Themes · status board

Which way the clusters are moving.

Updated · 20 September 2026

Status mix · 16 themes

Maturing 8 · 50%
Saturated 8 · 50%

The model reads each theme's cluster co-movement, not just single-name setups. A cluster confirming can lift conviction on its members; a cluster failing can downgrade them. Status is a directional call on the basket, dated like everything else.

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Maturing 8

Still working, but the easy move is behind it.

Maturing · confidence 39%

Bitcoin miners

Bitcoin miners share a monthly price rebound alongside stock-specific attention: MARA Holdings (MARA) received September 18 surge coverage and CleanSpark (CLSK) received September 17 trading coverage. The narrative is provisionally maturing because measured gains of +37.1% over one month for MARA, +23.9% for CleanSpark and +17.7% for HIVE Digital Technologies (HIVE) coexist with negative three-month returns for each, while no supplied operating update establishes improved mining profitability.

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Maturing · confidence 55%

Consumer discretionary rotation

Consumer discretionary shares have positive monthly returns alongside company-specific earnings attention, including Vera Bradley (VRA), whose September 15 earnings-call transcript accompanied a measured +38.3% over one month. The narrative is inferred to be maturing from last week's accelerating classification: ODDITY Tech (ODD) gained +40.9% over one month and Abercrombie & Fitch (ANF) gained +27.3%, but neither has a supplied fresh headline establishing a shared spending catalyst.

ODD ANF VRA AOUT

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Maturing · confidence 73%

Crypto exchanges & financials

Crypto-linked financial companies share fresh treasury and regulatory attention: Strategy (MSTR) reiterated continued Bitcoin purchases in September 18 coverage, while Coinbase (COIN) rose alongside a reported CFTC regulatory proposal that day. The narrative is maturing as an inference from continuing company-specific coverage and measured gains, including Strategy's +45.5% over one month and Coinbase's +21.3%; the supplied evidence does not establish expanding trading volume.

ASST MSTR BLSH BMNR COIN HOOD UPXI

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Maturing · confidence 30%

Cyclical industrials

The industrial group combines equipment-share momentum with a dated steel-sector reporting event: Companhia Siderúrgica Nacional (SID) had a September 18 earnings-call transcript, while Titan Machinery (TITN), CNH Industrial (CNH) and AGCO (AGCO) had no supplied company headlines. The narrative remains maturing as a provisional inference from measured gains of +32.7% over one month for Titan Machinery, +31.1% for CNH Industrial and +19.6% for AGCO; the supplied evidence does not establish a shared orders recovery.

TITN CNH AGCO SID

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Maturing · confidence 68%

Freight & logistics

Tanker shipping combines positive price momentum with ownership consolidation: September 16 coverage reported that Hafnia (HAFN) increased its stake in TORM (TRMD) to 18%. The narrative is inferred to remain maturing, supported by measured gains of +34.1% over one month for Hafnia, +32.0% for TORM and +21.7% for Frontline (FRO), although the supplied headlines do not establish a common improvement in freight rates.

HAFN TRMD FRO NAT TEN

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Maturing · confidence 49%

Medtech & diagnostics

Medical-device and diagnostic shares combine positive monthly returns with mixed company-specific attention: Bionano Genomics (BNGO) received September 15 surge coverage, while Tempus AI (TEM) received September 18 coverage of a decline. The narrative is provisionally maturing from last week's saturated classification, supported by measured gains of +42.3% over one month for Bionano, +24.7% for Inspire Medical Systems (INSP) and +24.5% for AtriCure (ATRC), although the headlines do not establish a shared reimbursement or adoption catalyst.

BNGO MYGN TEM WGS INSP ATRC RVTY

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Maturing · confidence 63%

Oil, energy & geopolitical

Oil and refining strength has a dated sector catalyst: September 18 coverage associated HF Sinclair (DINO) with a diesel squeeze and a continuing run of refiner gains. The narrative is maturing as an inference from that coverage and measured returns of +45.2% over one month for CVR Energy (CVI), +21.8% for HF Sinclair and +22.6% for Flotek Industries (FTK); no supplied company headline establishes that Flotek shares the refiners' earnings benefit.

