| 1 |
HURA
|
biotech
healthcare
|
TuHURA Biosciences, Inc.
|
15.1x
|
0.20
|
If its SPA-backed Phase 3 adjunct immunotherapy reads out with a clinically meaningful response lift and TuHURA stabilizes financing (partner or disciplined equity), the company can re-rate from “survival micro-cap” to a partnerable combo platform with early commercial revenue by 2031; the core limiter is dilution + intratumoral workflow scalability.
|
| 2 |
NTLA
|
biotech
healthcare
|
Intellia Therapeutics, Inc.
|
12.5x
|
0.45
|
If lonvo-z delivers a clean Phase 3 readout in 1H26 and Intellia launches in 2027 with payer-ready outcomes contracts plus trust-building long-term safety infrastructure, the stock can re-rate from “cash-backed option” to a durable rare-disease franchise; nex-z is upside if the hold is resolved without broadly impairing platform confidence.
|
| 3 |
ETH
|
crypto
finance
networking
software
|
Ethereum Network
|
7.4x
|
0.85
|
ETH is a leveraged claim on credible-neutral programmable settlement: if rollup data-availability (blobs) scales and 2026 upgrades reduce fragmentation/censorship risk, Ethereum can convert ecosystem usage into more durable fee burn + staking value-capture, supporting a multi-trillion network value by 2031.
|
| 4 |
MSTR
|
ai
crypto
enterprise
finance
software
|
Strategy Inc
|
6.9x
|
0.70
|
If bitcoin continues monetizing as a reserve/collateral asset, Strategy can compound BTC-per-share via its multi-instrument capital markets “shelf”; the enterprise software business plus new treasury tooling can help sustain a modest premium vs. spot-BTC wrappers, keeping the flywheel open through 2031.
|
| 5 |
POL
|
crypto
finance
networking
software
|
Polygon Network
|
6.8x
|
0.60
|
POL’s non-linear upside is shifting from “cheap L2 gas” to paid coordination: if AggLayer makes cross-chain UX feel single-chain and Polygon productizes payments + security services, POL can capture fees from routing, intents, and bonded guarantees (not just per-tx gas), supporting a meaningful re-rate by 2031 despite L2 fee compression.
|
| 6 |
QUBT
|
ai
communications
cybersecurity
quantum
semiconductors
|
Quantum Computing Inc.
|
6.6x
|
0.60
|
QCi’s non-linear shot is to use its unusually large liquidity and Arizona photonics manufacturing footprint to become a trusted domestic photonics platform (components + security systems), with 2031 upside driven more by repeatable optics/security deployments and acquired revenue than by “universal quantum computing.”
|
| 7 |
BTC
|
crypto
energy
finance
|
Bitcoin Network
|
6.3x
|
0.80
|
Bitcoin’s non-linear upside is a collateral re-rating: if ETFs keep normalizing access and BTC becomes the default neutral reserve asset alongside (not instead of) gold, then modest share gains of the global hard-money basket can drive a multi-trillion network value even if base-layer fees stay relatively small.
|
| 8 |
DOT
|
crypto
finance
software
|
Polkadot Network
|
6.3x
|
0.55
|
DOT is a capped-supply option on Polkadot turning “shared security + priced blockspace” into a routable settlement/compute market: Elastic Scaling + Revive smart contracts + Ethereum connectivity can concentrate liquidity onto the Hub and make coretime/fees a real sink by 2031.
|
| 9 |
AVAX
|
crypto
finance
networking
software
|
Avalanche Network
|
6.2x
|
0.60
|
AVAX is a convex “regulated throughput + appchain” bet: if stablecoin settlement, tokenized collateral, and app-specific L1 adoption compound post-Etna, AVAX can re-rate from option value to monetized security/settlement and reach a ~7x FDV by 2031 despite fierce L1 competition.
|
| 10 |
AISP
|
ai
cybersecurity
defense
hardware
software
|
Airship AI Holdings, Inc.
|
6.0x
|
0.60
|
If Airship converts lumpy federal surveillance awards into standardized, repeatable deployments and increases software attach (evidence copilot, authenticity, fleet subscription), it can re-rate from project integrator to trusted evidence platform as verification/security become mandatory.
|
| 11 |
PRME
|
biotech
healthcare
|
Prime Medicine, Inc.
|
5.9x
|
0.60
|
By 2031, if Prime’s first liver studies deliver clean, durable clinical signals and the company turns its editing know-how into repeatable partnerships that reduce dilution, PRME can re-rate from “cash-backed option value” to a multi-asset platform with non-linear upside as delivery and safety are de-risked.
|
| 12 |
PDYN
|
aerospace
ai
defense
robotics
software
|
Palladyne AI Corp.
|
5.7x
|
0.60
|
PDYN’s non-linear upside is converting its post-2025 “autonomy + avionics + U.S. manufacturing” bundle into a repeatable, certifiable deployment stack (and security/assurance layer) that primes and integrators will standardize on as autonomous fleets scale across defense and industrial sites.
|
| 13 |
FIL
|
ai
cloud
crypto
enterprise
|
Filecoin Network
|
5.7x
|
0.60
|
FIL has a non-linear path if Filecoin Onchain Cloud turns “cheap capacity” into metered, verifiable data services (storage + retrieval + programmable billing) where recurring paid flows and collateral lock-ups become the dominant driver of value by 2031.
|
| 14 |
NNOX
|
ai
healthcare
medical devices
software
|
Nano-X Imaging Ltd.
|
5.6x
|
0.40
|
If Nanox converts early deployments into a repeatable, high-uptime “scan-to-report” operating system (device + workflow + reading services), it can shift from one-off hardware economics to recurring per-study revenue, enabling a small-cap medtech re-rate despite ongoing dilution risk.
|
| 15 |
RLAY
|
ai
biotech
healthcare
|
Relay Therapeutics, Inc.
|
5.6x
|
0.40
|
RLAY is a cash-backed, Phase-3 inflection biotech: if zovegalisib clears a differentiation bar and Relay turns its dynamics/ML loop into faster follow-on shots and repeatable co-dev deals, it can transition from “option on one asset” to an emerging precision-oncology revenue ramp by 2031.
|
| 16 |
ATOM
|
crypto
finance
networking
software
|
Cosmos Hub Network
|
5.4x
|
0.55
|
ATOM is a discounted option on Cosmos Hub turning ecosystem distribution into paid infrastructure via routing + shared-security services; if value capture becomes legible, the token can re-rate from “inflationary staking beta” to an infra cashflow multiple.
|
| 17 |
MBLY
|
ai
automotive
semiconductors
software
|
Mobileye Global Inc.
