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Please find the Thematic Outlook from Jay Jacobs, Blackrock's U.S. Head of Thematic and Active ETF's. This commentary provides insights into the structural trends that will drive market themes in 2025.
The key takeaways are:
- Modest rate cuts could support sensitive assets: Recent Fed rate cuts could start to take pressure off interest rate sensitive companies and non-cash-flowing1 assets. This presents potential tailwinds for biotech stocks, bitcoin, and gold.
- Rebuilding the U.S. physical economy: Themes centered around rebuilding the physical economy, like infrastructure, manufacturing, and homebuilding may be better poised to benefit in the post-election environment, as they sit at the intersection of policy tailwinds and structural changes.
- AI’s build phase accelerates: Massive investment in AI infrastructure as well as ever more powerful chips and models, are laying the groundwork for increased adoption.
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