The Infrastructure of Tomorrow
Five tiers, mapping how a dollar of hyperscaler capex flows through the AI / automation buildout. The taxonomy is the navigation: each subsegment is a curated 5–7 company peer set with its own scoring methodology, calibrated against a worked-example golden set.
Compute
The silicon that does the actual training and inference work. Where roughly 30–40% of every dollar of hyperscaler capex lands. The thesis starts here because everything else is built to feed it.
GPU & Accelerators
LiveMerchant accelerators (NVDA, AMD), custom-silicon partners (AVGO, MRVL), and the connectivity that ties them into rack-scale systems (ALAB).
Memory & Storage
LiveHBM is the binding capacity constraint of the AI buildout, enterprise flash is the inference layer's storage backbone. Micron, WDC, Seagate, NetApp, Pure Storage.
Semicap & Fab Tooling
LiveAMAT, LRCX, KLAC, TER, ONTO. The shovels behind the silicon. Capex super-cycle, capacity-constrained.
Datacenter
Where the silicon physically lives. Mechanical and electrical content per megawatt, the construction labor to build, and the operators monetizing GPU capacity. The bottleneck shifts from chips to power and cooling once a rack pushes past 100 kW.
Power & Cooling Mechanical
LiveEquipment vendors per MW. Liquid cooling is the inflection. Vertiv, nVent, Modine, AAON.
Datacenter Construction
LiveEPC contractors and the design/consultancy layer. Backlog-driven, labor-bound — the shovels of the shovels.
Hyperscale & Neocloud Operators
LivePure-play GPU capacity for hire. CoreWeave, Nebius, plus the AI-pivot Bitcoin miners (CIFR, IREN, APLD). LBO-shaped capital structure funded by GPU collateral — the lottery-ticket end of the datacenter stack.
Networking & Optical
LiveThe fabric of the AI factory. ANET anchors at datacenter switching; CRDO is the AI-pure-play AEC; COHR + LITE carry optical components through cycle digestion; AAOI is the small-cap DC pivot; POET is the silicon-photonics lottery ticket. Six names spanning blue-chip to pre-revenue.
Power Stack
The binding constraint of the buildout once buildings exist. Generation, grid, and the speculative pre-revenue developers solving the next-decade power gap. Nuclear gets two adjacent buckets because operating IPPs and uranium miners are fundamentally different securities.
Grid, Transformers & Electrical
LiveT&D capex super-cycle vendors. ETN + GEV anchor on scale and execution; HUBB + POWL on diversified utility components and pure-play switchgear; AYI rounds out on lighting/intelligent spaces.
Nuclear Generation
LiveCEG, VST, TLN. Long-duration PPAs with hyperscalers are the thesis. Different from generic IPPs.
Nuclear Fuel Cycle
LiveUranium miners + enrichment. CCJ, LEU, UEC, UUUU, DNN. Commodity-cycle exposure, supply-constrained on the AI demand pull.
SMR & Advanced Nuclear
LiveOKLO, NNE, BWXT, SMR, BW. Pre-revenue / project-finance optionality. Lottery-ticket end of the nuclear thesis — high reward if licensing + first deployments work, high risk if either doesn't.
Energy Storage & Power Backup
LiveThe 24/7 firm-power thesis from the flexibility side. FLNC at utility-scale batteries; BE for fuel-cell data-center backup (Equinix, AWS); AMSC for inverters + grid-edge superconductors; STEM for AI storage software; NRGV for gravity-storage speculation. Spans real-revenue to deep speculation.
Embodied AI / Robotics
Where compute becomes physical action. The public investable layer is the supply chain — automation platforms, sensors, perception. Humanoid platforms are mostly private; track that exposure through TSLA's profile rather than a separate bucket.
Industrial Automation
LiveMature industrials inflecting on reshoring + AI/automation. ROK + EMR anchor on factory + process automation; AME + PH on quality + execution; SYM is the AI-pure-play growth story (Walmart-anchored, loss-making).
Vision, Sensing & Perception
LiveCGNX, OUST, MBLY, ZBRA, LSCC. Sensors are the bottleneck for embodied AI. Mixed risk profiles — Cognex high-quality vs Ouster lottery-ticket lidar.
Critical Inputs
The raw materials and specialty chemicals that everything upstream depends on. National-security and permitting overlays dominate fundamentals here in a way they don't elsewhere.
Rare Earths & Magnets
LiveMP, TMC, USAR, IPX, UAMY. National-security overlay. Permitting and geopolitics dominate fundamentals; commodity prices follow.
Copper & Base Metals
LiveFCX, SCCO, ERO, TECK, HBM. The 'you can't electrify without copper' thesis. Macro-shaped.
Specialty Materials & Chemicals
LiveENTG, CBT, ALB, MTRN, DD. Niche, often single-customer, structurally indispensable to semis + batteries.