KEY TAKEAWAYS
We believe AI and geopolitics remain two of the most influential forces shaping global markets in 2025, and their momentum could be accelerating. Our mid-year thematic update explores 10 key charts that illustrate what we’ve learned, what’s changed, and what the next-order implications of these powerful mega forces may be.

• Themes are an increasingly important lens to look at market moves in 2025 and beyond and may present investment opportunities for forward-thinking investors.
• As AI gets smarter, power demand, the labor market, and capex may be areas to watch, offering potential growth opportunities across the full AI value chain.
• Geopolitical fragmentation is rapidly changing the landscape for tech, infrastructure, defense spending, and the dollar, potentially creating opportunities for investors.

Source: iShares by BlackRock