Themes
Market themes highlight the major investment narratives influencing U.S. markets—from breakthrough technologies and sector-specific trends to regulatory changes and broader economic cycles. These themes offer valuable context behind stock movements and help pinpoint companies best positioned to capitalize on significant developments. We continuously update, enhance, and phase out themes based on shifting market dynamics, emerging innovations, geopolitical events, and investor sentiment—ensuring our insights remain timely, relevant, and forward-looking. Currently, we track 55 distinct market themes.
5G & Telecom
Firms central to the deployment of 5G networks and modern communications. Nokia (NOK) and Ericsson (ERIC) supply the critical radio equipment and software for 5G base stations globally. They saw a wave of demand as carriers ramped up 5G deployments (though competition from Huawei and pricing pressure persist). Marvell Technology (MRVL) designs semiconductors used in 5G base stations and data centers, including specialized 5G chips – it saw a boost from 5G rollouts and also from supplying high-speed chips for cloud/AI networks. Crown Castle (CCI), while a REIT by structure, owns cell towers and fiber – essentially the physical infrastructure underpinning wireless networks. As 5G coverage expanded through 2020-2024, these companies played key roles. By 2024, 5G is mainstream in many countries, and the focus shifts to monetizing it (e.g., enterprise 5G use cases) and preparing for future 6G. Nonetheless, this theme captures those who built the 5G highway.
Open in Group ViewerAdvertising Technology (AdTech)
Companies enabling programmatic digital advertising and marketing technology. The Trade Desk (TTD), a leading demand-side platform, has been growing ~25%+ annually, capitalizing on the shift to programmatic ads across streaming TV and online media. Magnite (MGNI) and PubMatic (PUBM) operate sell-side platforms helping publishers maximize ad revenue via auctions. Criteo (CRTO) specializes in retargeting and commerce media, while Perion Network (PERI) blends ad tech with search monetization. With global digital ad spend still rising (particularly in connected TV, retail media, and mobile), these companies ride a trend of advertisers increasingly relying on data-driven, automated ad buying. The Trade Desk’s strong 2024 results (Q2 revenue +26% YoY) illustrate how connected TV and AI tools (like its Kokai platform) are reshaping the ad landscape.
Open in Group ViewerAI Infrastructure
Companies providing the essential hardware and software that enable AI workloads, from training massive AI models to real-time inference. Notable players include Super Micro Computer Inc. (SMCI), known for its powerful AI-optimized server solutions, and Arista Networks (ANET), which supplies high-speed networking hardware critical for AI data centers. As artificial intelligence adoption accelerates, especially driven by generative AI models like ChatGPT, these companies benefit from booming demand for robust and efficient computing infrastructure.
Open in Group ViewerArtificial Intelligence (AI)
Companies most clearly defined by AI-centric products and services. C3.ai (AI) offers enterprise AI software platforms, harnessing AI buzz (its stock often moves with AI news). Palantir (PLTR), after years as a big data analytics firm, is now firmly seen as an “AI stock” due to its AI Platform (AIP) that integrates large language models into its software. This repositioning led to a 500% stock surge in 2024 as Palantir posted accelerating growth and profitability, touting itself as a key beneficiary of the AI wave. BigBear.ai (BBAI) and SoundHound AI (SOUN) are smaller players applying AI to government intel and voice recognition, respectively. Veritone (VERI) provides AI tools for media. This theme zeroes in on the pure-play AI names that captured investor imagination in the ChatGPT era. These stocks often traded more on AI potential than current earnings, reflecting how AI became the market’s hottest buzzword of 2023-2024.
Open in Group ViewerAthleisure & Sports Apparel
Companies merging fashion with functionality, producing casual athletic wear designed for both sports and everyday life. Leaders include NIKE (NKE), the world's top sports apparel brand known for innovative products, and Deckers Outdoor (DECK), owner of lifestyle and athleisure brands like Hoka and UGG. Under Armour (UAA) also competes here, with performance-oriented products targeting fitness-conscious consumers. These firms thrive as consumers increasingly value comfort and style both in and outside athletic activities.
Open in Group ViewerAutomation & Robotics
Companies advancing automation in industry and daily life. UiPath (PATH) is a leader in Robotic Process Automation (software bots to automate office tasks), helping enterprises increase efficiency. iRobot (IRBT) brought robotics to consumers with Roomba vacuums; it agreed to be acquired by Amazon, reflecting big tech’s interest in home robots (pending regulatory approval). Cognex (CGNX) specializes in machine vision systems used on factory lines worldwide for quality control and guidance of robots. Rockwell Automation (ROK) provides industrial automation control systems to factories (sensors, controllers, software). As labor markets stayed tight and technology improved, companies accelerated adoption of automation – from software bots handling back-office workflows to robots sorting packages in warehouses. This theme captures those providing the tools and machines that automate repetitive tasks, boosting productivity. Warehouse automation (Amazon’s robotics, Symbotic’s automated warehouses, etc.) and manufacturing robotics are part of this trend towards a more automated economy.
