Themes · by stage

Which way the themes are moving.

Updated · 11 October 2026

Status mix · 11 themes

Accelerating 4 · 36%
Maturing 4 · 36%
Saturated 3 · 27%

Every trading day the research sorts the themes it is working by stage, and the stage sets what the portfolio does: it adds to accelerating themes, buys maturing ones only on a pullback, and trims saturated ones.

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Accelerating 4

Buying is building across the whole group.

Accelerating · confidence 35%

AI enterprise software

Application software names are being re-rated on new analyst calls: Piper Sandler made a bullish case for Shopify (SHOP) on agentic shopping on Oct. 5 and JP Morgan raised its target to $200 on Oct. 6, while JP Morgan upgraded PTC (PTC) to Neutral with a $205 target the same day. The group is new and accelerating but thin: PTC is up 50.3% over one month even after Oppenheimer downgraded it to Perform on Oct. 6, and ServiceTitan (TTAN) rests on TD Cowen's Buy rating and $100 target, reiterated on Oct. 7.

SHOP PTC TTAN

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Accelerating · confidence 60%

Cybersecurity

Security software is getting new attention from AI developers and government: Anthropic launched a cyber-defense mission on Oct. 8, Rubrik (RBRK) put its Claude-powered Code Guardian into private preview, and U.S. agencies warned on Oct. 8 that a China-based Cybersecurity company was helping hackers target critical infrastructure. The theme is still accelerating: Amerx initiated Zscaler (ZS) at Buy with a $305 target on Oct. 8, BMO raised its Okta (OKTA) target to $245 on Oct. 9, and Needham raised CrowdStrike (CRWD) to $310 on Oct. 9. CrowdStrike joins the momentum leaders this week.

ZS OKTA CRWD RBRK NTSK S

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Accelerating · confidence 65%

Emerging markets

Brazilian equities are rallying on the election: Brazilian stocks jumped 14% on Oct. 5 after Jair Bolsonaro's first-round win, and Bloomberg reported on Oct. 9 that he leads Lula in the runoff. The theme is still accelerating: UBS raised its XP (XP) target to $37 on Oct. 8 and Goldman Sachs raised Itaú Unibanco (ITUB) to $10.5 on Oct. 9, although HSBC cut Itaú to Hold on Oct. 8, and a runoff loss for Bolsonaro would remove the catalyst. Itaú joins Sabesp (SBS), Inter & Co (INTR) and XP this week, and VEON dropped off.

XP SBS INTR ITUB

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Accelerating · confidence 65%

Medtech & diagnostics

Diagnostics and genomics names are rising on dated clinical and regulatory news: GRAIL (GRAL) said on Oct. 5 it will present new NHS-Galleri trial data at ESMO, Quanterix (QTRX) won Chinese regulatory approval for its Simoa neurology testing on Oct. 7, and Myriad Genetics (MYGN) announced a prostate cancer genomic score collaboration with SOPHiA GENETICS on Oct. 8. The theme is still accelerating: GRAIL is up 71.2% over one month, and the sell-side keeps adding coverage, with William Blair initiating Revvity (RVTY) at Outperform on Oct. 6 and Barclays initiating Intuitive Surgical (ISRG) at Overweight with a $485 target on Oct. 7. Revvity, Mettler-Toledo (MTD) and Intuitive Surgical join the group this week, and Natera (NTRA) dropped off the leader list.

GRAL MYGN QTRX ILMN TWST CDNA RVTY MTD ISRG

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Maturing 4

Still working, but the easy move is behind it.

Maturing · confidence 45%

AI datacenter infrastructure

Data-center compute, storage and power-conversion suppliers are rebounding on AI build-out demand: Penguin Solutions (PENG) beat expectations with its fiscal fourth-quarter results and FY27 outlook, and Rosenblatt raised its target to $100 on Oct. 7, while Needham lifted its Everpure (P) target to $185 on Oct. 8. The narrative is maturing: Vicor (VICR), Penguin and Forgent Power Solutions (FPS) are up 42.7%, 40.2% and 28.4% over one month but all three are lower over three months, and JP Morgan cut its Forgent target to $49 on Oct. 9. Everpure joins this week, and Dell Technologies (DELL) expanded its AI partnership with Accenture on Oct. 8 and was added to Dan Ives's AI 30 list on Oct. 9.

