an equal-weight portfolio of all BI thematic indices.<\/span><\/span><span class=\"EOP Selected SCXW80292842 BCX0\" data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span class=\"TextRun SCXW265025191 BCX0\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"none\"><span class=\"NormalTextRun SCXW265025191 BCX0\">That return advantage also came without materially deeper drawdowns. The portfolio\u2019s <\/span><span class=\"NormalTextRun SCXW265025191 BCX0\">maximum<\/span><span class=\"NormalTextRun SCXW265025191 BCX0\"> drawdown was 32%, <\/span><span class=\"NormalTextRun SCXW265025191 BCX0\">roughly in<\/span><span class=\"NormalTextRun SCXW265025191 BCX0\"> line with the Bloomberg 500 Index and the Bloomberg World Index, and slightly below the 33% recorded across all themes. The portfolio had a Sharpe ratio of 1.2, <\/span><span class=\"NormalTextRun SCXW265025191 BCX0\">indicating<\/span><span class=\"NormalTextRun SCXW265025191 BCX0\"> stronger historical risk-adjusted performance over the period.<\/span><\/span><span class=\"EOP Selected SCXW265025191 BCX0\" data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n\n<\/div>\n<div id=\"\" class=\"wpb_content_element bbg-single-image align-center\">\n    <figure class=\"bbg-single-image__figure\" style=\"max-width:100%\">\n                <img loading=\"lazy\" decoding=\"async\" width=\"943\" height=\"453\" src=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Figure-6-Top-Momentum-Theme-Portfolio-vs.-Benchmark.png\" class=\"bbg-single-image__image attachment-full\" alt=\"Figure 6-Top Momentum Theme Portfolio vs. Benchmark\" title=\"Figure 6-Top Momentum Theme Portfolio vs. Benchmark\" srcset=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Figure-6-Top-Momentum-Theme-Portfolio-vs.-Benchmark.png 943w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Figure-6-Top-Momentum-Theme-Portfolio-vs.-Benchmark-552x265.png 552w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Figure-6-Top-Momentum-Theme-Portfolio-vs.-Benchmark-800x384.png 800w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Figure-6-Top-Momentum-Theme-Portfolio-vs.-Benchmark-768x369.png 768w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Figure-6-Top-Momentum-Theme-Portfolio-vs.-Benchmark-192x92.png 192w\" sizes=\"auto, (max-width: 943px) 100vw, 943px\" \/>\n        \n            <\/figure>\n<\/div>\n\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<h2><span class=\"TextRun SCXW37847504 BCX0\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW37847504 BCX0\">What does broader thematic leadership <\/span><span class=\"NormalTextRun SCXW37847504 BCX0\">indicate<\/span><span class=\"NormalTextRun SCXW37847504 BCX0\">?<\/span><\/span><span class=\"EOP Selected CommentStart SCXW37847504 BCX0\" data-ccp-props=\"{&quot;335559738&quot;:299,&quot;335559739&quot;:299}\">\u00a0<\/span><\/h2>\n<p><span class=\"TextRun SCXW219947895 BCX0\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW219947895 BCX0\">Thematic leadership turned over <\/span><span class=\"NormalTextRun SCXW219947895 BCX0\">almost completely<\/span><span class=\"NormalTextRun SCXW219947895 BCX0\"> in 2026, with only semiconductors and AI carried through from the midyear composition into August. However, turnover has not come at AI\u2019s expense. Semiconductor and <\/span><span class=\"NormalTextRun ContextualSpellingAndGrammarErrorV2Themed SCXW219947895 BCX0\">compute<\/span><span class=\"NormalTextRun SCXW219947895 BCX0\">-infrastructure sales growth both improved even as the performance of the two themes fell over three months and their multiples contracted.