CMC highlights ‘Furious Five’ themes set to shape 2026

CMC has flagged artificial intelligence, energy, robotics, defence and store-of-value assets as the dominant market themes for investors in 2026.

The online trading and investment group said these five structural trends were already reshaping global markets. It said the impact would grow in the year ahead as they start to interact more directly.

Equity markets set fresh records in 2025. Large technology stocks drove much of the advance. The period also featured sharp swings in valuations and higher volatility across sectors.

CMC Head of Markets Kurt Mayell said investors faced a more complex backdrop next year as these forces converged.

"While there is no crystal ball, we have identified five key themes that defined 2025 and will continue to impact markets, for better or worse, in 2026," said Kurt Mayell, Head of Markets, CMC. "These macro and sector thematics are poised to shape risk, opportunity and overall market direction and as such have meaningful implications for investors."

CMC referred to the themes as the "Furious Five". It said the list covered AI, the energy system that underpins data growth, automation in the physical world, a shifting defence sector and renewed interest in gold and Bitcoin.

AI spending surge

CMC said big technology companies spent nearly USD $400 billion on AI in 2025. It expects that level of capital expenditure to extend into 2026.

Industry leaders are planning to commit as much as 35% of annual revenue to AI-related projects. That includes spending on data centres and supporting infrastructure. It also includes software development and model training.

Compute supply remains tight. CMC said capital was flowing into data centre construction as companies seek more processing power.

The firm said the rise of so‑called agentic AI could deepen the strain on resources. These systems use more complex reasoning and planning than earlier generative AI models. They require far greater compute per task.

Speculation has grown over potential stock market listings by major AI firms. CMC said a float of OpenAI could rank among the largest IPOs in history.

Mayell said AI remained a dual‑edged force for markets.

"AI embodies both promise and risk," said Mayell. "History has shown that asset bubbles don't burst on schedule. They expand, defy caution, and pop without forewarning.

"AI bulls would argue that this isn't 1999 - unlike the dot-com era, today's AI boom is led by profitable, cash-rich big tech firms that don't rely solely on AI to drive earnings."

CMC said investors were focusing on the broader AI value chain. That includes chipmakers, semiconductor manufacturers, infrastructure providers and cloud platforms. It said pricing discipline across that ecosystem would be critical in 2026.

Energy under strain

CMC said the energy sector was entering a new phase after decades of slower growth. The shift reflects the demands of AI data centres and the need for more reliable power.

Large data centres are changing electricity pricing structures. They place extra pressure on ageing grids. They influence demand patterns in clean energy markets.

The trend has also renewed interest in nuclear power. CMC said nuclear had been a neglected industry segment before the AI boom.

Multi‑trillion‑dollar investment plans by leading technology companies include major infrastructure programmes. A growing share of this is now edging toward energy assets, networks and generation.

"Amid this disruption could emerge both challenges and opportunities across the energy landscape," said Mayell. "The key will be identifying which segments of the market may be best positioned to adapt to this generational realignment.

"AI has disrupted the energy landscape, pulling investors back into a sector once seen as mature and slow-moving. The energy narrative of 2026 is unlike anything before."

Robotics at scale

CMC said automation was moving from pilot projects into broader roll‑out. The trend affects transport, manufacturing, logistics, healthcare and corporate workforces.

The firm cited forecasts for the humanoid robot market. It is projected to reach USD $5 trillion by 2050. Analysts expect more than one billion robots across factories, logistics centres and homes by then.

"Automation and robotics are moving from early adoption to real-world scale in 2026," said Mayell. "From autonomous vehicles to industrial and surgical robotics, the landscape is shifting from proving the technology to demonstrating profitability and resilience."

CMC said the path remained uncertain. It highlighted possible regulatory pushback against autonomous vehicles. It said humanoid projects faced limitations in training data and in supply chains. It also pointed to political scrutiny where robots displace human workers in warehouses and factories.

Defence shake‑up

CMC described 2026 as a potential turning point for the US defence sector. It cited spending patterns over the past four years.

Lockheed Martin, RTX, Boeing, General Dynamics and Northrop Grumman accounted for about 54% of the Pentagon's USD $4.4 trillion discretionary spending in that period. Critics say this concentration has slowed innovation and reduced competition.

The US Department of Defence has launched new initiatives. These measures aim at reforming procurement and working with Silicon Valley technology firms. They seek to reduce reliance on legacy processes and systems.

"The defence sector is undergoing one of the most consequential industry shifts in decades," said Mayell. "Palantir is a key beneficiary of this, becoming the most valuable defence stock in the world due to its multi-billion dollar US government contracts.

"This surge in attention has pushed Palantir to extremely high valuation levels trading at a trailing P/E of about 419 and a price to sales ratio of about 118. By comparison, the Big Five legacy contractors sit roughly in the 20 to 36 trailing P/E range and around 1 to 2.7 on price to sales."

World military expenditure has reached a record high. The US, European countries and key Indo‑Pacific states plan multi‑year upgrades to equipment and platforms.

"While there are selective value opportunities across traditional and emerging defence contractors, investors will need to stay nimble, with changes in US defence spending presenting a near to medium term driver, reshuffling winners and creating selective value opportunities/" said Mayell.

Store‑of‑value trade

CMC said investor interest in stores of value had risen alongside concern about currency debasement. It defines debasement as a fall in the purchasing power of the US dollar due to inflation and weak fiscal and monetary policy.

Gold and Bitcoin reached record highs in 2025. The US dollar index fell more than 8% against a basket of global currencies.

Gold had its strongest year in over four decades. It rose more than 57% year‑to‑date and moved above USD $4,370 per ounce.

Bitcoin touched a new peak above USD $126,000 in October 2025. It later eased to around USD $90,000. Silver, platinum and palladium also posted strong gains.

"While the dollar remains dominant, the steady rotation into alternative stores of value points to a world preparing for policy volatility rather than stability," said Mayell. "As we head into 2026, the key question for investors is whether the debasement argument is strong enough to warrant repositioning portfolios, either for the near term or with a longer horizon in mind."

"For investors and traders, this force sits alongside our other Furious Five megatrends - AI, energy, robotics and defence - as a structural driver shaping the global economy," said Mayell.