- Written by Mobeen Tahir, Director, Macroeconomic Research & Tactical Solutions, WisdomTree
When we discuss thematic investing with investors, they frequently ask us about the themes on our radar. In our latest survey[1] we asked professional investors: Which themes offer the most compelling long-term investment opportunity?
The top three responses were artificial intelligence, cybersecurity and cloud computing, with global defence also ranking in the top five. However, we believe that the real interest lies further down the list in nuclear, quantum computing, and climate areas, which investors may be underestimating.
Nuclear
In the age of artificial intelligence (AI) and stiff competition among tools, users expect answers immediately. This is why uninterrupted power to data centres, in large quantities, is such a strong focus for the so-called hyperscalers. This is where nuclear energy presents a highly viable solution.
Data centre power demand is rising sharply, and nuclear has the ability to provide virtually zero-emission power that is scalable and ‘always on’. In the US, for example, data centre energy consumption is expected to rise from around 183 TWh in 2025 to over 400 TWh by 2030. No wonder big tech is racing to secure nuclear energy for its data centres. Google partnered with Kairos Power to secure several small modular reactors, which are advanced systems that can be deployed locally to make data centres energy independent. Amazon signed multiple agreements to source energy from both traditional and small modular reactors. And most recently, Meta, following Microsoft’s lead, signed a deal with Constellation to extend the life of the Clinton Clean Energy Centre in the US for an additional 20 years, securing nuclear energy for its operations.
At last year’s COP29[2], 31 countries agreed to triple global nuclear capacity by 2050. The US went further this year, with President Trump’s executive orders aiming to quadruple US nuclear capacity over the same period. With each passing day, more countries are embracing nuclear power for its strong environmental credentials and ability to deliver cheap, reliable electricity at scale, just as global energy needs continue to surge.
According to our thematic universe analysis of all thematic funds and ETFs in Europe, nuclear energy has been the top-performing theme year-to-date through the end of September.
Quantum computing
It is no longer science fiction. Many companies have announced plans to produce a working quantum computer before the end of the decade. IBM’s roadmap[3] outlines a timeline for a fault-tolerant quantum computer by 2029. Others, like IonQ, have announced similar timelines. This means that today, quantum computing could be where AI was in 2018, on the precipice and presenting a very compelling opportunity, at least in hindsight.
Physicist and Nobel Laureate Richard Feynman once said, “If you want to make a simulation of nature, you better make it quantum mechanical”. It is precisely this ability to simulate and ultimately predict reality that makes quantum computers a gamechanger. For example, drug discovery can take over a decade and cost pharmaceutical companies more than $2 billion, with success rates often below 2%. A quantum computer could upend this pursuit by modelling and predicting the interaction between chemicals and proteins to identify the most promising drug candidates, thereby cutting costs, shortening timelines and improving odds of success.
Climate
Arguably, this is a nuanced discussion given renewable and clean energy ranked 4th among the most compelling themes in the survey. Moreover, energy transition metals and materials, as well as battery solutions, were distinct categories, both ranked in the middle of the list and received healthy scores.
We believe this is quite revealing for two reasons. First, perhaps investors are focusing on specific themes like renewable energy and metals rather than climate more broadly. And second, maybe the starting point for these themes is no longer climate change, but energy addition and the role of cutting-edge technologies in tackling the world’s rapidly rising energy needs. It is, therefore, innovation alongside environmental credentials that has brought nuclear energy to the fore alongside renewable energy, battery solutions and energy transition materials.
Conclusion
OpenAI’s Sam Altman has emphasised that the world will need more computing power and more energy to run the computers. These are the two major tectonic shifts shaping our future. The themes discussed above sit right on those fault lines and they have already started to move. But judging by our professional investor survey results, investor interest has not yet exploded, suggesting there may still be time for early adopters to benefit from the potential in these themes.
[1] Fielded 24 June – 7 July 2025, with 802 respondents across the UK, France, Germany, Italy, the Nordics, Spain, Switzerland and Benelux
[2] Source: 2024 United Nations Climate Change Conference