<\/span> <span class=\"NormalTextRun SCXW219947895 BCX0\">Cloud and cybersecurity, meanwhile, led on both returns and breadth.<\/span><\/span><span class=\"EOP Selected CommentStart SCXW219947895 BCX0\" data-ccp-props=\"{&quot;335559738&quot;:240,&quot;335559739&quot;:240}\">\u00a0<\/span><\/p>\n<p><span class=\"TextRun SCXW46695206 BCX0\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW46695206 BCX0\">The broader implication is that thematic leadership is becoming more dynamic, with the portfolio rotating repeatedly through 2026. Breadth and sales-growth data suggest that fundamentals have <\/span><span class=\"NormalTextRun SCXW46695206 BCX0\">accompanied<\/span><span class=\"NormalTextRun SCXW46695206 BCX0\"> the recent rotation, even as valuation expansion contributed to gains in cloud and cybersecurity.<\/span><\/span><span class=\"EOP Selected SCXW46695206 BCX0\" data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p>To learn more about Bloomberg Thematic Indices Methodology <a href=\"https:\/\/assets.bbhub.io\/professional\/sites\/27\/Bloomberg-Thematic-Benchmark-Indices-Methodology.pdf\">click here.<\/a> Bloomberg Terminal subscribers can access this analysis along with associated data via BI &lt;GO&gt;.<\/p>\n\n<\/div>\n<div class=\"bbg-accordion transparent\">\n\t<input type=\"checkbox\"  id=\"bbg-accordion-toggle-6af43e028223e\">\n\t<div class=\"bbg-accordion-parent\" data-accordion-toggle aria-expanded=\"false\">\n\t\t<label class=\"bbg-accordion-label\" for=\"bbg-accordion-toggle-6af43e028223e\">\n\t\t\t\t<h5 class=\"bbg-accordion-title\" data-label=\"Thematic indices referenced in this article\">\n\t\tThematic indices referenced in this article\n\t<\/h5>\n\n\t\t\t\t\t<\/label>\n\t<\/div>\n\t<div class=\"bbg-accordion-content\">\n\t\t<div class=\"bb-wysiwyg\">\n\t<p class=\"small\"><strong>Index Name | BI Theme Universe(s) | Total Return Ticker<\/strong><\/p>\n<p class=\"small\">Bloomberg 5G Aggregate Equal Weight Index | 5G | B5GAET<\/p>\n<p class=\"small\">Bloomberg Artificial Intelligence Aggregate Equal Weight Index | Artificial Intelligence | BAIAET<\/p>\n<p class=\"small\">Bloomberg Autonomous Vehicles Aggregate Equal Weight Index | Autonomous Vehicles | BAVAET<\/p>\n<p class=\"small\">Bloomberg Biodiversity Aggregate Equal Weight Index | Biodiversity | BBDAET<\/p>\n<p class=\"small\">Bloomberg Biofuels Aggregate Equal Weight Index | Biofuels | BBFAET<\/p>\n<p class=\"small\">Bloomberg CCUS Aggregate Equal Weight Index | CCUS | BCCAET<\/p>\n<p class=\"small\">Bloomberg Circular Materials Aggregate Equal Weight Index | Circular Materials | BCMAET<\/p>\n<p class=\"small\">Bloomberg Cloud Aggregate Equal Weight Index | Cloud | BCLAET<\/p>\n<p class=\"small\">Bloomberg Compute Infra Aggregate Equal Weight Index | Compute Infra | BCIAET<\/p>\n<p class=\"small\">Bloomberg Cybersecurity Aggregate Equal Weight Index | Cybersecurity | BCYAET<\/p>\n<p class=\"small\">Bloomberg Decentralized Energy Aggregate Equal Weight Index | Decentralized Energy | BDEAET<\/p>\n<p class=\"small\">Bloomberg Digital Payments Aggregate Equal Weight Index | Digital Payment | BDPAET<\/p>\n<p class=\"small\">Bloomberg Enterprise Fintech Aggregate Equal Weight Index | Enterprise Fintech | BEFAET<\/p>\n<p class=\"small\">Bloomberg Frontier Tech Aggregate Equal Weight Index | Frontier Tech | BFTAET<\/p>\n<p class=\"small\">Bloomberg Future of Finance Aggregate Equal Weight Index | Future of Finance | BFFAET<\/p>\n<p