Open in Group ViewerAutonomous Driving Tech
Companies pioneering self-driving vehicles and advanced driver-assistance systems (ADAS). Mobileye (MBLY) (spun out of Intel) provides vision-based ADAS and is a leader in autonomous driving algorithms. Luminar (LAZR), Ouster (OUST), Innoviz (INVZ), and Aeva (AEVA) focus on LiDAR sensors for autonomy – critical for enabling vehicles to perceive their environment in 3D. Aurora Innovation (AUR) develops L4 self-driving systems for trucks and robo-taxis. While fully autonomous cars are not yet mainstream, these companies are driving the technological race for robo-taxis and self-driving trucks, forming partnerships with automakers to eventually deploy these systems at scale.
Open in Group ViewerBattery Technology
Firms developing next-gen batteries and energy storage solutions. QuantumScape (QS) is renowned for its progress in solid-state batteries and a landmark partnership with Volkswagen to industrialize the tech. Solid-state batteries promise higher energy density and safety (no flammable liquid electrolyte) – QS aims for commercialization mid-decade. Solid Power (SLDP) and SES AI (SES) likewise target solid-state or advanced lithium-metal batteries. Enovix (ENVX) innovates in silicon-anode batteries for wearables and EVs. This theme is crucial as EV makers and grid storage demand better batteries. Investments in solid-state breakthroughs are high, though commercialization is tricky. By 2024, QuantumScape had hit key milestones (shipping test cells, partnering with OEMs), keeping investor excitement up.
Open in Group ViewerBig Pharma
Major pharmaceutical corporations responsible for developing, manufacturing, and commercializing innovative and blockbuster medications globally. These companies, including Pfizer (PFE), Johnson & Johnson (JNJ), and Merck & Co. (MRK), lead drug innovation in critical areas like oncology, vaccines, and chronic disease management. Big Pharma remains essential due to their massive R&D investments, driving major medical breakthroughs and significant global healthcare advancements.
Open in Group ViewerBig-Box Stores
Retail giants operating large-scale stores with expansive inventories covering groceries, electronics, home goods, and more. Examples include Walmart (WMT), Costco Wholesale (COST), and Target (TGT), which dominate by offering convenience, competitive pricing, and expansive product variety under one roof. These retailers remain relevant due to their ability to leverage economies of scale, omnichannel presence, and adaptability to consumer demands.
Open in Group ViewerBiotech Leaders
Leading biotechnology firms pushing boundaries in medical science through advanced biological and genetic techniques. Companies like Amgen (AMGN), Gilead Sciences (GILD), and Regeneron (REGN) excel at developing breakthrough therapies for severe diseases such as cancer, autoimmune disorders, and rare genetic conditions. These firms benefit from constant innovation, with significant growth potential from pipeline drug approvals and biotechnological advancements.
Open in Group ViewerBlockchain & Crypto
Companies at the forefront of the cryptocurrency and blockchain revolution. Coinbase (COIN) operates a leading crypto exchange and has expanded beyond trading fees into subscription and blockchain rewards. MicroStrategy (MSTR) pivoted to become one of the largest corporate Bitcoin holders, with its stock performance now closely tied to Bitcoin’s price. Marathon Digital (MARA) and Riot Platforms (RIOT) are major Bitcoin miners benefiting from crypto’s resurgence. These companies surged as Bitcoin broke above $100,000 in early 2025, fueling double-digit gains in crypto stocks.
Open in Group ViewerCannabis & CBD
Companies in the cannabis sector that saw rapid expansion on legalization trends. Tilray (TLRY), Canopy Growth (CGC), Cronos (CRON), Aurora Cannabis (ACB), and Sundial Growers (SNDL) all boomed in the late 2010s as Canada legalized recreational cannabis and hopes for U.S. federal legalization rose. By 2024, the industry has struggled with oversupply and slow legislative progress in the U.S., leading to steep stock declines from prior highs. However, it remains a notable theme given continuing state-level legalizations and potential federal shifts (for example, discussion of banking reform or re-scheduling cannabis at the federal level). This theme is about the emerging regulated market for cannabis and related products. These companies span cultivation, brands, and distribution of cannabis for medical and recreational use. They serve as a reminder of both the potential and pitfalls of investing in anticipated legislative changes.
Open in Group ViewerChinese E-commerce
The giants of China’s enormous online retail market. Alibaba (BABA) and JD.com (JD) dominate with hundreds of billions in GMV across platforms like Taobao, Tmall, and JD’s direct sales, benefiting from China’s status as the world’s top e-commerce market. Pinduoduo (PDD), though based in Ireland for ADR purposes, has disrupted Chinese e-commerce with interactive, social shopping (fast growth in lower-tier cities). Vipshop (VIPS) focuses on online discount retail. These companies navigate a unique landscape – from the massive consumer base and advanced digital payments in China, to regulatory swings (e.g., the tech crackdown that wiped $1.1T off Chinese Big Tech’s value through mid-2023, which now appears to be easing). The theme underscores how China’s e-commerce ecosystem remains a distinct powerhouse with its own trends and policy environment.
