Theme Heat

Themes sorted by institutional breadth inflow relative to their own 3-year baseline

As of 2026Q2

Heat = sector inflow deviation from its own 3-year norm, market-wide growth removed

Theme	Net change in funds	Heat	Historical Rank	vs 3Y Avg	Top tickers
Analog & Power 22 members	+2,280	+6.54	100%	10.6×	TXN +351 STM +201 MXL +182 VSH +159
CPU & SoC 3 members	+1,870	+4.58	100%	11.7×	INTC +908 AMD +722 QCOM +240
Foundry & OSAT 9 members	+1,543	+4.41	100%	6.7×	INTC +908 TSM +222 ASX +104 AMKR +102
RF 5 members	+186	+3.37	88%	—	MTSI +131 AMPG +25 SWKS +19 AIRG +14
Semi Equipment 17 members	+2,350	+2.94	100%	4.2×	AMAT +493 LRCX +439 KLAC +359 TER +162
Memory & Storage 6 members	+2,398	+2.90	100%	6.7×	MU +804 SNDK +602 STX +466 WDC +394
Cybersecurity 22 members	+1,144	+2.38	94%	3.6×	PANW +383 CRWD +314 FTNT +222 RBRK +102
Optical 11 members	+1,127	+1.95	94%	4.0×	CRDO +247 LITE +199 COHR +179 MTSI +131
AI Servers & Hardware 9 members	+1,430	+1.62	94%	3.4×	DELL +450 HPE +298 VRT +176 PENG +121
EDA & IP 7 members	+454	+1.57	98%	3.1×	ARM +189 CDNS +66 AIP +57 RMBS +51
Solar & Clean Energy Emerging 21 members	+252	+1.05	58%	5.3×	TE +59 FLNC +36 TYGO +27 EOSE +25
Networking 16 members	+1,562	+0.80	96%	2.6×	MRVL +627 CSCO +257 ANET +191 NOK +152
Neocloud Emerging 6 members	+794	+0.60	92%	3.6×	NBIS +312 CRWV +165 IREN +159 APLD +96
AI Accelerators 5 members	+1,035	+0.52	69%	1.8×	AMD +722 ALAB +257 AVGO +51 BZAI +12
GLP-1 / Weight Loss Emerging 4 members	+282	+0.21	69%	1.4×	LLY +157 HIMS +63 NVO +51 VKTX +11
Quantum Computing Emerging 9 members	+425	+0.09	72%	3.1×	INFQ +162 IONQ +133 QBTS +49 XNDU +33
Data Center REITs Emerging 5 members	+85	-0.02	40%	0.9×	IRM +47 DLR +45 EQIX +32 GDS -7
Space & Defense Tech Emerging 12 members	+423	-0.29	71%	1.4×	RKLB +223 PL +55 UMAC +51 ASTS +47
Power & Grid Emerging 7 members	+596	-0.31	83%	1.2×	GEV +234 VRT +176 PWR +166 HUBB +21
Gaming 11 members	-9	-0.38	17%	-0.1×	TTWO +40 U +26 NTES +26 DDI +17
Oil & Gas 3 members	-31	-0.62	17%	-0.2×	XOM +368 COP -150 CVX -249
Data & AI Software Emerging 26 members	+340	-0.64	27%	0.4×	DDOG +193 SNOW +146 IBM +77 NET +65
EV & Autonomous Emerging 16 members	+4	-0.66	25%	0.0×	AUR +32 TSLA +18 CHPT +14 PONY +7
Cloud Computing Emerging 11 members	+292	-0.69	19%	0.4×	SNOW +146 DOCN +111 IBM +77 GOOGL +39
Crypto & Digital Assets Emerging 4 members	-93	-1.18	27%	-0.4×	HOOD +84 CRCL +18 COIN -86 MSTR -109
Mega-cap Platforms Emerging 8 members	-258	-1.22	6%	-0.2×	GOOGL +39 TSLA +18 AMZN +12 GOOG +6
Fintech & Payments Emerging 16 members	-232	-1.29	4%	-0.7×	XYZ +67 V +15 GLBE -3 TOST -5
Big Pharma 5 members	-257	-1.47	4%	-1.0×	ABBV +39 MRK -30 JNJ -42 AMGN -48
Nuclear & SMR Emerging 5 members	-43	-1.49	21%	-0.1×	VST +59 SMR +8 CCJ -5 OKLO -28
Enterprise Software 84 members	-1,682	-1.70	4%	-1.9×	TWLO +122 FROG +82 NAVN +57 FIG +51
Streaming Emerging 8 members	-457	-2.43	2%	-3.1×	RUM +22 HUYA +5 BILI -2 DOYU -3
Defense 10 members	-425	-3.67	2%	-1.1×	GE +152 MRCY +31 SAIC +4 PSN -4

Theme members v1.0 (2026-07), quarterly maintenance

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2026 Q3 holdings are due 2026-11-16. We will email you when the refreshed lists are live.