Themes

Launch, satellite comms, earth observation.

As AI clusters scale, copper hits physical limits and the next bottleneck becomes optical infrastructure. Lasers, transceivers, optical engines, specialty glass, and the test/burn-in capacity behind it.

UAVs and counter-UAS - defense and commercial.

Reactors, SMRs, uranium miners and enrichment.

Server CPUs, packaging and ARM-based silicon - the non-GPU compute layer.

AI-native cloud / GPU-as-a-service operators.

Power generation, fuel cells, distribution for AI datacenters.

Foundries, memory, lithography - the AI silicon supply chain.

Enterprise software and platforms productizing AI for end-users.

Custom silicon and connectivity for inference workloads.

Edge / serverless / dev infra enabling autonomous AI agents.

Robotics, autonomy, manipulators - AI in the physical world.

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.

Software platforms productizing AI for defense, intelligence, and battlefield decisions.

Primes building the next-gen US missile defense and Golden Dome architecture.

Naval platforms - surface combatants, submarines, and shipyards.

Rare-earth and strategic materials supply chain - the substrate of defense and AI hardware.

The software layer powering next-gen robots in 2026. Generalist vision-language-action (VLA) models that train across embodiments - humanoid, quadruped, manipulation arms - are the bottleneck shifting value from hardware to the "robot brain". The investable public surface is dominated by NVDA (Isaac sim + Cosmos + GR00T) and the mega-cap diversifieds (GOOGL Gemini Robotics, MSFT/OpenAI-Figure axis, AMZN industrial fund, TSLA Optimus vertical, BIDU Apollo). The actual technological leaders - Skild AI (omni-embodied brain) and Physical Intelligence (π0/π0.5 manipulation models) - are still private, alongside the humanoid platforms (Figure, 1X, Apptronik, Agility) consuming those models. Tracked as an editorial theme rather than a bubble because the public basket would beta-drift into AI Compute / Hyperscalers.

Power conversion and management silicon - the unloved bottleneck of the AI buildout.