Open in Group ViewerChinese Internet & Tech
Beyond shopping, China’s internet behemoths and trending platforms. Baidu (BIDU) leads in search and AI (and autonomous driving initiatives). NetEase (NTES) and Bilibili (BILI) represent China’s enormous gaming and online entertainment sector, while Tencent Music (TME) and Weibo (WB) cover digital music and social media respectively. iQIYI (IQ) is a major streaming video service often dubbed “China’s Netflix.” These companies collectively reflect key themes in China: online content consumption, gaming, and social networking, all under the watchful eye of regulators (e.g., gaming time limits for minors, content censorship). Despite challenges, Chinese internet user penetration and digital content spend keep rising, sustaining these platforms for the long run.
Open in Group ViewerClean Energy & Renewables
Companies dedicated to generating energy through sustainable resources like solar, wind, and hydropower, vital to global decarbonization efforts. Firms like NextEra Energy (NEE), a leader in wind and solar generation, and Orsted (DNNGY), a pioneer in offshore wind farms, represent this theme. The relevance stems from international commitments to climate goals, driving unprecedented growth and investments in clean energy infrastructure.
Open in Group ViewerCloud Computing & SaaS
The software-as-a-service and cloud infrastructure leaders outside the Magnificent Seven. Snowflake (SNOW) provides cloud data warehousing, Cloudflare (NET) offers edge networking and security services, Twilio (TWLO) powers cloud communications, and Okta (OKTA) specializes in identity management (though Okta could be seen in cybersecurity, here we include it in cloud/SaaS for its SaaS-delivery model). Enterprise software giants like Salesforce (CRM), ServiceNow (NOW), and Workday (WDAY) also fall under this theme as core cloud application providers (CRM for customer management, NOW for IT workflows, WDAY for HR/finance). The common thread is these companies deliver software via the cloud subscription model, often with high growth and recurring revenues. The broader cloud market hit ~$330B in 2024 (in cloud infrastructure services alone), boosted by surging enterprise demand and AI workloads fueling cloud usage.
Open in Group ViewerCybersecurity
With cyber threats proliferating, security companies are in focus. Palo Alto Networks (PANW) and CrowdStrike (CRWD) lead in network and endpoint security respectively, showing strong growth as businesses invest in protection. Zscaler (ZS) and Fortinet (FTNT) focus on zero-trust access and network security appliances. SentinelOne (S) offers AI-driven endpoint protection. Identity-focused Okta (OKTA) could be here (but we placed it in Cloud/SaaS). Instead, we include Check Point (CHKP) for legacy network security and CyberArk (CYBR) for privileged access management. Gartner projects security spending to jump ~14% in 2024 to $215B globally, as companies combat sophisticated attacks and protect cloud environments. This theme underscores the arms race between cybercriminals and defenders, which keeps cybersecurity a top IT priority.
Open in Group ViewerDefense Tech & Drones
Rising geopolitical tensions and increased military budgets have shone a spotlight on defense contractors and new warfare tech like unmanned systems. Lockheed Martin (LMT), Northrop Grumman (NOC), RTX Corp (RTX) (formerly Raytheon), and General Dynamics (GD) are major defense contractors seeing strong demand for missiles, jets, and defense systems. Many NATO countries boosted defense spending commitments since 2022. At the cutting edge, AeroVironment (AVAV) supplies small drones (its Switchblade kamikaze drones gained notoriety in Ukraine conflict) and Kratos Defense (KTOS) develops tactical unmanned systems and other high-tech military solutions. This theme underscores a renewed defense boom – traditional players have backlogs for big-ticket programs, and smaller tech-focused firms are developing next-gen systems (like autonomous drones, space defense, hypersonics). With global defense spending surpassing Cold War highs, these companies are positioned to benefit.
Open in Group ViewerEdTech
Companies leveraging digital technology to revolutionize education through virtual learning platforms, digital curricula, and online assessments. Notable players include Coursera (COUR), Duolingo (DUOL), and Chegg (CHGG). Their relevance surged post-pandemic as institutions adopted digital learning tools permanently, highlighting the long-term growth prospects of digital educational solutions.
Open in Group ViewerElectric Vehicles (EVs)
The global shift to electric vehicles accelerated in 2024, with record sales up ~25% year-over-year. This theme includes Chinese EV makers like NIO, Xpeng (XPEV), and Li Auto (LI), each growing deliveries over 30% in 2024. U.S. players like Rivian (RIVN) and Lucid (LCID) also represent the EV wave. Polestar (PSNY) (Sweden) and Mullen Automotive (MULN) join as newer EV entrants. The EV theme captures not just automakers but the entire ecosystem benefiting from the global electrification of transport, spurred by climate policies and technology advancements (e.g., cheaper batteries). Notably, Tesla remains in Magnificent Seven rather than here, to avoid duplication.
