Thematic investing in 2025 was defined by a clear shift toward fundamentals, with market leadership concentrated in themes supported by tangible infrastructure, energy resilience, and technologically essential assets. This was a year in which structural enablers of AI, digital finance, and next-generation energy systems outperformed sentiment-driven growth stories.
AI Infrastructure Becomes the Center of Gravity
AI’s industrial backbone remained a dominant force. Hardware and communications providers - particularly those supplying advanced semiconductors and data-center components continued to capture value as computed demand scaled globally. The MarketVectorTM US Listed Fabless Semiconductor Index (MVSMHX) exemplified this trend, with its performance being up almost 38% this year.
Chart: MarketVectorTM US Listed Fabless Semiconductor Index (MVSMHX): From December 10, 2024 to December 10, 2025
Source: MarketVector, Data as of December 10, 2025
Data, Software, and the Rise of Applied AI
Software exposures delivered steadier but more selective results. Enterprises focused on operationalizing AI, prioritizing platforms with clear revenue visibility and essential data-infrastructure capabilities. The BlueStar Big Data & AI Index reflected this transition from experimentation to deployment, as it was up almost 30% this year.
Enterprises emphasized measurable productivity outcomes, favoring vendors that integrate AI into existing workflows, data governance structures, and compliance requirements. This shift rewarded platforms delivering operational efficiency rather than broad experimental AI capabilities.
Energy, Infrastructure, and the New Digital Economy
Infrastructure-themed exposures experienced a notable resurgence. The MVIS Global Space Industry ESG Index stood out as commercial satellite networks, observation systems, and space-enabled communications secured both government and private-sector capital. The index was up by ~80% this year.
Clean energy underwent its most meaningful narrative adjustment in years. While pressure persisted across solar and wind, nuclear energy reasserted itself as a critical pillar of the transition. The MarketVector Global Uranium & Nuclear Energy Infrastructure Index benefited from SMR development, policy support, and rising base-load power demand from AI-linked data expansion.
Digital assets advanced toward broader institutional legitimacy. The MarketVector Digital Assets Equity Index captured normalization in trading volumes, improved revenue profiles for exchanges and custody providers, and increasing adoption of tokenization and blockchain infrastructure.
For informational and advertising purposes only. The views and opinions expressed are those of the authors but not necessarily those of MarketVector Indexes GmbH. Opinions are current as of the publication date and are subject to change with market conditions. Certain statements contained herein may constitute projections, forecasts, and other forward-looking statements, that do not reflect actual results. It is not possible to invest directly in an index. Exposure to an asset class represented by an index is available through investable instruments based on that index. MarketVector Indexes GmbH does not sponsor, endorse, sell, promote, or manage any investment fund or other investment vehicle that is offered by third parties and that seeks to provide an investment return based on the performance of any index. The inclusion of a security within an index is not a recommendation by MarketVector Indexes GmbH to buy, sell, or hold such security, nor is it considered to be investment advice.
About the Author(s):
Kinjal Shukla is Index Researcher and Data Engineer at MarketVector IndexesTM. She is responsible for the design and development of MarketVector indexes and for creating data infographics. Kinjal has cleared FRM Level 1 having come from a risk profile in Barclays, India. She has a degree in a Master of Science in Financial Engineering from Stevens Institute of Technology, USA, and an MBA-Tech degree from NMIMS-MPSTME University, India.
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