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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.
AI-native cloud with software stack on top. The contracted-backlog leader (~$46B) anchored by MSFT and META through 2032.
Cheapest power converted into GPU cloud. ~2.9 GW today, 140K-GPU buildout, MSFT-anchored ARR ramp into late 2026.
The agentic-inference layer for the long tail of developers - 70% of $120M AI ARR comes from inference, growing 150% YoY.
The frontier-lab cloud - ~$67B backlog (~$88B including Anthropic) underwritten by OpenAI and Meta.
Hyperscaler data-center landlord with Google-backed capital structure: 300 MW to Fluidstack + AWS $5.5B/15-yr at Barber Lake.
Long-term DC leases backed by Google guarantees - 360 MW Lake Mariner + 168 MW Abernathy JV ($9.5B contracted).
Purpose-built AI campus model - Polaris Forge 1 (400 MW) fully leased to CoreWeave (~$11B over ~15 yrs).
Neocloud renting GPU compute capacity for enterprise AI / HPC; a pure compute-capacity supplier.
Penguin Computing builds and integrates the AI compute clusters that hyperscalers, governments, and neoclouds deploy: a capacity-buildout supplier (mirrors DELL).
Mass-capacity HDD storage = AI cold-storage layer underneath the GPU compute tier. Every hyperscaler AI program needs petabytes/exabytes of warm + cold storage backing the training corpus and inference state.
Mass-capacity HDD = AI cold-storage layer of the compute stack. Post-SanDisk-spinoff WDC is pure-play HDD; same datacenter capacity demand as $STX.
APLD | BRUN | CIFR | CRWV | DELL | DELL | DELL | DELL | DELL | DOCN | IREN | NBIS | PENG | STX | WDC | WULF | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| APLD | · | - | 0.59 | 0.56 | 0.16 | 0.16 | 0.16 | 0.16 | 0.16 | 0.31 | 0.57 | 0.52 | 0.28 | 0.36 | 0.44 | 0.49 |
| BRUN | - | · | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| CIFR | 0.59 | - | · | 0.42 | 0.12 | 0.12 | 0.12 | 0.12 | 0.12 | 0.26 | 0.77 | 0.48 | 0.38 | 0.29 | 0.34 | 0.64 |
| CRWV | 0.56 | - | 0.42 | · | 0.20 | 0.20 | 0.20 | 0.20 | 0.20 | 0.25 | 0.47 | 0.65 | 0.20 | 0.31 | 0.37 | 0.29 |
| DELL | 0.16 | - | 0.12 | 0.20 | · | · | · | · | · | 0.28 | 0.10 | 0.18 | 0.30 | 0.20 | 0.20 | 0.09 |
| DELL | 0.16 | - | 0.12 | 0.20 | · | · | · | · | · | 0.28 | 0.10 | 0.18 | 0.30 | 0.20 | 0.20 | 0.09 |
| DELL | 0.16 | - | 0.12 | 0.20 | · | · | · | · | · | 0.28 | 0.10 | 0.18 | 0.30 | 0.20 | 0.20 | 0.09 |
| DELL | 0.16 | - | 0.12 | 0.20 | · | · | · | · | · | 0.28 | 0.10 | 0.18 | 0.30 | 0.20 | 0.20 | 0.09 |
| DELL | 0.16 | - | 0.12 | 0.20 | · | · | · | · | · | 0.28 | 0.10 | 0.18 | 0.30 | 0.20 | 0.20 | 0.09 |
| DOCN | 0.31 | - | 0.26 | 0.25 | 0.28 | 0.28 | 0.28 | 0.28 | 0.28 | · | 0.21 | 0.26 | 0.37 | 0.26 | 0.30 | 0.14 |
| IREN | 0.57 | - | 0.77 | 0.47 | 0.10 | 0.10 | 0.10 | 0.10 | 0.10 | 0.21 | · | 0.52 | 0.33 | 0.25 | 0.28 | 0.56 |
| NBIS | 0.52 | - | 0.48 | 0.65 | 0.18 | 0.18 | 0.18 | 0.18 | 0.18 | 0.26 | 0.52 | · | 0.18 | 0.35 | 0.39 | 0.39 |
| PENG | 0.28 | - | 0.38 | 0.20 | 0.30 | 0.30 | 0.30 | 0.30 | 0.30 | 0.37 | 0.33 | 0.18 | · | 0.25 | 0.30 | 0.24 |
| STX | 0.36 | - | 0.29 | 0.31 | 0.20 | 0.20 | 0.20 | 0.20 | 0.20 | 0.26 | 0.25 | 0.35 | 0.25 | · | 0.87 | 0.20 |
| WDC | 0.44 | - | 0.34 | 0.37 | 0.20 | 0.20 | 0.20 | 0.20 | 0.20 | 0.30 | 0.28 | 0.39 | 0.30 | 0.87 | · | 0.27 |
| WULF | 0.49 | - | 0.64 | 0.29 | 0.09 | 0.09 | 0.09 | 0.09 | 0.09 | 0.14 | 0.56 | 0.39 | 0.24 | 0.20 | 0.27 | · |
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.