ThematIQ
Thematic strategies from the bill of materials

Invest in what it takes to build the future.

Every theme is broken into the parts it takes to build it, each part weighted by its share of the cost, and each company weighted by the revenue it earns from those parts. Sourced to annual reports, line by line.

Explore the theme libraryOpen Studio
Bill of materials

AI Supercycle

  • Power and Cooling Systems36%
  • Graphics Processing Unit (GPU)31%
  • Servers and IT Equipment7%
  • Interconnection Interface6%
  • Video Memory (VRAM)5%
  • Networking Equipment4%
86 companies, weighted by cost shareSee the theme ›
9areas of the economy
105themes and sectors
295sub-themes and niches
26ready to build today
How it works

From the product to the portfolio

The method starts from what the theme physically needs, not from a list of companies that mention it.

1

Map the build

Each theme is a bill of materials: the parts, systems and services it takes to build the end product, with boundary rules for what is in and out.

2

Weight by cost

Each part is weighted by its share of the total cost of the build, researched from published sources and stated in global units.

3

Find who earns it

Company revenue is split by part from annual reports, so a holding counts only for the revenue it actually earns from the theme.

Ready to build

Featured themes

Classified, priced and ready to turn into a strategy.

Technology · AI

AI Infrastructure

The whole AI data center build: chips, memory, networking, power, cooling and facilities.

86companies
$17.9tnmarket value
66%revenue purity
Technology · Semiconductor

AI Chips

GPUs, custom accelerators, leading-edge foundry and advanced packaging.

7companies
$7.4tnmarket value
64%revenue purity
Technology · Memory and storage

AI Memory and Storage

HBM, GDDR and DRAM in AI servers, plus enterprise SSDs, NAND and drives.

12companies
$3.6tnmarket value
71%revenue purity
Energy and resources · Electrification

Electrification Supercycle

Power generation, transmission and distribution grids, storage, grid software and power components.

97companies
$3.1tnmarket value
78%revenue purity
Industrials and defense · Defense

Defense Supercycle

Defense electronics, aircraft, missiles and munitions, ships, ground vehicles and the industrial base.

44companies
$1.3tnmarket value
70%revenue purity
Technology · AI infrastructure

AI Power and Cooling

The power and thermal systems that keep AI racks running.

13companies
$640.6bnmarket value
58%revenue purity
The library

Browse by area

From AI infrastructure to banks, each area drills down to themes, sub-themes and micro niches.

Technology20 themes, 62 sub-themesEnergy and resources24 themes, 73 sub-themesHealth10 themes, 26 sub-themesIndustrials and defense13 themes, 40 sub-themesConsumer15 themes, 37 sub-themesFinance and crypto11 themes, 30 sub-themesCommunications3 themes, 9 sub-themesUtilities4 themes, 6 sub-themesReal estate5 themes, 12 sub-themes
Studio

Custom Investment Strategies in minutes

Pick a theme, focus on the parts you believe in and set a few rules. Classification, cost-share weighting and sourcing run behind the scenes, documented in full in the methodology.

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