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Maturing · confidence 34%

Analog semiconductors

Analog and connectivity chip shares have positive monthly momentum with scattered market coverage: Semtech (SMTC) appeared in September 16 stock-mover reports and Skyworks Solutions (SWKS) appeared in September 15 technology-stock coverage. The narrative is provisionally maturing, supported by measured gains of +45.1% over one month for Semtech, +29.1% for Skyworks and +20.7% for Qorvo (QRVO), but the supplied headlines do not establish a common demand or earnings catalyst.

SMTC SWKS QRVO MXL

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Saturated 8

Crowded or fading — the catalyst is largely priced.

Saturated · confidence 47%

AI chips & memory

AI-chip demand remains an explicit company narrative: Advanced Micro Devices (AMD) said adoption was early and demand had not slowed in September 18 coverage, while Arm Holdings (ARM) described demand as exceptionally strong on September 17. The narrative remains provisionally saturated because these management statements do not establish renewed price leadership: current returns are missing for the group, and September 18 coverage also identified a new Chinese competitor for Micron Technology (MU) and Sandisk (SNDK).

NVDA AMD ARM QCOM MRVL INTC MU WDC SNDK

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Saturated · confidence 32%

AI datacenter infrastructure

AI data center suppliers share spending-cycle exposure, with Hewlett Packard Enterprise (HPE) and Vertiv (VRT) appearing in September 14 coverage of calls to slow AI development, and TD Synnex (SNX) receiving September 17 earnings-preview coverage. The narrative remains provisionally saturated: Dell Technologies (DELL) gained +31.1% over one month, but current returns are missing for the other members and the supplied headlines do not establish fresh orders across the group.

DELL HPE NTAP SNX VRT COHR GLW

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Saturated · confidence 9%

AI enterprise software

The enterprise AI software grouping has little fresh corroboration: Salesforce (CRM) appeared in a September 17 analyst-forecast roundup, while no dated company headline was supplied for Snowflake (SNOW) or Weave Communications (WEAV). The narrative remains saturated as an inference from limited fresh evidence; current momentum measurements are missing for these names, and the roundup does not establish a shared improvement in AI revenue.

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Saturated · confidence 13%

Binary-catalyst biotech

The existing biotech-catalyst grouping has limited fresh evidence: Alvotech (ALVO) appeared in September 16 stock-mover and analyst roundups, but the supplied headlines identify no clinical or regulatory decision linking these names. The narrative remains saturated as a provisional assessment: Alvotech gained +48.1% over one month and FRNM gained +23.6%, while current returns and dated news are missing for Immuron (IMRN).

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Saturated · confidence 22%

GPU cloud & neoclouds

The existing AI-compute grouping has limited fresh company evidence: TeraWulf (WULF) received September 17 stock-gain coverage, but the supplied headlines identify no new shared capacity contract. The narrative remains provisionally saturated because Riot Platforms (RIOT) gained +21.5% over one month while remaining down 16.2% over three months, and current returns are missing for Nebius Group (NBIS), Hut 8 (HUT) and TeraWulf.

NBIS HUT WULF RIOT

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Saturated · confidence 20%

Managed care & health services

Health insurance and services have a company-specific improvement signal: September 17 coverage reported raised guidance and analyst price-target increases for Oscar Health (OSCR). The narrative remains provisionally saturated because current returns are missing for Oscar Health, Centene (CNC), Humana (HUM) and Hinge Health (HNGE), while no supplied company headlines extend Oscar's improvement across the group.

CNC HUM OSCR HNGE

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Saturated · confidence 14%

Precision biotech & therapeutics

The established precision-therapeutics grouping has no supplied dated clinical headline or filing this week; Biomea Fusion (BMEA) has a measured +35.6% return over one month, while current returns are missing for Cardiol Therapeutics (CRDL), Omeros (OMER) and Amylyx Pharmaceuticals (AMLX). The narrative is classified as saturated rather than last week's maturing because current qualifying breadth is unverified, with no supplied evidence establishing clinical failure or broken price structure.

CRDL OMER BMEA AMLX

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Saturated · confidence 33%

Semi foundry & equipment

Chip manufacturing capacity remains the shared business exposure: September 18 coverage attributed to S&P the view that Taiwan Semiconductor Manufacturing (TSM) could withstand an AI-demand shock, while Lam Research (LRCX) received stock-specific coverage that day. The narrative remains provisionally saturated because United Microelectronics (UMC) has a measured +34.0% return over one month, but current returns are missing for Taiwan Semiconductor, Lam Research and Onto Innovation (ONTO), preventing confirmation of broad leadership.

UMC TSM LRCX ONTO

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