Open in Group ViewerEV Charging Infrastructure
Firms building the vital infrastructure to support the booming electric vehicle (EV) market. Companies like ChargePoint (CHPT), Blink Charging (BLNK), and EVgo (EVGO) provide widespread, reliable charging solutions critical for widespread EV adoption. The global shift toward electric transportation driven by climate policies boosts the necessity and market opportunity for robust charging networks.
Open in Group ViewerFinTech
The ongoing revolution in financial services through technology. PayPal (PYPL) and Block (SQ) (formerly Square) are pioneers enabling digital wallets and cashless payments. SoFi (SOFI) and Affirm (AFRM) target next-gen lending and "buy now, pay later" (BNPL) services. Robinhood (HOOD) changed retail brokerage with commission-free trading. Nubank (NU) and StoneCo (STNE) represent fintech’s rise in emerging markets like Latin America. The fintech sector is growing rapidly as consumers and merchants worldwide adopt digital transactions – the global digital payment gateway market is forecast to double from ~$106B in 2024 to ~$206B by 2030. The McKinsey 2024 payments report shows 92% of U.S. consumers have used some form of digital payment, with mobile wallets and in-app purchases surging, highlighting the secular shift these companies are riding.
Open in Group ViewerFood & Agriculture Innovation
Firms applying innovative technologies to enhance food production sustainability, efficiency, and quality. Notables include Deere & Company (DE), using precision farming tech, and Beyond Meat (BYND), advancing plant-based alternatives. This theme is relevant due to global food security challenges and increasing demand for sustainable, nutritious food solutions.
Open in Group ViewerGaming & eSports
Companies involved in video game development, publishing, and competitive gaming events. Major players like Sony Group Corporation (SONY), Electronic Arts (EA), and Take-Two Interactive (TTWO) have capitalized on the global rise of gaming and spectator esports. Their relevance continues to grow as gaming becomes mainstream entertainment and a professional sport, attracting substantial investment and user engagement.
Open in Group ViewerGene Editing
A cutting-edge biotech theme around CRISPR and gene sequencing technologies. CRISPR Therapeutics (CRSP), Editas Medicine (EDIT), and Intellia Therapeutics (NTLA) are all leveraging CRISPR/Cas9 gene editing to develop cures for genetic diseases. In late 2023, CRISPR Therapeutics (with Vertex) achieved a historic milestone: FDA approval of exagamglogene autotemcel (brand name Casgevy) for sickle cell disease, making it the first CRISPR-based therapy approved. This validated the platform and buoyed sentiment for the whole field. Beam Therapeutics (BEAM) works on base editing (next-gen gene editing). Pacific Biosciences (PACB) provides long-read DNA sequencing instruments crucial for genomic research. With breakthroughs like the above and the prospect of curing inherited diseases or engineering cells for therapies, genomics remains a major multi-year theme (albeit one with regulatory, ethical, and delivery challenges). These stocks are volatile but represent the biotechnology frontier.
Open in Group ViewerGig Economy & Delivery
Companies enabling the on-demand, app-based economy for transport, food delivery, freelance work, etc. Uber (UBER) leads in ridesharing globally and has a massive food delivery arm (Uber Eats). By 2024 Uber achieved both scale and a measure of profitability, handling billions of trips and deliveries. Lyft (LYFT) is the #2 in U.S. ride-hail. DoorDash (DASH) dominates U.S. food delivery, which became an ingrained habit post-COVID. Fiverr (FVRR) and Upwork (UPWK) run marketplaces for freelancers offering digital services remotely – tapping into the trend of remote work and independent contracting. These companies exemplify how technology has created new ways for people to earn income and for consumers to get services conveniently (rides, meals, home services, or business gigs). The gig economy grew significantly in the last decade and continues to raise questions on labor models even as it becomes a fixture in urban life. This theme captures those platform businesses monetizing flexibility and convenience in various sectors.
Open in Group ViewerGlobal Banking Giants
Multinational banks with broad financial services influencing global economies and financial markets. Companies like JPMorgan Chase (JPM), HSBC (HSBC), and Bank of America (BAC) offer extensive financial solutions worldwide. Their stability, extensive networks, and regulatory resilience maintain their relevance, especially during economic volatility.
Open in Group ViewerHousing & Homebuilders
Despite higher interest rates in 2023-2024, the U.S. housing market showed surprising resilience, with homebuilders enjoying strong demand due to a shortage of homes. D.R. Horton (DHI), Lennar (LEN), PulteGroup (PHM), Toll Brothers (TOL), and NVR all had robust orders as millennials entered prime home-buying years and homeowners locked into low rates stayed put (limiting resale supply). Many of these builders saw their stocks near all-time highs in 2023 as they gained market share (new builds substituting for scarce existing home listings) and navigated cost pressures well. This theme highlights the interesting dynamic where, even in a high-rate environment, structural undersupply and demographic demand kept housing construction humming. These homebuilders are key players providing new inventory and riding tailwinds like suburbanization and Sunbelt migration.
