All sectors · 67 names
The AI stack
The spending is real. The payoff isn't proven yet. Read the thesis →
AI is a chain of businesses passing money down the stack. Users pay for software, software pays model labs, labs rent compute from clouds, clouds buy chips, chip designers pay foundries and equipment makers, and everyone pays for power. Most of the revenue so far sits at the bottom of that chain; the open question is whether AI revenue at the top grows into the capex at the bottom.
Each layer carries a different bet. Hyperscalers and GPU clouds carry the spending and its funding. Chips, memory and equipment sell into it, with pricing power wherever capacity is scarce, which has moved from GPUs to packaging to memory to power. Power equipment, generators and landlords sell what every data centre needs. Software is where the payoff should show. The model labs themselves are mostly private, so they appear here only through their suppliers.
The sectors
Hyperscalers 5
The five cloud and platform giants whose capex drives every layer below them.
GPU clouds 6
Companies renting GPU capacity, often former bitcoin miners with powered sites, funded with debt against contracts.
Chips, IP & EDA 7
Accelerators, custom chips, the CPU designs inside them, and the software used to design them all.
Foundry & memory 3
The factories that make AI chips and the memory stacked beside them.
Chip equipment 6
The machines that build chips, from ASML's lithography to deposition, etch, inspection and HBM bonding.
Networking, optics & servers 11
Switches, optical links, cables and the servers and racks the chips go into.
Power & cooling equipment 8
Turbines, transformers, switchgear, cooling and the contractors that connect data centres to the grid.
Power generators 3
Power producers selling firm output to data centres on long contracts. The same companies sit on the nuclear screen.
Data-centre landlords 2
REITs that own and lease data-centre buildings and interconnection.
AI software 7
Applications and data platforms selling AI features on top of their existing products.
UCITS ETFs 9
Baskets EU investors can buy. US-listed SMH and SOXX have no PRIIPs KID, so EU retail brokers block them.
