AI-Capex Hyperscalers

Stocks

• MSFTMicrosoft Corporation

  Azure + OpenAI + Copilot.

  $407.78
• AMZNAmazon.com, Inc.

  AWS + Bedrock + Trainium.

  $265.06

  $232fib+14%
• METAMeta Platforms, Inc.

  Largest Nvidia customer, Llama.

  $611.91
• GOOGLAlphabet Inc. Class A

  Diverges from MSFT/META/AMZN cluster (252d corr). Distinct AI-capex trajectory.

  $384.80

  $272fib+41%
• ORCLOracle Corporation

  Diverges from core hyperscaler cluster (252d corr). OCI/Stargate narrative is idiosyncratic.

  $161.39

Correlation matrix (252d)

ETFs carrying the thesis

• XLKPrimary

  Technology Select Sector SPDR Fund

  State Street
  —
• SKYY

  First Trust Cloud Computing ETF

  First Trust
  —
• VGT

  Vanguard Information Technology ETF

  Vanguard
  —

Sub-clusters

• AMZNMETAMSFT
• GOOGL
• ORCL