Themes / The trends behind the research
Investment Themes
Each theme is a long-running trend the research follows. It is read, not asserted: whether recent evidence on the narratives that test it supports or challenges it, whether the cycles that drive it are tailwinds, and where its companies sit against their own valuation history. A company that rides several themes says so on its page.
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AI Compute Build-out
The chips, memory, networking and chipmaking equipment that AI training and inference consume.
- Evidence
- Losing support
- Cycles
- Pulling both ways
- Valuation
- Richer than its own past
- Companies
- 9 tracked · 2 potential opportunities
2 readings working against it now · see what
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AI Platforms & Cloud
The cloud and consumer platforms that sell AI through rented computing, subscriptions and advertising.
- Evidence
- Contested
- Cycles
- Headwind
- Valuation
- Cheaper than its own past
- Companies
- 4 tracked
3 readings working against it now · see what
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AI Software & Agents
Software companies turning AI into products businesses pay for: agents, data platforms, analytics and security.
- Evidence
- Gaining support
- Cycles
- No cycle on the clock
- Valuation
- Richer than its own past
- Companies
- 9 tracked · 3 potential opportunities
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AI Power & Critical Minerals
Energy and materials companies whose demand the AI build-out drives: the nuclear fuel, power plants, grid equipment, gas and minerals that new data centres need.
- Evidence
- Gaining support
- Cycles
- Tailwind
- Valuation
- Cheaper than its own past
- Companies
- 10 tracked · 1 potential opportunity · 1 with warnings
1 reading working against it now · see what
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Robotics & Physical AI
Companies whose machines and sensors AI makes more capable: perception sensors, surgical and warehouse robots, factory automation and self-driving systems.
- Evidence
- Gaining support
- Cycles
- Pulling both ways
- Valuation
- Cheaper than its own past
- Companies
- 6 tracked · 1 potential opportunity
1 reading working against it now · see what
Themes are editorial; every reading on them is measured. Evidence comes from the tracked narratives, cycles from Market Signals, and valuation from each company’s own history. Informational only — not investment advice.