Loading

HomeMarkets

Where is the money flowing?

Start with the map of who’s big across the AI stack and where it chokes. Then pull any single name apart — what it’s really levered to, what would break the thesis — before you commit.

AI-stack value flow

Follow the money through the AI stack.

A market-cap bubble network and a supply-chain bottleneck pipe: who’s big, how much moves between them, and where the physical ceilings — CoWoS, HBM — choke.

See the money map

Pull a name apart

Names we cover , , , , ,

Covered names

31

AI compute systems — GPUs, the CUDA software stack, and NVLink rack-scale interconnect sold as one machine.

Compute → accelerators & interconnect

Leading-edge logic wafer manufacturing and CoWoS advanced packaging for nearly every AI chip.

Compute → fabrication & packaging

AI-cluster fabric — network switching, optical transceivers, and hyperscaler custom-accelerator co-design.

Compute → fabric & custom silicon

High-Bandwidth Memory (HBM) design and fabrication — the current schedule and quality leader.

Compute → memory (HBM)

HBM and enterprise DRAM supply — the only US-headquartered frontier DRAM maker.

Compute → memory (HBM/DRAM)

Samsung Electronics

DRAM and HBM supply plus a logic foundry — the swing vendor of the AI supply chain.

Compute → memory & foundry

Indium-phosphide lasers and co-packaged-optics components — the start and end of every optical link.

Compute → optical interconnect

Frontier transceiver laser arrays and optical materials — the second indium-phosphide vendor.

Compute → optical interconnect

Tower Semiconductor

Specialty foundry for silicon-photonics manufacturing and transceiver chips.

Compute → silicon photonics

Silicon-carbide (SiC) power semiconductors and solid-state grid-conversion hardware.

Power → SiC & grid hardware

Hard-disk-drive systems and HAMR technology for petabyte-scale AI cold storage.

Compute → storage (cold data)

Western Digital

Enterprise HDD and NAND flash systems — the second supply path for AI cold storage.

Compute → storage (cold data)

The full-stack AI player: Gemini models, DeepMind research, custom TPUs, and the distribution of Search, Android, YouTube, and Cloud.

Models → frontier lab + TPUs

Social apps at billions of users, the Llama open-weight ecosystem, Meta Superintelligence Labs, and a wearable bet on glasses.

Models → open weights + consumer distribution

AWS hyperscale cloud, custom Trainium and Inferentia silicon, plus retail logistics and warehouse robotics.

Compute → hyperscale cloud + custom silicon

The device layer where personal AI should live: on-device inference, Private Cloud Compute, and Siri, across a billion-plus install base.

Models → on-device AI + device distribution

Global streaming at scale, using AI for recommendation, localization, ad targeting, and creative previsualization.

Models → applied AI in consumer media

Advanced Micro Devices

EPYC server CPUs and Instinct MI-series GPUs, the credible second source to NVIDIA in AI accelerators.

Compute → accelerators (second source)

EUV and High-NA EUV lithography scanners, the sole supplier of the tool every leading-edge chip needs.

Compute → lithography (EUV chokepoint)

Arista Networks

High-performance Ethernet switching that scales GPUs into a training fabric, the open-networking alternative for AI clusters.

Compute → networking (AI back-end fabric)

Marvell Technology

Hyperscaler custom-accelerator co-design, electro-optics, and data-center networking, the second custom-silicon toll road.

Compute → custom silicon & optics

Azure cloud, the OpenAI partnership, and Copilot across Windows, Office, and GitHub, AI sold through the channels enterprises already buy.

Models → enterprise AI distribution

Data-center power distribution, UPS, busways, and the liquid cooling that high-density AI racks now require.

Power → data-center power & cooling

Electrical switchgear, busways, and power-management gear for data centers, plus electrification across industry, aerospace, and vehicles.

Power → electrical infrastructure

Gas turbines, grid equipment, and wind, the generation and transmission side of the AI power crunch.