|
5.2x
|
0.60
|
Mobileye’s non-linear setup is turning “ADAS design wins” into a multi-year shipment wave (EyeQ6H Surround), then compounding dollars-per-vehicle via higher-content autonomy tiers and paid trust layers (verification, security, and subscription plumbing) as automakers race to ship hands-free driving safely at scale.
|
| 18 |
SOL
|
ai
crypto
finance
software
|
Solana Network
|
5.0x
|
0.70
|
If Solana converts its high transaction velocity into materially higher, more predictable execution value (via better fee markets, reliability, and institutional access), SOL can re-rate from “high activity” to “real-time settlement infrastructure” as agents and tokenized finance scale.
|
| 19 |
SERV
|
ai
automation
robotics
transportation
|
Serve Robotics Inc.
|
4.7x
|
0.60
|
SERV’s non-linear upside is proving repeatable, safe high-utilization city rollouts with its now-2,000+ robot base, then scaling fleet growth with structured financing while layering higher-margin software/teleop tooling and robot-media—turning “delivery cost-down” into a multi-revenue urban logistics utility by 2031.
|
| 20 |
BEAM
|
biotech
healthcare
|
Beam Therapeutics Inc.
|
4.7x
|
0.60
|
Beam’s non-linear upside is a “first approvals + platform spillover” re-rate: accelerated pathways for its lead liver program plus an ex vivo launch can turn base-editing from R&D option value into repeatable product + pipeline economics by 2031.
|
| 21 |
SPIR
|
aerospace
defense
software
space
|
Spire Global, Inc.
|
4.5x
|
0.60
|
Spire’s non-linear upside is turning “space signals” into trusted, low-latency operational decisions (weather + RF security), converting $200M+ contracted obligations into recurring products while using partner-funded capacity to limit dilution and capex drag by 2031.
|
| 22 |
CRSP
|
biotech
healthcare
|
CRISPR Therapeutics AG
|
4.5x
|
0.50
|
By 2031, CRSP’s upside is a platform re-rate: CASGEVY throughput becomes repeatable while at least one wholly-owned cardiometabolic/immune franchise de-risks, shifting the equity from “cash + hope” to a multi-product gene-medicines compounding story.
|
| 23 |
LINK
|
ai
crypto
finance
software
|
Chainlink Network
|
4.5x
|
0.80
|
Chainlink’s non-linear upside is a monetization inflection: turning “integrated everywhere” into “paid everywhere” as cross-chain settlement, tokenization workflows, and AI-agent execution standardize on LINK-secured trust services (with visible, recurring LINK demand via unified fee routing + the Reserve).
|
| 24 |
APUS
|
ai
biotech
crypto
finance
software
|
Apimeds Pharmaceuticals US, Inc.
|
4.4x
|
0.40
|
If APUS turns its post-merger bitcoin-treasury stack into auditable, repeatable enterprise services while keeping Apitox on a credible Phase III path, it can re-rate from microcap distress to a small platform with multiple monetization shots (fees + milestones), despite heavy dilution/governance risk.
|
| 25 |
AI
|
ai
cloud
defense
enterprise
software
|
C3.ai, Inc.
|
4.2x
|
0.50
|
If C3.ai turns its partner-heavy pipeline into repeatable production deployments (especially Federal) and productizes governance/security plus agent workflows into higher-velocity SKUs, it can re-accelerate from a FY26 reset into durable mid-20s growth and re-rate from “broken story” to a credible enterprise-agent execution layer.
|
| 26 |
AUR
|
ai
robotics
software
transportation
|
Aurora Innovation, Inc.
|
4.1x
|
0.70
|
If Aurora converts early driverless lanes into repeatable, OEM-integrated scale (2026 hardware + 2027 high-volume kits), it can become the trusted autonomy layer for long-haul freight—monetizing miles plus attach revenue (insurance/security/SLAs) as “verified uptime” becomes the product.
|
| 27 |
RXRX
|
ai
automation
biotech
healthcare
software
|
Recursion Pharmaceuticals, Inc.
|
4.1x
|
0.60
|
RXRX can compound if it turns REC-4881 into a clear registrational path and then “productizes” its automated discovery + model stack into repeatable partner/enterprise revenue (not just milestones), shifting valuation from cash-runway biotech to a scaled TechBio platform with first meaningful commercial revenue by 2030.
|
| 28 |
AMPX
|
aerospace
defense
energy
hardware
|
Amprius Technologies, Inc.
|
4.0x
|
0.55
|
If Amprius converts its performance lead into repeatable partner-scale production (now 2+ GWh capacity) while keeping opex lean and adding higher-margin licensing/telemetry attachments, it can grow revenue non-linearly without building a full gigafactory—though upside is capped by dilution and battery commoditization risk.
|
| 29 |
FIVN
|
ai
cloud
communications
enterprise
software
|
Five9, Inc.
|
3.9x
|
0.60
|
Five9 can re-rate from a discounted “seat software” valuation to a workflow-and-trust platform by monetizing autonomous resolution plus fraud-safe identity in regulated enterprises, lifting revenue growth modestly but improving durability and willingness-to-pay per interaction.
|
| 30 |
SDGR
|
ai
biotech
cloud
healthcare
software
|
Schrödinger, Inc.
|
3.8x
|
0.60
|
SDGR can compound by turning its “physics + AI” modeling stack into a higher-trust, higher-throughput R&D operating layer: more hosted/usage delivery, deeper workflow embed (incl. partner AI like TuneLab), and more outcome-linked collaboration economics—driving a cleaner recurring software story with retained upside optionality.
|
| 31 |
POET
|
ai
communications
hardware
networking
semiconductors
|
POET Technologies Inc.
|
3.7x
|
0.70
|
POET is an optics “platform-to-volume” bet: if 2026 converts initial production orders into repeatable shipments and it leverages its cash-rich balance sheet to scale qualified capacity, it can transition from NRE-level revenue to meaningful AI interconnect component revenue by 2031.
|
| 32 |
S
|
ai
cloud
cybersecurity
enterprise
software
|
SentinelOne, Inc.
|
3.6x
|
0.60
|
SentinelOne can graduate from “EDR challenger” to an automated SecOps control plane (single agent + hot data + AI-driven workflows), capturing the AI-era SOC labor compression while expanding into data/SIEM and sovereign deployments; if it sustains ~20% growth with improving cash generation, today’s discounted multiple can re-rate.
|
| 33 |
OUST
|
ai
automation
hardware
robotics
software
|
Ouster, Inc.
|
3.6x
|
0.60
|
Ouster’s non-linear upside is converting “lidar shipments” into a software-attached, outcomes-priced perception layer for safety and throughput (intersections, yards, factories), where data, integrations, and reliability compound into repeatable deployments and higher-quality revenue.