Open in Group ViewerHydrogen & Fuel Cells
Companies focused on the green hydrogen economy and fuel cell technology. Plug Power (PLUG) builds hydrogen fuel cell systems and electrolyzers (projecting ~$1B revenue by 2025 amid 35%+ growth). Ballard Power (BLDP) and FuelCell Energy (FCEL) develop fuel cell power plants for energy and transport. Bloom Energy (BE) provides solid-oxide fuel cells for clean electricity. While many have faced losses and volatile stocks (Plug’s stock plunged in 2024 as execution lagged expectations), the global push for hydrogen is strong – the market is expected to grow nearly 8x by 2030 (from ~$4B in 2023 to over $33B by 2030). This theme reflects hopes that hydrogen will play a pivotal role in decarbonizing heavy industries, trucks, and energy storage.
Open in Group ViewerInsurTech
Companies revolutionizing traditional insurance with technology-driven models enhancing customer experiences, reducing costs, and improving underwriting accuracy. Key firms include Lemonade (LMND) and Oscar Health (OSCR), known for digital-first, user-friendly approaches. The relevance arises from growing consumer preference for seamless digital interactions and personalized insurance products.
Open in Group ViewerLithium & Battery Materials
The upstream supply chain fueling the battery boom. Lithium demand is set to soar ~10x by 2030 due to EVs. Albemarle (ALB) and SQM are the world’s largest lithium producers, operating mines in Chile, Australia, etc. They benefit from strong lithium prices and have major expansion plans (though they also manage cyclical swings and evolving forecasts). Emerging lithium developers like Lithium Americas (LAC) (advancing projects in Nevada and Argentina), Piedmont Lithium (PLL), and Standard Lithium (SLI) seek to bring new supply online. This theme underscores the global race to secure critical minerals for batteries, amid challenges like environmental concerns and geopolitical competition (e.g., China’s dominance in processing).
Open in Group ViewerMagnificent Seven
This theme covers the seven dominant U.S. tech companies that led the market's gains since 2023. These are Apple (AAPL), Microsoft (MSFT), Alphabet (GOOGL), Amazon (AMZN), Meta (META), NVIDIA (NVDA), and Tesla (TSLA). Bank of America coined “Magnificent Seven” to describe their market dominance and technological impact. They span innovations in AI, electric vehicles, cloud computing, and digital advertising, far outpacing the broader market.
Open in Group ViewerMedical Wearables
Firms creating wearable technology that continuously monitors health metrics, facilitating proactive and personalized healthcare management. Companies like DexCom (DXCM), a leader in glucose-monitoring wearables, and Fitbit (owned by Alphabet-GOOGL) exemplify this theme. Relevance is amplified by the rise in remote health monitoring and consumer health awareness.
Open in Group ViewerMeme Stocks
Stocks that became viral sensations due to retail investor hype on social media (notably Reddit's WallStreetBets). Examples include GameStop (GME) and AMC Entertainment (AMC), which saw extreme volatility as online communities drove short squeezes and narrative-fueled rallies. Others are Koss (KOSS) and BlackBerry (BB), which also spiked during the early 2021 meme frenzy. These stocks often trade more on sentiment than fundamentals, leading to heightened volatility.
Open in Group ViewerMetaverse & AR/VR
Companies pushing the boundaries of immersive digital experiences. Unity Software (U) provides a real-time 3D engine used in game development and increasingly for VR/AR applications, making it central to metaverse content creation. Roblox (RBLX) operates a massively popular user-generated content platform often seen as a proto-metaverse for younger audiences – where users play and socialize in 3D worlds (Roblox’s daily active users and hours engaged indicate strong secular growth in the metaverse concept). Vuzix (VUZI) makes AR smart glasses and components, targeting enterprise use of augmented reality. The metaverse concept (popularized by Meta’s pivot) envisages rich virtual worlds for gaming, work, and socializing. While hype moderated in 2023, the market is still projected to grow at astonishing rates (40%+ CAGR), potentially reaching trillions by early 2030s. These companies are the building blocks of that vision – via software engines, platforms, and hardware.
Open in Group ViewermRNA Vaccines & Therapeutics
Companies that pioneered mRNA technology, which rose to prominence with COVID-19 vaccines and are now expanding to other diseases. Moderna (MRNA) and BioNTech (BNTX) delivered billions of mRNA vaccine doses globally, creating robust cash reserves to invest in pipelines for cancer vaccines, flu, RSV, etc. CureVac (CVAC) and Arcturus (ARCT) are smaller players developing mRNA vaccines (Arcturus has focused on vaccines and was acquired or partnered for certain programs). While COVID vaccine sales have waned from 2021 peaks, mRNA is seen as a platform technology that could revolutionize medicine, from personalized cancer vaccines to gene therapy (by encoding gene-editing enzymes in mRNA). Investors watch for clinical data beyond COVID – e.g., promising cancer vaccine trial results – as the next catalyst. This theme encapsulates the post-pandemic pivot of mRNA companies toward longer-term applications in infectious disease and oncology.
