Market Power Is Concentrated in Only a Few Industries
Banks, mining and AI hardware surge ahead while the bottom of the ranking shows no sign of recovery. Power Is Concentrated in Only a Few Industries
Banks lead the market while metals and technology hardware remain strong
Executive Summary
The strongest industries continue to cluster around financials, key commodities and advanced hardware. Banks now hold the top position, supported by stable fundamentals across the sector. Metals and mining remain close behind with steady demand and tight supply. Technology hardware stays among the strongest groups due to ongoing investment in AI infrastructure.
Weakness remains focused in real estate categories, telecom services, chemicals and food products. These areas continue to show persistent pressure, with limited signs of recovery so far.
Top 10 Strongest Industries
(Long bias)
1. Banks
Final Score: 90.30
Before: #2 → Now: #1
Why they are strong:
Banks benefit from solid credit quality, healthy deposit trends and improved fee income across the sector.
Key Players: JPMorgan Chase, Bank of America, Wells Fargo
2. Metals and Mining
Final Score: 90.26
Before: #3 → Now: #2
Why they are strong:
Copper and other key metals remain supported by strong demand and supply constraints, helping maintain strong pricing.
Key Players: Freeport McMoRan, BHP, Rio Tinto
3. Technology Hardware, Storage and Peripherals
Final Score: 90.11
Before: #1 → Now: #3
Why they are strong:
AI driven investments continue to support demand for servers and data center hardware.
Key Players: Dell Technologies, Supermicro, HP
4. Electronic Equipment, Instruments and Components
Final Score: 85.19
Before: #4 → Now: #4
Why they are strong:
Network upgrades and industrial automation continue to create steady demand for sensors, connectors and test equipment.
Key Players: TE Connectivity, Keysight Technologies, Amphenol
5. Communications Equipment
Final Score: 84.56
Before: #5 → Now: #5
Why they are strong:
The group continues to benefit from capacity upgrades and ongoing investment in connectivity solutions.
Key Players: Cisco, Nokia, Ericsson
6. Mortgage REITs
Final Score: 83.37
Before: #11 → Now: #6
Why they are strong:
More stable expectations for interest rates help improve visibility for book values and income streams.
Key Players: Annaly Capital, AGNC Investment, Starwood Property Trust
7. Semiconductors and Semiconductor Equipment
Final Score: 83.16
Before: #6 → Now: #7
Why they are strong:
AI computing continues to stimulate demand for advanced chips and memory, supporting long term industry momentum.
Key Players: Nvidia, TSMC, ASML
8. Pharmaceuticals
Final Score: 81.44
Before: #7 → Now: #8
Why they are strong:
Metabolic treatments and strong product pipelines continue to support growth in the sector.
Key Players: Eli Lilly, Novo Nordisk, Merck
9. Interactive Media and Services
Final Score: 80.64
Before: #8 → Now: #9
Why they are strong:
Digital advertising remains healthy, and the largest platforms maintain strong user engagement.
Key Players: Alphabet, Meta Platforms, Snap
10. Biotechnology
Final Score: 80.30
Before: #10 → Now: #10
Why they are strong:
Innovation pipelines and continued acquisition activity help sustain investor interest.
Key Players: Amgen, Gilead Sciences, Vertex Pharmaceuticals
Bottom 10 Weakest Industries
(Short bias)
47. Commercial Services and Supplies
Final Score: 37.85
Before: #43 → Now: #47
Why they are weak:
Reduced corporate spending and higher cost structures limit margin potential.
Key Players: Cintas, Waste Management, Republic Services
48. Hotels, Restaurants and Leisure
Final Score: 37.52
Before: #49 → Now: #48
Why they are weak:
Activity levels continue to normalise while food and labour costs remain high.
Key Players: Marriott, Hilton, McDonald’s
49. Professional Services
Final Score: 37.04
Before: #48 → Now: #49
Why they are weak:
Consulting and advisory work faces delays as companies reduce discretionary budgets.
Key Players: Accenture, Aon, Marsh McLennan
50. Entertainment
Final Score: 32.41
Before: #50 → Now: #50
Why they are weak:
Streaming platforms face high costs, while traditional media continues to lose audience share.
Key Players: Walt Disney, Warner Bros Discovery, Live Nation
51. Textiles, Apparel and Luxury Goods
Final Score: 31.49
Before: #52 → Now: #51
Why they are weak:
Consumer spending remains cautious and promotional activity reduces pricing power.
Key Players: Nike, LVMH, Adidas
52. Residential REITs
Final Score: 31.41
Before: #51 → Now: #52
Why they are weak:
Financing costs remain elevated and rental growth moderates.
Key Players: AvalonBay, Equity Residential, Essex Property Trust
53. Chemicals
Final Score: 30.12
Before: #53 → Now: #53
Why they are weak:
Industrial demand is mixed and pricing power is limited across key segments.
Key Players: Dow, DuPont, Linde
54. Diversified Telecommunication Services
Final Score: 24.02
Before: #54 → Now: #54
Why they are weak:
High debt levels, low growth and strong competition keep returns low.
Key Players: AT&T, Verizon, Lumen Technologies
55. Personal Care Products
Final Score: 18.74
Before: #55 → Now: #55
Why they are weak:
Price increases are harder to maintain and volumes have limited support.
Key Players: Procter & Gamble, Colgate Palmolive, Unilever
56. Food Products
Final Score: 17.04
Before: #56 → Now: #56
Why they are weak:
Customers remain sensitive to pricing and private label keeps gaining market share.
Key Players: Nestlé, Kraft Heinz, General Mills
Full Ranking – Strongest to Weakest
Download the full industry ranking (Excel)
This file contains all 56 industries, ranked from strongest to weakest, based on the ImGeld Industry Score.
