$INTANGIBLE - Companies investing heavily in intangible assets (R&D, software, brand, data) significantly outperform those focused on physical capital expenditures, forming the core investment thesis of Sparkline Capital
$MULTIS - Multinational companies are positioned to outperform domestic companies despite tariff fears, as intangible assets can't be tariffed and historical data shows multinationals consistently outperform during trade tensions
$RDDT - Reddit possesses valuable unique content representing the long tail of interesting opinions, making it an important and differentiated source of training data for AI models
Bearish:
$REGIONALS - Regional banks are structurally disadvantaged by their lack of investment in technology and intangibles compared to large banks like JPMorgan that are hiring AI engineers and launching blockchain initiatives
$UTILITIES - Tech companies are becoming utility-like with massive capital expenditures similar to utilities, risking multiple compression as they transition from asset-light to capital-intensive business models
$MEME - Small-cap cryptocurrencies are largely vaporware with no actual users, launched during the 2021 boom and now existing as zombies with no real utility or adoption
$CONTENT - Low-quality content mills that generate SEO traffic through outsourced content production will become obsolete as AI can now produce similar content more efficiently