The listed names in the AI compute stack.

EUV SCANNERS ·1 LISTED

EUV scanners.

One vendor — ASML — ships the EUV scanners that print every leading-edge chip. The drive laser is private (Trumpf), the projection optics are private (Zeiss SMT, owned inside the Zeiss foundation), the source-collector mirrors are private. ASML is the only public way to own the EUV ceiling directly.

• EUV systems

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WAFER FABS ·8 LISTED

Wafer fabs.

TSMC sits at roughly nine-tenths of leading-edge logic capacity (defined as sub-7 nm-class production). Samsung and Intel are the only credible second sources at the bleeding edge; SMIC is China’s DUV-bound attempt. Mature-node fabs (UMC, GF, Hua Hong, Tower) matter for power, analog, and PMICs around AI systems — not for the FLOPS-defining die itself. Japan’s Rapidus is the consortium attempt to build a sovereign 2 nm node.

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SILICON WAFERS & FAB MATERIALS ·13 LISTED

Silicon wafers & fab materials.

Bare 300 mm silicon is a Shin-Etsu / SUMCO duopoly (each roughly a third of the market), with GlobalWafers and Siltronic the next tier. Specialty fluids and gases (Linde, Air Products, Air Liquide, Entegris) supply every fab on Earth. Photoresists are a Japanese near-monopoly (Tokyo Ohka Kogyo, JSR — now private under JIC, Shin-Etsu). MKS supplies vacuum and photonics subsystems for every tool. None of these names move on AI capex headlines, but every fab build needs them in the ground first.

WAFER-FAB EQUIPMENT ·21 LISTED

Wafer-fab equipment.

The Big Five — AMAT, LRCX, KLAC, Tokyo Electron, ASML — gate volume economics at every leading-edge fab. SCREEN is the genuine #2 in coater/developer alongside TEL. Test (Advantest, Teradyne, Cohu, Aehr) and inspection / metrology (KLA, Onto, Camtek, PDF Solutions) ride the AI test-intensity wave. Disco supplies the dicing, grinding, and polishing tools every advanced package walks through. The long tail (Axcelis ion implant, EBARA CMP, Ultra Clean / Ichor subassemblies, FormFactor probes) shows up everywhere.

ADVANCED PACKAGING & SUBSTRATES ·11 LISTED

Advanced packaging & substrates.

CoWoS capacity gated accelerator shipments through 2024 and early 2025 — TSMC’s expansions have eased it, but capacity is still allocated, not bought. ASE, Amkor, and JCET dominate OSAT; Kulicke & Soffa and ASMPT supply the bonding tools. The often-overlooked layer is the ABF substrate — Ibiden, Unimicron, AT&S, and Nan Ya PCB physically carry every NVIDIA accelerator package.

• OSAT ranking

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HBM MEMORY ·3 LISTED

HBM memory.

Three suppliers globally: SK Hynix (≈50% share, NVIDIA’s primary), Samsung (qualifying HBM4 after a rough 2024), and Micron (Idaho HQ, ramping in Hiroshima). Pricing was up multiples through 2025 as smartphone DRAM bid for the same wafers. Memory is now ~30% of hyperscaler capex.

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FLASH MEMORY & STORAGE ·8 LISTED

Flash memory & storage.

The other half of the memory story, and the most parabolic public trade of the past year. NAND ASPs moved 2× off the 2023 bottom as supply discipline (capacity cuts across the SanDisk-Kioxia JV, SK Hynix, Samsung, Micron) collided with AI-driven demand: training-data lakes, KV-cache offload during long-context inference (Kioxia AiSAQ, SanDisk HBF — High Bandwidth Flash), and the structural shift toward all-flash enterprise storage. SanDisk’s Feb 2025 spin from Western Digital created the cleanest US-listed pure-play NAND name; Kioxia’s Dec 2024 Tokyo IPO did the same in Asia. HDD makers (Seagate, WDC) ride the same wave through hyperscaler nearline drives. The private AI-storage cohort — Vast Data, Weka, DDN, Hammerspace — is where the most interesting IPO pipeline sits.

ACCELERATORS & LOGIC DESIGN ·10 LISTED

Accelerators & logic design.

NVIDIA owns the accelerator customer. AMD is the only credible merchant GPU alternative at scale. Intel ships Gaudi 3 / Falcon Shores into the same market but its accelerator revenue is dwarfed by the foundry restructuring story (kept under Wafer fabs above). Broadcom and Marvell sell custom silicon to hyperscalers (TPU, Trainium, Maia, MTIA). Lattice and Rambus are the public-IP plays (FPGAs, memory interfaces). Cerebras is the public wafer-scale play; Groq, Etched, Lightmatter, MatX, Furiosa, Hailo, Tenstorrent, and SambaNova are the credible private bets.

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EDA SOFTWARE ·6 LISTED

EDA software.

Synopsys and Cadence are the duopoly on bleeding-edge digital signoff — nearly every advanced-node SoC routes through one or both. Synopsys integrated Ansys’s simulation tools after the 2025 close, deepening the multi-physics moat. Siemens (via Mentor) is the third leg, strongest in PCB, analog-mixed-signal, and multi-physics. Keysight covers RF + test-bench EDA. China is building its own stack — Empyrean and VeriSilicon are the public proxies. Highly recurring revenue, high margins, and the leading indicator is design-start volume, not capex.