|
| 34 |
SMR
|
energy
hardware
nuclear
|
NuScale Power Corporation
|
3.5x
|
0.70
|
NuScale’s 5-year upside is a “bankability step-change”: if ENTRA1-led pipelines convert into binding offtake + financed builds, NuScale can scale like a repeatable licensed-plant platform (licensing + engineering + lifecycle services), re-rating from option value to contracted infrastructure tech.
|
| 35 |
RIOT
|
ai
crypto
energy
hardware
|
Riot Platforms, Inc.
|
3.5x
|
0.60
|
Riot’s plausible non-linear upside is a re-rating from BTC-cycle miner to “power-dense compute landlord + grid-optimized operator”: keep mining as the monetizable swing load while converting incremental Texas campus capacity into contracted AI data center revenue and scaling its engineering/electrical kits into a repeatable second engine by 2031.
|
| 36 |
CORZ
|
ai
cloud
crypto
energy
hardware
|
Core Scientific, Inc.
|
3.5x
|
0.60
|
CORZ’s edge is “time-to-power”: converting already-powered mining campuses into contracted AI/HPC colocation can shift the stock from BTC-cyclical cashflows to infrastructure-like, contracted revenue—if it commissions MW on time and adds at least one meaningful tenant beyond its current anchor.
|
| 37 |
ACHR
|
aerospace
ai
defense
robotics
transportation
|
Archer Aviation Inc.
|
3.5x
|
0.55
|
If Archer converts FAA gates into repeatable, high-uptime flight operations (and uses Hawthorne + AI ops to compress time-to-scale), it can transition from “pre-revenue hardware” to a multi-revenue-stream mobility operator by 2031.
|
| 38 |
BKSY
|
ai
defense
software
space
|
BlackSky Technology Inc.
|
3.4x
|
0.60
|
If BlackSky sustains Gen-3 deployment/commissioning cadence and packages “minutes-matter” monitoring into repeatable subscriptions (not bespoke services), revenue can compound as capacity scales and analyst labor is automated—supporting a durable re-rate despite capital intensity and procurement lumpiness.
|
| 39 |
SMCI
|
ai
cloud
enterprise
hardware
networking
|
Super Micro Computer, Inc.
|
3.4x
|
0.55
|
Supermicro can compound through the AI infrastructure buildout by staying the fastest rack-scale integrator across GPU generations and then layering higher-margin services, security-by-default, and lifecycle programs that reduce customer friction and make revenue less lumpy.
|
| 40 |
IREN
|
ai
cloud
crypto
energy
hardware
|
IREN Limited
|
3.3x
|
0.75
|
IREN’s non-linear upside is converting scarce, grid-connected power into contracted AI compute revenue faster than incumbents, using its miner DNA (power ops + fast deployment) to scale GPU supply for hyperscalers and enterprise—while financing that build without letting dilution and delivery slip overwhelm the re-rate.
|
| 41 |
DNA
|
ai
automation
biotech
enterprise
healthcare
|
Ginkgo Bioworks Holdings, Inc.
|
3.3x
|
0.60
|
If the cost-reset holds and Ginkgo keeps converting bespoke cell-engineering into repeatable tools (automation + data products + compliance-grade provenance) while keeping biosecurity on steadier renewals, revenue quality can improve enough to earn a modest multiple re-rate by 2031 despite an ops-heavy footprint.
|
| 42 |
NBIS
|
ai
cloud
enterprise
hardware
|
Nebius Group N.V.
|
3.2x
|
0.80
|
Nebius can compound from “GPU landlord” to contract-backed AI utility by scaling power+GPU supply under hyperscaler deals, then defending pricing via a differentiated control plane (Token Factory, capacity management, security/compliance) that raises utilization and lowers customer switching.
|
| 43 |
INOD
|
ai
enterprise
healthcare
media
software
|
Innodata Inc.
|
3.2x
|
0.60
|
Innodata can turn high-trust, high-precision AI data/evaluation work into a durable “trust layer” (pre-training corpora, model safety/evals, and federal programs); if it reduces single-customer dependence while productizing workflows, it can keep premium growth and defend a higher multiple than typical BPO services.
|
| 44 |
BFLY
|
ai
hardware
healthcare
medical devices
software
|
Butterfly Network, Inc.
|
3.1x
|
0.60
|
Butterfly can compound from a probe seller into the “operating layer” for point-of-care ultrasound—standardizing capture, QA, documentation and enterprise rollout—while monetizing its ultrasound-on-chip IP via licensing and a developer ecosystem; if enterprise conversion becomes templated, revenue quality shifts recurring and the stock can re-rate into 2031.
|
| 45 |
RCAT
|
ai
defense
hardware
robotics
|
Red Cat Holdings, Inc.
|
3.1x
|
0.60
|
RCAT’s non-linear upside is converting an Army beachhead into repeatable high-rate production, then attaching recurring sustainment, security, and autonomy upgrades to a growing installed base—turning a “drone shipment story” into a multi-year fleet outcomes business as U.S./allied policy pushes buyers toward trusted supply chains.
|
| 46 |
IONQ
|
cloud
cybersecurity
defense
hardware
quantum
|
IonQ, Inc.
|
3.0x
|
0.70
|
IONQ’s non-linear upside is converting “quantum R&D” into contractable infrastructure (compute capacity + security primitives + sensing feeds), using its large net cash to standardize SKUs/SLAs and win sovereign/critical-infra buyers before broad fault-tolerance demand fully arrives.
|
| 47 |
RR
|
ai
automation
hardware
robotics
software
|
Richtech Robotics Inc.
|
3.0x
|
0.60
|
If Richtech turns its small installed base into a scaled, financeable RaaS fleet (high uptime, low service cost, standardized deployments) and attaches security + workflow software, revenue can compound non-linearly while the equity outcome is mostly a dilution/discipline question rather than “can robots work.”
|
| 48 |
WULF
|
ai
cloud
crypto
energy
hardware
|
TeraWulf Inc.
|
3.0x
|
0.70
|
WULF’s non-linear upside is an identity shift: convert scarce, power-advantaged campuses into long-duration, credit-enhanced AI hosting cash flows; if 2026–2028 deliveries hold schedule, it can fund more MW via project finance and earn a more infrastructure-like valuation than a cyclical miner.
|
| 49 |
TWST
|
ai
automation
biotech
healthcare
|
Twist Bioscience Corporation
|
2.9x
|
0.65
|
As AI commoditizes biological design, Twist can compound as the scaled “DNA write + verify + deliver” layer, then earn a higher-quality multiple by attaching workflow software, regulated supply, and biosecurity-grade provenance that raises switching costs and reduces customer entropy.
