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.
Price150.6724h+1.91%24h Vol$72.9MOI$164.0MFunding-0.0012%OpenViewZHIPU
XYZZhipu — full-stack Chinese LLM and agent company behind the GLM model family.
Price97.6624h-3.59%24h Vol$14.2MOI$17.3MFunding+0.0039%OpenViewMINIMAX
XYZMiniMax — Chinese frontier multimodal model lab.
Price32.977024h-8.52%24h Vol$10.9MOI$8.3MFunding-0.0044%OpenView
CBRS
XYZCerebras Systems — wafer-scale AI silicon, the first IPOP on HIP-3.
Price191.710024h+0.59%24h Vol$3.6MOI$39.3MFunding-0.0062%OpenViewNVDA
XYZNVIDIA — the central GPU, the clearest public-market gauge of AI capex.
Price218.37524h+0.03%24h Vol$35.2MOI$112.0MFunding+0.0006%OpenViewAMD
XYZAMD — the credible alternative compute path, MI-series accelerators competing for AI share.
Price515.77524h+2.53%24h Vol$10.0MOI$14.7MFunding+0.0018%OpenViewAVGO
XYZBroadcom — custom hyperscaler AI ASICs plus the networking silicon that stitches clusters together.
Price361.6624h+0.34%24h Vol$1.5MOI$12.5MFunding+0.0006%OpenViewTSM
XYZTSMC — the foundry every AI chip eventually passes through. Upstream tax on the entire stack.
Price432.48024h+1.02%24h Vol$1.1MOI$8.1MFunding+0.0006%OpenViewARM
XYZArm — the instruction-set IP under nearly every AI edge and datacenter CPU.
Price264.925024h+5.00%24h Vol$2.6MOI$3.7MFunding+0.0009%OpenViewQCOM
XYZQualcomm — wireless connectivity and on-device / edge AI platforms.
Price182.205024h+3.37%24h Vol$1.8MOI$5.0MFunding+0.0007%OpenView
ASML
XYZASML — EUV lithography monopoly, the upstream tax on every advanced node.
Price1,701.45024h+0.83%24h Vol$313.7KOI$2.3MFunding+0.0014%OpenViewAMAT
XYZApplied Materials — materials-engineering equipment enabling advanced semiconductors.
Price456.96024h+1.00%24h Vol$976.0KOI$1.8MFunding+0.0015%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.
Price1,369.45024h+2.98%24h Vol$227.2MOI$398.0MFunding+0.0046%OpenViewMU
XYZMicron — pure-play memory leverage with direct HBM exposure into the training cycle.
Price974.17524h-0.02%24h Vol$81.7MOI$139.5MFunding+0.0006%OpenViewDRAM
XYZDRAM — direct basket exposure to the memory cycle behind AI servers, HBM demand, and datacenter capacity.
Price59.0075024h+1.27%24h Vol$74.7MOI$69.5MFunding+0.0006%OpenViewSNDK
XYZSanDisk — NAND and storage for the AI data pipeline.
Price1,630.85024h-3.14%24h Vol$124.0MOI$136.0MFunding+0.0006%OpenViewSMSN
XYZSamsung — memory and foundry conglomerate with deep HBM exposure.
Price195.92524h+2.47%24h Vol$33.3MOI$38.8MFunding+0.0062%OpenViewKIOXIA
XYZKioxia — NAND flash and SSD technology powering AI, cloud, and data-driven devices.
Price352.95524h-1.65%24h Vol$3.5MOI$6.1MFunding-0.0049%OpenView
LITE
XYZLumentum — optical and photonic interconnects in every modern AI data center.
Price927.37024h-0.91%24h Vol$3.1MOI$9.5MFunding+0.0007%OpenViewMRVL
XYZMarvell — custom hyperscaler silicon (AWS Trainium, Maia) and 800G/1.6T optical DSPs.
Price235.545024h+4.58%24h Vol$6.5MOI$18.0MFunding-0.0012%OpenViewNOK
XYZNokia — AI-era network infrastructure for telecom, cloud, and mission-critical connectivity.
Price11.135524h+5.51%24h Vol$2.5MOI$2.1MFunding+0.0006%OpenView
BE
XYZBloom Energy — onsite fuel-cell power for AI data centers, the purest datacenter-power play.
Price275.620024h+7.46%24h Vol$3.4MOI$6.2MFunding-0.0016%OpenViewXLE
XYZEnergy Select Sector SPDR — broad U.S. energy proxy. Power is the 2026 bottleneck; XLE is the wide lens.
Price65.294024h+0.47%24h Vol$285.9KOI$2.1MFunding+0.0033%OpenViewURNM
XYZSprott Uranium Miners ETF — the nuclear fuel chain behind the datacenter power thesis.
Price52.554524h-4.50%24h Vol$286.8KOI$1.7MFunding+0.0054%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