Artificial Intelligence
Meta’s Muse Success Signals Growing Consumer Interest in Agentic AI
Meta’s new personal AI agent, Muse, surpassed 5 million U.S. downloads in roughly three weeks following its launch in September, faster than ChatGPT, Claude, and Grok.1 Muse is designed to act on users’ behalf across the web, handling tasks such as filling out forms, organizing inboxes, and completing purchases with approval. Building on this momentum, Meta unveiled Muse Wonder and Muse Wonder Full in early October, claiming the models bring the company to the AI frontier following a 14-month overhaul of its AI efforts. Improved memory, coding, and the ability to work through longer assignments could make Muse more useful for everyday and professional tasks, with upgrades initially targeting paying subscribers. Meta is also bringing Muse to smart glasses and its newly announced Muse Charm device, expanding access to the assistant while creating potential opportunities to monetize personal AI through subscriptions and hardware.2
Space Tech
SpaceX Takes Aim at the U.S. Wireless Market
SpaceX agreed to acquire a nationwide portfolio of low-band wireless spectrum from Grain Management, positioning its Starlink satellite internet connectivity business to launch a full-fledged U.S. mobile carrier service that combines satellites with a terrestrial network. The deal includes 14 megahertz of low-band paired spectrum, building on SpaceX's earlier $17 billion spectrum acquisition from EchoStar. SpaceX also received positive news from the Federal Communications Commission, which approved the company to deploy 15,000 next-generation Starlink mobile satellites dedicated to direct-to-device service.3 The commercial opportunity is substantial, opening a new competitive front in the U.S. wireless market. The U.S. has an estimated 324 million smartphone users in 2026, with major carriers T-Mobile and AT&T reporting monthly service revenue per postpaid phone subscriber of $50.70 and $56.60, respectively, in Q4 2025.4,5,6 Winning just 10 million mobile lines at $50 per month could add $6 billion in annual service revenue, demonstrating how even a small share of the U.S. market could materially expand SpaceX’s already $11.4 billion connectivity business.7
Small Modular Reactors
Tech Heavyweights Are Modernizing America’s Nuclear Fleet
The U.S. Nuclear Regulatory Commission issued the first-ever construction permit for GE Vernova Hitachi’s BWRX-300, advancing a 300-megawatt (MW) small modular reactor at the Tennessee Valley Authority’s Clinch River site.8 The project could serve as a template for future reactor deployments, helping scale new nuclear capacity alongside upgrades to existing plants. In addition to this progress, Google and Amazon are backing more than $7.3 billion in nuclear infrastructure investment through separate 20-year agreements with Constellation Energy.9,10 Google’s deal supports upgrades at 11 nuclear units across Illinois, Pennsylvania, and New Jersey, adding 890 MW of capacity to the PJM Interconnection, roughly equivalent to a large nuclear reactor. The first capacity increase is expected in 2028.11 Amazon’s deal covers 690 MW from Maryland’s Calvert Cliffs plant, including 190 MW of new capacity expected between 2030 and 2032.12 Together, the projects would add more than 1 gigawatt of nuclear capacity. These commitments illustrate how technology companies can help provide the revenue certainty required to modernize America’s nuclear fleet and strengthen grid reliability while creating opportunities for power producers, equipment suppliers, and engineering firms as AI and electrification expand.
FinTech
Newer Financial Markets and Asset Classes Drive FinTech Platform Growth
Robinhood’s expanding product lineup is gaining traction. The company’s tokenized equity trading volume surged 407% month-over-month to $6.57 billion in September, capturing 42% of on-chain tokenized equity volume and making it the largest venue.13 Prediction markets are also becoming a meaningful revenue contributor. Event contracts generated $156 million in second-quarter revenue, more than 10 times the prior-year level and ahead of both equities and crypto trading revenue. The momentum continued into September, with approximately 4.4 billion contracts traded through September 24.14 Building on its European derivatives offering, Robinhood announced plans at its HOOD Summit ’26 to bring crypto perpetual futures to eligible U.S. customers, alongside new contracts tied to corporate earnings.15 We believe these developments illustrate how product innovation can deepen customer engagement, expand international reach, and diversify revenue opportunities as digital platforms connect traditional investing with tokenized assets and emerging trading markets.
