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Foundries, memory, lithography - the AI silicon supply chain.
T-Glass glass cloth is the substrate-materials layer of AI hardware - reinforces every high-end IC substrate and high-speed PCB.
CSS chiplet IP underpins every AI accelerator's host CPU; ARM cores in NVIDIA Grace, AWS Trainium host, every hyperscaler-custom AI silicon program.
800G / 1.6T datacom transceiver volume is driven by AI-datacenter scale-out optical interconnect; FN is the build partner for that ramp.
HBM3E / HBM4 is the memory layer of AI accelerators; SK hynix is the lead HBM supplier to NVIDIA and the front-runner of the HBM oligopoly.
Custom AI ASIC designer for hyperscalers (AWS Trainium, MSFT Maia successors) + coherent-optical DSP leadership post-Inphi acquisition. Three-leg AI hardware exposure.
Designs and integrates AI / HPC server clusters (AI factories) plus advanced memory: core AI-hardware supply.
3110 | ARM | ASML | CBRS | DELL | DELL | DELL | DELL | DELL | FN | HXSCL | LITE | MRVL | MU | MU | MU | MU | NVDA | PENG | SNDK | TSM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 3110 | · | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| ARM | - | · | 0.45 | -0.14 | 0.37 | 0.37 | 0.37 | 0.37 | 0.37 |
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.
| 0.38 |
| -0.16 |
| 0.29 |
| 0.48 |
| 0.44 |
| 0.44 |
| 0.44 |
| 0.44 |
| 0.40 |
| 0.42 |
| 0.33 |
| 0.51 |
| ASML | - | 0.45 | · | 0.28 | 0.27 | 0.27 | 0.27 | 0.27 | 0.27 | 0.53 | 0.00 | 0.36 | 0.48 | 0.56 | 0.56 | 0.56 | 0.56 | 0.49 | 0.48 | 0.44 | 0.65 |
| CBRS | - | -0.14 | 0.28 | · | -0.22 | -0.22 | -0.22 | -0.22 | -0.22 | 0.30 | 0.21 | 0.33 | 0.30 | 0.22 | 0.22 | 0.22 | 0.22 | 0.26 | 0.35 | 0.02 | 0.34 |
| DELL | - | 0.37 | 0.27 | -0.22 | · | · | · | · | · | 0.23 | -0.05 | 0.18 | 0.29 | 0.30 | 0.30 | 0.30 | 0.30 | 0.22 | 0.30 | 0.20 | 0.27 |
| DELL | - | 0.37 | 0.27 | -0.22 | · | · | · | · | · | 0.23 | -0.05 | 0.18 | 0.29 | 0.30 | 0.30 | 0.30 | 0.30 | 0.22 | 0.30 | 0.20 | 0.27 |
| DELL | - | 0.37 | 0.27 | -0.22 | · | · | · | · | · | 0.23 | -0.05 | 0.18 | 0.29 | 0.30 | 0.30 | 0.30 | 0.30 | 0.22 | 0.30 | 0.20 | 0.27 |
| DELL | - | 0.37 | 0.27 | -0.22 | · | · | · | · | · | 0.23 | -0.05 | 0.18 | 0.29 | 0.30 | 0.30 | 0.30 | 0.30 | 0.22 | 0.30 | 0.20 | 0.27 |
| DELL | - | 0.37 | 0.27 | -0.22 | · | · | · | · | · | 0.23 | -0.05 | 0.18 | 0.29 | 0.30 | 0.30 | 0.30 | 0.30 | 0.22 | 0.30 | 0.20 | 0.27 |
| FN | - | 0.38 | 0.53 | 0.30 | 0.23 | 0.23 | 0.23 | 0.23 | 0.23 | · | 0.07 | 0.64 | 0.46 | 0.39 | 0.39 | 0.39 | 0.39 | 0.47 | 0.39 | 0.42 | 0.52 |
| HXSCL | - | -0.16 | 0.00 | 0.21 | -0.05 | -0.05 | -0.05 | -0.05 | -0.05 | 0.07 | · | 0.10 | -0.02 | 0.04 | 0.04 | 0.04 | 0.04 | -0.03 | 0.06 | -0.03 | -0.00 |
| LITE | - | 0.29 | 0.36 | 0.33 | 0.18 | 0.18 | 0.18 | 0.18 | 0.18 | 0.64 | 0.10 | · | 0.31 | 0.44 | 0.44 | 0.44 | 0.44 | 0.37 | 0.24 | 0.49 | 0.39 |
| MRVL | - | 0.48 | 0.48 | 0.30 | 0.29 | 0.29 | 0.29 | 0.29 | 0.29 | 0.46 | -0.02 | 0.31 | · | 0.44 | 0.44 | 0.44 | 0.44 | 0.35 | 0.47 | 0.25 | 0.44 |
| MU | - | 0.44 | 0.56 | 0.22 | 0.30 | 0.30 | 0.30 | 0.30 | 0.30 | 0.39 | 0.04 | 0.44 | 0.44 | · | · | · | · | 0.44 | 0.46 | 0.72 | 0.55 |
| MU | - | 0.44 | 0.56 | 0.22 | 0.30 | 0.30 | 0.30 | 0.30 | 0.30 | 0.39 | 0.04 | 0.44 | 0.44 | · | · | · | · | 0.44 | 0.46 | 0.72 | 0.55 |
| MU | - | 0.44 | 0.56 | 0.22 | 0.30 | 0.30 | 0.30 | 0.30 | 0.30 | 0.39 | 0.04 | 0.44 | 0.44 | · | · | · | · | 0.44 | 0.46 | 0.72 | 0.55 |
| MU | - | 0.44 | 0.56 | 0.22 | 0.30 | 0.30 | 0.30 | 0.30 | 0.30 | 0.39 | 0.04 | 0.44 | 0.44 | · | · | · | · | 0.44 | 0.46 | 0.72 | 0.55 |
| NVDA | - | 0.40 | 0.49 | 0.26 | 0.22 | 0.22 | 0.22 | 0.22 | 0.22 | 0.47 | -0.03 | 0.37 | 0.35 | 0.44 | 0.44 | 0.44 | 0.44 | · | 0.32 | 0.32 | 0.66 |
| PENG | - | 0.42 | 0.48 | 0.35 | 0.30 | 0.30 | 0.30 | 0.30 | 0.30 | 0.39 | 0.06 | 0.24 | 0.47 | 0.46 | 0.46 | 0.46 | 0.46 | 0.32 | · | 0.32 | 0.44 |
| SNDK | - | 0.33 | 0.44 | 0.02 | 0.20 | 0.20 | 0.20 | 0.20 | 0.20 | 0.42 | -0.03 | 0.49 | 0.25 | 0.72 | 0.72 | 0.72 | 0.72 | 0.32 | 0.32 | · | 0.43 |
| TSM | - | 0.51 | 0.65 | 0.34 | 0.27 | 0.27 | 0.27 | 0.27 | 0.27 | 0.52 | -0.00 | 0.39 | 0.44 | 0.55 | 0.55 | 0.55 | 0.55 | 0.66 | 0.44 | 0.43 | · |