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 −1.1% · YTD +11.7%Nasdaq 100 (QQQ) · 1M −7.0% · YTD +12.8%Semiconductors (SMH) · 1M −15.4% · YTD +45.1%Utilities (XLU) · 1M +9.4% · YTD +3.9%
| Index | Type | Stocks | Tightness | 1D | 1W | 1M | 3M | YTD | 1Y | Breadth | 6M path |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Chips & Networking | System | 89 | — | −7.3% | −1.0% | −19.9% | −7.5% | +88.1% | +107.9% | 4% | |
| Power & Cooling | System | 69 | — | −3.9% | +1.6% | −12.2% | −12.5% | +4.7% | +1.2% | 16% | |
| Materials | System | 25 | — | −4.1% | +1.5% | −12.3% | −13.6% | +8.6% | +27.2% | 12% | |
| Physical AI | System | 45 | — | −3.6% | −0.2% | −8.3% | −11.9% | −0.6% | −1.4% | 22% | |
| Hot AI Themes | System | 42 | — | −5.3% | −1.6% | −9.0% | +4.4% | +32.8% | +16.3% | 38% | |
| AI Chips (GPUs & Custom ASICs) | Theme | 6 | 72 | −8.6% | −3.2% | −19.7% | −7.5% | +69.3% | +47.6% | 0% | |
| Leading-Edge Chipmaking (Foundry) | Theme | 5 | 84 | −10.7% | −8.1% | −24.4% | −10.4% | +67.5% | +74.8% | 0% | |
| Lithography Machines (EUV) | Theme | 4 | 78 | −5.6% | +1.0% | −7.2% | −3.3% | +34.1% | +55.1% | 25% | |
| Chip Equipment (Deposition, Etch, Inspection) | Theme | 8 | 66 | −7.0% | +2.3% | −24.3% | −17.6% | +30.2% | +34.9% | 0% | |
| Chip Testing & Burn-in | Theme | 5 | 70 | −7.7% | −1.9% | −29.4% | −8.8% | +93.4% | +88.0% | 20% | |
| AI Memory (HBM & DRAM) | Theme | 3 | 88 | −5.1% | +5.4% | −18.8% | +0.1% | +138.9% | +208.3% | 0% | |
| AI Storage (Enterprise SSD & HDD) | Theme | 4 | 72 | −9.0% | +1.8% | −28.5% | −18.2% | +229.9% | +327.7% | 0% | |
| Chip Packaging (CoWoS) | Theme | 6 | 80 | −6.6% | +0.3% | −18.2% | −8.5% | +41.1% | +42.3% | 0% | |
| Chip Substrates (ABF & Glass) | Theme | 4 | 64 | −6.3% | −3.9% | −11.4% | +24.2% | +237.6% | +270.0% | 0% | |
| Silicon Wafers & Chemicals | Theme | 4 | 48 | −4.8% | +1.9% | −13.0% | −3.3% | +64.2% | +48.5% | 50% | |
| Laser Chips for Optics (InP) | Theme | 4 | 82 | −10.3% | +3.7% | −29.1% | −13.6% | +241.9% | +386.2% | 0% | |
| Optical Transceivers (800G / 1.6T) | Theme | 7 | 76 | −9.5% | −2.4% | −32.7% | −30.2% | +29.1% | +79.3% | 0% | |
| AI Networking (Switches & Retimers) | Theme | 6 | 62 | −6.9% | −0.4% | −15.5% | −14.3% | +22.0% | +14.0% | 0% | |
| Fiber, Cable & Connectors | Theme | 4 | 68 | −4.9% | +0.1% | −19.8% | −10.1% | +27.4% | +39.7% | 0% | |
| AI Server Racks (Taiwan ODMs) | Theme | 6 | 52 | −4.1% | −1.6% | −13.4% | +1.1% | +50.2% | +28.9% | 0% | |
| 800V Rack Power (Power Shelves & PSUs) | Theme | 7 | 66 | −5.7% | −0.2% | −20.9% | −8.2% | +40.8% | +36.3% | 0% | |
| 800V Power Semis (SiC & GaN) | Theme | 6 | 54 | −7.2% | −0.1% | −18.4% | −18.1% | +42.4% | +35.5% | 0% | |
| MLCC & Passive Components | Theme | 6 | 62 | −7.9% | +1.8% | −7.5% | +6.8% | +162.9% | +203.3% | 17% | |
| AI PCBs & Laminates (CCL) | Theme | 5 | 70 | −7.2% | −7.6% | −13.1% | +13.4% | +131.6% | +201.2% | 0% | |
| Gas Turbines | Theme | 4 | 90 | −4.1% | −0.6% | −14.9% | −16.3% | +9.1% | +13.4% | 0% | |
| Transformers & Switchgear | Theme | 9 | 86 | −4.3% | −2.3% | −20.0% | −17.9% | +12.2% | +17.8% | 0% | |
| Data Center Electrical Gear (UPS, Busway & Distribution) | Theme | 6 | 76 | −4.2% | +4.6% | −11.1% | −12.9% | +14.2% | +3.2% | 0% | |
| Grid Connection & Transmission | Theme | 5 | 88 | +1.0% | +7.2% | −1.2% | −10.8% | +16.8% | +14.4% | 40% | |
| High-Voltage & Subsea Cable | Theme | 4 | 74 | −5.2% | +4.1% | −12.3% | −11.6% | +11.0% | +24.4% | 0% | |