|
| 50 |
CRWV
|
ai
cloud
enterprise
hardware
networking
|
CoreWeave, Inc.
|
2.9x
|
0.70
|
CoreWeave can compound into a scaled “AI compute utility” by converting contracted demand into energized capacity faster than general-purpose clouds, then defending pricing with reliability, security, and workflow tooling as raw GPU-hours trend toward commoditization.
|
| 51 |
AAOI
|
ai
communications
hardware
networking
semiconductors
|
Applied Optoelectronics, Inc.
|
2.7x
|
0.60
|
AAOI can turn AI-network bandwidth scarcity into a non-linear revenue ramp by scaling 800G/next-gen optics with factory-automation yield gains and more contract-like customer commitments, converting a historically volatile component business into a higher-throughput “bandwidth factory” by 2031.
|
| 52 |
SOUN
|
ai
automotive
enterprise
software
|
SoundHound AI, Inc.
|
2.7x
|
0.60
|
Voice is becoming the fastest “action UI” for commerce and customer service; if SoundHound converts its multi-vertical footprint into repeatable deployments (restaurants + autos + enterprise), adds higher-margin attach products (governance/trust/analytics), and keeps latency + cost down, revenue can compound non-linearly while valuation normalizes to a sustainable software multiple.
|
| 53 |
HUT
|
ai
cloud
crypto
energy
hardware
|
Hut 8 Corp.
|
2.6x
|
0.70
|
Hut 8’s non-linear upside is converting scarce, deliverable power into long-dated, credit-supported AI campus cash flows (starting with River Bend), then scaling via repeatable project finance and capital recycling while retaining upside from flexible compute/crypto cycles.
|
| 54 |
LMND
|
ai
finance
software
|
Lemonade, Inc.
|
2.6x
|
0.55
|
If Lemonade sustains ~high-20s in-force premium growth while keeping AI-driven claims/admin costs near-fixed, it can compound into a scaled multi-line carrier with insurer-grade risk controls but software-like opex efficiency, earning a durable (though compressed) premium multiple by 2031.
|
| 55 |
AMD
|
ai
cloud
enterprise
hardware
semiconductors
|
Advanced Micro Devices, Inc.
|
2.5x
|
0.80
|
AMD can turn “credible #2 silicon” into a repeatable rack-scale AI platform (Helios + Instinct + EPYC + software), riding multi-sourcing, sovereign/enterprise buildouts, and accelerating AI inference; the non-linear unlock is operational simplicity and trust (security + support) that makes AMD clusters a standard line item, not a one-off trial.
|
| 56 |
TEM
|
ai
biotech
enterprise
healthcare
software
|
Tempus AI, Inc.
|
2.5x
|
0.70
|
Tempus can compound a regulated diagnostics→multimodal data→model→workflow loop: diagnostics keeps expanding the dataset, while Data/Applications and enterprise workflow products monetize it repeatedly, supporting multi-year revenue growth even if valuation multiples compress as it matures.
|
| 57 |
COIN
|
crypto
finance
software
|
Coinbase Global, Inc.
|
2.5x
|
0.70
|
Coinbase can de-cycle from retail trading into a regulated onchain “universal bank” by scaling derivatives, stablecoin-powered payments, and trust/security products; in an AI-driven world where cognition is cheap, verification + distribution become the monetizable moat.
|
| 58 |
RDVT
|
ai
cybersecurity
enterprise
software
|
Red Violet, Inc.
|
2.5x
|
0.70
|
RDVT can compound by turning its U.S. identity graph into real-time “trust decisions” for an AI-fraud world (synthetic onboarding, deepfake/social-engineering, agent abuse), expanding from lookup workflows into always-on scoring + investigation copilots, while staying capital-light; modest multiple compression still supports 2–3x EV upside by 2031.
|
| 59 |
ALAB
|
ai
hardware
networking
semiconductors
|
Astera Labs, Inc.
|
2.5x
|
0.70
|
AI racks are shifting from “fast enough links” to “managed bandwidth systems”; Astera can compound dollars-per-rack across electrical connectivity, switching, and fleet software, but returns depend on defending design-ins vs in-sourcing and surviving inevitable valuation compression.
|
| 60 |
APLD
|
ai
cloud
energy
hardware
|
Applied Digital Corporation
|
2.5x
|
0.70
|
Applied Digital is monetizing the scarcest input to AI (delivered, power-ready high-density capacity) by turning megawatt-scale campuses into long-duration contracted cash flows; if it keeps commissioning on schedule and broadens tenant mix while funding builds primarily at the asset level, equity can compound via both revenue scale and de-risking.
|
| 61 |
PATH
|
ai
automation
cloud
enterprise
software
|
UiPath, Inc.
|
2.5x
|
0.60
|
In the Last Economy, UiPath can win as the governed enterprise “action layer” that makes agents safe to deploy (identity, approvals, audit, testing), turning automation from tool spend into outcome-linked subscriptions across its installed base.
|
| 62 |
CRNC
|
ai
automotive
software
|
Cerence Inc.
|
2.5x
|
0.50
|
Cerence can re-rate from a per-vehicle voice feature supplier into an OEM-grade, hybrid in-cabin AI platform as xUI enters 2026 production programs, letting it lift software dollars per car (and per owner) via agentic upgrades, lifecycle service automation, and selective IP monetization—while staying “neutral” vs OS giants and maintaining cash generation.
|
| 63 |
JOBY
|
aerospace
automation
defense
evtol
transportation
|
Joby Aviation, Inc.
|
2.4x
|
0.60
|
JOBY’s non-linear upside is a certification-to-scale flip: once FAA approvals and early Dubai/US ops prove repeatable reliability, it can compound via dual-site manufacturing, vertiport access, and partner distribution—turning each aircraft into a high-utilization node in a regulated mobility network.
|
| 64 |
CRDO
|
ai
cloud
hardware
networking
semiconductors
|
Credo Technology Group Holding Ltd
|
2.4x
|
0.70
|
Credo is an AI-infrastructure “picks-and-shovels” supplier whose AEC franchise can broaden across hyperscalers while it layers in higher-content connectivity silicon (retimers/gearboxes/optics adjacency) and selective recurring attach (security/telemetry/certification), driving a durable interconnect franchise as AI clusters scale non-linearly in ports, speeds, and reliability requirements.
|
| 65 |
AMBA
|
ai
automotive
hardware
robotics
semiconductors
|
Ambarella, Inc.
