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The AI Inflection: Investing Beyond Sectors in a Thematic World
February 20, 2026
Artificial intelligence is a structural force reshaping capital flows, business models, and the very frameworks investors use to categorize the opportunity set. The unprecedented scale of AI-related capital expenditure is creating winners and losers across every sector of the global economy.
In their thought leadership piece, “The AI Inflection: Investing Beyond Sectors in a Thematic World,” the Calamos Global Equity Team explains why they believe traditional approaches to equity investing are increasingly inadequate for navigating this environment. The team explores why a thematic, actively managed approach is better suited to capture the AI-driven opportunity set and also essential for managing the risks that accompany this transformation. The team discusses their views on:
- The scale of an AI investment cycle and its global implications
- Why GICS sectors fail in an AI-driven world
- Portfolio examples of the team’s thematic approach
- How the AI investment cycle has reshaped factor performance—from the “Value” Renaissance to the “Quality” Paradox
- AI winners, losers, and the “guilty until proven innocent” cohort
- Why a research model that encompasses thematic coverage gives the Calamos Global Equities Team an important advantage over sector-constrained approaches
- Areas of high conviction in the Calamos global and international portfolios
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Opinions, estimates, forecasts, and statements of financial market trends that are based on current market conditions constitute our judgment and are subject to change without notice. The views and strategies described may not be appropriate for all investors. References to specific securities, asset classes and financial markets are for illustrative purposes only and are not intended to be, and should not be interpreted as, recommendations.
As a result of political or economic instability in foreign countries, there can be special risks associated with investing in foreign securities, including fluctuations in currency exchange rates, increased price volatility and difficulty obtaining information. In addition, emerging markets may present additional risk due to potential for greater economic and political instability in less developed countries.
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