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 | $260.0 | +1.89% | +34.7% | +15.6% | −22.7% | |
| CHKP Check Point Software |
Network and cloud security | Israel | $160.0 | +0.62% | +21.9% | −13.8% | −21.7% | |
| LMT Lockheed Martin |
Satellites, ULA stake and defence | US | $628.1 | +3.96% | +20.9% | +32.2% | −6.0% | |
| NOW ServiceNow |
Enterprise workflows and AI agents | US | $155.3 | −2.27% | +14.5% | +1.4% | −17.9% | |
| OKTA Okta |
Identity for people and AI agents | US | $221.0 | +3.73% | +13.2% | +155.6% | −4.8% | |
| S SentinelOne |
AI-native endpoint security | US | $25.32 | +5.50% | +13.1% | +68.8% | −3.6% | |
| IBM IBM |
Superconducting quantum roadmap | US | $252.4 | −0.45% | +11.9% | −13.1% | −22.8% | |
| NOC Northrop Grumman |
Solid rocket motors and spacecraft | US | $562.9 | +2.08% | +10.3% | −0.1% | −26.1% | |
| FTNT Fortinet |
Firewalls and secure networking | US | $183.8 | +2.14% | +6.0% | +131.5% | −5.6% | |
| DDOG Datadog |
Observability for AI workloads | US | $281.5 | +4.40% | +5.0% | +107.0% | −4.0% | |
| PLTR Palantir Technologies |
AI platform (AIP) for enterprise and defence | US | $199.0 | +1.13% | +4.9% | +11.9% | −4.8% | |
| PANW Palo Alto Networks |
Network, cloud and identity security platform | US | $390.5 | +2.61% | +4.2% | +112.0% | −7.0% | |
| HON Honeywell |
Majority owner of Quantinuum | US | $219.8 | −0.60% | +3.4% | +8.9% | −14.8% | |
| CRWD CrowdStrike |
Endpoint and cloud security platform | US | $260.3 | +1.04% | +3.2% | +122.1% | −6.7% | |
| MSFT Microsoft |
Largest AI cloud buyer; Azure and OpenAI capacity | US | $530.4 | +1.12% | +2.8% | +10.4% | −2.4% | |
| RXRX Recursion Pharmaceuticals |
AI drug discovery with NVIDIA-backed compute | US | $3.77 | +1.89% | +0.8% | −7.8% | −40.2% | |
| AAPL Apple |
On-device AI across iPhone and Mac | US | $343.3 | −1.27% | +0.7% | +26.6% | −1.4% | |
| AMZN Amazon |
AWS; Trainium custom chips and the largest capex budget | US | $249.7 | +0.68% | +0.0% | +8.2% | −12.1% | |
| SNOW Snowflake |
Data cloud feeding enterprise AI | US | $334.1 | +2.65% | −0.6% | +52.3% | −9.4% | |
| ABSI Absci |
Generative-AI antibody design | US | $9.55 | +4.03% | −1.9% | +173.6% | −17.8% | |
| ABCL AbCellera Biologics |
AI-driven antibody discovery | Canada | $12.15 | +2.81% | −4.3% | +255.3% | −18.0% | |
| MDB MongoDB |
Operational database for AI apps | US | $389.1 | +4.84% | −5.2% | −7.3% | −17.6% | |
| NET Cloudflare |
Edge network, AI inference and bot defence | US | $330.6 | +1.50% | −5.3% | +67.7% | −8.4% | |
| GOOGL Alphabet |
Waymo driverless fleet and TPUs | US | $318.4 | −0.58% | −7.4% | +1.9% | −20.8% | |
| ORCL Oracle |
OCI AI cloud; Stargate capacity for OpenAI | US | $126.0 | −0.12% | −7.8% | −34.5% | −54.9% | |
| VSAT Viasat |
Satellite broadband | US | $67.30 | +9.48% | −7.8% | +95.3% | −25.1% | |
| IRDM Iridium Communications |
Global L-band constellation | US | $44.79 | +0.88% | −8.1% | +160.9% | −19.4% | |
| MDA.TO MDA Space |
Satellite constellations and robotics | Canada | C$40.11 | +3.80% | −9.9% | +50.6% | −40.2% | |
| QCOM Qualcomm |
Edge AI SoCs for robots and vehicles | US | $178.4 | +1.41% | −11.7% | +5.9% | −28.3% | |
| SDGR Schrödinger |
Physics-plus-AI molecular design software | US | $24.60 | +3.36% | −14.7% | +37.6% | −24.5% | |
| META Meta Platforms |
Gigawatt training campuses (Prometheus, Hyperion) | US | $638.8 | −0.60% | −15.0% | −3.0% | −17.9% | |
| PL Planet Labs |
Earth observation constellation | US | $13.90 | +3.65% | −20.2% | −29.5% | −73.0% | |
| TEM Tempus AI |
Clinical and genomic data for AI diagnostics | US | $66.46 | −1.71% | −21.8% | +12.6% | −27.4% | |
| FLY Firefly Aerospace |
Small-lift launch and lunar landers | US | $18.51 | +1.54% | −24.0% | −17.3% | −68.5% | |
| RKLB Rocket Lab |
Electron launch, Neutron and spacecraft | US | $54.56 | +3.73% | −26.2% | −21.8% | −63.7% | |
| ARM Arm Holdings |
CPU IP inside custom accelerators, servers and edge devices | UK | $222.8 | +5.92% | −28.2% | +103.8% | −49.3% | |
| RGTI Rigetti Computing |
Superconducting quantum computers | US | $11.52 | −0.04% | −30.9% | −48.0% | −74.0% | |
| IONQ IonQ |
Trapped-ion quantum computers | US | $31.15 | −0.38% | −31.5% | −30.6% | −56.8% | |
| NBIS Nebius Group |
Neocloud building GPU capacity in US and Europe | Netherlands/US | $161.9 | +1.99% | −31.8% | +93.4% | −43.5% | |
| QBTS D-Wave Quantum |
Quantum annealing systems | US | $11.65 | −0.09% | −33.1% | −55.5% | −68.6% | |
| ASTS AST SpaceMobile |
Direct-to-device broadband | US | $40.21 | +1.05% | −35.0% | −44.6% | −69.8% | |
| CRWV CoreWeave |
GPU cloud; large consumer of powered shells | US | $56.97 | +5.03% | −35.0% | −20.4% | −59.3% |