Open in Group ViewerNuclear Energy
A revival theme as nuclear gains favor in decarbonization efforts and energy security. Cameco (CCJ) is one of the largest uranium miners globally, and along with peers like Denison Mines (DNN), Uranium Energy Corp (UEC), and NexGen Energy (NXE), they have seen rising uranium prices amid a growing reactor pipeline. By 2024, sentiment towards nuclear turned positive: nuclear generation is projected to reach record levels by 2025, with many countries extending reactor lifetimes or planning new builds. Small Modular Reactors (SMRs) added to the buzz – e.g., NuScale’s SMR design gaining traction (NuScale (SMR) is included here). Wood Mackenzie reported the global SMR project pipeline jumped 65% since 2021 to total 22 GW by early 2024, indicating robust interest in next-gen reactors. This theme reflects both the uranium supply resurgence (after a decade in the doldrums) and the nuclear tech renaissance as SMRs and advanced reactors promise safer, more flexible nuclear deployment.
Open in Group ViewerOil & Gas Boom
A counter-trend to the clean energy narrative, traditional energy saw a boom as well due to geopolitics (e.g., supply constraints from Russia) and post-pandemic demand. ExxonMobil (XOM) and Chevron (CVX) posted record profits in 2022 as oil prices soared, and remained strong players through 2024 with disciplined capex and shareholder returns. Occidental Petroleum (OXY), supported by an investment from Buffett’s Berkshire, is a major Permian Basin producer with a carbon capture angle. Devon Energy (DVN) and Marathon Oil (MRO) epitomize the lean shale oil model (variable dividends, moderate growth). Halliburton (HAL) and Schlumberger (SLB) represent the oilfield services needed to drill wells. This theme reflects that even amid energy transition, fossil fuels remain essential in the near-term, and high commodity prices can significantly boost these stocks. In 2024, OPEC+ cuts and underinvestment kept supply tight, so oil averaged relatively high, benefiting these firms. They operate in a cyclical industry, but the theme highlights a multi-year upswing. Notably, many of these also invest in carbon capture, hydrogen, etc., but here they’re grouped by their core hydrocarbon business.
Open in Group ViewerOnline Retail
Key players in the continued growth of online shopping. Shopify (SHOP) empowers millions of merchants globally and benefits from e-commerce sales expected to reach $6.09T in 2024 (+8.4% YoY). MercadoLibre (MELI) leads e-commerce and fintech in Latin America. Sea Limited (SE) operates Southeast Asia’s Shopee platform. Etsy (ETSY) connects artisans to buyers for unique goods. All these firms saw tailwinds from the pandemic-driven e-commerce surge (which accelerated adoption by ~5 years). While growth normalized post-pandemic, online sales remain on a steady climb, taking an ever-larger share of retail. This theme covers those enabling online marketplaces, digital shops, and global retail digitization.
Open in Group ViewerPet Care & Animal Health
Companies focused on products and services to enhance animal wellness, nutrition, and medical care. Leaders include Zoetis (ZTS), a global veterinary medicine giant, and Chewy (CHWY), an online pet care retailer. The growing pet ownership trends and increased spending on pet health drive this theme's ongoing relevance and expansion.
Open in Group ViewerPrecision Medicine
Firms developing customized healthcare treatments based on genetic profiling, significantly improving patient outcomes. Illumina (ILMN), providing genomic sequencing, and Exact Sciences (EXAS), focused on precise cancer diagnostics, lead this innovative field. Advances in genetic technology and personalized medicine demand fuel continuous growth and relevance.
Open in Group ViewerQuantum Computing
A nascent but rapidly evolving theme featuring pure-play quantum technology companies. IonQ (IONQ) and Rigetti Computing (RGTI) went public via SPACs and are developing quantum computers using trapped-ion and superconducting qubit technologies, respectively. They saw massive stock gains in late 2024, reflecting optimism (IonQ’s shares climbed ~200% year-over-year, Rigetti ~46%). D-Wave Quantum (QBTS) and Quantum Computing Inc. (QUBT) also ride this trend. These companies operate far ahead of current commercial demand, so their valuations swing on technological breakthroughs and long-term potential rather than near-term revenue.
Open in Group ViewerReal Estate Tech & iBuying
Companies that tried to disrupt residential real estate through technology and innovative models. Zillow (Z) (and its twin ZG share class) popularized online home search and ventured into iBuying (instant home flipping) – though Zillow exited iBuying in 2021 after missteps. Opendoor (OPEN) pioneered the iBuyer model, algorithmically buying and selling homes at scale (faced huge losses when markets turned in 2022, but still a major player). Compass (COMP) blends tech with brokerage, and CoStar (CSGP) (though commercial-focused) has moved into residential listings (acquired Homes.com). This theme reflects the PropTech wave that sought to simplify home transactions and digitize real estate. The concept was that data and algorithms could streamline buying/selling houses like flipping stocks. While the pure iBuying model proved challenged by housing volatility, these companies continue to digitize real estate marketing and transactions, an industry historically resistant to change.