|
2.4x
|
0.60
|
Ambarella can compound beyond a chip-cycle narrative by pairing its performance-per-watt vision silicon with an ecosystem layer (DevZone) and selective recurring attaches (fleet ops + verification), lifting ASPs, improving durability, and reducing distributor dependence—supporting ~2x+ EV by 2031 if CV7/N-series adoption broadens across security, industrial, and telematics.
|
| 66 |
DDOG
|
ai
cloud
cybersecurity
enterprise
software
|
Datadog, Inc.
|
2.4x
|
0.70
|
Datadog can evolve from “seeing production” to “safely changing production”: AI-driven workload growth and failure modes expand telemetry spend, while new governed action, cost optimization, and compliance-evidence modules raise wallet share and switching costs across engineering + security + finance buyers.
|
| 67 |
QBTS
|
ai
cloud
hardware
quantum
software
|
D-Wave Quantum Inc.
|
2.4x
|
0.60
|
QBTS can compound if it turns “quantum value today” into repeatable enterprise optimization products (workflow-embedded + outcome-priced) while using its cash and Quantum Circuits acquisition to credibly expand beyond annealing into gate-model roadmaps—shifting from lumpy system sales to higher-trust, recurring software+capacity revenue.
|
| 68 |
AVAV
|
ai
defense
hardware
robotics
software
|
AeroVironment, Inc.
|
2.4x
|
0.70
|
If AV converts its expanded portfolio into repeatable high-rate production (attritable drones + counter-drone + space/laser) while growing software/services attach, it can sustain defense-tech premium economics and compound into a scaled “robotic warfare stack” supplier by 2031.
|
| 69 |
OKLO
|
ai
energy
nuclear
|
Oklo Inc.
|
2.4x
|
0.70
|
Oklo’s 5-year upside is surviving FOAK risk while converting hyperscaler “firm power” demand into financeable multi-site builds; if it reaches first on-time operations and a repeatable 75–100 MWe product by 2031, the equity can be valued as a scarce compute-era baseload platform rather than a one-off nuclear project.
|
| 70 |
MRVL
|
ai
cloud
hardware
networking
semiconductors
|
Marvell Technology, Inc.
|
2.3x
|
0.70
|
As AI systems scale from single racks to fleet-scale clusters, bandwidth-per-watt and reliability become binding constraints; Marvell can compound by expanding wallet share across custom AI silicon plus the interconnect stack, with M&A (Celestial AI, XConn) accelerating optical/scale-up positioning and increasing “platform” stickiness at hyperscalers.
|
| 71 |
RGTI
|
cloud
defense
hardware
quantum
software
|
Rigetti Computing, Inc.
|
2.3x
|
0.60
|
Rigetti is a cash-backed, vertically integrated superconducting-quantum stack: if it turns its 2026–2027 scaling roadmap into repeatable deployments (cloud + sovereign/on-prem) plus developer-friendly hybrid workflows, revenue can inflect non-linearly by 2031—enough to sustain a ~2x+ EV outcome despite milestone and dilution risk.
|
| 72 |
TSLA
|
ai
automotive
energy
robotics
software
|
Tesla, Inc.
|
2.3x
|
0.70
|
Tesla’s 2031 upside is defending a premium multiple by shifting profit pools from cyclical EV margins to higher-frequency, trust-based software + network services while scaling grid storage; autonomy and robotics remain call options that can add non-linear revenue if safety/regulatory gates clear.
|
| 73 |
BBAI
|
ai
defense
enterprise
software
|
BigBear.ai Holdings, Inc.
|
2.3x
|
0.60
|
BigBear.ai’s non-linear upside is converting “mission AI delivery” into a trusted deployment platform: Ask Sage becomes the secure GenAI front-end, while edge orchestration + identity/vision attach into repeatable SKUs—reducing program lumpiness and defending premium pricing in regulated environments.
|
| 74 |
ESTC
|
ai
cloud
cybersecurity
enterprise
software
|
Elastic N.V.
|
2.3x
|
0.60
|
Elastic can compound by becoming the default governed “answers layer” for enterprises: one search-native data plane spanning apps, machine telemetry, and security events, with cloud/serverless driving faster iteration and better unit economics as AI raises the value of trusted retrieval and auditability.
|
| 75 |
RMBS
|
ai
cybersecurity
hardware
networking
semiconductors
|
Rambus Inc.
|
2.3x
|
0.60
|
As AI compute scales, memory bandwidth and hardware trust become binding constraints; Rambus can grow by expanding content-per-system (memory-interface chips + interface/security IP) and selectively adding recurring “trust ops” software/services, sustaining a premium valuation if it stays first-to-standard and avoids commoditization/insourcing.
|
| 76 |
ZS
|
ai
cloud
cybersecurity
enterprise
software
|
Zscaler, Inc.
|
2.3x
|
0.75
|
Zscaler’s in-line “policy choke point” can become the default control plane for users, apps, and AI agents; if it sustains platform attach (data + branch + workloads + SecOps) and adds compliance/insurance-adjacent monetization, it can compound revenue while valuation normalizes to a still-premium security-software multiple.
|
| 77 |
ARM
|
ai
automotive
hardware
semiconductors
software
|
Arm Holdings plc
|
2.3x
|
0.70
|
Arm remains the default low-power compute foundation; over 5 years, higher royalty-per-device (newer architectures + more subsystem content) plus selective platform services in security, compliance, and robotics can compound revenue while keeping Arm valued like a premium IP/software franchise despite cyclical handset units.
|
| 78 |
NOW
|
ai
automation
cybersecurity
enterprise
software
|
ServiceNow, Inc.
|
2.2x
|
0.70
|
As AI makes “doing” cheap, enterprises pay for governed execution: ServiceNow can grow by owning the workflow plane where AI+human work is requested, approved, audited, and improved—then extending that plane into security/OT via Armis and into cross-company workflows via network-style products.
|
| 79 |
NVDA
|
ai
hardware
networking
semiconductors
software
|
NVIDIA Corporation
|
2.2x
|
0.95
|
NVIDIA compounds by expanding from “best accelerator” to “default AI compute operating stack” (systems + networking + software/services), raising wallet share and keeping pricing power even as unit share normalizes and geopolitics add friction.
|
| 80 |
FLNC
|
ai
energy
hardware
software
|
Fluence Energy, Inc.
|
2.2x
|
0.60
|
If Fluence keeps execution boring (on-time, safe, warranty-controlled) and attaches software, services, and risk-transfer products to every megawatt-hour, it can ride AI/data-center load growth and renewables volatility to compound revenue while sustaining enough trust to avoid “commodity integrator” valuation gravity.
|
| 81 |
NET
|
ai
cloud
cybersecurity
networking
software
|
Cloudflare, Inc.
