BlackRock three themes for summer 2026

We’ve outlined our views for summer, focusing on the following themes: leaning on semiconductors for growth, infrastructure for diversification and active global high dividend strategies for income.
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Capital at risk. The value of investments and the income from them can fall as well as rise and are not guaranteed. Investors may not get back the amount originally invested.

Key takeaways

  • Leaning into semiconductors for growth
    Semiconductors offer direct exposure to the AI theme. With demand rising, we think a global approach to semiconductor investments can help capture potential opportunities across regions and different parts of the semiconductor value chain.

  • Infrastructure for diversification
    As AI adoption grows, so does demand for data centres, power and energy infrastructure. We view infrastructure investments as a complementary way to access the AI theme while adding diversification, as returns are often driven by different factors than broad stock markets.

  • Income through active high dividend strategies
    We favour active ETFs for global dividend stock exposures, helping investors potentially access attractive income levels through a professionally-managed fund that can adapt its holdings as market conditions change.

Chart 1: Returns have become more spread out in tech

Value of £100 invested across semiconductors, broad technology and software, from June 2025 – July 2026

Line chart comparing the value of pound 100 invested in semiconductors, broad technology and software from June 2023 to July 2026, showing semiconductors significantly outperforming.

Source: Bloomberg, as of 7 July 2026. Past performance is not a reliable indicator of current or future results. Semiconductors, broad technology, and software are represented by the PHLX Semiconductor Sector, S&P Information Technology Sector, and S&P 500 Software & Services Industry Group indices, respectively.

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Investors have faced geopolitical uncertainty, inflation concerns and changing interest-rate expectations, while resilient corporate earnings have continued to support markets. Against this backdrop, we see long-term growth potential in areas such as AI, alongside opportunities in investments that can add diversification and income to portfolios.

-Natasha Sarkaria "EMEA Investment & Portfolio Solutions"