{ "pack_id": "silicon-capital-sample-v1", "generated_at": "2026-09-20T20:49:38.751408+00:00", "description": "Sample structured outputs from Silicon Capital research OS (stack map, underwriting scorecards, benchmarks, optional fund flows, portfolio risk). Seed/eval design-partner pack \u2014 not a live market data feed.", "license": "SAMPLE / design-partner eval \u2014 see license_text; no commercial redistribution or training rights.", "license_text": "Silicon Capital \u2014 Sample Data Pack License (Non-Commercial)\n\nCopyright (c) MOMENTUM LABS LLC. All rights reserved except as expressly granted below.\nSilicon Capital is an educational research product of MOMENTUM LABS LLC.\nNot investment advice.\n\n1. Grant\n You may download and use this SAMPLE pack solely for:\n - internal evaluation and non-commercial research (eval);\n - evaluating a potential design-partner, pilot, API, or commercial license\n with MOMENTUM LABS LLC.\n\n2. Restrictions\n You may NOT, without a separate written commercial / design-partner license:\n - redistribute, sublicense, or resell the data (in whole or part);\n - use the data to train, fine-tune, distill, or evaluate machine learning /\n foundation models for a product you sell or host for third parties;\n - embed the data in a competing terminal, data feed, or multi-tenant SaaS;\n - scrape, bulk-mirror, or rehost the pack as a public dataset;\n - remove this license notice.\n\n This sample license is an eval / design-partner grant, not a clickwrap\n marketplace purchase.\n\n3. Model training\n Model training, fine-tuning, synthetic generation for commercial models, and\n inclusion in public training corpora are NOT granted under this sample license.\n Contact us for a commercial / training-rights license.\n\n4. No warranty\n SAMPLE DATA IS PROVIDED \"AS IS\" FOR DEMONSTRATION. This is a seed/eval pack,\n not a live market data feed. Scorecards and institutional figures may be\n seed/illustrative. Educational tools only. Not investment advice.\n\n5. Contact\n For design-partner eval, pilots, commercial API, redistribution, or AI\n training rights: use the /data waitlist (sources: data_pilot, api_commercial)\n or email the operator at MOMENTUM LABS LLC.\n\nEnd of sample license.\n", "commercial_tiers_doc": "docs/COMMERCIAL_DATA_LICENSE.md", "products_represented": [ "stack_taxonomy", "underwriting_scorecards", "benchmarks", "institutional_fund_flows", "portfolio_thesis_risk" ], "tickers": [ "NVDA", "ASML", "TSM", "CEG", "AVGO", "VRT", "MSFT", "AMAT" ], "stack_map": [ { "ticker": "AMAT", "name": "Applied Materials", "stack_roles": [ "wafer_equipment" ], "cycle": "equipment_capex", "peers": [ "LRCX", "KLAC", "ASML" ] }, { "ticker": "ASML", "name": "ASML Holding", "stack_roles": [ "lithography" ], "cycle": "equipment_capex", "peers": [ "AMAT", "LRCX", "KLAC" ] }, { "ticker": "AVGO", "name": "Broadcom", "stack_roles": [ "networking_optics", "analog_power_ics" ], "cycle": "ai_capex", "peers": [ "NVDA", "MRVL", "CRDO" ] }, { "ticker": "CEG", "name": "Constellation Energy", "stack_roles": [ "power_energy" ], "cycle": "power_cooling", "peers": [ "VST", "NRG" ] }, { "ticker": "MSFT", "name": "Microsoft", "stack_roles": [ "cloud_hyperscaler" ], "cycle": "ai_capex", "peers": [ "GOOGL", "AMZN", "META" ] }, { "ticker": "NVDA", "name": "NVIDIA", "stack_roles": [ "accelerators_gpu", "networking_optics" ], "cycle": "ai_capex", "peers": [ "AMD", "AVGO", "TSM" ] }, { "ticker": "TSM", "name": "Taiwan Semiconductor", "stack_roles": [ "foundry" ], "cycle": "foundry_utilization", "peers": [ "INTC", "GFS", "UMC" ] }, { "ticker": "VRT", "name": "Vertiv Holdings", "stack_roles": [ "cooling_thermal", "power_energy", "data_center_infra" ], "cycle": "power_cooling", "peers": [ "ETN", "CARR" ] } ], "underwrites": [ { "ticker": "NVDA", "company_name": "NVIDIA", "stack_roles": [ "accelerators_gpu", "networking_optics" ], "cycle": "ai_capex", "overall_score": 7.09, "overall_band": "watch", "flags": [ "WATCH: critical stack node with high customer concentration", "BAND: watchlist quality \u2014 size carefully" ], "peers": [ "AMD", "AVGO", "TSM" ], "factors": [ { "name": "stack_importance", "score": 10, "band": "strong", "detail": "Stack importance rating 10/10 for roles: accelerators_gpu, networking_optics", "weight": 1.2 }, { "name": "competitive_moat", "score": 9.0, "band": "strong", "detail": "Moat assessment: high", "weight": 1.1 }, { "name": "customer_concentration", "score": 2.0, "band": "weak", "detail": "Customer concentration: high (high = more single-customer / hyperscaler risk)", "weight": 1.0 }, { "name": "balance_sheet", "score": 9.0, "band": "strong", "detail": "Balance sheet: strong", "weight": 0.9 }, { "name": "dilution_capital_risk", "score": 9.0, "band": "strong", "detail": "Dilution / capital risk: low", "weight": 0.8 }, { "name": "valuation_margin_of_safety", "score": 3.0, "band": "weak", "detail": "Valuation band: premium", "weight": 0.9 }, { "name": "cycle_position", "score": 7.0, "band": "watch", "detail": "Mapped cycle: ai_capex", "weight": 0.8 } ], "coverage_source": "seed", "scoring_depth": "full", "notes": "CUDA software lock-in plus Hopper/Blackwell attach; NVLink/Spectrum makes this a networking node too. Hyperscaler customer concentration is the main operational risk, not a missing moat." }, { "ticker": "ASML", "company_name": "ASML Holding", "stack_roles": [ "lithography" ], "cycle": "equipment_capex", "overall_score": 7.09, "overall_band": "watch", "flags": [ "WATCH: critical stack node with high customer concentration", "BAND: watchlist quality \u2014 size carefully" ], "peers": [ "AMAT", "LRCX", "KLAC" ], "factors": [ { "name": "stack_importance", "score": 10, "band": "strong", "detail": "Stack importance rating 10/10 for roles: lithography", "weight": 1.2 }, { "name": "competitive_moat", "score": 9.0, "band": "strong", "detail": "Moat assessment: high", "weight": 1.1 }, { "name": "customer_concentration", "score": 2.0, "band": "weak", "detail": "Customer concentration: high (high = more single-customer / hyperscaler risk)", "weight": 1.0 }, { "name": "balance_sheet", "score": 9.0, "band": "strong", "detail": "Balance sheet: strong", "weight": 0.9 }, { "name": "dilution_capital_risk", "score": 9.0, "band": "strong", "detail": "Dilution / capital risk: low", "weight": 0.8 }, { "name": "valuation_margin_of_safety", "score": 3.0, "band": "weak", "detail": "Valuation band: premium", "weight": 0.9 }, { "name": "cycle_position", "score": 7.0, "band": "watch", "detail": "Mapped cycle: equipment_capex", "weight": 0.8 } ], "coverage_source": "seed", "scoring_depth": "full", "notes": "Sole high-NA / EUV lithography franchise. Capacity, not competition, is the cycle constraint. Customer set is a handful of foundries." }, { "ticker": "TSM", "company_name": "Taiwan Semiconductor", "stack_roles": [ "foundry" ], "cycle": "foundry_utilization", "overall_score": 7.09, "overall_band": "watch", "flags": [ "WATCH: critical stack node with high customer concentration", "BAND: watchlist quality \u2014 size carefully" ], "peers": [ "INTC", "GFS", "UMC" ], "factors": [ { "name": "stack_importance", "score": 10, "band": "strong", "detail": "Stack importance rating 10/10 for roles: foundry", "weight": 1.2 }, { "name": "competitive_moat", "score": 9.0, "band": "strong", "detail": "Moat assessment: high", "weight": 1.1 }, { "name": "customer_concentration", "score": 2.0, "band": "weak", "detail": "Customer concentration: high (high = more single-customer / hyperscaler risk)", "weight": 1.0 }, { "name": "balance_sheet", "score": 9.0, "band": "strong", "detail": "Balance sheet: strong", "weight": 0.9 }, { "name": "dilution_capital_risk", "score": 9.0, "band": "strong", "detail": "Dilution / capital risk: low", "weight": 0.8 }, { "name": "valuation_margin_of_safety", "score": 3.0, "band": "weak", "detail": "Valuation band: premium", "weight": 0.9 }, { "name": "cycle_position", "score": 7.0, "band": "watch", "detail": "Mapped cycle: foundry_utilization", "weight": 0.8 } ], "coverage_source": "seed", "scoring_depth": "full", "notes": "Only