|
2.2x
|
0.70
|
Cloudflare can compound into the default “inline control plane” for apps, users, and AI agents—monetizing security + edge compute as AI raises attack surface and pushes latency-sensitive inference to the edge, while its network/telemetry flywheel sustains premium enterprise share gains.
|
| 82 |
SYM
|
ai
automation
enterprise
hardware
robotics
|
Symbotic Inc.
|
2.1x
|
0.70
|
SYM can turn a large contracted pipeline into a compounding installed base, then lift durability and multiples by attaching higher-margin orchestration, uptime/security, and compliance software as warehouses retool for labor scarcity and omni-channel complexity.
|
| 83 |
SITM
|
ai
automotive
communications
hardware
semiconductors
|
SiTime Corporation
|
2.1x
|
0.60
|
As AI/datacenter, telecom, and autonomy push reliability and synchronization from “spec” to “control plane,” SiTime can expand timing content-per-system (oscillators + clock ICs + resonators) and add security/observability software attach, compounding revenue while sustaining a premium (though compressing) valuation vs analog peers.
|
| 84 |
SNOW
|
ai
cloud
enterprise
software
|
Snowflake Inc.
|
2.1x
|
0.60
|
Snowflake can compound as the governed enterprise data plane where AI agents and operational telemetry run: keep core consumption strong, expand into observability via Observe, and monetize trust, governance, and multi-cloud neutrality as AI workloads become metered production spend.
|
| 85 |
ASTS
|
communications
defense
networking
space
|
AST SpaceMobile, Inc.
|
2.1x
|
0.60
|
If Block 2 manufacturing+launch cadence holds through 2026 and carriers shift from trials to bundled entitlements, AST can become the wholesale “coverage-everywhere” layer for mobile—then monetize scarce reliability (priority, sovereign, enterprise) as a second, higher-margin stack by 2031.
|
| 86 |
AMZN
|
advertising
ai
automation
cloud
media
|
Amazon.com, Inc.
|
2.1x
|
0.90
|
Amazon can convert today’s AI + automation capex wave into higher-quality earnings by re-accelerating AWS (AI training/inference), compounding commerce-intent ads, and driving retail cost-to-serve down—supporting a durable re-rate even with heavy depreciation.
|
| 87 |
ON
|
ai
automotive
energy
hardware
semiconductors
|
ON Semiconductor Corporation
|
2.1x
|
0.60
|
As AI data-center power becomes a binding constraint and EV/grid power content rises, onsemi’s vertically integrated power stack plus aggressive buybacks can compound through the cycle—if it upgrades from “component sockets” to repeatable rack-level and protection platforms.
|
| 88 |
KTOS
|
aerospace
communications
defense
robotics
software
|
Kratos Defense & Security Solutions, Inc.
|
2.1x
|
0.60
|
Kratos’ path to 2031 is converting Valkyrie/CCA and hypersonic/rocket support from “development + low-rate” into repeatable production, then layering higher-margin comms and assurance software (Orbit + mission assurance tooling); the opportunity is real, but the stock now needs clean execution and cash discipline because the market is already pricing a meaningful ramp.
|
| 89 |
VRT
|
ai
automation
energy
enterprise
hardware
|
Vertiv Holdings Co
|
2.1x
|
0.70
|
Vertiv stays a “content-per-megawatt” winner as AI data centers push higher power density and uptime requirements; if it converts backlog into shipments while shifting mix toward higher-margin services/software and repeatable reference designs, it can compound revenue faster than the market’s skepticism cycles and retain a premium multiple even as growth normalizes.
|
| 90 |
VICR
|
ai
automotive
defense
hardware
semiconductors
|
Vicor Corporation
|
2.1x
|
0.60
|
If AI infrastructure keeps pushing rack power density onto the critical path, Vicor can compound via higher content-per-system (advanced modules) plus a more repeatable royalty stream—yet equity upside is still gated by customer concentration and today’s already-premium valuation.
|
| 91 |
RKLB
|
aerospace
defense
hardware
software
space
|
Rocket Lab Corporation
|
2.1x
|
0.60
|
Rocket Lab’s non-linear upside is converting “launch company” status into a repeatable national-security space production engine (spacecraft + payloads + components) while Neutron opens a much larger launch class; if it executes, revenue scale can outrun valuation compression by 2031.
|
| 92 |
CRWD
|
ai
cloud
cybersecurity
enterprise
software
|
CrowdStrike Holdings, Inc.
|
2.1x
|
0.70
|
As AI makes attacks cheaper and faster, enterprises consolidate onto fewer security control planes; CrowdStrike can compound share by extending its platform from endpoint into identity and the browser session, monetizing automation and trust—if it maintains reliability and defends pricing versus mega-vendor bundles.
|
| 93 |
MPWR
|
ai
automotive
enterprise
hardware
semiconductors
|
Monolithic Power Systems, Inc.
|
2.0x
|
0.70
|
As AI racks and vehicle electrification turn power conversion, thermals, and reliability into the binding constraint, MPWR can keep winning higher-value power “bottleneck” sockets (silicon + modules + digital control) and selectively add telemetry/security layers that defend pricing, sustaining premium growth into 2031 despite some multiple compression.
|
| 94 |
PL
|
ai
defense
software
space
|
Planet Labs PBC
|
2.0x
|
0.70
|
Planet’s non-linear upside is graduating from “imagery vendor” to a trusted, near-real-time monitoring and evidence layer for sovereign and regulated workflows, where recurring contracts + higher-value analytics expand faster than constellation capex—while Satellite Services turns geopolitics into long-duration, contracted revenue.
|
| 95 |
TSM
|
ai
hardware
semiconductors
|
Taiwan Semiconductor Manufacturing Company Limited
|
2.0x
|
0.85
|
TSMC is the AI era’s scarce “compute refinery”: if AI infrastructure keeps pulling leading-edge wafers and advanced packaging, TSMC can compound revenue while sustaining an infrastructure-grade multiple, with upside from monetizing trust (provenance/assurance) and smoothing capex via customer prepay programs.
|
| 96 |
SNPS
|
ai
automation
enterprise
semiconductors
software
|
Synopsys, Inc.
|
2.0x
|
0.70
|
Synopsys can compound through the next complexity wave (AI chips, advanced packaging, regulated systems) by bundling mission-critical EDA with system simulation into a single “engineering throughput” platform, monetizing more of customers’ R&D budgets via workflow integration, cloud consumption, and reliability/security add-ons while deleveraging post-Ansys.
|
| 97 |
VST
|
energy
nuclear
|
Vistra Corp.