Power → electricity supply & grid

A specialized GPU cloud renting NVIDIA capacity (Hopper, Blackwell) to AI labs and enterprises.

Compute → GPU cloud (neocloud)

A European GPU cloud (spun out of former Yandex assets) renting NVIDIA capacity to AI customers.

Compute → GPU cloud (neocloud)

A data-center operator (rooted in bitcoin mining) converting owned, energized sites into AI and HPC GPU-cloud capacity.

Compute → power-first GPU cloud

PCIe and CXL retimers, smart cable modules, and fabric switches that move data inside and between AI servers.

Compute → connectivity (interconnect)

Amkor Technology

An outsourced assembly and test (OSAT) provider, including the advanced packaging AI accelerators depend on.

Compute → packaging (OSAT)

OCI cloud infrastructure scaling into AI compute, on top of a database, ERP, and applications (Fusion, NetSuite) franchise.

Compute → AI cloud + enterprise SaaS

The Nasdaq-100

101

16 curated names open a full dossier. The rest run a live diligence read, real-time numbers and a structural judgment, at the tap.

Semiconductors & hardware

22

NVDANvidia AMDAdvanced Micro Devices AVGOBroadcom AMATApplied Materials ARMArm Holdings ASMLASML Holding ADIAnalog Devices INTCIntel KLACKLA Corporation LRCXLam Research MRVLMarvell Technology MCHPMicrochip Technology MUMicron Technology MPWRMonolithic Power Systems NXPINXP Semiconductors QCOMQualcomm TXNTexas Instruments SNDKSandisk STXSeagate Technology WDCWestern Digital LITELumentum CSCOCisco

Software & cybersecurity

13

PLTRPalantir Technologies SNPSSynopsys CDNSCadence Design Systems CRWDCrowdStrike PANWPalo Alto Networks FTNTFortinet ZSZscaler ADBEAdobe INTUIntuit ADSKAutodesk WDAYWorkday DDOGDatadog MSTRMicroStrategy

Megacap platforms

8

GOOGLAlphabet (Class A)GOOGAlphabet (Class C)AMZNAmazon AAPLApple METAMeta Platforms MSFTMicrosoft NFLXNetflix TSLATesla

Internet & commerce

8

ABNBAirbnb BKNGBooking Holdings DASHDoorDash MELIMercadoLibre PDDPDD Holdings SHOPShopify PYPLPayPal APPAppLovin

Media & communications

6

CMCSAComcast CHTRCharter Communications TMUST-Mobile US WBDWarner Bros. Discovery EAElectronic Arts TTWOTake-Two Interactive

Healthcare & biotech

10

ALNYAlnylam Pharmaceuticals AMGNAmgen DXCMDexCom GEHCGE HealthCare GILDGilead Sciences IDXXIdexx Laboratories INSMInsmed ISRGIntuitive Surgical REGNRegeneron Pharmaceuticals VRTXVertex Pharmaceuticals

Energy & utilities

6

CEGConstellation Energy AEPAmerican Electric Power EXCExelon XELXcel Energy BKRBaker Hughes FANGDiamondback Energy

Industrials & services

16

HONHoneywell AXONAxon Enterprise ROPRoper Technologies CTASCintas FASTFastenal PCARPaccar CSXCSX ODFLOld Dominion Freight Line VRSKVerisk Analytics PAYXPaychex ADPAutomatic Data Processing CPRTCopart CTSHCognizant TRIThomson Reuters FERFerrovial LINLinde

Consumer & retail

12

COSTCostco WMTWalmart PEPPepsiCo MDLZMondelez International MNSTMonster Beverage KDPKeurig Dr Pepper KHCKraft Heinz CCEPCoca-Cola Europacific Partners SBUXStarbucks MARMarriott International ROSTRoss Stores ORLYO'Reilly Automotive

Structural research for your own use, not financial advice, and not a recommendation to buy or sell. You make the call.