The AI Buildout Trade
Themed IndexOn-chain perpetuals for the infrastructure of the AI era — from frontier models down to the power that runs them. The AI stack on Trade[XYZ], indexed live by Hyperhub.
Thesis
The AI buildout is a physical-infrastructure problem first and a software problem second. Every leg of it — frontier models, wafer-scale silicon, the clouds that rent it, high-bandwidth memory, optical interconnect, the electricity that powers them, and the robots that act on the world — is now actively constrained.
HIP-3 is the first venue where these constraints can be priced continuously, by anyone, without market-hour gates. Trade[XYZ] lists the full stack — from pre-IPO model labs to fab equipment to datacenter power. Hyperhub organizes it, layer by layer, so the thesis is legible from a single page.
This page is opinionated. The asset list reflects a thesis, not coverage of every HIP-3 stock perp. Names that don't map cleanly onto the buildout live on the broader markets directory.
Stack Map
The whole stack on one screen. Each bar is a layer's share of theme 24h volume — the shape shows where the liquidity actually sits. Select a layer to jump to its markets below.
The Stack
SPCX
XYZFull-stackSpaceX — now holds xAI, Grok and Cursor after the 2026 mergers: a frontier model, its own Colossus supercluster, space-based data centers, and Starlink. The most vertically integrated AI name on-chain.
Price116.38524h+3.05%24h Vol$220.6MOI$174.2MFunding+0.0050%OpenViewZHIPU
XYZZhipu — full-stack Chinese LLM and agent company behind the GLM model family.
Price135.55524h-17.01%24h Vol$9.8MOI$4.2MFunding-0.0095%OpenViewMINIMAX
XYZMiniMax — Chinese frontier multimodal model lab.
Price25.488524h-10.69%24h Vol$2.6MOI$5.7MFunding-0.0043%OpenView
CBRS
XYZCerebras Systems — wafer-scale AI silicon, the first IPOP on HIP-3.
Price191.295024h+1.26%24h Vol$17.8MOI$41.6MFunding-0.0069%OpenViewNVDA
XYZNVIDIA — the central GPU, the clearest public-market gauge of AI capex.
Price197.04024h-0.05%24h Vol$125.2MOI$158.9MFunding+0.0006%OpenViewAMD
XYZAMD — the credible alternative compute path, MI-series accelerators competing for AI share.
Price457.75524h-7.51%24h Vol$40.0MOI$9.0MFunding+0.0006%OpenViewAVGO
XYZBroadcom — custom hyperscaler AI ASICs plus the networking silicon that stitches clusters together.
Price380.885024h-0.78%24h Vol$2.0MOI$3.0MFunding+0.0029%OpenViewTSM
XYZTSMC — the foundry every AI chip eventually passes through. Upstream tax on the entire stack.
Price394.72524h-1.08%24h Vol$8.6MOI$7.8MFunding+0.0045%OpenViewARM
XYZArm — the instruction-set IP under nearly every AI edge and datacenter CPU.
Price247.065024h-7.34%24h Vol$2.5MOI$3.5MFunding+0.0006%OpenViewQCOM
XYZQualcomm — wireless connectivity and on-device / edge AI platforms.
Price164.260024h-3.69%24h Vol$2.1MOI$3.8MFunding+0.0066%OpenView
ASML
XYZASML — EUV lithography monopoly, the upstream tax on every advanced node.
Price1,586.40024h-3.98%24h Vol$2.8MOI$2.9MFunding+0.0048%OpenViewAMAT
XYZApplied Materials — materials-engineering equipment enabling advanced semiconductors.
Price472.19024h-8.78%24h Vol$1.2MOI$699.9KFunding+0.0006%OpenViewIBIDEN
PendingIbiden — advanced package substrates and ceramics; CoWoS-class packaging is a real AI-compute bottleneck.
Price—24h—24h Vol—OI—Funding—StatusAwaiting listing
SKHX
XYZSK Hynix — the HBM leader; high-bandwidth memory is the bottleneck of every AI cluster.
Price1,072.00024h-6.11%24h Vol$925.8MOI$462.7MFunding+0.0202%OpenViewMU
XYZMicron — pure-play memory leverage with direct HBM exposure into the training cycle.
Price831.68524h-6.90%24h Vol$540.2MOI$194.5MFunding+0.0033%OpenViewDRAM
XYZDRAM — direct basket exposure to the memory cycle behind AI servers, HBM demand, and datacenter capacity.
Price48.6605024h-7.13%24h Vol$338.1MOI$74.2MFunding+0.0035%OpenViewSNDK
XYZSanDisk — NAND and storage for the AI data pipeline.
Price1,128.824h-11.37%24h Vol$746.4MOI$253.6MFunding+0.0041%OpenViewSMSN
XYZSamsung — memory and foundry conglomerate with deep HBM exposure.
Price151.35024h-8.62%24h Vol$105.2MOI$61.1MFunding-0.0013%OpenViewKIOXIA
XYZKioxia — NAND flash and SSD technology powering AI, cloud, and data-driven devices.
Price260.8224h-14.82%24h Vol$14.2MOI$7.3MFunding+0.0008%OpenView
LITE
XYZLumentum — optical and photonic interconnects in every modern AI data center.
Price659.05524h-7.37%24h Vol$6.4MOI$4.7MFunding+0.0048%OpenViewMRVL
XYZMarvell — custom hyperscaler silicon (AWS Trainium, Maia) and 800G/1.6T optical DSPs.
Price175.840024h-7.19%24h Vol$29.7MOI$23.8MFunding+0.0008%OpenViewNOK
XYZNokia — AI-era network infrastructure for telecom, cloud, and mission-critical connectivity.
Price8.908924h-4.08%24h Vol$1.9MOI$1.5MFunding+0.0023%OpenView
BE
XYZBloom Energy — onsite fuel-cell power for AI data centers, the purest datacenter-power play.
Price184.215024h-2.95%24h Vol$15.6MOI$3.9MFunding-0.0042%OpenViewXLE
XYZEnergy Select Sector SPDR — broad U.S. energy proxy. Power is the 2026 bottleneck; XLE is the wide lens.
Price57.586024h-1.23%24h Vol$1.3MOI$1.4MFunding-0.0059%OpenViewURNM
XYZSprott Uranium Miners ETF — the nuclear fuel chain behind the datacenter power thesis.
Price48.477524h-2.79%24h Vol$226.4KOI$984.7KFunding-0.0099%OpenView
What's Next
The thesis is falsifiable. Here are the layers Hyperhub is watching for the next wave of HIP-3 listings — names traders should expect to appear if the AI Buildout Trade keeps shipping.
- Pure-Play Utilities
BE covers onsite fuel cells and URNM the fuel chain, but the stack still lacks individual utilities directly leveraged to datacenter power contracts.
Constellation EnergyVistraGE VernovaVertivEaton - Fab Equipment
ASML and AMAT are live; the rest of the lithography and metrology chain — the upstream tax on the whole stack — is not yet listed.
Lam ResearchKLATokyo Electron - Frontier Model Labs
xAI is now captured via SPCX and the Chinese frontier via ZHIPU / MINIMAX, but the two U.S. leaders still lack their own pre-IPO perp.
OpenAIAnthropic