{"url":"https://etfiq.com/research/library/state-street-target-ai-and-policy-led-growth-from-us-to-emerging/","section":"research","title":"Target AI and policy-led growth from US to emerging | ETFIQ","description":"State Street Investment Management\u2019s paper \u201cTarget AI and policy-led growth from US to emerging markets\u201d, summarized by ETFIQ with its own data beside it.","as_of":"Oct 21, 2026","structured_data":[{"@type":"Report","name":"Summary: Target AI and policy-led growth from US to emerging markets","headline":"Target AI and policy-led growth from US to emerging markets","url":"https://etfiq.com/research/library/state-street-target-ai-and-policy-led-growth-from-us-to-emerging/","datePublished":"2026-10-21","dateModified":"2026-10-21","author":{"@id":"https://etfiq.com/#org"},"publisher":{"@id":"https://etfiq.com/#org"},"about":"Thematic ETFs","abstract":"State Street Investment Management's December 2025 outlook says consensus 2026 capital spending estimates for major hyperscalers have reached $519 billion, up from $314 billion.","isBasedOn":"https://www.ssga.com/us/en/individual/insights/etf-market-outlook/target-ai-and-policy-led-growth-from-us-to-emerging-markets","citation":{"@type":"Report","name":"Target AI and policy-led growth from US to emerging markets","url":"https://www.ssga.com/us/en/individual/insights/etf-market-outlook/target-ai-and-policy-led-growth-from-us-to-emerging-markets","datePublished":"2025-12-03","publisher":{"@type":"Organization","name":"State Street Investment Management","url":"https://www.ssga.com/"},"author":{"@type":"Organization","name":"State Street Investment Management"}},"inLanguage":"en"},{"@type":"FAQPage","mainEntity":[{"@type":"Question","name":"What does the State Street Investment Management paper conclude?","acceptedAnswer":{"@type":"Answer","text":"State Street Investment Management's December 2025 outlook says consensus 2026 capital spending estimates for major hyperscalers have reached $519 billion, up from $314 billion. The paper\u2019s own words are at the link above."}},{"@type":"Question","name":"What is a thematic ETF?","acceptedAnswer":{"@type":"Answer","text":"A fund that holds companies tied to one theme, such as AI or defense, picked by an index or a manager rather than by size alone."}},{"@type":"Question","name":"Where can I read \u201cTarget AI and policy-led growth from US to emerging markets\u201d?","acceptedAnswer":{"@type":"Answer","text":"On State Street Investment Management\u2019s own site. ETFIQ summarizes the paper and does not host it."}}]},{"@type":"BreadcrumbList","itemListElement":[{"@type":"ListItem","position":1,"name":"ETFIQ","item":"https://etfiq.com/"},{"@type":"ListItem","position":2,"name":"Research","item":"https://etfiq.com/research/"},{"@type":"ListItem","position":3,"name":"Library","item":"https://etfiq.com/research/library/"},{"@type":"ListItem","position":4,"name":"State Street Investment Management","item":"https://etfiq.com/research/library/state-street/"},{"@type":"ListItem","position":5,"name":"Target AI and policy-led growth from U...","item":"https://etfiq.com/research/library/state-street-target-ai-and-policy-led-growth-from-us-to-emerging/"}]},{"@type":"WebPage","name":"Target AI and policy-led growth from US to emerging","description":"State Street Investment Management\u2019s paper \u201cTarget AI and policy-led growth from US to emerging markets\u201d, summarized by ETFIQ with its own data beside it.","url":"https://etfiq.com/research/library/state-street-target-ai-and-policy-led-growth-from-us-to-emerging/","dateModified":"2026-10-21","isPartOf":{"@type":"WebSite","name":"ETFIQ","url":"https://etfiq.com"},"speakable":{"@type":"SpeakableSpecification","cssSelector":[".lede",".faq"]},"publisher":{"@id":"https://etfiq.com/#org"}}],"characters":3718,"truncated":false,"content":"ETFIQ / Research / Library / State Street Investment Management / Target AI and policy-led growth from U... \n \n Published Dec 3, 2025 by State Street Investment Management. Summary by ETFIQ as of Oct 21, 2026.