2 Top Growth Themes Beyond AI and How to Invest in Them

The AI trade has been wobbling quite a bit in recent weeks, to say the least. And while the popping of the AI bubble hasn’t yet happened, it does seem like much of the damage done to particular overheated AI stocks has been a bit overdone.

Of course, it’s hard to tell how the trade will fare as we go into another year, especially as valuations begin to come back to earth and firms shift gears, look to monetize after another year of big spending. If the big spending is followed by big returns, the AI trade might be ready for another lift off. But, at this juncture, market sentiment seems to be doubtful, and it could remain that way for quite some time, especially as the excitement factor in AI begins to die down a bit.

At this juncture, it’ll probably take more than a few circular deals and agent announcements to bring the heat back to AI stocks. For growth investors ready to bail and pursue other opportunities, there are several intriguing places to look.

While the AI (and AI quantum) themes are likely to be the hottest topics for 2026, there might be lower-risk growth corners that could be worth diversifying into. And in this piece, we’ll look at two themes outside of AI that might be worth exploring for the new year.

Biotech

First up, we have the biotech scene, which can be a more defensive place to get one’s growth. Whether we’re talking about GLP-1 drugs (from shots to pills), next-generation treatments, or vaccines, there’s a lot of renewed interest in the space in recent months.

Though the biotechs themselves can be quite speculative, given it’s hard to tell whether a drug candidate can proceed through all trials smoothly, I’m still a fan of gaining exposure to the space, especially if you want less-correlated growth. A diversified thematic ETF seems like a great way to invest in the scene, with the iShares Biotechnology ETF (NASDAQ:IBB | IBB Price Prediction) standing out as my preferred one-stop shop.

The ETF is up 30% year to date, topping the S&P 500, which is up just over 17%. As the biotech scene looks to break out, I wouldn’t be afraid to nibble on a few shares, especially if you’re looking for lesser-appreciated firms with growth prospects that are impressive in their own right.

Quantum Computing

Undoubtedly, quantum computing stocks made headlines in 2025, and they could continue to do so again in 2026, especially as firms from across the scene eagerly share new breakthroughs and milestones.

Though the pure-play quantum stocks may be a tad too volatile and speculative for many, I do think a name like International Business Machines (NYSE:IBM) stands out as a less choppy way to play the quantum advancement. The company has some of the brightest quantum researchers in the field, and with the IBM Quantum System Two, the firm may very well beckon in the “era of quantum utility.”

Even at close to all-time highs, shares of International Business Machines don’t look all too pricey at 36.1 times trailing price-to-earnings (P/E). It’s a relative giant, with a $283 billion market cap, in the quantum computing space, but one that might have a handful of developments to share in the new year and beyond as it stays aboard with its quantum roadmap.

While I’m not against also starting a tiny position in one of the quantum pure-plays, I think it’s tough to match the innovation going on behind the scenes at Big Blue, especially as its IBM Quantum System Two looks to show the world the full power to be had in its modular quantum computer powered by the impressive 156-qubit Heron chip.