10 Industry Themes for 2026 and Focus Stocks Going Forward

This report provides a mid-year update on 10 secular industry themes for the US Internet and interactive sector, highlighting the pivotal role of AI and agentic workflows. It analyzes the balance between massive AI-driven capital expenditure and the long-term potential for improved operating efficiency and cloud/ad-tech monetization.

Key Takeaways

• 1.AI investment cycles remain a dominant driver, shifting from build-out to potential monetization, despite elevated capital intensity.
• 2.Agentic workflows and agentic commerce are emerging as a fundamental shift in the digital economy and internet user interface.
• 3.Companies are re-balancing growth investments vs. margins, with hyperscalers seeing strong cloud and ad returns while mature sectors face consumer discretionary volatility.

Table of Contents

• 10 Themes for 2026 - Summary
• Theme #1: The AI Investment Cycle (Hyperscaler Growth, Capex, Depreciation & Free Cash Flow)
• Theme #2: The Rise of Agentic Workflows - Implications for Consumer & Enterprise Computing
• Theme #3: Is Agentic Commerce the Next Interface at the Intersection of Ads and Shopping?
• Theme #4: Local Commerce - Market Growth Opportunity & Competitive Landscape
• Theme #5: The Future of Mobility Networks - AVs, Affordability & Adoption
• Theme #6: How will Local Experiences Impact the Global Travel Landscape?
• Theme #7: The (R)evolution of Interactive Entertainment (Content Creation & Distribution in an AI World)
• Theme #8: The Health & Wellness Market Opportunity - Network Effects & Consumer Adoption
• Theme #9: The Long-Term Transition from Desktop/Mobile to Spatial Computing (Hardware & Software)
• Theme #10: Striking a (Delicate) Balance Between Growth & Incremental Investments Into 2026 & Beyond
• Valuation
• Disclosure Appendix

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