Bloomberg and J.P. Morgan have identified AI infrastructure, defense, nuclear, and space as the dominant ETF themes for 2026, marking a shift from initial AI hype to a more capital-intensive buildout phase. Thematic ETFs now manage over $256 billion across hundreds of funds. J.P. Morgan projects AI-related capital expenditures will reach $5.5 trillion by 2030, with hyperscaler capex alone projected at $650 billion in 2026. Nuclear-focused funds like NUKZ climbed roughly 64% in 2025, driven by AI data center power demand, while space launch costs have dropped by approximately 95% compared to 65 years ago.
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