class=\"small\">Bloomberg Genomics Aggregate Equal Weight Index | Genomics | BGEAET<\/p>\n<p class=\"small\">Bloomberg Grid Tech Aggregate Equal Weight Index | Grid Tech | BGTAET<\/p>\n<p class=\"small\">Bloomberg Hydrogen Aggregate Equal Weight Index | Hydrogen | BHYAET<\/p>\n<p class=\"small\">Bloomberg Metaverse Aggregate Equal Weight Index | Metaverse | BMVAET<\/p>\n<p class=\"small\">Bloomberg Modern Global Defense Aggregate Equal Weight Index | Modern Global Defense | BMDAET<\/p>\n<p class=\"small\">Bloomberg Neuro Mental Health Aggregate Equal Weight Index | Neuro Mental Health | BNMAET<\/p>\n<p class=\"small\">Bloomberg Nuclear Aggregate Equal Weight Index | Nuclear | BNUAET<\/p>\n<p class=\"small\">Bloomberg Obesity Aggregate Equal Weight Index | Obesity | BOBAET<\/p>\n<p class=\"small\">Bloomberg Plant Based Food Aggregate Equal Weight Index | Plant Based Food | BPBAET<\/p>\n<p class=\"small\">Bloomberg Prepare &amp; Repair Aggregate Equal Weight Index | Prepare &amp; Repair | BPRAET<\/p>\n<p class=\"small\">Bloomberg Robotics Aggregate Equal Weight Index | Robotics | BROAET<\/p>\n<p class=\"small\">Bloomberg Semiconductors Aggregate Equal Weight Index | Semiconductors | BSEAET<\/p>\n<p class=\"small\">Bloomberg Solar Aggregate Equal Weight Index | Solar | BSOAET<\/p>\n<p class=\"small\">Bloomberg Space Aggregate Equal Weight Index | Space | BSPCAET<\/p>\n<p class=\"small\">Bloomberg Sports Aggregate Equal Weight Index | Sports | BSPAET<\/p>\n<p class=\"small\">Bloomberg Transition Metals Aggregate Equal Weight Index | Transition Metals | BTMAET<\/p>\n<p class=\"small\">Bloomberg Water Aggregate Equal Weight Index | Water | BWAAET<\/p>\n<p>Bloomberg Wind Aggregate Equal Weight Index | Wind | BWIAET<\/p>\n\n<\/div>\n\n\n\t<\/div>\n<\/div>\n\n<div class=\"bbg-accordion transparent\">\n\t<input type=\"checkbox\"  id=\"bbg-accordion-toggle-6af43e02833ed\">\n\t<div class=\"bbg-accordion-parent\" data-accordion-toggle aria-expanded=\"false\">\n\t\t<label class=\"bbg-accordion-label\" for=\"bbg-accordion-toggle-6af43e02833ed\">\n\t\t\t\t<h5 class=\"bbg-accordion-title\" data-label=\"Disclaimer\">\n\t\tDisclaimer\n\t<\/h5>\n\n\t\t\t\t\t<\/label>\n\t<\/div>\n\t<div class=\"bbg-accordion-content\">\n\t\t<div class=\"bb-wysiwyg\">\n\t<p>The data and other information included in this publication is for illustrative purposes only, available \u201cas is\u201d, non-binding and constitutes the provision of factual information, rather than financial product advice. 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Is this broadening leadership or simply a shift away from AI?<\/p>\n","protected":false},"author":1933,"featured_media":131533,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"template-article.php","format":"standard","meta":{"_yoast_wpseo_primary_category":"3937","footnotes":""},"categories":[3937,453,3661],"tags":[3672,547,3842],"series":[],"class_list":["post-144845","post","type-post","status-publish","format-standard","hentry","category-equities","category-markets","category-technology","tag-equity-indices","tag-indices","tag-indices_2026","type-article"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v19.11 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Thematic momentum broadens beyond AI | Insights | Bloomberg Professional Services<\/title>\n<meta name=\"description\" content=\"AI and semiconductors remain leading momentum themes, while leadership has expanded into cloud, cybersecurity, genomics and neuro mental health. 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