[Whitepaper] Global Small Caps & AI Supply Chains

Apis Capital maps 409 companies across the global AI supply chain to reveal where value accrued, highlighting the importance of global small caps in this dynamic ecosystem.

Could some of the most compelling opportunities in the AI boom lie in the global small caps powering its supply chain?

Our investment partner, Apis Capital, has mapped 409 companies across the global AI supply chain, from power and semiconductors to optical components and servers.

In their recent white paper, Apis finds that, over the period studied, smaller companies and suppliers outside the US often recorded stronger share-price gains than their larger counterparts.

The paper uses AI as a timely example of Apis' broader investment approach: following supply chains across geographies and market cap sizes to uncover unique businesses around the world that may be overlooked.

Apis Capital Supply Chain White Paper - October 2026.pdf

PDF 457.24KB

10 November 2026

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This report is authored by Apis Capital Advisors. The views expressed are solely those of the author(s) and not Ironbark Asset Management (Fund Services) Limited ABN 63 116 232 154 AFSL 298626, trading as Ironbark Investment Solutions (Ironbark). Ironbark does not endorse or take responsibility for the accuracy or completeness of the information contained in this article. You should seek independent advice having regard to your objectives, financial situation, and needs before making any investment decision. The views expressed in this article do not necessarily reflect the views, opinions or positions of Ironbark, its affiliates, employees or representatives.