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 | $259.9 | +1.87% | +34.6% | +15.6% | −22.7% | |
| CHKP Check Point Software |
Network and cloud security | Israel | $159.4 | +0.22% | +21.4% | −14.1% | −22.0% | |
| LMT Lockheed Martin |
Satellites, ULA stake and defence | US | $625.5 | +3.53% | +20.4% | +31.7% | −6.4% | |
| NOW ServiceNow |
Enterprise workflows and AI agents | US | $155.5 | −2.18% | +14.7% | +1.5% | −17.8% | |
| OKTA Okta |
Identity for people and AI agents | US | $219.6 | +3.06% | +12.5% | +153.9% | −5.4% | |
| S SentinelOne |
AI-native endpoint security | US | $25.13 | +4.71% | +12.3% | +67.5% | −4.3% | |
| IBM IBM |
Superconducting quantum roadmap | US | $251.9 | −0.65% | +11.7% | −13.2% | −22.9% | |
| NOC Northrop Grumman |
Solid rocket motors and spacecraft | US | $559.3 | +1.43% | +9.6% | −0.7% | −26.5% | |
| FTNT Fortinet |
Firewalls and secure networking | US | $182.8 | +1.58% | +5.4% | +130.2% | −6.1% | |
| DDOG Datadog |
Observability for AI workloads | US | $280.1 | +3.87% | +4.5% | +106.0% | −4.5% | |
| PLTR Palantir Technologies |
AI platform (AIP) for enterprise and defence | US | $198.1 | +0.69% | +4.4% | +11.4% | −5.2% | |
| PANW Palo Alto Networks |
Network, cloud and identity security platform | US | $388.7 | +2.15% | +3.7% | +111.0% | −7.4% | |
| HON Honeywell |
Majority owner of Quantinuum | US | $219.5 | −0.76% | +3.2% | +8.7% | −14.9% | |
| CRWD CrowdStrike |
Endpoint and cloud security platform | US | $259.6 | +0.80% | +3.0% | +121.5% | −6.9% | |
| MSFT Microsoft |
Largest AI cloud buyer; Azure and OpenAI capacity | US | $529.7 | +0.98% | +2.6% | +10.2% | −2.5% | |
| RXRX Recursion Pharmaceuticals |
AI drug discovery with NVIDIA-backed compute | US | $3.78 | +2.16% | +1.1% | −7.6% | −40.0% | |
| AAPL Apple |
On-device AI across iPhone and Mac | US | $344.3 | −0.98% | +0.9% | +27.0% | −1.1% | |
| AMZN Amazon |
AWS; Trainium custom chips and the largest capex budget | US | $248.9 | +0.37% | −0.3% | +7.8% | −12.4% | |
| SNOW Snowflake |
Data cloud feeding enterprise AI | US | $333.7 | +2.54% | −0.7% | +52.1% | −9.5% | |
| ABSI Absci |
Generative-AI antibody design | US | $9.54 | +3.98% | −2.0% | +173.5% | −17.9% | |
| ABCL AbCellera Biologics |
AI-driven antibody discovery | Canada | $12.27 | +3.76% | −3.4% | +258.6% | −17.2% | |
| MDB MongoDB |
Operational database for AI apps | US | $387.3 | +4.37% | −5.6% | −7.7% | −18.0% | |
| NET Cloudflare |
Edge network, AI inference and bot defence | US | $329.1 | +1.04% | −5.7% | +66.9% | −8.8% | |
| GOOGL Alphabet |
Waymo driverless fleet and TPUs | US | $319.0 | −0.37% | −7.2% | +2.1% | −20.7% | |
| ORCL Oracle |
OCI AI cloud; Stargate capacity for OpenAI | US | $125.9 | −0.21% | −7.8% | −34.5% | −55.0% | |
| IRDM Iridium Communications |
Global L-band constellation | US | $44.81 | +0.92% | −8.1% | +161.1% | −19.3% | |
| VSAT Viasat |
Satellite broadband | US | $67.08 | +9.13% | −8.1% | +94.7% | −25.3% | |
| MDA.TO MDA Space |
Satellite constellations and robotics | Canada | C$39.86 | +3.16% | −10.5% | +49.6% | −40.6% | |
| QCOM Qualcomm |
Edge AI SoCs for robots and vehicles | US | $177.8 | +1.05% | −12.0% | +5.5% | −28.5% | |
| SDGR Schrödinger |
Physics-plus-AI molecular design software | US | $24.80 | +4.18% | −14.1% | +38.7% | −23.9% | |
| META Meta Platforms |
Gigawatt training campuses (Prometheus, Hyperion) | US | $643.5 | +0.14% | −14.4% | −2.2% | −17.2% | |
| PL Planet Labs |
Earth observation constellation | US | $13.81 | +2.98% | −20.8% | −30.0% | −73.1% | |
| TEM Tempus AI |
Clinical and genomic data for AI diagnostics | US | $66.42 | −1.77% | −21.9% | +12.5% | −27.5% | |
| FLY Firefly Aerospace |
Small-lift launch and lunar landers | US | $18.48 | +1.40% | −24.1% | −17.4% | −68.6% | |
| RKLB Rocket Lab |
Electron launch, Neutron and spacecraft | US | $54.38 | +3.38% | −26.5% | −22.1% | −63.8% | |
| ARM Arm Holdings |
CPU IP inside custom accelerators, servers and edge devices | UK | $220.7 | +4.94% | −28.9% | +101.9% | −49.8% | |
| RGTI Rigetti Computing |
Superconducting quantum computers | US | $11.48 | −0.35% | −31.1% | −48.2% | −74.1% | |
| IONQ IonQ |
Trapped-ion quantum computers | US | $30.87 | −1.28% | −32.1% | −31.2% | −57.2% | |
| NBIS Nebius Group |
Neocloud building GPU capacity in US and Europe | Netherlands/US | $160.1 | +0.88% | −32.5% | +91.3% | −44.1% | |
| QBTS D-Wave Quantum |
Quantum annealing systems | US | $11.62 | −0.34% | −33.3% | −55.6% | −68.7% | |
| ASTS AST SpaceMobile |
Direct-to-device broadband | US | $40.23 | +1.11% | −34.9% | −44.6% | −69.8% | |
| CRWV CoreWeave |
GPU cloud; large consumer of powered shells | US | $56.49 | +4.17% | −35.5% | −21.1% | −59.6% |