PENG P VICR FPS DELL

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Maturing · confidence 50%

Consumer discretionary rotation

Beaten-down consumer brands and retailers are rallying on turnaround and ownership news: Lake Street started Fossil (FOSL) at Buy with a $10 target on Oct. 7, Bernstein initiated LuxExperience (LUXE) at Outperform on Oct. 6, GameStop (GME) CEO Ryan Cohen filed two new share purchases in one week (Oct. 5), and Ariel Investments, holder of a 5.4% stake, is pressing Mattel (MAT) to consider a sale. The rotation is maturing: Vera Bradley (VRA) is up 64.9% over one month, but On Holding (ONON), PVH and Ollie's (OLLI) are moving without company news. Mattel, Xponential (XPOF), Funko (FNKO), PVH and Ollie's join this week, and J.Jill (JILL) and Signet (SIG) dropped off.

VRA SG FOSL LUXE GME ONON MAT XPOF FNKO PVH OLLI

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Maturing · confidence 55%

Networking & optical

AI networking demand remains the shared story: Lumentum (LITE) said on Oct. 9 it is sold out of AI server parts through early 2029, Marvell (MRVL) set investor-day targets on Oct. 6 that topped Wall Street estimates, and Arista Networks (ANET) launched an Ethernet rack-scale AI networking portfolio on Oct. 7. The narrative is maturing: Credo (CRDO), Ciena (CIEN) and Silicom (SILC) rose 26.2%, 26.0% and 32.2% over one month, but Credo and Ciena are still below their levels of three months ago and Stifel cut its Credo target to $310 on Oct. 5. Astera Labs (ALAB) dropped off the leader list since last week.

CRDO CIEN SILC LITE MRVL ANET

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Maturing · confidence 50%

Precision biotech & therapeutics

Clinical-stage and platform biotech names extended their rally after an NIH cancer-vaccine initiative was reported on Oct. 9, the same day Moderna (MRNA) hit a new 52-week high, and Kodiak Sciences (KOD) is up 179% over one month. The story is maturing: analysts are raising targets without upgrading ratings, with Baird lifting its Iovance (IOVA) target to $11 on Oct. 8 while staying at Neutral, and Schrödinger (SDGR) and Recursion (RXRX) are rising without company news. ImmunityBio (IBRX) was among the big gainers on Oct. 9.

KOD IOVA MRNA IBRX SDGR RXRX

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Saturated 3

Crowded or fading — the story is largely in the price.

Saturated · confidence 50%

Oil, energy & geopolitical

Tanker owners and refiners are riding record freight rates, with tanker day rates reported at $1.3 million on Oct. 9 and oil jumping 5% on Oct. 8 as the Pentagon prepared for potential strikes on Iran. The trade looks saturated: a roundup on Oct. 9 counted nine shipping stocks that have doubled in 2026, selling shareholder OCM Njord priced a roughly $253 million secondary offering of TORM (TRMD) on Oct. 6, and Goldman Sachs and Mizuho kept Sell and Underperform ratings on CVR Energy (CVI) while raising their targets. International Seaways (INSW) joins this week after B. Riley raised its target to $140 on Oct. 5.

ECO FRO NAT TRMD INSW CVI

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Saturated · confidence 30%

Semi foundry & equipment

Chip manufacturing and design tooling has thinned to ChipMOS (IMOS), whose preliminary third-quarter sales of $263.8 million rose 36.7% year over year (Oct. 8), and Synopsys (SNPS), which signed a $1 billion accelerated buyback on Oct. 5 and forecast $11.15 billion in fiscal 2027 revenue. The theme looks saturated: an Applied Materials veteran said on Oct. 8 that TSMC (TSM) plans up to $64 billion in capital spending and still is not building enough, yet only two of the group are momentum leaders this week. Cohu and Veeco dropped off the leader list.

IMOS SNPS TSM

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Saturated · confidence 35%

Analog semiconductors

Mixed-signal and connectivity chipmakers MaxLinear (MXL), Lantronix (LTRX), Synaptics (SYNA) and Rambus (RMBS) rose between 23.8% and 35.0% over one month, and MaxLinear's Oct. 6 launch of its Topaz 10G broadband gateway chip is the only company product news behind the move. The group stays saturated: the gains come with little fresh news, Synaptics and Rambus are still lower over three months, and Jim Cramer said on Oct. 8 he sees no reason to buy Rambus. Synaptics and Rambus join this week.

MXL LTRX SYNA RMBS

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