U.S. Infrastructure
Expanding Project Pipelines and Data Center Buildouts Fuel Infrastructure Investment
U.S. construction activity is showing signs of momentum as institutional project planning accelerates alongside the rapid data center buildout. The Dodge Momentum Index rose 2.4% in September, led by a 9.4% increase in institutional planning as education, healthcare, and government projects advanced.16 Meanwhile, existing data center projects are driving current spending. According to the Associated Builders and Contractors, construction investment in the segment rose 7.5% in August and more than 73% year-over-year (YoY), with growth running at a 149% annualized pace since March.17 We believe the combination of expanding institutional pipelines and substantial digital infrastructure investment can support demand for engineering services, construction equipment, and building materials, broadening opportunities across the U.S. infrastructure theme.
AI Semiconductors
Surging AI Demand Propels Annual Semiconductor Sales Past $1 Trillion Milestone
The global semiconductor market grew for the 18th consecutive quarter in August 2026, with monthly sales reaching $159.7 billion, up 8% month-over-month (MoM) and 144.3% YoY. Year-to-date through August, sales surpassed $1 trillion, reaching this major milestone for the first time ever. Total industry revenues are projected to exceed $1.6 trillion for full-year 2026, up nearly 90% YoY, and could approach $3 trillion by 2030.18,19 Nvidia expects to double the number of chips it sells in 2027 as AI investments broaden across countries and industries. This outlook follows Nvidia’s earlier projection of roughly 70% revenue growth in fiscal 2028, implying approximately $673 billion in annual revenue, and reinforces expectations for sustained AI infrastructure spending. While the latest forecast concerns chip volumes rather than revenue, Nvidia’s portfolio extends beyond GPUs into CPUs, networking, robotics, and automotive applications.20
Keep Up With The Latest Thematic Research From Global X
To learn more about the disruptive themes changing our world, read the latest research from Global X, including:
Thematic ETF Lineup
To see individual ETF holdings and current performance across the Global X Thematic Suite, click these links:
Disruptive Technology: Artificial Intelligence & Technology ETF (AIQ), Asia Semiconductor ETF (ACHP), Blockchain ETF (BKCH), Robotics & Artificial Intelligence ETF (BOTZ), Cybersecurity ETF (BUG), AI Semiconductor & Quantum ETF (CHPX), Cloud Computing ETF (CLOU), Autonomous & Electric Vehicles ETF (DRIV), Data Center & Digital Infrastructure ETF (DTCR), FinTech ETF (FINX), Video Games & Esports ETF (HERO), LLM ETF (LLMA), MLCC & Electronic Components ETF (MLCC), Space Tech ETF (ORBX), Defense Tech ETF (SHLD), Internet of Things ETF (SNSR), Social Media ETF (SOCL)
Consumer Economy: Millennial Consumer ETF (MILN), E-Commerce ETF (EBIZ), Genomics & Biotechnology ETF (GNOM), Aging Population ETF (AGNG), HealthTech ETF (HEAL)
Infrastructure & Environment: U.S. Infrastructure Development ETF (PAVE), ClimateTech ETF (CTEC), Renewable Energy Producers ETF (RNRG), Clean Water ETF (AQWA), Hydrogen ETF (HYDR), AgTech & Food Innovation ETF (KROP), Infrastructure Development ex-U.S. ETF (IPAV), U.S. Electrification ETF (ZAP)
Digital Assets: Blockchain & Bitcoin Strategy ETF (BITS)
Multi-Theme: Dorsey Wright Thematic ETF (GXDW)
