Wall Street talks about the hyperscalers: $AMZN, $GOOG, $META, $MSFT. That is where the headlines are.
But the money flows through the supply chain. Capex is tracking above $1 trillion this year.
That is six times the level of 2022
Here is the full stack, sector by sector, of who actually gets paid:
Power Infrastructure:
$IREN, $CIFR, $NBIS, $WULF
The compute layer requires power first. These are the companies building and owning the megawatt-scale facilities that hyperscalers cannot build fast enough themselves.
Optical Networking:
$AAOI, $COHR, $LITE, $POET
GPU clusters are useless without the interconnects that move data between them at 800G and 1.6T speeds. This sector is capacity-constrained and just had its export inputs tightened by China this week.
Space & Infrastructure:
$RKLB, $ASTS, $PL, $SATL, $FLY, $ONDS, $KTOS
Golden Dome. Autonomous systems. Satellite constellations. The government is funding the next generation of distributed compute and surveillance infrastructure from orbit.
Critical Materials:
$AXTI, $ALMU
The raw substrate layer that the entire photonics stack sits on. Severely undersupplied. Almost zero retail coverage.
Launch & Deployment:
$RKLB, $ASTS
Getting infrastructure into orbit requires reliable, affordable launch. One company owns this market. The public comp is scaling fast.
Every sector on this list has either hyperscaler contract backing, government funding, or a physical supply constraint that makes demand inelastic.
Save this for later.
-BP
Please note this is not financial advice.
But the money flows through the supply chain. Capex is tracking above $1 trillion this year.
That is six times the level of 2022
Here is the full stack, sector by sector, of who actually gets paid:
Power Infrastructure:
$IREN, $CIFR, $NBIS, $WULF
The compute layer requires power first. These are the companies building and owning the megawatt-scale facilities that hyperscalers cannot build fast enough themselves.
Optical Networking:
$AAOI, $COHR, $LITE, $POET
GPU clusters are useless without the interconnects that move data between them at 800G and 1.6T speeds. This sector is capacity-constrained and just had its export inputs tightened by China this week.
Space & Infrastructure:
$RKLB, $ASTS, $PL, $SATL, $FLY, $ONDS, $KTOS
Golden Dome. Autonomous systems. Satellite constellations. The government is funding the next generation of distributed compute and surveillance infrastructure from orbit.
Critical Materials:
$AXTI, $ALMU
The raw substrate layer that the entire photonics stack sits on. Severely undersupplied. Almost zero retail coverage.
Launch & Deployment:
$RKLB, $ASTS
Getting infrastructure into orbit requires reliable, affordable launch. One company owns this market. The public comp is scaling fast.
Every sector on this list has either hyperscaler contract backing, government funding, or a physical supply constraint that makes demand inelastic.
Save this for later.
-BP
Please note this is not financial advice.
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