Four Key Themes Shaping Markets in 2026

Thematic investing serves as a critical tool for navigating market volatility, with 2025 data showing thematic stock categories outperformed the S&P 500 by 27%. For 2026, four structural forces define the global economic landscape: AI and tech diffusion, the future of energy, the multipolar world, and societal shifts. AI development is transitioning from rapid capability gains to a phase where compute demand significantly outstrips supply, while energy demand in developed markets is inflecting upward for the first time in years to support data center infrastructure. Geopolitical fragmentation continues as nations prioritize national self-sufficiency and access to critical inputs like defense and technology. These themes intersect as rising energy costs drive the "politics of energy," influencing government policy and corporate strategy. Ultimately, understanding the convergence of these structural shifts offers a clearer path to identifying long-term alpha than focusing on short-term market fluctuations.