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The empirically-validated taxonomy. Each bubble is a cluster of stocks and ETFs whose 252-day pairwise correlations are tight enough that capital rotates in and out of them as one bloc. Validated by daily correlation refresh; live, not editorial. Bubbles are orthogonal to themes, which are narrative buckets curated by hand.
GPUs, accelerators, and the AI-specific silicon stack that moves as one under capital flows.
Picks and shovels of chip manufacturing — the machines that make the machines.
DRAM, HBM, memory IP, advanced packaging, and storage — the memory bottleneck of AI compute scaling. The Samsung+SK Hynix+Micron trio is forecast to print ~$454B in FY26 operating income (Samsung +413% / SK Hynix +593% / Micron +684%) on HBM allocation tightness through 2026.
The subset of mega-caps whose AI capex narrative dominates price action.
Workflow and data-platform SaaS monetizing AI — the legacy-software AI trade.
Moving bits between tens of thousands of GPUs — optical is non-negotiable.
AI eats electricity. Utilities and independent power are the unlock.
Clean baseload for hyperscaler campuses — SMRs and uranium miners.
Physical plant of AI — cooling, switchgear, prefab datacenter components.
Physical AI — industrial, surgical, and humanoid robotics.
Edge compute, global data pipes, earth observation — orbital layer of AI.
Post-GPU compute optionality — long-dated but asymmetric.