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Use this when you want to see which stocks actually trade together. Bubbles below are clusters validated by 252-day co-movement; themes are editorial groupings to contrast against; the matrix at the bottom is the raw pairwise view. For the flat sector list instead, that's on /sectors.
New to this? Read the lessonStock groups validated by their actual co-movement over 252 trading days. 12 groups, scored for thematic purity.
Narrative groupings (Space, Photonics, Drones, Nuclear…) curated for screening - 19 themes, with key Fib levels.
Every primary-bubble member crossed against every other - the ground truth the bubbles are inferred from.
252d corris the average pairwise Pearson correlation of the group's primary members over the last 252 trading days. Values above 0.6 indicate real thematic co-movement; values below 0.4 suggest the group is driven more by broad market beta than by idiosyncratic flow.
Stocks that actually trade together. Each bubble is a group whose members co-moved over the past 252 days.
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 cycle framework.** Memory is the most cyclical sub-sector in semis - commodity output, multi-year capex lag against quarter-by-quarter demand, three-player oligopoly with prisoner's-dilemma supply discipline. Every up-cycle in the last decade has ended in a 50-75% drawdown within 12-18 months of the peak (2015 -75%, 2018 -57%, 2022 -51%). The current cycle is +1,851% off the 2023 lows - larger than the prior three combined. AI dampens the cycle (HBM LTAs, healthier customer concentration, slower supply response) but does not eliminate it; roughly 70% of Micron's bit output is still commodity DRAM/NAND. **Where the cycle sits now (2026-05-28).** 8 of 10 structural signals read late or peak: weekly RSI 86, +1,873% off the low, op margin 67.6% (above any prior cycle peak), forward PE 8.76× (canonical signature of peak earnings about to roll over), analyst price-target lagging price by -50%, peak-cycle capex committed ($100B+ across the three players). Two signals have NOT triggered: spot DRAM has not rolled over, and Micron has not yet issued equity at ATH (the classic peak confirmation - they did at $60 in 2018 and $90 in 2021). The bloc is in the late phase of an up-cycle that may have one more leg. **Eight leading indicators to watch** (in rough order of lead time): DXI/DRAM spot price (3-6 months ahead), HBM allocation tightness (~3 months), memory lead times (~3 months), hyperscaler inventory days (1-2 quarters), fab utilization (~1 quarter), capex/sales ratio (late-cycle confirm), MU equity issuance at ATH (peak confirm), MU relative performance vs SOXX (~6 weeks). Two cycle-turn triggers within 30 days historically precede the price peak by 4-8 weeks. Full framework + position-management template: /articles/memory-cyclicality-the-supercycle-that-still-has-a-cycle.
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.
Narrative groupings - useful when you screen by story (Space, Drones, Photonics…) rather than by flow.
Net ETF creations minus redemptions over the last 7 days, rolled up per bubble. Where capital is actually showing up - green = net inflow, red = net outflow.
Each square shows how closely two stocks moved together over the past year. Brighter = tighter co-movement. The diagonal blocks line up with the bubbles above.