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 |
|---|---|---|---|---|---|---|---|---|
| FLY Firefly Aerospace |
Small-lift launch and lunar landers | US | $25.31 | −4.89% | +48.7% | +13.1% | −57.0% | |
| SDGR Schrödinger |
Physics-plus-AI molecular design software | US | $30.85 | −2.13% | +23.1% | +72.5% | −7.6% | |
| LMT Lockheed Martin |
Satellites, ULA stake and defence | US | $604.1 | −0.98% | +15.7% | +27.2% | −9.6% | |
| VSAT Viasat |
Satellite broadband | US | $71.24 | −5.17% | +15.4% | +106.7% | −20.7% | |
| TEM Tempus AI |
Clinical and genomic data for AI diagnostics | US | $75.89 | −4.46% | +11.1% | +28.5% | −10.8% | |
| NOC Northrop Grumman |
Solid rocket motors and spacecraft | US | $549.1 | −0.33% | +10.8% | −2.5% | −27.9% | |
| CHKP Check Point Software |
Network and cloud security | Israel | $147.5 | +0.62% | +10.0% | −20.5% | −27.1% | |
| RKLB Rocket Lab |
Electron launch, Neutron and spacecraft | US | $64.07 | −3.14% | +8.3% | −8.2% | −57.4% | |
| IBM IBM |
Superconducting quantum roadmap | US | $244.7 | −1.43% | +8.1% | −15.1% | −24.6% | |
| HON Honeywell |
Majority owner of Quantinuum | US | $223.4 | −1.84% | +7.6% | +10.7% | −13.4% | |
| MDA.TO MDA Space |
Satellite constellations and robotics | Canada | C$41.71 | −5.53% | +6.4% | +56.6% | −37.9% | |
| AMZN Amazon |
AWS; Trainium custom chips and the largest capex budget | US | $267.4 | +0.48% | +5.3% | +15.9% | −5.8% | |
| ABSI Absci |
Generative-AI antibody design | US | $9.13 | −9.73% | +4.5% | +161.8% | −24.5% | |
| AAPL Apple |
On-device AI across iPhone and Mac | US | $354.9 | −0.21% | +3.5% | +30.9% | −0.2% | |
| QCOM Qualcomm |
Edge AI SoCs for robots and vehicles | US | $177.1 | +0.32% | +2.6% | +5.2% | −28.8% | |
| IRDM Iridium Communications |
Global L-band constellation | US | $46.12 | −2.47% | +0.7% | +168.7% | −17.0% | |
| PL Planet Labs |
Earth observation constellation | US | $13.90 | −3.07% | −1.6% | −29.5% | −73.0% | |
| IONQ IonQ |
Trapped-ion quantum computers | US | $30.86 | −9.40% | −1.8% | −31.2% | −57.2% | |
| NET Cloudflare |
Edge network, AI inference and bot defence | US | $318.5 | +1.11% | −1.8% | +61.5% | −11.8% | |
| MSFT Microsoft |
Largest AI cloud buyer; Azure and OpenAI capacity | US | $523.0 | +0.36% | −2.0% | +8.8% | −5.9% | |
| S SentinelOne |
AI-native endpoint security | US | $22.29 | −6.27% | −2.3% | +48.6% | −15.2% | |
| ORCL Oracle |
OCI AI cloud; Stargate capacity for OpenAI | US | $127.1 | −0.99% | −2.6% | −33.9% | −48.4% | |
| MDB MongoDB |
Operational database for AI apps | US | $339.8 | +0.49% | −4.6% | −19.0% | −28.1% | |
| ABCL AbCellera Biologics |
AI-driven antibody discovery | Canada | $11.62 | −2.76% | −6.1% | +239.8% | −21.6% | |
| CRWD CrowdStrike |
Endpoint and cloud security platform | US | $229.9 | +0.35% | −7.8% | +96.2% | −17.6% | |
| SNOW Snowflake |
Data cloud feeding enterprise AI | US | $298.7 | −0.84% | −10.9% | +36.2% | −19.0% | |
| RXRX Recursion Pharmaceuticals |
AI drug discovery with NVIDIA-backed compute | US | $3.33 | −7.24% | −11.0% | −18.6% | −32.9% | |
| RGTI Rigetti Computing |
Superconducting quantum computers | US | $10.33 | −7.02% | −11.6% | −53.4% | −65.6% | |
| ZS Zscaler |
Zero-trust security for AI traffic | US | $193.2 | −0.30% | −12.5% | −14.1% | −39.1% | |
| OKTA Okta |
Identity for people and AI agents | US | $182.5 | +0.16% | −13.9% | +111.1% | −21.4% | |
| CRWV CoreWeave |
GPU cloud; large consumer of powered shells | US | $56.60 | −6.86% | −14.0% | −21.0% | −59.0% | |
| PANW Palo Alto Networks |
Network, cloud and identity security platform | US | $322.7 | −3.53% | −14.0% | +75.2% | −23.2% | |
| GOOGL Alphabet |
Waymo driverless fleet and TPUs | US | $298.7 | +1.79% | −14.1% | −4.4% | −25.7% | |
| PLTR Palantir Technologies |
AI platform (AIP) for enterprise and defence | US | $171.6 | −0.48% | −14.6% | −3.5% | −17.9% | |
| META Meta Platforms |
Gigawatt training campuses (Prometheus, Hyperion) | US | $623.6 | −0.82% | −15.4% | −5.3% | −19.8% | |
| ARM Arm Holdings |
CPU IP inside custom accelerators, servers and edge devices | UK | $199.8 | −1.76% | −16.1% | +82.8% | −54.5% | |
| ASTS AST SpaceMobile |
Direct-to-device broadband | US | $34.50 | −5.79% | −18.1% | −52.5% | −74.1% | |
| QBTS D-Wave Quantum |
Quantum annealing systems | US | $9.84 | −7.61% | −18.2% | −62.4% | −69.4% | |
| NOW ServiceNow |
Enterprise workflows and AI agents | US | $100.7 | −2.04% | −28.1% | −34.3% | −42.0% | |
| FTNT Fortinet |
Firewalls and secure networking | US | $129.5 | +1.12% | −29.6% | +63.1% | −33.5% | |
| NBIS Nebius Group |
Neocloud building GPU capacity in US and Europe | Netherlands/US | $128.6 | −16.84% | −30.8% | +53.7% | −55.1% | |
| DDOG Datadog |
Observability for AI workloads | US | $184.5 | +0.04% | −31.5% | +35.6% | −37.1% |