Technology Breakthroughs Meet Industrial Metals Strength
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September’s S&P Thematics Dashboard was led by strong performance across technology- and industrial metals-linked themes. Quantum Technology surged 38%, while precious and industrial metals rallied sharply amid macroeconomic signals. In contrast, different discretionary spending- and resources-related themes softened.
Quantum and Data Infrastructure Lead
Quantum Technology was the month’s standout. IBM and HSBC claimed the execution of the world’s first quantum-powered bond trades, delivering a 34% improvement in efficiency compared with traditional methods.1 Researchers also reported scientific progress, suggesting that quantum processors could outperform classical supercomputers in real-world applications.2 Together, these milestones boosted confidence in the commercial viability of quantum computing.
The positive sentiment also expanded into infrastructure, with Data Centers & High-Performance Computing advancing 21%, lifted by large-scale capital commitments such as OpenAI and Oracle’s USD 300 billion agreement and Nvidia’s pledge to invest up to USD 100 billion in AI capacity.3
Digital Assets Regain Momentum
After a quiet August, Cryptocurrency & Digital Assets rose 19% and Blockchain & Distributed Ledger Technology added 12%. European banks unveiled plans for a euro-denominated stablecoin.4 This move is intended to counter U.S. digital market dominance. Meanwhile, the U.S. Department of the Treasury issued an Advance Notice of Proposed Rulemaking seeking to implement the U.S. GENIUS Act’s guidance for stablecoin issuers and related service providers, helping foster innovation under clearer regulatory framework.5
Metals Momentum Continues
Metals extended their strong summer rally. Silver climbed 21%, with Costco reporting gold bullion as a top-selling e-commerce product.6 Gold gained 18% on safe-haven demand,7 and Copper rose 18% on evidence of Chinese stockpiling and electrification-driven demand.8 Broader mining equities benefited from renewed discussion of a potential commodity “super cycle”9 and speculation that the U.S. may take on more direct equity stakes in lithium production.10
Consumer and Resources Struggles
Not all areas participated in the rally. Discretionary spending-linked themes struggled, with Tourism (-5%) under pressure from sustained costs for operators and weaker international demand amid elevated airfares, extreme weather and geopolitical uncertainty, even as domestic travel remained resilient.11 Gambling also retreated (-6%). Another notable underperforming segment was Resources, with Wood (-5%) facing headwinds from environmental policies and new tariff measures.12 The S&P Global Timber & Forestry Index also lagged (-3%), marking its third-worst monthly performance of the year.
Beyond Performance: Robotics Innovation in China
Beyond performance, an emerging theme to spotlight this month is humanoid robotics, particularly in China. China launched large-scale “robot boot camps” to train and test humanoids across retail, healthcare and manufacturing environments. The new Chinese government-backed Robot Mall also invites the public to interact with service robots capable bridging the gap between laboratory prototypes and real-world use .13 These developments highlight China’s push to lead not only in AI infrastructure but also in its physical embodiment.
Conclusion
September underscored investors’ dual focus on continuing technological innovation and precious metal strength. From quantum computing and AI infrastructure to China’s humanoid robotics surge and a continuing precious metals rally, the month revealed how technology and the macro backdrop continue to drive thematic performance.
Check out thematic index performance and trends in the S&P Thematics Dashboard.
1 https://www.businessinsider.com/ibm-stock-price-quantum-computing-hsbc-bond-trading-markets-2025-9
5 https://home.treasury.gov/news/press-releases/sb0254
6 https://www.businessinsider.com/gold-bars-costco-silver-coins-bullion-top-sellers-2025-10
7 https://www.reuters.com/markets/commodities/commodities-could-be-verge-new-super-cycle-2025-09-18/
9 https://www.reuters.com/markets/commodities/commodities-could-be-verge-new-super-cycle-2025-09-18/
10 https://www.theverge.com/news/790057/lithium-mine-us-trump-us-government-stake-thacker-pass
13 https://apnews.com/photo-gallery/china-beijing-humanoid-robot-store-c9fb9f2880084b2cd6c5eda638d019fa
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