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.
Price149.1724h+1.50%24h Vol$54.9MOI$119.3MFunding+0.0006%OpenViewZHIPU
XYZZhipu — full-stack Chinese LLM and agent company behind the GLM model family.
Price81.72524h+4.66%24h Vol$3.2MOI$23.6MFunding+0.0013%OpenViewMINIMAX
XYZMiniMax — Chinese frontier multimodal model lab.
Price31.981524h+3.68%24h Vol$1.1MOI$4.1MFunding-0.0044%OpenView
CBRS
XYZCerebras Systems — wafer-scale AI silicon, the first IPOP on HIP-3.
Price185.040024h-7.63%24h Vol$20.6MOI$39.5MFunding-0.0018%OpenViewNVDA
XYZNVIDIA — the central GPU, the clearest public-market gauge of AI capex.
Price227.90524h-1.03%24h Vol$112.1MOI$163.9MFunding+0.0012%OpenViewAMD
XYZAMD — the credible alternative compute path, MI-series accelerators competing for AI share.
Price603.97524h-1.79%24h Vol$22.5MOI$16.2MFunding+0.0006%OpenViewAVGO
XYZBroadcom — custom hyperscaler AI ASICs plus the networking silicon that stitches clusters together.
Price355.010024h+0.50%24h Vol$2.0MOI$14.0MFunding+0.0015%OpenViewTSM
XYZTSMC — the foundry every AI chip eventually passes through. Upstream tax on the entire stack.
Price454.23524h+0.40%24h Vol$2.5MOI$8.9MFunding+0.0006%OpenViewARM
XYZArm — the instruction-set IP under nearly every AI edge and datacenter CPU.
Price291.925024h+1.27%24h Vol$2.7MOI$6.2MFunding+0.0006%OpenViewQCOM
XYZQualcomm — wireless connectivity and on-device / edge AI platforms.
Price183.255024h-2.90%24h Vol$986.3KOI$6.5MFunding+0.0022%OpenView
ASML
XYZASML — EUV lithography monopoly, the upstream tax on every advanced node.
Price1,826.85024h+1.19%24h Vol$506.4KOI$2.4MFunding+0.0006%OpenViewAMAT
XYZApplied Materials — materials-engineering equipment enabling advanced semiconductors.
Price508.13024h+2.81%24h Vol$1.5MOI$1.8MFunding+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.
Price1,314.55024h+0.06%24h Vol$114.4MOI$333.6MFunding-0.0110%OpenViewMU
XYZMicron — pure-play memory leverage with direct HBM exposure into the training cycle.
Price1,068.1524h-0.21%24h Vol$41.8MOI$165.4MFunding+0.0024%OpenViewDRAM
XYZDRAM — direct basket exposure to the memory cycle behind AI servers, HBM demand, and datacenter capacity.
Price60.6670024h-0.57%24h Vol$39.0MOI$126.9MFunding+0.0028%OpenViewSNDK
XYZSanDisk — NAND and storage for the AI data pipeline.
Price1,724.20024h-0.50%24h Vol$80.1MOI$119.5MFunding+0.0014%OpenViewSMSN
XYZSamsung — memory and foundry conglomerate with deep HBM exposure.
Price197.57524h-2.58%24h Vol$43.6MOI$31.9MFunding-0.0280%OpenViewKIOXIA
XYZKioxia — NAND flash and SSD technology powering AI, cloud, and data-driven devices.
Price115.26524h+1.15%24h Vol$2.0MOI$4.2MFunding-0.0017%OpenView
LITE
XYZLumentum — optical and photonic interconnects in every modern AI data center.
Price974.12024h+4.86%24h Vol$3.3MOI$9.7MFunding+0.0006%OpenViewMRVL
XYZMarvell — custom hyperscaler silicon (AWS Trainium, Maia) and 800G/1.6T optical DSPs.
Price262.275024h+2.81%24h Vol$11.3MOI$12.0MFunding+0.0006%OpenViewNOK
XYZNokia — AI-era network infrastructure for telecom, cloud, and mission-critical connectivity.
Price10.338524h+0.87%24h Vol$433.5KOI$1.5MFunding+0.0015%OpenView
BE
XYZBloom Energy — onsite fuel-cell power for AI data centers, the purest datacenter-power play.
Price294.075024h+9.02%24h Vol$7.2MOI$5.4MFunding+0.0005%OpenViewXLE
XYZEnergy Select Sector SPDR — broad U.S. energy proxy. Power is the 2026 bottleneck; XLE is the wide lens.
Price61.85824h+0.33%24h Vol$426.2KOI$1.6MFunding+0.0016%OpenViewURNM
XYZSprott Uranium Miners ETF — the nuclear fuel chain behind the datacenter power thesis.
Price47.934024h-1.15%24h Vol$125.9KOI$1.6MFunding+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