Hyperscalers, cybersecurity, drug discovery, software, space, quantum
Where AI demand spills over: the hyperscalers paying for the build, and the sectors AI is re-rating — cybersecurity, drug discovery, AI software, devices, space and quantum.
Who pays for the build-out, and which industries does AI change fastest?
Hot AI Themes index vs S&P 500
Equal-weight, rebased to 100 · 1Y8 bottlenecks in Hot AI Themes
Sorted by tightness score. Click through for supply chain, dimension scores, names and falsifier.
Hyperscalers & AI Cloud (the buyers)
Four US hyperscalers guided to roughly $700B+ of 2026 capex, with 2027 modelled near $1T. Their guides set demand for every supplier on this site; neo…
AI Cybersecurity
AI agents and AI-written attacks expand the attack surface faster than security teams can hire. Spend shifts to platforms that use AI to defend AI wor…
Launch & Space Access
One provider dominates launch mass to orbit. Alternatives for medium-lift are scarce, which gates every constellation outside it.
AI Software & Data Platforms
Enterprises need clean data, orchestration and monitoring before AI agents do useful work. Data platforms and observability are the picks-and-shovels …
Satellite Connectivity & EO
Direct-to-device, broadband and Earth observation compete for launch, spectrum and optical inter-satellite links.
AI Drug Discovery & Health AI
Models now design molecules and antibodies, but clinical trials are still the gate. Value accrues to platforms with wet-lab data and pharma partnershi…
AI Devices & Edge
On-device AI drives a phone and PC upgrade cycle and pulls more memory per device — competing with data centers for the same DRAM.
Quantum Hardware & Cryogenics
Qubits need dilution refrigerators, helium-3, precision lasers and control electronics — all small, specialised supply chains.
Every stock in Hot AI Themes
Sorted by 1-month performance. Roles, not recommendations.
| Name | Role | Region | Last | 1D | 1M | YTD | Off high | Trend |
|---|---|---|---|---|---|---|---|---|
| LMT Lockheed Martin |
Satellites, ULA stake and defence | US | $637.0 | −1.03% | +26.0% | +34.1% | −4.7% | |
| ZS Zscaler |
Zero-trust security for AI traffic | US | $237.8 | −4.03% | +19.6% | +5.7% | −29.3% | |
| CHKP Check Point Software |
Network and cloud security | Israel | $152.1 | −0.91% | +16.4% | −18.0% | −25.6% | |
| NOC Northrop Grumman |
Solid rocket motors and spacecraft | US | $557.5 | −0.86% | +15.7% | −1.0% | −26.8% | |
| IBM IBM |
Superconducting quantum roadmap | US | $257.8 | −0.18% | +14.3% | −11.2% | −21.1% | |
| VSAT Viasat |
Satellite broadband | US | $77.02 | −1.24% | +9.5% | +123.5% | −14.2% | |
| AAPL Apple |
On-device AI across iPhone and Mac | US | $344.6 | −1.23% | +4.3% | +27.1% | −1.2% | |
| ABSI Absci |
Generative-AI antibody design | US | $11.13 | −8.02% | +3.5% | +218.9% | −8.0% | |
| HON Honeywell |
Majority owner of Quantinuum | US | $218.3 | −1.72% | +2.1% | +8.2% | −15.4% | |
| S SentinelOne |
AI-native endpoint security | US | $25.15 | −2.18% | +1.9% | +67.7% | −4.3% | |
| MSFT Microsoft |
Largest AI cloud buyer; Azure and OpenAI capacity | US | $521.9 | −1.55% | +1.8% | +8.6% | −4.0% | |
| MDB MongoDB |
Operational database for AI apps | US | $353.0 | −8.31% | +0.3% | −15.9% | −25.3% | |
| RXRX Recursion Pharmaceuticals |