NETWORKING, INTERCONNECT & OPTICAL ·14 LISTED

Networking, interconnect & optical.

Arista is the merchant-silicon datacenter network leader; Cisco is the incumbent; Ciena is the DCI long-haul play. Astera, Credo, MACOM, and Semtech sell the retimers and interconnect ICs that move data inside racks and between buildings. Lumentum and Coherent supply the lasers, EMLs, and VCSELs the transceiver vendors integrate. Innolight, Eoptolink, and Accelink are the China-listed volume leaders in finished optical modules. Celestica and Fabrinet do the assembly. The pre-IPO interconnect cohort — Enfabrica (AI fabric), Ayar Labs (co-packaged optics), Eliyan (chiplet interconnect) — is where the real architecture innovation is happening.

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POWER, COOLING & DATACENTER INFRA ·17 LISTED

Power, cooling & datacenter infra.

The 2025–30 bottleneck. Inside the building, Vertiv, Eaton, Schneider, nVent, and Hubbell build the power and cooling chain; Modine, Daikin, and Munters supply the thermal management; Generac and the genset OEMs ship the backup power. EPC contractors (Quanta Services, MasTec, EMCOR) build the substations and pads outside. The turbine OEMs (GE Vernova, Mitsubishi Heavy, Siemens Energy) and standby-genset makers (Cummins, Caterpillar) are sold out through 2028.

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POWER GENERATION & FUEL ·19 LISTED

Power generation & fuel.

Nuclear is the cleanest hyperscaler PPA story: Constellation is restarting Three Mile Island for a Microsoft PPA (target COD ~2028), Talen sells Susquehanna power to AWS, Vistra bought Energy Harbor for the same playbook. Vogtle owners (Southern via SO) and IPPs (NRG) are the conventional plays. SMR developers (Oklo, NuScale, BWXT) are the longer-dated trades, with Holtec, TerraPower, X-energy, and Kairos still private. Centrus enriches the HALEU fuel; Cameco / Brookfield own Westinghouse 49/51. Uranium spot is tracked through Sprott; the miners are Cameco, NexGen, Energy Fuels, Uranium Energy. Bloom Energy is the public bet on behind-the-meter fuel cells. Cheniere and Energy Transfer feed the gas turbines.

• Crane restart
• AWS power deal
• Westinghouse ownership

DATACENTER REITS ·9 LISTED

Datacenter REITs.

The landlords. Equinix and Digital Realty hold the legacy colocation footprint and are converting fast to liquid-cooled, AI-grade sites. Iron Mountain is the sleeper because of its powered-shell pipeline. GDS and VNET are the China-listed datacenter operators. Asia-Pacific exposure is Goodman Group (AU), Keppel DC REIT and Mapletree Industrial (SG). DigitalBridge is the publicly-traded digital-infra holdco. The biggest names in the category — Vantage, Aligned, Stack, EdgeConneX, Compass Datacenters, plus pre-2022 take-privates CyrusOne, QTS, Switch — are all owned by infra funds.

HYPERSCALERS, CHINESE CLOUD & NEOCLOUDS ·19 LISTED

Hyperscalers, Chinese cloud & NeoClouds.

The US hyperscalers (Microsoft, Amazon, Google, Meta, Oracle) are spending a combined ~$600 B/yr on AI infrastructure. The Chinese cloud trio (Alibaba, Tencent, Baidu) are the parallel AI infrastructure operators — different chips, different models, same buildout pace. SoftBank is the Stargate participant + Arm owner + OpenAI investor. NeoClouds (CoreWeave, Nebius, IREN, Applied Digital, Cipher, Hut 8, Core Scientific, TeraWulf, Cleanspark) and former-Bitcoin operators are the levered GPU-compute trades for investors who can’t hold MSFT/META at the size they’d like. Lambda, Crusoe, and Together AI lead the private cohort.

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SERVER OEMS & ODMS ·13 LISTED

Server OEMs & ODMs.

Where accelerators turn into deployable systems. Dell and HPE dominate enterprise; Super Micro is the AI-native specialist. Lenovo is the global enterprise leader most US investors underweight. The Taiwanese ODMs (Foxconn, Quanta, Wiwynn, Inventec, Pegatron, Gigabyte, MiTAC, ASRock, Acer) increasingly bypass the OEMs and build NVL72-class racks direct for hyperscalers.

FRONTIER AI LABS ·13 LABS

Frontier AI labs.

The labs that consume the rest of the stack. Almost all are private — public exposure is mostly indirect through Microsoft (OpenAI), Amazon (Anthropic), Alphabet (DeepMind), Meta (Llama / FAIR), and the Chinese cloud trio. Model families listed below; version numbers are omitted because they age in weeks. Names link out to each lab’s homepage.

AI-NATIVE STARTUPS ·20 STARTUPS

AI-native startups.

The companies built on top of the labs — the products users actually touch. Coding tools, app builders, AI search, voice and video, vector infra, model hubs. All private, all growing faster than any prior software cohort. Names link out to each homepage. Valuations are 2025–26 reporting; treat as directional, not gospel.