What are the top stocks in the AI-Capex Hyperscalers bubble?

QuantAbundance maps 5 primary stocks to the AI-Capex Hyperscalers bubble: MSFT, AMZN, META, GOOGL, ORCL.

What ETFs carry the AI-Capex Hyperscalers thesis?

4 ETFs on QuantAbundance carry the AI-Capex Hyperscalers thesis: XLK (primary), MAGS, SKYY, VGT.

How correlated are AI-Capex Hyperscalers stocks?

The AI-Capex Hyperscalers bubble's primary members co-move with a 252-day average correlation of 0.31 across 10 pairs - weak co-movement.

AI-Capex Hyperscalers

The subset of mega-caps whose AI capex narrative dominates price action.

0.311avg corr (252d)

0.14 / 0.55min / max

10pairs

5primary stocks

4etfs

Weak co-movement

Stocks

MSFTMicrosoft Corporation
Azure + OpenAI + Copilot.
$495.63
AMZNAmazon.com, Inc.
AWS + Bedrock + Trainium.
$256.78
$232fib+11%
METAMeta Platforms, Inc.
Largest Nvidia customer, Llama.
$648.03
GOOGLAlphabet Inc. Class A
Diverges from MSFT/META/AMZN cluster (252d corr). Distinct AI-capex trajectory.
$338.50
$272fib+24%
ORCLOracle Corporation
Diverges from core hyperscaler cluster (252d corr). OCI/Stargate narrative is idiosyncratic.
$150.28
Adjacent (secondary)
BRUNBoost Run, Inc.
Micro-cap neocloud (GPU-as-a-service) in the CoreWeave / Nebius cohort; rents AI compute capacity rather than operating its own models. Mapped to hyperscalers (same as NBIS) as the closest existing home; candidate to anchor a dedicated "Neocloud / GPU-as-a-Service" bubble once CRWV / NBIS / IREN / APLD are grouped.
$16.63
MAMastercard Incorporated
Classifier 2026-05-07: extended tier, corr 0.45 to hyperscalers centroid (29 obs, 2nd: ai-software 0.379). is_primary_bubble=FALSE.
$569.19
NBISNebius Group N.V.
Classifier 2026-05-07: extended tier, corr 0.34 to hyperscalers centroid (29 obs, 2nd: memory 0.342). is_primary_bubble=FALSE.
$224.55
$113fib+99%
SNAPSnap Inc.
Classifier 2026-05-07: extended tier, corr 0.42 to hyperscalers centroid (29 obs, 2nd: ai-software 0.299). is_primary_bubble=FALSE.
$5.68

Correlation matrix (252d)

	MSFT	ORCL	AMZN	GOOGL	META
MSFT	·	0.45	0.39	0.17	0.14
ORCL	0.45	·	0.24	0.24	0.21
AMZN	0.39	0.24	·	0.55	0.40
GOOGL	0.17	0.24	0.55	·	0.33
META	0.14	0.21	0.40	0.33	·

Ticker order reflects hierarchical clustering assignment. Tighter green blocks on the diagonal = stronger sub-clusters within the bubble.

ETF flows (30d)

30 days with data

+$6.48B

net flow · 30d

$121.4B

bubble AUM

+$6.04B

biggest inflow

-$3.71B

biggest outflow

Daily net ETF creations minus redemptions across primary ETFs in the bubble. Green = capital in, red = capital out. Computed nightly from issuer NAV + shares-outstanding data.

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Research

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ETFs carrying the thesis

XLKPrimary
Technology Select Sector SPDR Fund
State Street
-
MAGS
Roundhill Magnificent Seven ETF
Roundhill
-
SKYY
First Trust Cloud Computing ETF
First Trust
-
VGT
Vanguard Information Technology ETF
Vanguard
-

Sub-clusters

Frequently asked questions

What are the top stocks in the AI-Capex Hyperscalers bubble?: QuantAbundance maps 5 primary stocks to the AI-Capex Hyperscalers bubble: MSFT, AMZN, META, GOOGL, ORCL.
What ETFs carry the AI-Capex Hyperscalers thesis?: 4 ETFs on QuantAbundance carry the AI-Capex Hyperscalers thesis: XLK (primary), MAGS, SKYY, VGT.
How correlated are AI-Capex Hyperscalers stocks?: The AI-Capex Hyperscalers bubble's primary members co-move with a 252-day average correlation of 0.31 across 10 pairs - weak co-movement.