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.
Price139.905024h+0.40%24h Vol$11.5MOI$230.3MFunding+0.0006%OpenViewZHIPU
XYZZhipu — full-stack Chinese LLM and agent company behind the GLM model family.
Price165.71524h+0.78%24h Vol$113.2KOI$8.0MFunding-0.0016%OpenViewMINIMAX
XYZMiniMax — Chinese frontier multimodal model lab.
Price43.335524h+1.43%24h Vol$164.2KOI$11.8MFunding+0.0046%OpenView
CBRS
XYZCerebras Systems — wafer-scale AI silicon, the first IPOP on HIP-3.
Price222.605024h+0.95%24h Vol$441.8KOI$50.1MFunding+0.0037%OpenViewNVDA
XYZNVIDIA — the central GPU, the clearest public-market gauge of AI capex.
Price225.14524h+0.05%24h Vol$2.5MOI$167.1MFunding+0.0006%OpenViewAMD
XYZAMD — the credible alternative compute path, MI-series accelerators competing for AI share.
Price515.80024h+0.22%24h Vol$1.1MOI$11.5MFunding+0.0006%OpenViewAVGO
XYZBroadcom — custom hyperscaler AI ASICs plus the networking silicon that stitches clusters together.
Price395.325024h+0.36%24h Vol$344.2KOI$4.1MFunding+0.0006%OpenViewTSM
XYZTSMC — the foundry every AI chip eventually passes through. Upstream tax on the entire stack.
Price426.45024h+0.39%24h Vol$316.2KOI$10.1MFunding+0.0006%OpenViewARM
XYZArm — the instruction-set IP under nearly every AI edge and datacenter CPU.
Price278.270024h-0.25%24h Vol$116.5KOI$3.0MFunding+0.0006%OpenViewQCOM
XYZQualcomm — wireless connectivity and on-device / edge AI platforms.
Price164.785024h-0.09%24h Vol$38.9KOI$3.9MFunding+0.0006%OpenView
NBIS
XYZNebius — pure-play AI GPU cloud, one of the deepest neocloud markets on-chain.
Price275.990024h+0.44%24h Vol$3.0MOI$49.2MFunding+0.0006%OpenViewCRWV
XYZCoreWeave — GPU compute rental, the neocloud powering frontier training runs.
Price105.845024h+0.72%24h Vol$357.2KOI$8.5MFunding+0.0019%OpenView
ASML
XYZASML — EUV lithography monopoly, the upstream tax on every advanced node.
Price1,842.724h+0.14%24h Vol$122.1KOI$1.8MFunding+0.0006%OpenViewAMAT
XYZApplied Materials — materials-engineering equipment enabling advanced semiconductors.
Price508.85024h+0.52%24h Vol$87.4KOI$1.9MFunding-0.0038%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.
Price1,180.65024h+0.78%24h Vol$16.8MOI$492.7MFunding+0.0070%OpenViewMU
XYZMicron — pure-play memory leverage with direct HBM exposure into the training cycle.
Price980.00524h+0.56%24h Vol$11.6MOI$140.4MFunding+0.0030%OpenViewDRAM
XYZDRAM — direct basket exposure to the memory cycle behind AI servers, HBM demand, and datacenter capacity.
Price57.8685024h+0.53%24h Vol$8.1MOI$91.1MFunding+0.0047%OpenViewSNDK
XYZSanDisk — NAND and storage for the AI data pipeline.
Price1,661.824h+0.73%24h Vol$32.5MOI$217.5MFunding+0.0039%OpenViewSMSN
XYZSamsung — memory and foundry conglomerate with deep HBM exposure.
Price192.11024h+0.61%24h Vol$2.5MOI$54.8MFunding+0.0038%OpenViewKIOXIA
XYZKioxia — NAND flash and SSD technology powering AI, cloud, and data-driven devices.
Price342.38024h+0.59%24h Vol$664.9KOI$11.2MFunding+0.0077%OpenView
LITE
XYZLumentum — optical and photonic interconnects in every modern AI data center.
Price930.50524h+0.91%24h Vol$457.8KOI$10.0MFunding-0.0013%OpenViewMRVL
XYZMarvell — custom hyperscaler silicon (AWS Trainium, Maia) and 800G/1.6T optical DSPs.
Price221.785024h0.00%24h Vol$1.3MOI$39.5MFunding+0.0006%OpenViewNOK
XYZNokia — AI-era network infrastructure for telecom, cloud, and mission-critical connectivity.
Price10.713524h-0.01%24h Vol$111.2KOI$1.2MFunding+0.0016%OpenView
BE
XYZBloom Energy — onsite fuel-cell power for AI data centers, the purest datacenter-power play.
Price236.195024h-0.32%24h Vol$619.4KOI$6.4MFunding+0.0045%OpenViewXLE
XYZEnergy Select Sector SPDR — broad U.S. energy proxy. Power is the 2026 bottleneck; XLE is the wide lens.
Price62.302024h+0.21%24h Vol$52.9KOI$1.9MFunding+0.0006%OpenViewURNM
XYZSprott Uranium Miners ETF — the nuclear fuel chain behind the datacenter power thesis.
Price54.680524h+0.29%24h Vol$8.7KOI$1.1MFunding+0.0042%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