We measured every tokenised AI stock on Solana. Most of them are fiction.

Sixty-one AI-related tickers exist as tokens on Solana. Nine can be bought properly. Forty-nine have no market at all: a mint address, a ticker, a price feed, and nobody on the other side of the trade.

We measured all of them on 31 July 2026, against live markets, at three order sizes. Nobody asked us to. We will get to why we were counting.

What "buyable" has to mean#

Two checks, and the second one is the whole job.

The first is pool size. At least $40,000 sitting in the market. This is a smell test and a weak one.

The second is what a real order actually costs. We quote $100, $1,000 and $5,000 and record the price impact at each. One probe tells you the level. Three tell you the shape, and the shape is the part that matters.

A market where cost rises with size is depth. You pay more for a bigger order, which is normal and fine. A market where cost is the same at $50 and at $5,000 is a spread. Every buyer loses that amount walking in, and buying smaller does not save you.

Broadcom cleared the pool test at $53,000 and charged about 1.9% at every size. That one asset is why the cost gate exists in its current form.

The dead list#

The AI trade you read about is mostly not here.

Chips beyond Nvidia and Broadcom are gone. AMD has $905 of liquidity. TSMC has $253. Micron $1,289. Arm, Lam Research and Applied Materials are at zero or a rounding error above it. ASML has $153.

The neoclouds do not exist. CoreWeave is at zero. Nebius has $149. IREN, Applied Digital, Cipher and TeraWulf are all at zero.

Power and cooling is the one that hurts, because it is the best story in the sector and the most obvious bottleneck. Vertiv: zero. GE Vernova: zero. Constellation: two dollars. Vistra, Oklo, NuScale, Eaton: zero.

Optics and networking, the picks and shovels of the picks and shovels: nothing.

Three more have a market and it is not good enough. Palantir has $21,600 and costs 2.88% to enter at $1,000. Intel and Marvell sit under the floor.

That leaves nine names. Nvidia, Microsoft, Alphabet, Amazon, Apple, Broadcom, Meta, and the two index products, QQQ and SPY.

The same name, two ways#

Take SK Hynix, one of the memory makers at the centre of the AI supply chain.

As something you can own on Solana: $634 of liquidity. The Ondo version of it: zero. Adobe, for comparison: one dollar.

Now the same names as leveraged bets. On a Hyperliquid market called xyz, SK Hynix does $755 million of volume a day at ten times leverage. SanDisk does $704 million. A DRAM index does $417 million at twenty times. Samsung $155 million. Micron $600 million.

So the memory trade is one of the most liquid things in crypto, provided you want it with a liquidation price attached. If you want to simply own the shares, there is $634 there and you are competing with everyone else who wants the same $634.

That gap is the whole finding. On-chain markets for AI equities have organised themselves almost entirely around betting on the trade, and almost not at all around holding it.

Searching by ticker will get you robbed#

Type AVGO into a Solana token search and you get four different mints calling themselves AVGOx. Three are fake. The real one has $56,000 behind it and the impostors have two or three thousand dollars each, which is enough to look real in a list.

The best example is not even an AI name. Search SOx expecting Southern Company and you get a pump.fun token called Opensox.

This is why every mint address in our registry was read off an API and re-verified by script, and why none of them were ever typed by hand.

Ondo tokenises the missing names. You still cannot buy them.#

Ondo Global Markets covers a lot of what is dead elsewhere: Micron, Intel, Marvell, Nvidia, QQQ, SPY, Tesla, MicroStrategy. The tokens are real and the prices are right. Ondo's Micron token reads $821.87 against a real $823.03. It has a $42 million float.

Then you look for somewhere to trade it.

Across Ethereum, BNB Chain, HyperEVM and Solana, every pool holding that token adds up to about $18,000, doing roughly $1,600 of volume a day. CoinGecko lists zero venues for it. The $26 million of daily "volume" you see quoted is minting and redemption, not people buying from each other.

Ondo's equities are a mint and redeem product. You get them by going to Ondo, passing KYC, and having them issue to your address. You leave the same way. No aggregator can route it, because there is nothing to route through.

Hyperliquid has the missing names as perps, and fakes in spot#

Both halves of this are true and they point in opposite directions.

The perps are real. That xyz market lists 103 contracts, and 19 of them are names with no spot market anywhere. The oracle prices are accurate to under a percent. They are also perpetual futures at ten to twenty times leverage. You never own the share, you pay funding continuously, and you have a liquidation price.

Hyperliquid's spot market also lists AAPL, NVDA, META, SPY, QQQ, MU and ORCL. Those are permissionless tokens and anyone can deploy one with any ticker. Here is what they were priced at against reality:

SPY: $61.48 there, $747.03 in reality. MU: $0.0672 there, $823.03 in reality. AAPL: $0.0578 there, $308.91 in reality. AMZN: $2,000.00 there, $271.58 in reality. QQQ: $461.90 there, $687.99 in reality.

That last one is the one to sit with. Someone traded $1.57 million of a token called QQQ, at a price 33% below the index it claims to track, on a venue where the real thing has a functioning perp market thirty pixels away.

The same asset, twice, twelve hours apart#

On Friday, Broadcom cost 0.11% to enter at $50. On Saturday morning the same probe read 1.99%. Same asset, same size, same code.

Nothing had improved or broken. One reading was taken while New York was open and one was not.

A tokenised stock is quoted by someone who hedges the real share on the real exchange. When the exchange is shut they cannot hedge, so they widen or step back. Nvidia is deep enough not to care and holds 0.06% through the weekend. Anything marginal costs several times more at 3am on a Saturday than at lunchtime on a Tuesday.

Which means every number in this piece has a timestamp attached, including the ones that flatter us. A single measurement tells you what an asset cost at the moment you looked. It does not tell you what it costs.

If you are going to check any of this, and you should, check it during New York hours and check it more than once.

Forty-nine of sixty-one have no market at any hour. Bridging to another chain does not help, because the other chains are empty too. Backed's AMD token on Ethereum holds $262.

What we did with the nine that survived#

Foundation is four portfolios built out of that list. Nvidia and Broadcom on the supply side. Microsoft, Alphabet and Amazon on the spending side. Tokenised Treasuries for the part that should not be a bet at all. You buy from your own wallet, the assets land in your account, we hold nothing and we charge nothing.

The portfolios are the smaller half of the work. Every number in this piece can be reproduced in an afternoon by anyone who wants to check us, and the whole map sits at app.fdnusd.com/universe, regenerated by script rather than written by hand.

Nine names is not much of a menu. As far as we can tell, it is the entire menu.