| Nuclear Plants & Restarts | Theme | 4 | 70 | −0.8% | +2.5% | +4.0% | −4.4% | −13.2% | −18.7% | 50% | |
| Uranium & Enrichment | Theme | 5 | 76 | −6.2% | +1.4% | −14.7% | −23.6% | −26.9% | −39.3% | 0% | |
| Small Modular Reactors | Theme | 4 | 42 | −4.8% | +2.4% | −19.6% | −29.7% | −35.4% | −50.1% | 0% | |
| Onsite Power (Fuel Cells & Engines) | Theme | 5 | 72 | −4.4% | −1.5% | −13.7% | −13.9% | +35.0% | +19.1% | 0% | |
| Grid Batteries | Theme | 5 | 46 | −1.8% | +2.2% | −14.4% | −22.6% | −40.7% | −43.9% | 20% | |
| Liquid Cooling | Theme | 7 | 74 | −5.9% | +1.3% | −14.4% | +4.2% | +33.7% | +35.2% | 14% | |
| Thermal Management (Cold Plates & Vapor Chambers) | Theme | 5 | 70 | −4.7% | −2.2% | −11.0% | +40.6% | +50.7% | +69.1% | 20% | |
| Data Center Land & Buildings | Theme | 6 | 68 | −6.4% | +1.2% | −20.3% | −27.2% | −7.1% | −27.9% | 0% | |
| Electricians & Contractors | Theme | 6 | 78 | −3.7% | +7.5% | −14.3% | −22.1% | +15.3% | +7.5% | 0% | |
| Natural Gas & Pipelines | Theme | 4 | 56 | +0.2% | +1.0% | +8.2% | +5.7% | +22.8% | +27.2% | 100% | |
| Precision Reducers | Theme | 3 | 64 | −5.7% | −0.8% | −14.5% | −10.6% | +28.5% | +52.7% | 0% | |
| Bearings, Screws & Linear Motion | Theme | 6 | 50 | −3.6% | +2.2% | −6.8% | −12.2% | +12.4% | +22.6% | 17% | |
| Servo Motors & Drives | Theme | 6 | 54 | −3.2% | +1.7% | −8.1% | −13.8% | −7.5% | +2.5% | 33% | |
| Vision, LiDAR & Tactile Sensing | Theme | 6 | 58 | −3.1% | −0.9% | −8.5% | −10.2% | +19.2% | +5.9% | 33% | |
| Robot Brains (Edge Compute) | Theme | 5 | 48 | −6.0% | −1.2% | −10.4% | −2.5% | +21.3% | +4.6% | 20% | |
| Robot Platforms & Humanoids | Theme | 6 | 44 | −0.7% | −1.8% | −5.1% | −12.1% | −31.4% | −34.0% | 33% | |
| Autonomy & Robotaxi | Theme | 6 | 52 | −2.8% | −3.9% | −8.8% | −16.9% | −32.5% | −36.4% | 17% | |
| Factory Automation & Integration | Theme | 6 | 46 | −2.6% | +0.4% | −4.5% | −2.8% | +14.3% | +10.1% | 33% | |
| Drones & Defence Autonomy | Theme | 4 | 60 | −6.0% | +4.8% | −7.2% | −21.8% | −25.0% | −27.3% | 25% | |
| Copper | Theme | 6 | 74 | −4.9% | −0.4% | −12.0% | −6.0% | +11.8% | +24.6% | 0% | |
| Rare Earths & Magnets | Theme | 6 | 86 | −5.1% | +5.1% | −13.1% | −20.0% | −1.5% | −18.3% | 0% | |
| Gallium, Germanium & Antimony | Theme | 5 | 80 | −6.6% | +1.7% | −22.6% | −17.9% | +39.5% | +123.9% | 0% | |
| Lithium, Graphite & Cathodes | Theme | 4 | 34 | −3.5% | −2.1% | −19.2% | −27.4% | −35.9% | −16.6% | 0% | |
| Specialty & Industrial Gases | Theme | 4 | 52 | +1.3% | +2.3% | +8.5% | +4.1% | +24.9% | +22.1% | 75% | |
| Hyperscalers & AI Cloud (the buyers) | Theme | 7 | 80 | −4.6% | −2.7% | −15.8% | −14.3% | +3.5% | −11.8% | 14% | |
| AI Cybersecurity | Theme | 8 | 62 | −4.1% | −6.7% | −2.7% | +20.2% | +65.3% | +47.0% | 62% | |
| AI Drug Discovery & Health AI | Theme | 5 | 48 | −7.2% | +11.0% | −5.2% | +62.4% | +110.1% | +57.8% | 80% | |
| AI Software & Data Platforms | Theme | 5 | 55 | −7.5% | −12.8% | −10.4% | +4.5% | +13.8% | +3.0% | 0% | |
| AI Devices & Edge | Theme | 3 | 45 | −7.4% | −3.1% | −11.6% | +3.0% | +37.8% | +15.6% | 33% | |
| Launch & Space Access | Theme | 4 | 58 | −4.8% | +2.2% | −0.5% | −7.2% | −2.1% | −1.4% | 50% | |
| Satellite Connectivity & EO | Theme | 5 | 50 | −4.2% | +5.6% | −10.2% | −19.1% | +50.5% | +49.4% | 20% | |
| Quantum Hardware & Cryogenics | Theme | 5 | 38 | −4.4% | −2.9% | −15.8% | −19.1% | −28.9% | −40.5% | 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.