Open in Group ViewerSemiconductor Boom
The theme covering leading chipmakers whose products power everything from AI to smartphones. Advanced Micro Devices (AMD) and Intel (INTC) design CPUs for PCs and servers. Qualcomm (QCOM) dominates smartphone SOCs and 5G modems. Broadcom (AVGO) supplies a wide array of chips (networking, RF, storage). Micron (MU) makes memory (DRAM, NAND). Taiwan Semiconductor (TSM) is the world’s foremost contract chip fab (benefiting from near-full utilization thanks to high demand). Texas Instruments (TXN) focuses on analog and embedded chips. Through 2023-2024, semiconductors saw a huge upswing thanks to AI (NVIDIA’s growth especially) and post-pandemic supply catching up to demand. The U.S. CHIPS Act sparked tens of billions in new fab investments in America. Global chip sales are cyclical, but the strategic importance of semis (for AI, 5G, etc.) and geopolitical jockeying (U.S.-China tech tensions) make this a core theme. The stocks here are legacy and current leaders of the industry’s current cycle.
Open in Group ViewerSemiconductor Equipment
A sub-theme highlighting companies providing the tools to manufacture chips, which experienced unprecedented backlogs due to the chip shortage and expansion plans. ASML (ASML), the Dutch company, holds a monopoly on EUV lithography machines required for cutting-edge chip fabrication; it ended 2023 with a record order backlog (~€38-39B) as chipmakers raced to secure equipment. Applied Materials (AMAT), Lam Research (LRCX), and KLA (KLAC) are U.S. based firms dominating other areas of wafer fabrication equipment (deposition, etching, process control). Teradyne (TER) leads in chip testing gear. As chip fabs (TSMC, Samsung, Intel) expand capacity – often with government subsidies – these equipment suppliers benefit directly. The long lead times and high cost of these machines create an entrenched competitive landscape. With AI and high-performance chips driving new demand, semicap equipment spending is expected to hit new highs by 2025, securing growth for these firms.
Open in Group ViewerSocial Media
Key companies in the social/dating app space, where user attention is monetized via ads or subscriptions. Snap Inc. (SNAP), despite struggles, still has a strong base of young users for Snapchat and innovates in AR features. Pinterest (PINS) offers a visual discovery platform with a commerce angle, and has been improving monetization. Bumble (BMBL) and Match Group (MTCH) dominate online dating – Bumble with its women-first approach and Match via Tinder, Hinge, etc. These companies face unique challenges (user growth, moderation issues, privacy changes affecting ads) but remain central to how people connect and discover content today. While user growth at some platforms has matured, new features (TikTok-style content, social commerce) and markets (international expansion) provide avenues for growth. Also, some, like Snap, are seen as potential acquisition targets. This theme encapsulates the constant evolution in how we socialize online, a sector that’s influential but also sees quickly shifting user preferences (e.g., BeReal one year, short-form video the next).
Open in Group ViewerSolar Energy
A theme capturing the renewables boom, especially solar power’s growth. 2023 saw a record 32 GW of solar installed in the U.S., thanks in part to the Inflation Reduction Act incentives. Key stocks: Enphase Energy (ENPH) and SolarEdge (SEDG) (solar inverters), First Solar (FSLR) (solar panels), and installers like Sunrun (RUN). Even as solar stocks faced volatility in 2024 (Enphase and SolarEdge saw revenue challenges amid market adjustments), the long-term trend remains very strong, with solar comprising 53% of new U.S. electricity capacity in 2023. Chinese panel makers (e.g., JinkoSolar (JKS)) and Canadian Solar (CSIQ) also ride the wave of global solar adoption.
Open in Group ViewerSpace Exploration
Companies operating in the commercial space industry. Virgin Galactic (SPCE) aims at space tourism (though it has struggled operationally). Rocket Lab (RKLB) provides small launch services and satellite components, emerging as a key player in the smallsat launch market with frequent successful launches. AST SpaceMobile (ASTS) is developing satellite-direct-to-phone communications, launching BlueWalker satellites to enable cellular broadband from space. Planet Labs (PL) and BlackSky (BKSY) operate Earth observation satellite constellations for geospatial imagery and analytics. Iridium (IRDM) and Globalstar (GSAT) provide satellite communications networks (IoT, voice/data). The space economy reached $596B in 2024 and is projected near $1T by 2033, driven by downstream applications of satellite data. Notably, launch activity hit another record in 2024 (259 orbital attempts, +17% YoY), indicating robust growth. This theme covers the “new space” ventures capitalizing on cheaper launches (thanks to SpaceX) and new use cases like daily earth imaging, space-based IoT, and potential satellite broadband to regular smartphones.
Open in Group ViewerSports Betting & iGaming
Legalized sports wagering is a multi-year growth trend, especially in the U.S. post-2018. DraftKings (DKNG) and Penn Entertainment (PENN) (which acquired Barstool Sports and partnered with ESPN) are leaders in online sportsbooks and daily fantasy sports. Rush Street Interactive (RSI) operates online casinos and betting in multiple states, while Genius Sports (GENI) provides sports data and tech to sportsbooks worldwide. MGM Resorts (MGM) and Caesars (CZR), though traditional casino operators, have significant sports betting operations (BetMGM and Caesars Sportsbook). By 2024, over 30 U.S. states had legal sports betting, and the market continues to grow as more states legalize and as customer acquisition shifts from land-grabs to profitability. This theme covers those capitalizing on the secular shift of betting from black markets to legal online platforms. We see high growth (DraftKings’ revenue jumped as new states like New York came online) but also high marketing costs – the winners will be those who achieve scale and brand loyalty.
