Semiconductors, China innovation, blockchain and metals/miners led the latest theme tape, while cannabis, energy producers and MLPs lagged as momentum cooled into next week’s CPI/PPI and bank earnings catalysts.
Thematic ETF flows show investors buying AI hardware, dividend income, REITs, biotech, infrastructure and banks while cutting generic AI, software, natural resources, clean energy and crypto-linked themes. The message is selective risk appetite, not a broad innovation rally right now
Blockchain, China internet, energy services and AI infrastructure led the latest theme tape, while hydrogen, housing, travel and metals lagged as investors rotated around oil/rate stabilization and renewed semiconductor volatility.
Biotechnology, MLPs and energy infrastructure are leading as geopolitics reasserts itself, while semiconductors, blockchain, clean energy and AI infrastructure remain under pressure.
Blockchain, cybersecurity and robotics/AI led the latest theme tape, but the morning setup is more cautious as semiconductors and memory come under renewed pressure following Samsung’s sell-the-news reaction.
Biotechnology and Natural Resources led the latest theme tape, while semiconductors, blockchain and AI infrastructure lag; however, the Monday setup points to a tactical momentum bounce in semis and memory after the recent drawdown.
The first half of 2026 showed thematic investors moving beyond broad AI stories into bottleneck-specific ETFs tied to memory, semiconductors, photonics, power, grid infrastructure and space, while stale internet, China, disruption and precious-metal exposures struggled, confirming flows followed fundamentals visibility.
Software, fintech and internet themes are leading as investors rotate away from AI hardware, while semiconductors, bitcoin miners and AI infrastructure remain the weakest pockets of the tape.
The Kaleidoscope Thematic Equity Model underperformed in June as thematic breadth narrowed, but first-half results remained ahead of SPY, led by semiconductors, AI, cybersecurity, grid infrastructure, and electrification despite weakness in crypto, China internet, fintech, and commodities themes during period.
Semiconductors, cannabis and hydrogen led the latest theme tape, but the morning setup is more cautious as memory/semis come under renewed pressure after outsized June and Q2 gains.
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