10 Micro Themes for 2026:
Acquisitions and AI are just the beginning
Thomas (T.J.) Thornton | Aditya Bhave | Andrew Obin | Ashley Wallace | Ebrahim H. Poonawala | Jason M. Gerberry | Jeffrey Spector | Ronald J. Epstein | Ross Fowler | Shaun C. Kelley | Vivek Arya
Key takeaways
- M&A activity is set to accelerate; AI infrastructure is expanding mid cycle with attractive semiconductor valuations, and U.S. industrial momentum is strengthening. Utility affordability concerns may influence where data centers are built, but they are unlikely to slow the broader pace of AI driven expansion — collectively signaling broad based economic acceleration into 2026.
- Rising NATO defense budgets, broadening GLP 1 access with meaningful cross sector effects, and a strong rebound in beauty demand — led by China — are reshaping long duration growth opportunities across healthcare, consumer, and defense sectors.
- Higher tax refunds, slowing commercial real estate supply growth, and massive investment in data centers and the power grid are creating a more constructive environment, and rapid innovation in prediction markets could reshape industries.
Read our full analysis for a more in-depth look at these trends.
