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2026 Thematics Outlook

Key focus areas

  • 01

    The power in AI

    As more individuals and companies use AI tools, drivers for direct AI investment and associated growth appear strong. Implications for demand on power generation, power grids and energy storage are perhaps less well understood.

  • 02

    Rediscovering resources

    Critical raw materials are necessary to make the technologies of today. We examine the focus on security of supply, impact on materials producers and views of our specialist investment teams.

  • 03

    Loving the unloved

    Global stock markets have been driven higher by certain stocks and industries. We consider how some of the “unloved” sectors may provide investors with opportunities over the coming year.

In this outlook we look forward to the coming twelve months and consider themes and structural issues that may shape stock markets.

Key themes we have seen develop, include the persistence of the large levels of investment in artificial intelligence (AI) and adoption, with rapid growth in users of this new technology1. At the same time, the world continues to appear fragmented, with national security issues becoming more prominent. The combination of these two factors is spotlighting the impact of increased power demand on power grids and resilience of supply chains, including security of supply of critical raw materials.

As macro trends appear increasingly driven by mega forces, we see investors seeking to access these opportunities via key themes”

Evy Hambro
Head of Thematics & Sectors, BlackRock Fundamental Equities

 When we look at the performance of stocks across global equity markets, there has been divergence in returns between sectors, however US mega caps have continued to be top contributors to global stock market returns2. Other sectors have seen valuations de-rate and we look into these “unloved” areas to consider whether these moves may present opportunities.

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