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.
Price157.2724h-1.62%24h Vol$236.5MOI$182.0MFunding+0.0042%OpenViewZHIPU
XYZZhipu — full-stack Chinese LLM and agent company behind the GLM model family.
Price210.25024h-17.25%24h Vol$4.8MOI$7.9MFunding-0.0394%OpenViewMINIMAX
XYZMiniMax — Chinese frontier multimodal model lab.
Price47.482524h-11.61%24h Vol$1.1MOI$1.0MFunding+0.0072%OpenView
CBRS
XYZCerebras Systems — wafer-scale AI silicon, the first IPOP on HIP-3.
Price205.145024h-8.33%24h Vol$15.6MOI$31.4MFunding-0.0018%OpenViewNVDA
XYZNVIDIA — the central GPU, the clearest public-market gauge of AI capex.
Price193.85524h-1.69%24h Vol$44.1MOI$148.7MFunding+0.0025%OpenViewAMD
XYZAMD — the credible alternative compute path, MI-series accelerators competing for AI share.
Price515.74024h-6.46%24h Vol$39.6MOI$8.8MFunding+0.0006%OpenViewAVGO
XYZBroadcom — custom hyperscaler AI ASICs plus the networking silicon that stitches clusters together.
Price360.370024h-2.27%24h Vol$6.6MOI$2.6MFunding+0.0006%OpenViewTSM
XYZTSMC — the foundry every AI chip eventually passes through. Upstream tax on the entire stack.
Price437.89524h-2.27%24h Vol$6.6MOI$7.9MFunding+0.0006%OpenViewARM
XYZArm — the instruction-set IP under nearly every AI edge and datacenter CPU.
Price316.585024h-7.79%24h Vol$7.4MOI$3.4MFunding+0.0006%OpenViewQCOM
XYZQualcomm — wireless connectivity and on-device / edge AI platforms.
Price173.745024h-6.31%24h Vol$6.5MOI$3.9MFunding+0.0009%OpenView
NBIS
XYZNebius — pure-play AI GPU cloud, one of the deepest neocloud markets on-chain.
Price209.175024h-12.63%24h Vol$49.3MOI$53.7MFunding+0.0095%OpenViewCRWV
XYZCoreWeave — GPU compute rental, the neocloud powering frontier training runs.
Price81.34924h-6.25%24h Vol$10.0MOI$4.7MFunding+0.0025%OpenView
ASML
XYZASML — EUV lithography monopoly, the upstream tax on every advanced node.
Price1,781.35024h-4.23%24h Vol$1.0MOI$1.7MFunding+0.0013%OpenViewAMAT
XYZApplied Materials — materials-engineering equipment enabling advanced semiconductors.
Price592.80524h-9.85%24h Vol$3.1MOI$4.0MFunding-0.0004%OpenViewIBIDEN
XYZIbiden — advanced package substrates and ceramics; CoWoS-class packaging is a real AI-compute bottleneck.
Price146.0024h0.00%24h Vol$0.00OI$0.00Funding0.0000%OpenView
SKHX
XYZSK Hynix — the HBM leader; high-bandwidth memory is the bottleneck of every AI cluster.
Price1,396.00024h-11.43%24h Vol$691.5MOI$298.1MFunding-0.0635%OpenViewMU
XYZMicron — pure-play memory leverage with direct HBM exposure into the training cycle.
Price980.68024h-6.84%24h Vol$539.7MOI$216.6MFunding+0.0037%OpenViewDRAM
XYZDRAM — direct basket exposure to the memory cycle behind AI servers, HBM demand, and datacenter capacity.
Price60.57424h-9.71%24h Vol$185.6MOI$83.3MFunding+0.0057%OpenViewSNDK
XYZSanDisk — NAND and storage for the AI data pipeline.
Price1,782.524h-13.02%24h Vol$316.1MOI$100.9MFunding+0.0090%OpenViewSMSN
XYZSamsung — memory and foundry conglomerate with deep HBM exposure.
Price183.15024h-7.88%24h Vol$62.3MOI$24.8MFunding-0.0416%OpenViewKIOXIA
XYZKioxia — NAND flash and SSD technology powering AI, cloud, and data-driven devices.
Price449.48524h-14.49%24h Vol$4.0MOI$5.0MFunding-0.0171%OpenView
LITE
XYZLumentum — optical and photonic interconnects in every modern AI data center.
Price730.72524h-9.55%24h Vol$3.5MOI$4.2MFunding+0.0009%OpenViewMRVL
XYZMarvell — custom hyperscaler silicon (AWS Trainium, Maia) and 800G/1.6T optical DSPs.
Price247.3824h-11.41%24h Vol$28.3MOI$49.9MFunding+0.0045%OpenViewNOK
XYZNokia — AI-era network infrastructure for telecom, cloud, and mission-critical connectivity.
Price12.121024h-6.39%24h Vol$1.8MOI$2.8MFunding-0.0010%OpenView
BE
XYZBloom Energy — onsite fuel-cell power for AI data centers, the purest datacenter-power play.
Price265.565024h-14.38%24h Vol$3.7MOI$1.7MFunding+0.0041%OpenViewXLE
XYZEnergy Select Sector SPDR — broad U.S. energy proxy. Power is the 2026 bottleneck; XLE is the wide lens.
Price53.064524h+0.11%24h Vol$46.1KOI$512.2KFunding+0.0006%OpenViewURNM
XYZSprott Uranium Miners ETF — the nuclear fuel chain behind the datacenter power thesis.
Price52.853524h-1.32%24h Vol$223.0KOI$1.1MFunding+0.0071%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