|
2.0x
|
0.65
|
As AI electrifies scarcity, Vistra can convert merchant optionality (nuclear + flexible gas + retail load) into longer-dated contracted cash flows, keeping buybacks durable while selectively adding “time-to-power” capacity via brownfield interconnect and gas scale.
|
| 98 |
PANW
|
ai
cloud
cybersecurity
enterprise
software
|
Palo Alto Networks, Inc.
|
2.0x
|
0.70
|
As AI makes cyber offense cheaper and faster, enterprises consolidate to fewer trusted platforms; PANW compounds via cross-sell across network+cloud+SecOps, plus identity and observability expansion, while automation and outcomes-based packaging sustain premium cash generation into 2031.
|
| 99 |
NTRA
|
ai
biotech
healthcare
software
|
Natera, Inc.
|
2.0x
|
0.65
|
Natera can compound from “a test company” into a longitudinal disease-monitoring platform: MRD volumes + ASP gains, plus an AI/data layer (pharma + workflow) that monetizes its multi-timepoint outcomes dataset, while scale automation sustains margins even as competition rises.
|
| 100 |
CRM
|
ai
cloud
enterprise
software
|
Salesforce, Inc.
|
2.0x
|
0.65
|
Salesforce can compound faster than “mature SaaS” if it turns enterprise AI from a feature into governed, auditable work execution across its CRM + data foundation (now strengthened by Informatica), with pricing that maps to outcomes/usage while buybacks keep per-share value compounding.
|
| 101 |
JBL
|
ai
automation
enterprise
hardware
networking
|
Jabil Inc.
|
2.0x
|
0.60
|
Jabil compounds by becoming the default “trusted industrializer” for AI-era hardware (high-power racks, cooling, power, and verified supply chains), then layering higher-margin lifecycle/service and compliance capabilities that raise switching costs and soften classic EMS cyclicality.
|
| 102 |
APP
|
advertising
ai
media
software
|
AppLovin Corporation
|
2.0x
|
0.65
|
AppLovin can compound by turning performance ads into a “closed-loop outcomes product” (AI optimization + measurement trust + self-serve distribution), expanding from mobile UA into commerce/retail media and performance video while recycling high free cash flow into buybacks and selective capability builds.
|
| 103 |
MTSI
|
ai
communications
defense
networking
semiconductors
|
MACOM Technology Solutions Holdings, Inc.
|
2.0x
|
0.60
|
MACOM can compound through 2031 by riding AI-driven bandwidth intensity (optical + high-speed analog) and defense/space modernization, using its vertically integrated specialty manufacturing to win sticky, qualification-heavy sockets—while today’s premium valuation is the main limiter on upside.
|
| 104 |
ORCL
|
ai
cloud
enterprise
software
|
Oracle Corporation
|
2.0x
|
0.70
|
Oracle’s non-linear setup is “contract-to-delivery”: if it converts its contracted AI/cloud demand into delivered OCI capacity while attaching database + applications + enterprise-grade agent governance, it can be valued more like a scaled cloud platform than a legacy software vendor—provided capex-to-cash conversion inflects by 2027–2028.
|
| 105 |
DELL
|
ai
cloud
enterprise
hardware
|
Dell Technologies Inc.
|
2.0x
|
0.60
|
Dell can convert the AI-infrastructure buildout into a higher-quality earnings stream by bundling GPU-dense systems with deployment, managed ops, financing, and compliance-grade “sovereign/regulated” packages—earning modest multiple expansion vs. legacy cyclical hardware while buybacks amplify per-share value by Jan-2031.
|
| 106 |
LSCC
|
ai
automation
cybersecurity
hardware
semiconductors
|
Lattice Semiconductor Corporation
|
2.0x
|
0.60
|
Lattice can compound by making “secure, low-power programmability” a larger and more mandatory line-item in AI infrastructure and regulated edge fleets, while adding higher-margin software/licensing attach that preserves premium economics even if valuation mean-reverts.
|
| 107 |
NTAP
|
ai
cloud
cybersecurity
enterprise
hardware
|
NetApp, Inc.
|
2.0x
|
0.55
|
NetApp is positioned to be the governed hybrid-cloud data layer for enterprise AI—monetizing all-flash refresh, hyperscaler-embedded storage services, and cyber-resilience/agent controls—driving sustained FCF growth and a plausible ~2x EV over 5 years.
|
| 108 |
CDNS
|
ai
enterprise
semiconductors
software
|
Cadence Design Systems, Inc.
|
2.0x
|
0.70
|
Cadence sits on the irreversible bottleneck of AI-era compute—turning specs into manufacturable silicon—while expanding from chip tools into system simulation and chiplet ecosystems; this keeps growth durable even if valuation normalizes modestly.
|
| 109 |
META
|
advertising
ai
communications
hardware
media
|
Meta Platforms, Inc.
|
2.0x
|
0.80
|
Meta can compound by turning its attention + messaging network into an AI-driven outcomes engine (better ads, more business messaging, and in-chat transactions), while scaling compute via long-term power plus third-party capacity; if AI capex pays back in ad ROI and new surfaces monetize, revenue can double and equity value can roughly 2x by Jan-2031.
|
| 110 |
PWR
|
automation
communications
energy
|
Quanta Services, Inc.
|
2.0x
|
0.60
|
Quanta is the scarce, safety-qualified execution layer for the AI-driven electricity buildout; if it keeps converting multi-year T&D and large-load interconnect programs into repeatable delivery (training, prefab, supply-chain certainty), revenue can compound to a new scale by 2031 while sustaining a premium infrastructure-contractor multiple.
|
| 111 |
MSFT
|
ai
cloud
cybersecurity
enterprise
software
|
Microsoft Corporation
|
1.9x
|
0.80
|
In a world where cognition is cheap, Microsoft can tax enterprise “work” by bundling identity, security, governance, and AI into the daily workflow surface (M365/Windows/GitHub) while Azure scales as the governed compute fabric; the upside is non-linear if agent marketplaces, sovereign AI, and verification layers become defaults.
|
| 112 |
PLTR
|
ai
cloud
defense
enterprise
software
|
Palantir Technologies Inc.
|
1.9x
|
0.70
|
Palantir’s upside is being the default “governed AI in production” layer for defense and regulated operators; the stock’s hurdle is valuation—returns depend on revenue compounding fast enough to outrun multiple compression.
|
| 113 |
CLS
|
ai
cloud
defense
hardware
networking
|
Celestica Inc.
|
1.9x
|
0.65
|
Celestica can keep compounding by being the high-trust “co-design to high-volume” builder for AI-era networking/storage platforms, then layering higher-margin lifecycle + lightweight software services that customers adopt to reduce downtime and ramp risk.
|
| 114 |
ANET
|
ai
enterprise
hardware
networking
software
|
Arista Networks, Inc.
