To start out, let’s replicate upon this previous 12 months. In your Future Developments Quantity 11 report, you recognized a number of main tendencies that can have an effect on the markets, resembling: AI, Cybersecurity, Warehouses, Renewables, Quantum Computing, and extra. How have these tendencies performed out over the course of the 12 months?
Our method has at all times been long-term and multi-thematic, and we’ve constantly said that as themes intersect and overlap, they need to change into mutually reinforcing. Clearly, AI has continued to dominate a lot of the funding narrative over 2025, but it surely has been pleasing to see traders incorporating a broader vary of associated themes. To take two out of your record, cyber wants to stay high of thoughts. AI offers each attackers and defenders a brand new set of instruments, however the asymmetry stays – the dangerous actor needs to be proper solely as soon as, whereas defenders must safe their perimeter always. On the core of our knowledge thesis is the concept that knowledge haven’t any worth until secured. Associated, given how AI is spurring growing knowledge evaluation and, therefore, knowledge middle funding, then these knowledge facilities will have to be powered. Renewables will type an vital a part of the equation, particularly for the reason that price and time required to construct photo voltaic farms makes them considerably extra environment friendly relative to different vitality sources.
Have been there another tendencies that emerged in 2025 and shocked you?
To construct on the prior query, we’ve been happy to see that the Trump administration acknowledges the significance of all vitality sources – photo voltaic included – to assist energy the American economic system. The One Massive Stunning Invoice Act included provisions for photo voltaic that had been extra favorable than we had anticipated. On an unrelated be aware, the speed of change in quantum progress has been spectacular. Consensus appears to be constructing that industrial quantum options could possibly be accessible earlier than decade-end.
In your Future Developments Quantity 12 report, which seems to be at key themes for 2026 and past, you recognized a number of main tendencies, resembling: the Area Race, Cybersecurity, Warehouses, Geothermal Power, Humanoid Robots, and extra. Are you able to describe how you chose these main themes and briefly define their potential influence within the years to come back?
Our course of stays unchanged: Search to establish long-term themes that we consider will develop in significance broadly no matter GDP development and the place authorities intervention – if current – will act as an trade tailwind versus headwind. Cyber and robotics each feed into the AI theme, whereas geothermal might be one other essential vitality enter, particularly with regards to baseload energy provision. The commercialization of area is thrilling – a brand new frontier for each protection and knowledge.
You famous that 2025 has been the 12 months of the AI agent, however “embodied” or bodily AI comes subsequent. What developments are you waiting for with regards to humanoid robots?
We’d like extra robots given a shrinking workforce and a rising must look after the aged. At this time’s humanoids are the costliest and least environment friendly than they are going to ever be. As prices come down, the trade scales and other people change into extra accustomed to the potential of humanoids, the variety of use circumstances ought to improve. Look ahead to extra deployments in 2026.
Do you could have any distinctive predictions on the outlook of the markets?
Two observations: First, diversify. AI will change the world, however traders have to be aware of implied expectations and associated valuations. There are a number of different uncorrelated methods of taking part in the longer term, by means of for instance, healthcare or actual property resembling warehouses. Subsequent, and associated, don’t forget that whereas most have a tendency to over-estimate the near-term potential of many future tendencies, they nonetheless might beneath-estimate how vital they’re over the longer-term.