Open in Group ViewerStreaming Media
The ongoing streaming wars among content providers. Netflix (NFLX) continues to set the pace – despite intensifying competition, it added a robust number of subscribers in recent quarters (reports showed nearly 19 million net adds over a recent period). Disney (DIS) via Disney+ and Warner Bros Discovery (WBD) via Max are fighting for subscribers but have faced challenges (Disney+ lost 700k subs in late 2024 amid price hikes). Paramount Global (PARA) (Paramount+ and Pluto TV) is also a contender. Roku (ROKU) sits at the intersection, providing a leading streaming platform and ad channel for countless apps (benefiting as more viewers cut the cord for streaming). FuboTV (FUBO) represents niche live-TV streaming with sports focus. This theme reflects how consumers’ shift from traditional TV to on-demand streaming is reshaping the media landscape. By 2024, nearly every major media firm had its flagship streaming service, and consolidation/adjustments (e.g., bundling, ad-supported tiers) were underway to chase profitability in streaming. The dominant narrative is competition for content, subscribers, and positive cash flow in these services.
Open in Group ViewerTelehealth & Digital Medicine
The pandemic dramatically accelerated virtual healthcare adoption. Hims & Hers (HIMS) offers telehealth consultations and direct-to-consumer prescription products for wellness and personal care, seeing success with its online model (it’s one of the few SPAC-era digital health firms growing profitably). Teladoc (TDOC) is a telemedicine pioneer connecting patients and doctors via video and phone (it saw explosive growth in 2020, followed by a slowdown and writedowns in 2022, but telehealth remains far more mainstream now than pre-2020). GoodRx (GDRX) helps consumers find discounts on prescriptions via a digital platform (and now offers telehealth as well). These companies address the convenience and cost issues in healthcare by leveraging technology – whether that’s skipping the pharmacy line with an online coupon or seeing your doctor from home. While telehealth usage normalized after the pandemic peak, it remains significantly higher than before, and regulatory support (permanent reimbursement for virtual visits, for example) has solidified. Digital health, from remote monitoring to app-based therapy, is a key frontier in making healthcare more accessible and efficient.
Open in Group ViewerTravel & Tourism Rebound
After the pandemic collapse in 2020, the travel industry staged a significant rebound by 2023-2024. This theme includes airlines like American (AAL), Delta (DAL), United (UAL), which returned to profitability as travel demand surged. Cruise lines such as Carnival (CCL), Royal Caribbean (RCL), and Norwegian (NCLH) saw bookings recover strongly as consumers sought vacations (with some cruise operators hitting record revenues by late 2024). Hotel chains like Marriott (MAR) and Hilton (HLT) similarly benefited from renewed travel, though urban business travel lagged leisure. Online travel agencies and home-sharing platforms like Airbnb (ABNB) and Expedia (EXPE) also thrive when travel volumes rise. In 2024, international travel in particular was rebounding as restrictions eased – airlines added capacity, cruise ships sailed full, and tourist destinations were busy. Despite macro concerns (inflation, oil prices), the pent-up demand from lockdown years created a multi-year tailwind for these companies, making “revenge travel” a real phenomenon fueling earnings.
Open in Group ViewerWater & Sustainability
Companies innovating sustainable water management, conservation, and purification solutions. Essential firms include Xylem (XYL), providing smart water infrastructure, and Ecolab (ECL), specializing in water treatment and hygiene solutions. Water scarcity concerns and global sustainability initiatives reinforce this theme's critical long-term importance.
Open in Group ViewerWeight Loss Drugs
A hot theme in late 2023 and 2024 as a new class of obesity treatments took the market by storm. Eli Lilly (LLY) and Novo Nordisk (NVO) developed GLP-1 agonist drugs (originally for diabetes) like Mounjaro and Ozempic/Wegovy that led to significant weight loss in patients. These became blockbuster therapies, creating what some call an “obesity drug revolution.” Lilly’s market cap soared as trials showed not only weight loss but also reduced cardiac risk, broadening the potential use. Viking Therapeutics (VKTX) and others develop oral versions or next-gen obesity drugs, and saw stocks jump on the theme. Meanwhile, companies like WW International (WW) (formerly Weight Watchers) pivoted to integrate obesity medications into their services (WW acquired a telehealth platform to prescribe GLP-1s). The societal impact is huge – for the first time, obesity might be treatable at scale with medication, expanding a market to hundreds of millions of people. This theme tracks the healthcare and consumer implications: from pharma profits to potentially fewer diabetes device sales, and a decline in bariatric surgeries. It’s a multi-year theme as these drugs roll out globally and more competition arrives.
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