AI drug discovery with NVIDIA-backed compute | US | $4.03 | −4.95% | −1.0% | −1.5% | −28.7% | |
| OKTA Okta |
Identity for people and AI agents | US | $208.2 | −6.14% | −2.1% | +140.8% | −10.3% | |
| PLTR Palantir Technologies |
AI platform (AIP) for enterprise and defence | US | $184.1 | −6.27% | −3.1% | +3.6% | −11.9% | |
| AMZN Amazon |
AWS; Trainium custom chips and the largest capex budget | US | $240.3 | −1.41% | −3.2% | +4.1% | −15.4% | |
| ORCL Oracle |
OCI AI cloud; Stargate capacity for OpenAI | US | $130.7 | −6.37% | −5.0% | −32.1% | −49.6% | |
| TEM Tempus AI |
Clinical and genomic data for AI diagnostics | US | $72.22 | −7.22% | −5.6% | +22.3% | −19.6% | |
| CRWD CrowdStrike |
Endpoint and cloud security platform | US | $250.4 | −4.10% | −5.9% | +113.7% | −10.2% | |
| IRDM Iridium Communications |
Global L-band constellation | US | $44.91 | −2.48% | −6.2% | +161.7% | −19.1% | |
| PANW Palo Alto Networks |
Network, cloud and identity security platform | US | $365.9 | −3.86% | −7.7% | +98.6% | −12.9% | |
| QCOM Qualcomm |
Edge AI SoCs for robots and vehicles | US | $164.8 | −11.12% | −9.5% | −2.1% | −33.8% | |
| MDA.TO MDA Space |
Satellite constellations and robotics | Canada | C$38.00 | −6.79% | −9.8% | +42.6% | −43.4% | |
| SNOW Snowflake |
Data cloud feeding enterprise AI | US | $306.1 | −7.32% | −10.5% | +39.5% | −17.0% | |
| SDGR Schrödinger |
Physics-plus-AI molecular design software | US | $27.14 | −9.50% | −10.9% | +51.8% | −16.8% | |
| ABCL AbCellera Biologics |
AI-driven antibody discovery | Canada | $12.27 | −6.19% | −11.8% | +258.8% | −17.2% | |
| DDOG Datadog |
Observability for AI workloads | US | $235.3 | −11.50% | −14.9% | +73.0% | −19.8% | |
| META Meta Platforms |
Gigawatt training campuses (Prometheus, Hyperion) | US | $615.0 | −1.53% | −15.3% | −6.6% | −20.9% | |
| PL Planet Labs |
Earth observation constellation | US | $13.47 | −5.87% | −16.5% | −31.7% | −73.8% | |
| GOOGL Alphabet |
Waymo driverless fleet and TPUs | US | $279.8 | −1.40% | −17.3% | −10.4% | −30.4% | |
| NET Cloudflare |
Edge network, AI inference and bot defence | US | $280.7 | −9.54% | −20.0% | +42.4% | −22.2% | |
| FLY Firefly Aerospace |
Small-lift launch and lunar landers | US | $17.93 | −9.74% | −21.5% | −19.8% | −69.5% | |
| RKLB Rocket Lab |
Electron launch, Neutron and spacecraft | US | $54.73 | −7.39% | −22.3% | −21.6% | −63.6% | |
| NOW ServiceNow |
Enterprise workflows and AI agents | US | $105.1 | −4.15% | −23.7% | −31.4% | −43.8% | |
| FTNT Fortinet |
Firewalls and secure networking | US | $136.1 | −2.17% | −23.9% | +71.4% | −30.1% | |
| RGTI Rigetti Computing |
Superconducting quantum computers | US | $11.25 | −6.72% | −28.0% | −49.2% | −74.6% | |
| ASTS AST SpaceMobile |
Direct-to-device broadband | US | $40.97 | −4.88% | −28.2% | −43.6% | −69.2% | |
| ARM Arm Holdings |
CPU IP inside custom accelerators, servers and edge devices | UK | $206.0 | −9.97% | −29.5% | +88.4% | −53.1% | |
| IONQ IonQ |
Trapped-ion quantum computers | US | $30.04 | −5.30% | −31.7% | −33.0% | −58.3% | |
| NBIS Nebius Group |
Neocloud building GPU capacity in US and Europe | Netherlands/US | $154.1 | −10.38% | −33.6% | +84.2% | −46.2% | |
| QBTS D-Wave Quantum |
Quantum annealing systems | US | $10.65 | −7.87% | −35.7% | −59.3% | −71.3% | |
| CRWV CoreWeave |
GPU cloud; large consumer of powered shells | US | $54.87 | −9.66% | −38.0% | −23.4% | −60.2% |