A new leadership pack emerges as semiconductors, metals and specialty retail climb while software and services stay under pressure
Strength clusters in cyclicals and select defensives, while rate‑sensitive property and service sectors lag
IMGELD Date: Feb 15, 2026
Top strength today is concentrated in Semiconductors, Metals & Mining and Equipment‑driven Industrials, while Software, IT Services and some real estate and leisure segments remain the weakest pockets of the US market.
Metals & Mining and Semiconductors & Semiconductor Equipment stand out at the top of the ranking, joined by Passenger Airlines and strong pockets in Banks and Electronic Equipment. At the bottom, Software and Leisure Products screen weakest, alongside pressure in Electric Utilities and Residential REITs tied to macro and rate‑sensitive headwinds. Media is mixed, with growth in AI‑driven platforms contrasting with broader volatility.
Executive Summary
Semiconductors & Semiconductor Equipment screens as the strongest US industry, followed closely by Metals & Mining, Machinery and Household Durables, with Banks rounding out the leadership. On the downside, Software and IT Services sit at the bottom alongside Professional Services, Leisure Products, and weaker pockets of Commercial Services & Supplies. Real estate segments show mixed signals with Retail REITs holding up relatively well while Mortgage and Residential REITs remain structurally challenged.
Top 5 Strongest Industries
(Long bias)
Semiconductors & Semiconductor Equipment
Final Score: 96.15
Before: #1 → Now: #1
Why they are strong: Recent data show the US AI boom is underpinning a renewed upswing in business spending on equipment, which supports demand for advanced chips and semiconductor production tools.
Key Players: NVIDIA, Intel, Applied MaterialsMetals & Mining
Final Score: 92.83
Before: #2 → Now: #2
Why they are strong: Policy signals that the US is moving away from rigid critical mineral price floors have improved visibility for investment and trading in key mining supply chains.
Key Players: Freeport‑McMoRan, Newmont, Southern CopperHousehold Durables
Final Score: 81.21
Before: #6 → Now: #3
Why they are strong: Despite continued softness in US housing, broader business investment tied to the AI boom is supporting demand for big‑ticket durable goods linked to construction and home‑related infrastructure.
Key Players: Whirlpool, Lennar, D.R. HortonMachinery
Final Score: 81.10
Before: #3 → Now: #4
Why they are strong: US business spending on equipment has accelerated alongside AI‑driven investment, directly benefiting capital goods and machinery manufacturers.
Key Players: Caterpillar, Deere, HoneywellBanks
Final Score: 81.05
Before: #7 → Now: #5
Why they are strong: Major bank CEOs describe the current volatility as a “new normal” but stress that capital and liquidity positions remain solid, helping the group weather the broader market selloff.
Key Players: JPMorgan Chase, Bank of America, Wells Fargo
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Bottom 5 Weakest Industries
(Short bias)
Professional Services
Final Score: 28.07
Before: #51 → Now: #52
Why they are weak: A recent MIT‑backed study finds AI could already automate 11.7 percent of US work tasks, posing an earnings and pricing power threat to labor‑intensive professional service firms.
Key Players: Accenture, Jacobs Solutions, Booz Allen HamiltonSoftware
Final Score: 30.28
Before: #53 → Now: #51
Why they are weak: A sharp AI‑led selloff in US software has erased hundreds of billions in value as investors reassess long‑term growth and credit risks tied to the sector.
Key Players: Microsoft, Adobe, SalesforceLeisure Products
Final Score: 10.33
Before: #50 → Now: #50
Why they are weak: As leisure spending cools in key destinations like Las Vegas, discretionary categories such as leisure products face increasing pressure on volumes and pricing.
Key Players: Hasbro, Mattel, PolarisIT Services
Final Score: 44.15
Before: #48 → Now: #49
Why they are weak: Nearly $1 trillion has been wiped out from software and services stocks amid investor debate over AI’s disruptive threat to traditional IT outsourcing and managed services models.
Key Players: Accenture, IBM, DXC TechnologyCommercial Services & Supplies
Final Score: 47.05
Before: #47 → Now: #48
Why they are weak: Concerns that AI can rapidly replace a meaningful share of routine US work have heightened structural risk for lower‑margin business process and commercial service providers.
Key Players: Waste Management, Cintas, ADT
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Additional Readings
Semiconductors & Semiconductor Equipment: AI boom is driving renewed US business spending on equipment and tech infrastructure (Reuters, 2026-02-18)
AI boom underpinning US business spending on equipment; housing market still weakMetals & Mining: Shift away from strict US critical mineral price floors reshapes incentives for miners and traders (Reuters, 2026-01-29)
Exclusive: US moves away from critical mineral price floors, sources sayMachinery: Corporate capex on equipment is accelerating as companies invest to support AI and automation (Reuters, 2026-02-18)
AI boom underpinning US business spending on equipment; housing market still weakHousehold Durables: AI‑driven equipment spending is offsetting persistent weakness in the US housing market (Reuters, 2026-02-18)
AI boom underpinning US business spending on equipment; housing market still weakBanks: Large bank CEOs frame current market turmoil as manageable under stronger post‑crisis capital rules (CNBC, 2026-01-20)
‘Stay calm’ and ‘this is the new normal’: What banking CEOs are saying about the global market sell-offSoftware: AI‑related worries have triggered a major selloff in US software, raising broader credit market concerns (Reuters, 2026-02-10)
AI‑led software selloff may pose risk for $1.5 trillion U.S. credit market, says Morgan StanleyIT Services: Market repricing of AI’s impact has erased nearly
1 trillion from software and services names (Reuters, 2026-02-05)1 trillion from software and services stocks as investors debate AI’s existential threat
Selloff wipes out nearlyMedia: The same AI‑driven selloff that hit software and services has also pressured US media and digital content names (Reuters, 2026-02-05)
Selloff wipes out nearly $1 trillion from software and services stocks as investors debate AI’s existential threatProfessional Services: New research indicates AI can already substitute for a significant share of US labor, particularly in white‑collar service roles (CNBC, 2025-11-26)
MIT study finds AI can already replace 11.7% of U.S. workforceCommercial Services & Supplies: AI automation is expected to displace a notable portion of routine business service work in coming years (CNBC, 2025-11-26)
MIT study finds AI can already replace 11.7% of U.S. workforceLeisure Products: Weakening leisure spending is already visible in destination markets like Las Vegas, signaling pressure for discretionary categories (Reuters, 2026-02-19)
Las Vegas sees sharp visitor drop as leisure spending wanes“