$DEFENSE - Defense spending is increasing globally as countries rebuild military capabilities, driving higher government borrowing and investment in defense contractors
$INFRA - AI revolution requires massive capital expenditure in chips, fabs, and computing infrastructure to enable frontier technologies, driving investment demand
$DOMESTIC - Deglobalization forces countries to build domestic manufacturing capacity, requiring massive capital spending as everyone needs to produce their own goods
$CLIMATE - Climate change will create persistent supply shocks and production disruptions, driving investment needs in climate resilience and adaptation infrastructure
Bearish:
$GLOBAL - The breakdown of the post-WWII global trade order as the US withdraws from its role in defending and trading with allies will hurt companies dependent on globalization
$DXY - Reduced US participation in global trade diminishes the utility of holding dollars for international transactions, leading to structural dedollarization
$TLT - Risk of Fed losing independence and credibility as an inflation fighter would cause markets to demand higher premiums for holding long-term US Treasury debt