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Restricted - External Thematic InvestingHiral Patel+44 (0)20 3134 1618hiral.patel@barclays.comBarclays, UKKatherine Ogundiya+44 (0)20 3134 1391katherine.a.ogundiya@barclays.comBarclays, UKLaia Marin i Sola, CFA+ 44 (0)20 3134 2531laia.marin@barclays.comBarclays, UKAmy Lian+44 (0)20 3134 0179amy.lian@barclays.comBarclays, UKWilliam Thompson+1 212 526 8641william.s.thompson@barclays.comBCI, USHannah Greenberg+1 212 526 2457hannah.greenberg@barclays.comBCI, USSiddharth Gupta+91 22 6175 2540siddharth.gupta1@barclays.comBarclays, UK 1https://ir.thredup.com/news-releases/news-release-details/thredup-announces-first-quarter-2025-results1. Latest Thematic research.Chart of the week - Fashion Resale:Tariffpressures supporting resale appdownloads. Following the announcement of UStariffs,there has been anoticeable uptick in consumer interest in resale apps and second-hand fashionmarketplaces. This supports our view that resale interest is still primarily drivenbyaffordability(vs sustainability) as cost-conscious consumption is on the rise.In recent years, the stigma surrounding used fashion has diminished, and thedemand for greateraffordabilityor access to highly coveted luxury items has drivensignificant interest in the resale space. While we agree that momentum will prevail,we continue to question resale’s contribution to the sustainable fashion debate andurge investors to 'see beyond the green', since we think it's unlikely it will lead tolower fashion consumption or production in the near to medium term - FashionResale: See beyond the green.We flag the following key messages from the note:•Tariffpressures driving shoppers to resale:According to Sensor Tower data,•downloads of major resale platforms, including Depop and Vestiaire Collective,rose significantly during 1Q 2025 (Figure 1).•Affordabilityremains a key driver, rather than sustainability:Driven by the rise•in cost-conscious consumption, thetariff-drivenmomentum supports our viewthataffordabilityremains the primary appeal (Fashion Resale: See beyond thegreen, 26.01.22), with only 11% of consumers factor sustainability into fashionpurchasing decisions (per our proprietary survey).•The consumer experience will likelydifferentiateresale players:As•competition intensifies, we see those investing in innovation, enhanced shoppingexperience and authentication as best positioned.Tariffpressures seems to be driving shoppers to resale platformsThe recently announcedtariffson Chinese goods, which could lead to an increase inprices on imported clothing and leather goods (by as much as 65% and 87%respectively as per a recent Yale University study), seems to be driving cost-consciousconsumers toward second-hand options. According to data from Sensor Tower,coinciding with the announcement of newtariffs,downloads of 9resale apps(eBay,OfferUp,Poshmark, Mercari, Craigslist, Depop, ThredUp, TheRealReal and Vinted)rose by 3% in Q1 2025and saw the first quarterly gains in three years (as a group).At the company level, resale marketplaceThredUp(public, not covered) reportedthat new buyer acquisition in Q1 25 increased 95% compared to last year, the largestquarter increase the company has ever experienced1. This uptick has also beensupported by data from Sensor Tower, suggesting that downloads of apps frommajor resale players in the US significantly rose in Q1 25, withDepop(private),Vestiaire Collective(private) andPoshmark(private) among the ones seeing mostgrowth (Figure 1). FIGURE 1. Download of resale apps in the US significantly grew in 1Q25 vs previousquarter, coinciding withtariffannouncementsGrowth in downloads during Q1, compared to previous quarters, %Source: Sensor Tower, Business of Fashion, Barclays ResearchRelated research:•Supply Chains: Marrying resilience and sustainability (12.04.21)••Virtual Try-On: Ready for its close up in Beauty & Fashion (07.12.22)••Fashion Supply Chains: What if… near shoring is back in fashion? (29.04.22)••Fashion Resale: See beyond the green (26.01.22)••Sustainable Fashion: The show must go on (03.06.20)••Global Fashion: Green is the new black (15.01.20)•Please reach out toBarclays Thematic Researchfor queries or discussions. Powering AI: NREL 'Powering the Computing Revolution' Event Highlights. Weattended the NREL Partner Forum last week focused on "powering thecomputing revolution." NREL is the US Dept. of Energy's largest applied sciencelab for energy system R&D. The full day of expert panels brought together keystakeholders (hyperscalers, utilities, energy & data center companies, electricalsuppliers, government agencies) to address key Powering AI challenges/opportunities, including data center power needs, site selection, communityimpact, chip-to-grid integration, energyefficiencies/optimization,and gridreliability.Highlights included:•"Energy is the new space race."It was emphasized that we're in an AI arms race•vs. China and that whoever wins the energy race wins the AI race, as detailed inDeep impact: The global AI arms rac