Themes · board of Friday 25 September

AI Infrastructure is 76% trending up. Defence & Space is 31%. The market sits at 57%.

AI Infrastructure has led every week since 13 March. Defence & Space was ahead in January, at 98%.

Share above the 200-day line, each week's last close. Today's members, measured back.

The questions, side by side

Board of Fri 25 Sept

	AI InfrastructureThe build-out, company by company	Defence & SpaceRearmament and the space race	Whole market
How much of it is trending up?	76%42 of 55 above their 200-day line	31%17 of 54 above their 200-day line · 2 too new to read	57%171 of 300
Where has it been this year?	High 96% on 24 Oct · low 62% on 27 Mar	High 98% on 23 Jan · low 24% on 11 Sept	High 80% · low 48%
Which way did it go this week?	+4.4%median name · +2.2% over a month	-1.5%median name · -7.6% over a month	+0.3%-3.4% over a month
Which part of the chain is strongest?	Memory4 of 4 above · +4.7% this week	Aero engines4 of 4 above · +4.1% this week
Which part is weakest?	Power5 of 9 above · +1.8% this week	Components0 of 3 above · +2.8% this week
Who crossed the line this week?	UpTT CRDO AMAT KLACDownAVGO ENR.DE CIEN AMKR	UpGE TDY CHG.L MTX.DE RDWDownBA.L RTX HO.PA VOYG GD OSK +1 more
What moved most?	Astera Labs +20.2%then Credo Technology +19.9%, Cadence +15.3%	Firefly Aerospace +16.2%, still under its linethen Rocket Lab +14.5%, Intuitive Machines +12.1%
What's the latest news?	Nscale raises $3.36 billion in convertible financing ahead of a planned US IPO reportedly targeting $35 billion in value26 Sept	Rocket Lab to acquire Iridium after shareholder approval, deal expected to close by mid-2027.26 Sept
	Open AI Infrastructure →	Open Defence & Space →	The whole market →

AI InfrastructureThe build-out, company by company

How much of it is trending up?: 76%42 of 55 above their 200-day line · market 57%
Where has it been this year?: High 96% on 24 Oct · low 62% on 27 Mar · market high 80% · low 48%
Which way did it go this week?: +4.4%median name · +2.2% over a month · market +0.3%
Which part of the chain is strongest?: Memory4 of 4 above · +4.7% this week
Which part is weakest?: Power5 of 9 above · +1.8% this week
Who crossed the line this week?: UpTT CRDO AMAT KLACDownAVGO ENR.DE CIEN AMKR
What moved most?: Astera Labs +20.2%then Credo Technology +19.9%, Cadence +15.3%
What's the latest news?: Nscale raises $3.36 billion in convertible financing ahead of a planned US IPO reportedly targeting $35 billion in value26 Sept

Defence & SpaceRearmament and the space race

How much of it is trending up?: 31%17 of 54 above their 200-day line · 2 too new to read · market 57%
Where has it been this year?: High 98% on 23 Jan · low 24% on 11 Sept · market high 80% · low 48%
Which way did it go this week?: -1.5%median name · -7.6% over a month · market +0.3%
Which part of the chain is strongest?: Aero engines4 of 4 above · +4.1% this week
Which part is weakest?: Components0 of 3 above · +2.8% this week
Who crossed the line this week?: UpGE TDY CHG.L MTX.DE RDWDownBA.L RTX HO.PA VOYG GD OSK +1 more
What moved most?: Firefly Aerospace +16.2%, still under its linethen Rocket Lab +14.5%, Intuitive Machines +12.1%
What's the latest news?: Rocket Lab to acquire Iridium after shareholder approval, deal expected to close by mid-2027.26 Sept

A five-minute read, Monday to Saturday before the New York open: what moved, what's reporting, and two stocks worth a look.