Cross-quantile interdependence among future energy, metaverse, artificial intelligence, fintech, space, cyber security, and digital assets

In the rapidly evolving global economy, the increasing interdependence among frontier industries – such as future energy, the Metaverse, artificial intelligence (AI), fintech, space exploration, cybersecurity, and digital assets – presents systemic opportunities and vulnerabilities. Existing literature largely overlooks the asymmetric and tail-specific nature of risk transmission across these sectors, often relying on mean-based approaches that fail to capture extreme market dynamics. This study addresses this gap by employing daily data from 2018 to 2024 and applying the Quantile-on-Quantile Connectedness methodology to examine cross-quantile interdependencies among these transformative industries. The findings reveal that AI, fintech, cybersecurity, and Metaverse consistently act as net risk transmitters, particularly during market stress, while digital assets emerge as net risk receivers. Conversely, sectors such as space exploration and future energy demonstrate relative resilience by absorbing shocks during global disruptions, including the COVID-19 pandemic and the energy transition. A key contribution of this study is the novel use of S&P Kensho indices, offering high-resolution insights into sectoral dynamics. This research provides valuable implications for investors, policymakers, and industry stakeholders aiming to navigate an increasingly interconnected and volatile technological landscape by uncovering quantile-dependent and time-varying spillover structures.