Every January, Morgan Stanley Research identifies the themes that represent the most compelling investment opportunities for the year ahead. This annual list is a result of deep discussions with macro and industry analysts to understand major trends across sectors and regions.

For 2026, the key themes are: 

• AI/Technology Diffusion
• The Future of Energy
• The Multipolar World
• Societal Shifts

The first three themes carry over from last year as the investment opportunities endure, while Societal Shifts expands last year’s Longevity theme to capture AI-driven labor impacts as well as demographic and consumer-behavior transitions. 

Thematic investing has proven to be a powerful driver of alpha, or…