\n Target AI and policy-led growth from US to emerging markets\n State Street Investment Management's December 2025 outlook says consensus 2026 capital spending estimates for major hyperscalers have reached $519 billion, up from $314 billion. \n State Street Investment Management \u00b7 Issuer \u00b7 Read the full paper at State Street Investment Management \u2197 \n What it says\n Figures as stated by State Street Investment Management, Dec 3, 2025\n State Street Investment Management says emerging market stocks trade at a 32% discount to developed peers on next-12-month price to earnings. (State Street)\n State Street Investment Management finds that since 1990, small caps have led large caps by an average of 6% in the year after a Fed rate cut, with a 72% hit rate. (State Street)\n State Street Investment Management says small-cap next-12-month P/E sits 36% below large caps, the widest valuation gap in 20 years. (State Street)\n State Street Investment Management reports analysts have raised 2026 earnings growth estimates for nearly 60% of emerging market countries since June. (State Street)\n State Street Investment Management cites consensus forecasts of 18% Industrials earnings growth in 2026, the third-highest of any sector. (State Street)\n Related ETFs\n The funds the paper names that ETFIQ covers\n XLC State Street Communication Services Select Sector SPDR ETF: \u22125.4%\n XLU State Street Utilities Select Sector SPDR ETF: \u22124.7%\n XLI State Street Industrial Select Sector SPDR ETF: +9.9%\n Figure: total return, 1 year, to Oct 21, 2026, from each fund\u2019s page. All 415 thematic ETFs \u2192 \n Related papers\n First Trust \u00b7 Issuer \u00b7 Oct 15, 2026 \n ETF Newsletter - October 2026 \n First Trust's October 2026 ETF newsletter reports that its AIRR industrials fund fell 22.5% in the third quarter, as stocks tied to AI data centers weakened.\n Themes Read the paper \u2197 \n Investment Company Institute \u00b7 Industry body \u00b7 Jun 5, 2026 \n What\u2019s Next for ETFs: Innovation, Distribution, and the Investor Experience \n In June 2026, the Investment Company Institute previewed its Nashville ETF Conference of June 8 to 10, with ETF share classes, AI and tokenization on the agenda.\n Flows Themes Read the paper \u2197 \n BlackRock \u00b7 Issuer \u00b7 Jan 13, 2026 \u00b7 ETFIQ take\n 2026 Trends Shaping Investment Products \n BlackRock's January 2026 trends paper counts more than 4,700 ETFs in the U.S., with over a third launched within the last two years.\n Flows Themes Bonds Read the paper \u2197 \n All 8 papers on themes \u2192 \n Questions people ask\n What does the State Street Investment Management paper conclude? State Street Investment Management's December 2025 outlook says consensus 2026 capital spending estimates for major hyperscalers have reached $519 billion, up from $314 billion. The paper\u2019s own words are at the link above. What is a thematic ETF? A fund that holds companies tied to one theme, such as AI or defense, picked by an index or a manager rather than by size alone. Where can I read \u201cTarget AI and policy-led growth from US to emerging markets\u201d? On State Street Investment Management\u2019s own site. ETFIQ summarizes the paper and does not host it. ETFIQ, Target AI and policy-led growth from US to emerging markets (State Street Investment Management), summary, as of Oct 21, 2026. https://etfiq.com/research/library/state-street-target-ai-and-policy-led-growth-from-us-to-emerging/ Free to use with attribution . Open data \n Summary by ETFIQ. ETFIQ is not affiliated with State Street Investment Management; logos identify the source.","source":"ETFIQ, independent ETF data. Recomputed nightly from public filings and prices.","publisher":{"@id":"https://etfiq.com/#org","name":"ETFIQ","url":"https://etfiq.com"},"license":"https://etfiq.com/license/","license_text":"Figures ETFIQ computes are free to use with attribution: ETFIQ (etfiq.com). Issuer data stays under its owner's terms.","citation":"ETFIQ, Target AI and policy-led growth from US to emerging markets (State Street Investment Management), summary, as of Oct 21, 2026. https://etfiq.com/research/library/state-street-target-ai-and-policy-led-growth-from-us-to-emerging/"}