Tech hardware and chips lead the market, while consumer credit, mortgage REITs, and parts of restaurants and travel remain under pressure.
Semiconductors, electronics, and select energy names are driving the upside, contrasted with persistent weakness in consumer finance and rate‑sensitive real estate.
IMGELD (Date: May 31, 2026 )
Overall leadership is concentrated in Semiconductors & Semiconductor Equipment and Electronic Equipment, Instruments & Components, supported by robust AI and hardware demand, with pockets of strength in Communications Equipment and Metals & Mining.
On the weak side, Consumer Finance, Mortgage REITs, and parts of Hotels, Restaurants & Leisure lag as credit conditions and discretionary spending remain mixed, while some utilities and media pockets trade more defensively despite idiosyncratic positives.
Top 5 Strongest Industries
(Long bias)
Semiconductors & Semiconductor Equipment
Final Score: 95.64
Before: #2 → Now: #1
Why they are strong: Chipmakers are benefiting from a powerful AI-driven investment cycle, with US chip stocks racing toward their biggest gains since the dotcom era on surging demand for AI hardware.
Key Players: Nvidia, Advanced Micro Devices, IntelElectronic Equipment, Instruments & Components
Final Score: 94.56
Before: #1 → Now: #2
Why they are strong: Demand for advanced electronic components and test equipment is closely tied to the ongoing AI and data-center buildout that is propelling chip and hardware spending higher.
Key Players: Keysight Technologies, TE Connectivity, CorningTechnology Hardware, Storage & Peripherals
Final Score: 93.39
Before: #3 → Now: #3
Why they are strong: Hardware and storage vendors are seeing elevated demand as cloud and AI infrastructure spending accelerates alongside the chip rally.
Key Players: Apple, Dell Technologies, Hewlett Packard EnterpriseCommunications Equipment
Final Score: 93.18
Before: #4 → Now: #4
Why they are strong: Policy and security scrutiny of foreign-made networking gear is reinforcing demand for domestic and allied communications equipment suppliers in the US market.
Key Players: Cisco Systems, Ciena, Arista NetworksMetals & Mining
Final Score: 91.82
Before: #5 → Now: #5
Why they are strong: Metals and mining companies are benefiting from tight supply and growing materials demand that is intertwined with large-scale infrastructure, energy transition, and technology investment.
Key Players: Freeport-McMoRan, Newmont, Southern Copper
Get the Industry Heat Map — delivered by email only.
Bottom 5 Weakest Industries
(Short bias)
Hotels, Restaurants & Leisure
Final Score: 26.26
Before: #48 → Now: #50
Why they are weak: Many US restaurant stocks have struggled to start 2026 as higher costs and uneven consumer traffic pressure margins and keep the group underperforming.
Key Players: McDonald’s, Starbucks, Marriott InternationalMortgage Real Estate Investment Trusts (REITs)
Final Score: 15.24
Before: #49 → Now: #49
Why they are weak: Mortgage REITs remain pressured by rate and funding uncertainty as broader real estate markets focus more on large apartment REIT consolidations than on mortgage credit recovery.
Key Players: Annaly Capital Management, AGNC Investment, Starwood Property TrustConsumer Finance
Final Score: 14.15
Before: #50 → Now: #48
Why they are weak: Consumer finance names are lagging as investors favor larger US banks and big-cap growth stocks, reflecting caution around consumer credit quality and regulation.
Key Players: Capital One Financial, Discover Financial Services, Synchrony FinancialCommercial Services & Supplies
Final Score: 13.79
Before: #47 → Now: #47
Why they are weak: Many commercial service providers are more cyclically exposed and are not benefiting as directly from the AI and chip-led equity rally that is driving current market leadership.
Key Players: Waste Management, Cintas, Republic ServicesBuilding Products
Final Score: 12.27
Before: #46 → Now: #46
Why they are weak: Despite a high-profile $17 billion acquisition in the space, building products stocks remain mixed as investors weigh deal integration risk and an uneven construction backdrop.
Key Players: TopBuild, Masco, Carlisle Companies
Subscribe to get the stocks behind these industries.
Additional Readings
Semiconductors & Semiconductor Equipment: Chip stocks race higher on AI boom, driving sector toward biggest gains since dotcom era (Financial Times, 2026-05-28)
Article LinkElectronic Equipment, Instruments & Components: AI infrastructure buildout underpins demand for advanced electronic components (Financial Times, 2026-05-28)
Article LinkTechnology Hardware, Storage & Peripherals: Hardware and storage makers ride wave of AI and data-center spending (Financial Times, 2026-05-28)
Article LinkCommunications Equipment: US regulator bans imports of new foreign-made routers, citing security concerns (Reuters, 2026-03-23)
Article LinkMetals & Mining: Metals producers benefit from structural demand tied to AI, infrastructure, and energy transition (Financial Times, 2026-05-28)
Article LinkHotels, Restaurants & Leisure: Restaurant stocks are struggling to start 2026. Where to find buying opportunities (CNBC, 2026-03-15)
Article LinkMortgage Real Estate Investment Trusts (REITs): What the AvalonBay, Equity Residential megamerger means for the apartment industry and rents (CNBC, 2026-05-22)
Article LinkConsumer Finance: Stocks including Nvidia and Apple are top picks as market run-up continues, Bank of America says (CNBC, 2026-05-30)
Article LinkCommercial Services & Supplies: Cyclical and services names trail AI-led equity rally as investors crowd into tech and chips (CNBC, 2026-04-16)
Article LinkBuilding Products: QXO strikes $17 billion deal to acquire building products distributor and installer TopBuild (Reuters, 2026-04-19)
Article LinkMedia: Bertelsmann cranks up legal fight against US book bans as market grows (Reuters, 2026-03-26)
Article LinkElectric Utilities: Berkshire electric utility’s court win could save it billions (CNBC, 2026-04-11)
Article Link“