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 |
|---|---|---|---|---|---|---|---|---|
| ZS Zscaler |
Zero-trust security for AI traffic | US | $260.4 | +2.08% | +34.9% | +15.8% | −22.6% | |
| LMT Lockheed Martin |
Satellites, ULA stake and defence | US | $635.3 | +5.15% | +22.3% | +33.7% | −4.9% | |
| CHKP Check Point Software |
Network and cloud security | Israel | $159.6 | +0.38% | +21.6% | −14.0% | −21.9% | |
| NOW ServiceNow |
Enterprise workflows and AI agents | US | $158.2 | −0.48% | +16.6% | +3.3% | −16.4% | |
| S SentinelOne |
AI-native endpoint security | US | $25.50 | +6.27% | +14.0% | +70.0% | −2.9% | |
| OKTA Okta |
Identity for people and AI agents | US | $220.0 | +3.27% | +12.7% | +154.4% | −5.2% | |
| IBM IBM |
Superconducting quantum roadmap | US | $253.4 | −0.06% | +12.4% | −12.7% | −22.5% | |
| NOC Northrop Grumman |
Solid rocket motors and spacecraft | US | $565.4 | +2.53% | +10.8% | +0.4% | −25.7% | |
| FTNT Fortinet |
Firewalls and secure networking | US | $183.3 | +1.86% | +5.7% | +130.9% | −5.9% | |
| PLTR Palantir Technologies |
AI platform (AIP) for enterprise and defence | US | $198.8 | +1.06% | +4.8% | +11.9% | −4.9% | |
| DDOG Datadog |
Observability for AI workloads | US | $280.2 | +3.93% | +4.5% | +106.1% | −4.4% | |
| PANW Palo Alto Networks |
Network, cloud and identity security platform | US | $390.5 | +2.60% | +4.2% | +112.0% | −7.0% | |
| CRWD CrowdStrike |
Endpoint and cloud security platform | US | $261.8 | +1.65% | +3.9% | +123.4% | −6.1% | |
| MSFT Microsoft |
Largest AI cloud buyer; Azure and OpenAI capacity | US | $532.6 | +1.54% | +3.2% | +10.8% | −2.0% | |
| HON Honeywell |
Majority owner of Quantinuum | US | $219.3 | −0.85% | +3.2% | +8.6% | −15.0% | |
| RXRX Recursion Pharmaceuticals |
AI drug discovery with NVIDIA-backed compute | US | $3.80 | +2.70% | +1.6% | −7.1% | −39.7% | |
| AAPL Apple |
On-device AI across iPhone and Mac | US | $343.9 | −1.10% | +0.8% | +26.9% | −1.2% | |
| AMZN Amazon |
AWS; Trainium custom chips and the largest capex budget | US | $249.1 | +0.44% | −0.2% | +7.9% | −12.3% | |
| SNOW Snowflake |
Data cloud feeding enterprise AI | US | $334.9 | +2.92% | −0.3% | +52.7% | −9.2% | |
| ABSI Absci |
Generative-AI antibody design | US | $9.45 | +2.94% | −3.0% | +170.8% | −18.7% | |
| NET Cloudflare |
Edge network, AI inference and bot defence | US | $332.1 | +1.95% | −4.8% | +68.5% | −8.0% | |
| ABCL AbCellera Biologics |
AI-driven antibody discovery | Canada | $12.08 | +2.20% | −4.9% | +253.2% | −18.5% | |
| MDB MongoDB |
Operational database for AI apps | US | $389.1 | +4.86% | −5.2% | −7.3% | −17.6% | |
| ORCL Oracle |
OCI AI cloud; Stargate capacity for OpenAI | US | $126.1 | −0.08% | −7.7% | −34.5% | −54.9% | |
| GOOGL Alphabet |
Waymo driverless fleet and TPUs | US | $316.8 | −1.06% | −7.9% | +1.4% | −21.2% | |
| IRDM Iridium Communications |
Global L-band constellation | US | $44.52 | +0.26% | −8.7% | +159.3% | −19.9% | |
| VSAT Viasat |
Satellite broadband | US | $66.39 | +8.00% | −9.1% | +92.7% | −26.1% | |
| MDA.TO MDA Space |
Satellite constellations and robotics | Canada | C$39.81 | +3.03% | −10.6% | +49.4% | −40.7% | |
| QCOM Qualcomm |
Edge AI SoCs for robots and vehicles | US | $179.6 | +2.10% | −11.1% | +6.6% | −27.8% | |
| SDGR Schrödinger |
Physics-plus-AI molecular design software | US | $24.50 | +2.94% | −15.1% | +37.0% | −24.9% | |
| META Meta Platforms |
Gigawatt training campuses (Prometheus, Hyperion) | US | $630.6 | −1.88% | −16.1% | −4.2% | −18.9% | |
| TEM Tempus AI |
Clinical and genomic data for AI diagnostics | US | $67.16 | −0.67% | −21.0% | +13.7% | −26.7% | |
| PL Planet Labs |
Earth observation constellation | US | $13.77 | +2.65% | −21.0% | −30.2% | −73.2% | |
| FLY Firefly Aerospace |
Small-lift launch and lunar landers | US | $18.25 | +0.11% | −25.1% | −18.4% | −69.0% | |
| RKLB Rocket Lab |
Electron launch, Neutron and spacecraft | US | $53.82 | +2.32% | −27.2% | −22.9% | −64.2% | |
| ARM Arm Holdings |
CPU IP inside custom accelerators, servers and edge devices | UK | $223.3 | +6.19% | −28.0% | +104.3% | −49.2% | |
| RGTI Rigetti Computing |
Superconducting quantum computers | US | $11.44 | −0.69% | −31.3% | −48.4% | −74.2% | |
| IONQ IonQ |
Trapped-ion quantum computers | US | $30.75 | −1.68% | −32.4% | −31.5% | −57.3% | |
| QBTS D-Wave Quantum |
Quantum annealing systems | US | $11.54 | −1.03% | −33.7% | −55.9% | −68.9% | |
| NBIS Nebius Group |
Neocloud building GPU capacity in US and Europe | Netherlands/US | $153.3 | −3.45% | −35.4% | +83.1% | −46.5% | |
| ASTS AST SpaceMobile |
Direct-to-device broadband | US | $39.45 | −0.85% | −36.2% | −45.7% | −70.4% | |
| CRWV CoreWeave |
GPU cloud; large consumer of powered shells | US | $55.19 | +1.76% | −37.0% | −22.9% | −60.6% |