Quant View of Global Themes: Themes beyond AI

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Quant View of Global Themes: Themes beyond AI

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Quant View of Global Themes

Themes beyond AI

Identifying global themes with low correlation to AI 08 July 2026

AI-related themes have generally moved together in recent years, with AI Compute and Quant Strategy

AI Data & Platform the most highly correlated pair, according to correlation analysis Global

using five years of data. Investors could diversify away from AI positions by considering Nigel Tupper >>

themes with low correlation to AI, including Precision Medicine, Gold, and Defense. Quant Strategist

Merrill Lynch (Australia)

AI Compute, Photonics, Precision Medicine best in June +61nigel.tupper@bofa.com2 9226 5735

Among the 18 global investment themes we monitor, AI Compute (+11.8%), Precision Amar Vashi >>

Medicine (+7.3%), and Photonics (+4.9%) were the best performers in June. Photonics QuantMerrill StrategistLynch (Australia)

remains the best performing theme year-to-date and in the last 12 months. Our Triple amar.vashi@bofa.com

Momentum ranking (earnings, price, and news) is currently strongest for AI Compute, Sumuhan Shanmugalingam >>

Photonics, and Data Center, and weakest for Consulting, SaaS, and Luxury Lifestyle. QuantMerrill StrategistLynch (Australia)

Within AI, the AI Data & Platform theme (including hyperscalers) currently has a low rank. sumuhan.shanmugalingam@bofa.com

Top-ranked stocks globally within each theme

Among the Most Important Stocks within each theme, the top-ranked names by Triple

Momentum in AI Compute is TSMC, in Data Center is Western Digital, in Photonics is

Fujikura, in Robotics is Teradyne, in Space is Rocket Lab, in Precision Medicine is

Novartis, in Energy Storage is Samsung SDI, in Renewable Energy is Bloom Energy, and

in Rare Earths is Ucore Rare Metals.