|
1.9x
|
0.60
|
Arista can compound through 2031 by staying the default high-speed Ethernet fabric for AI clusters while converting its installed base telemetry into higher-margin automation/security assurance, expanding into campus/branch, and smoothing cyclicality with longer-term outcome-based contracts.
|
| 115 |
CEG
|
energy
nuclear
|
Constellation Energy Corporation
|
1.9x
|
0.70
|
In the AI-led load boom, “clean + firm + deliverable” electricity becomes a premium product: Constellation can convert scarce nuclear and flexible gas/geothermal into long-duration, enterprise-grade contracts, while the Crane restart and fleet uprates add capacity into tight markets and the expanded retail platform improves margin capture and risk management.
|
| 116 |
MU
|
ai
cloud
hardware
semiconductors
|
Micron Technology, Inc.
|
1.9x
|
0.70
|
AI turns bandwidth-per-watt memory into a gating resource for compute scaling; if Micron sustains node/packaging leadership and shifts more output under longer-duration, higher-value frameworks (HBM + secure/telemetry services + geopolitically preferred supply), the market can treat it less like a spot-exposed cycle and more like AI infrastructure with a durable premium.
|
| 117 |
AVGO
|
ai
enterprise
networking
semiconductors
software
|
Broadcom Inc.
|
1.9x
|
0.70
|
Broadcom compounds through 2031 by staying embedded in hyperscaler AI buildouts (custom XPUs + Ethernet switching/optics) while turning VMware Cloud Foundation into the default private-cloud control plane for regulated private AI, resilience, and automation—supporting premium cash flow even if semiconductor mix shifts.
|
| 118 |
COHR
|
ai
communications
hardware
networking
semiconductors
|
Coherent Corp.
|
1.9x
|
0.70
|
AI clusters are making bandwidth-per-watt a hard constraint; Coherent’s vertically integrated photonics stack can compound by scaling datacenter optics content while pushing into higher-value sockets (packaging-adjacent engines, switching-adjacent modules, and materials supply assurance), with debt paydown improving equity quality as the cycle matures.
|
| 119 |
BWXT
|
defense
energy
healthcare
nuclear
|
BWX Technologies, Inc.
|
1.9x
|
0.60
|
BWXT compounds from a scarce, security-cleared nuclear manufacturing base (Navy + NNSA-adjacent programs) while shifting mix toward higher-multiple commercial services and medical isotope supply; credible microreactor/fuel execution adds an asymmetric option on “firm power for compute” by 2031.
|
| 120 |
FN
|
ai
communications
hardware
networking
|
Fabrinet
|
1.8x
|
0.60
|
As bandwidth demand shifts from “more servers” to “more photonics per server,” Fabrinet’s scarce, trusted optical manufacturing capacity (plus automation and higher-complexity packaging) can compound revenue at a high-teens rate, with EV growth still attractive even after some multiple normalization.
|
| 121 |
LITE
|
ai
hardware
networking
semiconductors
|
Lumentum Holdings Inc.
|
1.8x
|
0.70
|
AI clusters are becoming bandwidth- and power-limited; Lumentum can compound content via higher-speed lasers/components plus optical switching and selective attach, scaling revenue materially while the stock rerates down to a more normal optics multiple—still leaving room for roughly ~2x EV growth by 2031 if execution holds.
|
| 122 |
ASML
|
ai
hardware
semiconductors
|
ASML Holding N.V.
|
1.8x
|
0.70
|
ASML stays the leading-edge compute choke-point; as AI raises lithography intensity and High-NA ramps, ASML can grow revenue while shifting mix toward higher-visibility services/software, supporting premium (but not expanding) multiples despite export-control drag.
|
| 123 |
TLN
|
ai
energy
nuclear
|
Talen Energy Corporation
|
1.8x
|
0.70
|
Talen’s non-linear upside is converting PJM scarcity (AI/data-center load) into bankable multi-year cash flows via nuclear clean-firm contracting plus newly acquired best-in-class PJM gas—then compounding per-share value through disciplined deleveraging/buybacks.
|
| 124 |
ETN
|
aerospace
automation
energy
hardware
software
|
Eaton Corporation plc
|
1.8x
|
0.70
|
Eaton compounds by owning the reliability-and-safety layer at the power bottleneck: as AI data centers and grid investment scale, Eaton can grow content per site (power + thermal), compress project lead-times via modularization, and raise lifecycle service/software attach—enough to sustain premium industrial economics even with some cycle volatility.
|
| 125 |
EQIX
|
ai
cloud
enterprise
networking
|
Equinix, Inc.
|
1.7x
|
0.70
|
Equinix is a scarce-asset allocator in the AI era: it sells power-secured, metro-proximate capacity plus neutral interconnection “gravity.” If it converts its multi-year build cycle into faster lease-up (especially AI-heavy deployments) while expanding attach of higher-margin connectivity/security-style services, EQIX can compound revenue materially despite capex intensity.
|
| 126 |
GOOG
|
advertising
ai
cloud
software
transportation
|
Alphabet Inc.
|
1.7x
|
0.80
|
Over the next 5 years, Google compounds by fusing frontier AI into its default distribution (Search/YouTube/Android/Chrome) to capture more “agentic” outcomes, while scaling Google Cloud on a cost-advantaged compute stack; the main governors are sustained AI capex/depreciation and antitrust remedies that weaken defaults or ad-tech leverage.
|
| 127 |
STEM
|
ai
energy
enterprise
software
|
Stem, Inc.
|
1.6x
|
0.60
|
If Stem turns its solar+storage operating footprint into a higher-trust, security-first subscription platform (controls, workflows, managed optimization), it can grow into rising grid volatility and AI-driven load growth while earning a gradual multiple re-rate as execution de-risks.
|
| 128 |
HPE
|
ai
cloud
enterprise
hardware
networking
|
Hewlett Packard Enterprise Company
|
1.6x
|
0.55
|
HPE’s 5-year upside is a quality/mix flywheel: turn lumpy enterprise/sovereign AI buildouts into repeatable “AI systems + networking + automated ops + financing” outcomes, lifting recurring software/services attach and stabilizing margins enough to earn a modest rerate despite hardware cyclicality and GPU dependence.
|
| 129 |
NEE
|
ai
energy
nuclear
|
NextEra Energy, Inc.
|
1.5x
|
0.60
|
AI-driven electricity demand turns interconnection speed, firm clean capacity, and grid reliability into scarce products; NextEra can compound by converting that scarcity into regulated rate-base growth at FPL plus long-dated contracted builds at NEER, with additional option value from nuclear restart and “firm power” productization.
|