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.
Price147.690024h-0.18%24h Vol$107.2MOI$148.6MFunding+0.0006%OpenViewZHIPU
XYZZhipu — full-stack Chinese LLM and agent company behind the GLM model family.
Price69.2224h+10.07%24h Vol$6.9MOI$9.9MFunding+0.0037%OpenViewMINIMAX
XYZMiniMax — Chinese frontier multimodal model lab.
Price22.524524h+3.57%24h Vol$3.3MOI$2.5MFunding+0.0015%OpenView
CBRS
XYZCerebras Systems — wafer-scale AI silicon, the first IPOP on HIP-3.
Price108.475024h-1.59%24h Vol$12.1MOI$31.5MFunding+0.0057%OpenViewNVDA
XYZNVIDIA — the central GPU, the clearest public-market gauge of AI capex.
Price216.13524h+2.24%24h Vol$90.7MOI$80.2MFunding+0.0006%OpenViewAMD
XYZAMD — the credible alternative compute path, MI-series accelerators competing for AI share.
Price530.79524h+3.14%24h Vol$25.0MOI$17.7MFunding+0.0006%OpenViewAVGO
XYZBroadcom — custom hyperscaler AI ASICs plus the networking silicon that stitches clusters together.
Price331.340024h+2.73%24h Vol$3.6MOI$11.3MFunding+0.0006%OpenViewTSM
XYZTSMC — the foundry every AI chip eventually passes through. Upstream tax on the entire stack.
Price421.96024h+1.54%24h Vol$1.7MOI$7.6MFunding+0.0027%OpenViewARM
XYZArm — the instruction-set IP under nearly every AI edge and datacenter CPU.
Price223.470024h+6.75%24h Vol$1.8MOI$4.7MFunding+0.0006%OpenViewQCOM
XYZQualcomm — wireless connectivity and on-device / edge AI platforms.
Price178.935024h+2.48%24h Vol$669.8KOI$2.1MFunding+0.0006%OpenView
NBIS
XYZNebius — pure-play AI GPU cloud, one of the deepest neocloud markets on-chain.
Price154.445024h+1.21%24h Vol$56.3MOI$41.4MFunding+0.0012%OpenViewCRWV
XYZCoreWeave — GPU compute rental, the neocloud powering frontier training runs.
Price55.827024h+6.59%24h Vol$30.8MOI$14.2MFunding+0.0006%OpenView
ASML
XYZASML — EUV lithography monopoly, the upstream tax on every advanced node.
Price1,590.00024h+1.29%24h Vol$1.8MOI$2.6MFunding+0.0006%OpenViewAMAT
XYZApplied Materials — materials-engineering equipment enabling advanced semiconductors.
Price385.51024h+2.65%24h Vol$836.0KOI$1.6MFunding+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.
Price1,017.324h+5.33%24h Vol$244.7MOI$317.0MFunding+0.0006%OpenViewMU
XYZMicron — pure-play memory leverage with direct HBM exposure into the training cycle.
Price912.8624h+3.93%24h Vol$122.9MOI$149.7MFunding+0.0006%OpenViewDRAM
XYZDRAM — direct basket exposure to the memory cycle behind AI servers, HBM demand, and datacenter capacity.
Price49.17124h+4.44%24h Vol$97.2MOI$75.4MFunding+0.0020%OpenViewSNDK
XYZSanDisk — NAND and storage for the AI data pipeline.
Price1,266.824h+2.67%24h Vol$187.8MOI$136.0MFunding+0.0033%OpenViewSMSN
XYZSamsung — memory and foundry conglomerate with deep HBM exposure.
Price167.41524h+4.07%24h Vol$39.0MOI$48.1MFunding+0.0016%OpenViewKIOXIA
XYZKioxia — NAND flash and SSD technology powering AI, cloud, and data-driven devices.
Price79.72724h+0.93%24h Vol$13.1MOI$9.6MFunding+0.0232%OpenView
LITE
XYZLumentum — optical and photonic interconnects in every modern AI data center.
Price823.47024h+9.44%24h Vol$8.5MOI$5.8MFunding+0.0006%OpenViewMRVL
XYZMarvell — custom hyperscaler silicon (AWS Trainium, Maia) and 800G/1.6T optical DSPs.
Price233.490024h+3.51%24h Vol$19.5MOI$8.4MFunding+0.0006%OpenViewNOK
XYZNokia — AI-era network infrastructure for telecom, cloud, and mission-critical connectivity.
Price8.585924h+6.05%24h Vol$1.9MOI$3.0MFunding-0.0014%OpenView
BE
XYZBloom Energy — onsite fuel-cell power for AI data centers, the purest datacenter-power play.
Price206.185024h+8.96%24h Vol$9.8MOI$5.6MFunding+0.0006%OpenViewXLE
XYZEnergy Select Sector SPDR — broad U.S. energy proxy. Power is the 2026 bottleneck; XLE is the wide lens.
Price69.514524h+0.61%24h Vol$149.9KOI$848.3KFunding-0.0002%OpenViewURNM
XYZSprott Uranium Miners ETF — the nuclear fuel chain behind the datacenter power thesis.
Price42.758024h+1.44%24h Vol$209.6KOI$1.5MFunding+0.0001%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