What are the top stocks in the Compute Capacity theme?

QuantAbundancia's Compute Capacity theme tracks 7 stocks ranked editorially: NBIS, IREN, DOCN, CRWV, CIFR, WULF, APLD.

Do Compute Capacity stocks move together?

The Compute Capacity theme has a 252-day average correlation of 0.46 across its members — decent co-movement. Editorial themes are narrative groupings, not capital-flow validated; tradability follows correlation, not the story.

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Theme

Compute Capacity

GOOGL admitted Google Cloud is leaving revenue on the table because it cannot build capacity fast enough. The bottleneck has shifted from chips to deployment — value accrues to operators with the power, real estate, and operational scale to actually deliver AI compute. These names anchor multi-billion-dollar contracted backlogs from hyperscalers (MSFT, META, GOOGL, AWS) and frontier labs (OpenAI, Anthropic), turning grid-connected MW and GPU clusters into long-dated revenue.

0.462avg corr (252d)

7stocks

Decent co-movement

Stocks · key Fib levels

$197.10last
$113.00fib
+74.4%vs fib
AI-native cloud with software stack on top. The contracted-backlog leader (~$46B) anchored by MSFT and META through 2032.
$46B backloganchored by MSFT · META · NVDA
- ▸~$46B contracted backlog
- ▸~$19B Microsoft deal
- ▸~$27B Meta partnership through 2032
- ▸$2B equity check from NVDA
$47.83last
$43.00fib
+11.2%vs fib

Frequently asked questions

What are the top stocks in the Compute Capacity theme?: QuantAbundancia's Compute Capacity theme tracks 7 stocks ranked editorially: NBIS, IREN, DOCN, CRWV, CIFR, WULF, APLD.
Do Compute Capacity stocks move together?: The Compute Capacity theme has a 252-day average correlation of 0.46 across its members — decent co-movement. Editorial themes are narrative groupings, not capital-flow validated; tradability follows correlation, not the story.

▸2025-09 — ~$10B MSFT 5-year cloud contract signed (anchor customer; backlog pinned in stocks.contracted_backlog_usd_b)
▸2026-05-01 — Sweetwater 1 (1.4GW Texas data center) energized — first phase of the path to 4.5GW+ grid-connected
▸2026-05-05 — Mirantis acquired for $625M all-stock — adds AI cloud orchestration stack; direct dilution overhang on the float
▸2026-05 — GPU fleet ramp target 150K incl. 50K NVIDIA B300s (path toward the $3.4B ARR target by year-end 2026)
▸2026-05 — Cantor cut PT $82 → $61, kept Overweight. Sell-side avg PT $62.50 — spot has been running ABOVE consensus
▸2026-05-07 — Q3 FY26 reports AH. Estimates: -$0.22 EPS (yfinance: -$0.26), $219.69M revenue (+43.8% YoY). Last Feb quarter was a brutal revenue miss ($184.69M vs $227.33M est) — that's what nuked the stock from $61 to $30
▸Snapshot 2026-05-07: spot $56.85 (intra-week pull from $67.60 high), mcap ~$18.86B, P/S ~24.9x, fwd PE ~44.9x. Gross margin 68.1%, operating margin -45.8%. Cash $3.26B vs debt $3.84B, current ratio 4.96. Beta 4.18, avg vol ~34.7M, 52w range $6.76 - $76.87
▸Setup tension: real catalyst stack (Sweetwater + Mirantis + 150K GPUs + $10B MSFT) priced INTO the parabola from $30 → $67 in 5 weeks, with spot now above sell-side consensus. Tonight's print needs a clean revenue beat plus AI-cloud guidance to justify the multi expansion; bear-case is recent revenue-miss history + Mirantis dilution overhang. Counter-case clean: a breakout above $77 (Oct gap top) faces zero overhead supply

DOCNDigitalOcean Holdings, Inc.

$150.02last

$71.00fib

+111.3%vs fib

The agentic-inference layer for the long tail of developers — 70% of $120M AI ARR comes from inference, growing 150% YoY.

▸AI customer ARR up 150% YoY to $120M
▸>70% of AI revenue from inference services
▸$1M+ customer ARR up 123% YoY to $133M

CRWVCoreWeave, Inc.

$99.47last

$96.00fib

+3.6%vs fib

The frontier-lab cloud — ~$67B backlog (~$88B including Anthropic) underwritten by OpenAI and Meta.

$67B backloganchored by OpenAI · META · Anthropic

▸~$67B contracted revenue backlog (~$88B including Anthropic)
▸Major commitments from OpenAI and Meta

CIFRCipher Mining Inc.

$18.75last

$17.00fib

+10.3%vs fib

Hyperscaler data-center landlord with Google-backed capital structure: 300 MW to Fluidstack + AWS $5.5B/15-yr at Barber Lake.

$6.9B backlog600 MWanchored by Fluidstack · GOOGL · AWS

▸Barber Lake: 300 MW fully contracted with Fluidstack
▸Google backstops $1.4B with ~5% equity stake
▸Separate AWS $5.5B 15-year deal for another 300 MW

WULFTeraWulf Inc.

$21.26last

—fib

Long-term DC leases backed by Google guarantees — 360 MW Lake Mariner + 168 MW Abernathy JV ($9.5B contracted).

$12.7B backlog528 MWanchored by Fluidstack · GOOGL

▸Lake Mariner: 360 MW to Fluidstack ($3.2B Google guarantee)
▸Abernathy JV: 168 MW over 25 years
▸$9.5B contracted revenue with $1.3B Google lease support

APLDApplied Digital Corporation

$36.60last

—fib

Purpose-built AI campus model — Polaris Forge 1 (400 MW) fully leased to CoreWeave (~$11B over ~15 yrs).

$11B backlog400 MWanchored by CRWV

▸Polaris Forge 1 (North Dakota): 400 MW critical IT load
▸Fully contracted to CoreWeave under ~15-year leases (~$11B expected revenue)
▸First 100 MW delivered Q4 2025; remaining 300 MW targeted through 2027

Co-movement matrix (252d)

	APLD	CIFR	CRWV	DOCN	IREN	NBIS	WULF
APLD	·	0.64	0.56	0.14	0.82	0.50	0.61
CIFR	0.64	·	0.41	0.23	0.76	0.48	0.86
CRWV	0.56	0.41	·	0.21	0.45	0.54	0.46
DOCN	0.14	0.23	0.21	·	0.18	0.23	0.03
IREN	0.82	0.76	0.45	0.18	·	0.54	0.62
NBIS	0.50	0.48	0.54	0.23	0.54	·	0.43
WULF	0.61	0.86	0.46	0.03	0.62	0.43	·

About themes

Themes are editorial groupings — narrative buckets used for technical screens. They exist alongside bubbles, which are validated empirically by capital-flow co-movement.

When a theme's avg correlation is high, the editorial story is also tradeable as a bloc. When it's low, the narrative groups stocks that don't actually move together — useful for thinking, less useful for trading.