AI, energy, robotics, defence and rising interest in store of value assets like gold and Bitcoin are five ‘furious forces’ that will dominate and disrupt markets in 2026, according to CMC Markets.
The firm says the past year has seen share markets continue to set record highs, led by AI, the magnificent seven and an “everything bubble”. While accompanied by stretched valuations and increased volatility, it has delivered outsized returns and driven investors to chase the highs.
Head of markets Kurt Mayell said markets are entering a new phase as powerful structural themes collide in ways not seen before – a shift set to bring fresh possibilities alongside emerging risks.
“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,” Mayell said.
“These macro and sector thematics are poised to shape risk, opportunity and overall market direction and as such have meaningful implications for investors.”
Artificial intelligence
AI in 2026 isn’t a single technology story, CMC Markets says, and investors need to look across the ecosystem to identify opportunities at the right price – including chipmakers, fabricators, semiconductor equipment suppliers, hyperscalers, AI infrastructure providers, colocation providers and model developers.
According to Morningstar, big tech is forecast to allocate up to 35 per cent of annual revenue toward AI-related investments. CMC Markets notes that as compute supply remains extremely tight, capital is set to flow into data centre construction – and the rise of agentic AI could worsen the crunch, requiring 100x more compute per task than simpler generative AI.
Another key storyline for 2026 could be the potential public listings of major private AI firms like OpenAI. CMC Markets warns AI carries both promise and genuine risk – and notes that AI bulls argue this isn’t a bubble.
“They say that, 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,” the 2026 AI outlook said.
Robotics
According to Morgan Stanley, the humanoid robot market is projected to reach US$5 trillion by 2050.
CMC Markets believes automation is rapidly reshaping transportation, manufacturing, logistics, healthcare and corporate workforces.
“2026 is expected to be a defining year for robotaxis. As early adopters expand beyond pilot programs, the sector could finally begin to show clear leaders,” CMC’s 2026 robotics outlook said.
Geopolitics could continue to play a pivotal role.
“China is building one of the most integrated automation ecosystems in the world … In the US, President Donald Trump’s renewed push to revive domestic manufacturing places robotics and automation at the centre of his economic plan.”
Stocks and ETFs to monitor include Tesla, Amazon, Baidu, Johnson & Johnson, Global X Autonomous & Electric Vehicles ETF and VanEck Robotics ETF.
Energy
As power-hungry AI centres grow, energy is entering 2026 as a critical enabler of the AI revolution.
Multi-trillion dollar investment plans by leading tech firms could continue to drive massive infrastructure spending, with a growing share directed toward energy, now viewed as the key bottleneck in AI’s expansion.
“After decades of slow and predictable growth, the energy sector is undergoing a dramatic shift brought on by the advent of artificial intelligence (AI) technology,” CMC Markets’ 2026 energy outlook said.
“Amid this disruption could emerge both challenges and opportunities across the energy landscape. The key will be identifying which segments of the market may be best positioned to adapt to this generational realignment.”
Defence
CMC Markets says 2026 is shaping up to be a defining year for US legacy defence contractors, with Mayell describing the sector as “undergoing one of the most consequential industry shifts in decades”.
US defence technology companies have roughly doubled their share of Pentagon contracts over the past year, though critics argue the concentration has created complacency and slowed innovation.
“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,” Mayell said.
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.
With world military expenditure at record highs, Mayell warned investors will need to stay nimble by reshuffling winners and creating selective value opportunities.
CMC’s 2026 watchlist includes Palantir, RTC Corporation, Palo Alto and BetaShares Global Cybersecurity ETF.
Gold and Bitcoin
CMC Markets says the key question heading into 2026 is whether the debasement argument is strong enough to warrant portfolio repositioning, either near term or longer term.
“While the dollar remains dominant, the steady rotation into alternative stores of value points to a world preparing for policy volatility rather than stability,” Mayell said.
The US is in the middle of a rate-cutting cycle, supported by a cooling labour market and softening inflation. Goldman Sachs expects two 25-basis-point cuts in 2026, bringing the Fed funds rate to 3.0–3.25 per cent by June. Lower rates may support gold demand more than debasement concerns.
Major institutions are turning increasingly bullish on gold. VanEck suggests bullion prices could head toward US$5,000 per ounce over the next five years.
J.P. Morgan is more optimistic near term, forecasting gold at US$5,200–5,300 by the end of 2026, supported largely by emerging market central bank demand.
“Bitcoin also sits within this broader narrative. With its decentralised design and ultimately fixed supply, it is often viewed as a potential hedge against monetary expansion and policy uncertainty, though it remains far from being regarded as a safe haven on par with gold by central banks and most of traditional finance,” CMC’s 2026 debasement outlook said.
CMC Markets says the trend of corporate Bitcoin adoption will be important to monitor in 2026.
