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

#1
NBISNebius Group N.V.
$195.09last
$113.00fib
+72.6%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
#2
IRENIREN Limited
$60.98last
$43.00fib
+41.8%vs fib
Cheapest power converted into GPU cloud. ~2.9 GW today, 140K-GPU buildout, MSFT-anchored ARR ramp into late 2026.
$10B backlog2.9 GWanchored by MSFT
- ▸~$10B Microsoft contract
- ▸2.9 GW grid-connected (expanding to 4.5 GW+)
- ▸140K GPU buildout target
- ▸$3.4B ARR target by year-end 2026
#3
DOCNDigitalOcean Holdings, Inc.
$160.99last
$71.00fib
+126.7%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
#4
CRWVCoreWeave, Inc.
$137.98last
$96.00fib
+43.7%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
#5
CIFRCipher Mining Inc.
$21.91last
$17.00fib
+28.9%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
#6
WULFTeraWulf Inc.
$25.74last
—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
#7
APLDApplied Digital Corporation
$44.24last
—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

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.