full-stack advanced foundry at leading nodes. EUV tool supply (ASML) and Taiwan geography sit upstream of every AI accelerator print." }, { "ticker": "CEG", "company_name": "Constellation Energy", "stack_roles": [ "power_energy" ], "cycle": "power_cooling", "overall_score": 6.15, "overall_band": "watch", "flags": [ "CAUTION: premium valuation without high moat", "BAND: watchlist quality \u2014 size carefully" ], "peers": [ "VST", "NRG" ], "factors": [ { "name": "stack_importance", "score": 8.0, "band": "strong", "detail": "Stack importance rating 8.0/10 for roles: power_energy", "weight": 1.2 }, { "name": "competitive_moat", "score": 6.0, "band": "watch", "detail": "Moat assessment: medium", "weight": 1.1 }, { "name": "customer_concentration", "score": 5.0, "band": "caution", "detail": "Customer concentration: medium (high = more single-customer / hyperscaler risk)", "weight": 1.0 }, { "name": "balance_sheet", "score": 5.0, "band": "caution", "detail": "Balance sheet: adequate", "weight": 0.9 }, { "name": "dilution_capital_risk", "score": 9.0, "band": "strong", "detail": "Dilution / capital risk: low", "weight": 0.8 }, { "name": "valuation_margin_of_safety", "score": 3.0, "band": "weak", "detail": "Valuation band: premium", "weight": 0.9 }, { "name": "cycle_position", "score": 7.0, "band": "watch", "detail": "Mapped cycle: power_cooling", "weight": 0.8 } ], "coverage_source": "seed", "scoring_depth": "full", "notes": "Largest unregulated nuclear fleet in the US; 24/7 carbon-free power for AI load. Policy and PPA duration matter more than spark spreads." }, { "ticker": "AVGO", "company_name": "Broadcom", "stack_roles": [ "networking_optics", "analog_power_ics" ], "cycle": "ai_capex", "overall_score": 6.91, "overall_band": "watch", "flags": [ "WATCH: critical stack node with high customer concentration", "BAND: watchlist quality \u2014 size carefully" ], "peers": [ "NVDA", "MRVL", "CRDO" ], "factors": [ { "name": "stack_importance", "score": 9.0, "band": "strong", "detail": "Stack importance rating 9.0/10 for roles: networking_optics, analog_power_ics", "weight": 1.2 }, { "name": "competitive_moat", "score": 9.0, "band": "strong", "detail": "Moat assessment: high", "weight": 1.1 }, { "name": "customer_concentration", "score": 2.0, "band": "weak", "detail": "Customer concentration: high (high = more single-customer / hyperscaler risk)", "weight": 1.0 }, { "name": "balance_sheet", "score": 9.0, "band": "strong", "detail": "Balance sheet: strong", "weight": 0.9 }, { "name": "dilution_capital_risk", "score": 9.0, "band": "strong", "detail": "Dilution / capital risk: low", "weight": 0.8 }, { "name": "valuation_margin_of_safety", "score": 3.0, "band": "weak", "detail": "Valuation band: premium", "weight": 0.9 }, { "name": "cycle_position", "score": 7.0, "band": "watch", "detail": "Mapped cycle: ai_capex", "weight": 0.8 } ], "coverage_source": "seed", "scoring_depth": "full", "notes": "Custom ASICs + VMware/software cash cow; merchant networking (Tomahawk/Jericho) is the AI-cluster attach. Customer concentration at hyperscalers." }, { "ticker": "VRT", "company_name": "Vertiv Holdings", "stack_roles": [ "cooling_thermal", "power_energy", "data_center_infra" ], "cycle": "power_cooling", "overall_score": 6.15, "overall_band": "watch", "flags": [ "CAUTION: premium valuation without high moat", "BAND: watchlist quality \u2014 size carefully" ], "peers": [ "ETN", "CARR" ], "factors": [ { "name": "stack_importance", "score": 8.0, "band": "strong", "detail": "Stack importance rating 8.0/10 for roles: cooling_thermal, power_energy, data_center_infra", "weight": 1.2 }, { "name": "competitive_moat", "score": 6.0, "band": "watch", "detail": "Moat assessment: medium", "weight": 1.1 }, { "name": "customer_concentration", "score": 5.0, "band": "caution", "detail": "Customer concentration: medium (high = more single-customer / hyperscaler risk)", "weight": 1.0 }, { "name": "balance_sheet", "score": 5.0, "band": "caution", "detail": "Balance sheet: adequate", "weight": 0.9 }, { "name": "dilution_capital_risk", "score": 9.0, "band": "strong", "detail": "Dilution / capital risk: low", "weight": 0.8 }, { "name": "valuation_margin_of_safety", "score": 3.0, "band": "weak", "detail": "Valuation band: premium", "weight": 0.9 }, { "name": "cycle_position", "score": 7.0, "band": "watch", "detail": "Mapped cycle: power_cooling", "weight": 0.8 } ], "coverage_source": "seed", "scoring_depth": "full", "notes": "Thermal/power chain for GPU halls (CDUs, UPS, busway). Fastest cycle name in cooling; backlog visibility is the underwrite." }, { "ticker": "MSFT", "company_name": "Microsoft", "stack_roles": [ "cloud_hyperscaler" ], "cycle": "ai_capex", "overall_score": 7.81, "overall_band": "strong", "flags": [ "BAND: strong underwriting profile (still not advice)" ], "peers": [ "GOOGL", "AMZN", "META" ], "factors": [ { "name": "stack_importance", "score": 9.0, "band": "strong", "detail": "Stack importance rating 9.0/10 for roles: cloud_hyperscaler", "weight": 1.2 }, { "name": "competitive_moat", "score": 9.0, "band": "strong", "detail": "Moat assessment: high", "weight": 1.1 }, { "name": "customer_concentration", "score": 8.0, "band": "strong", "detail": "Customer concentration: low (high = more single-customer / hyperscaler risk)", "weight": 1.0 }, { "name": "balance_sheet", "score": 9.0, "band": "strong", "detail": "Balance sheet: strong", "weight": 0.9 }, { "name": "dilution_capital_risk", "score": 9.0, "band": "strong", "detail": "Dilution / capital risk: low", "weight": 0.8 }, { "name": "valuation_margin_of_safety", "score": 3.0, "band": "weak", "detail": "Valuation band: premium", "weight": 0.9 }, { "name": "cycle_position", "score": 7.0, "band": "watch", "detail": "Mapped cycle: ai_capex", "weight": 0.8 } ], "coverage_source": "seed", "scoring_depth": "full", "notes": "Closed-loop AI: OpenAI, Azure, and CapEx. Stack role is cloud buyer of GPUs/power, not a chip vendor." }, { "ticker": "AMAT", "company_name": "Applied Materials", "stack_roles": [ "wafer_equipment" ], "cycle": "equipment_capex", "overall_score": 7.76, "overall_band": "strong", "flags": [ "BAND: strong underwriting profile (still not advice)" ], "peers": [ "LRCX", "KLAC", "ASML" ], "factors": [ { "name": "stack_importance", "score": 9.0, "band": "strong", "detail": "Stack importance rating 9.0/10 for roles: wafer_equipment", "weight": 1.2 }, { "name": "competitive_moat", "score": 9.0, "band": "strong", "detail": "Moat assessment: high", "weight": 1.1 }, { "name": "customer_concentration", "score": 5.0, "band": "caution", "detail": "Customer concentration: medium (high = more single-customer / hyperscaler risk)", "weight": 1.0 }, { "name": "balance_sheet", "score": 9.0, "band": "strong", "detail": "Balance sheet: strong", "weight": 0.9 }, { "name": "dilution_capital_risk", "score": 9.0, "band": "strong", "detail": "Dilution / capital risk: low", "weight": 0.8 }, { "name": "valuation_margin_of_safety", "score": 6.0, "band": "watch", "detail": "Valuation band: fair", "weight": 0.9 }, { "name": "cycle_position", "score": 7.0, "band": "watch", "detail": "Mapped cycle: equipment_capex", "weight": 0.8 } ], "coverage_source": "seed", "scoring_depth": "full", "notes": "Broadest wafer-fab equipment franchise (deposition, implant, metrology). Less unique than ASML but sits in every leading-edge recipe." } ], "benchmarks": { "universe_count": 97, "rankings": [ { "ticker": "AMZN", "company_name": "Amazon", "overall_score": 8.21, "overall_band": "strong", "stack_roles": [ "cloud_hyperscaler", "storage" ], "cycle": "ai_capex", "rank": 1, "factor_scores": { "stack_importance": 9.0, "competitive_moat": 9.0, "customer_concentration": 8.0, "balance_sheet": 9.0, "dilution_capital_risk": 9.0, "valuation_margin_of_safety": 6.0, "cycle_position": 7.0 } }, { "ticker": "GOOGL", "company_name": "Alphabet", "overall_score": 8.21, "overall_band": "strong", "stack_roles": [ "cloud_hyperscaler" ], "cycle": "ai_capex", "rank": 2, "factor_scores": { "stack_importance": 9.0, "competitive_moat": 9.0, "customer_concentration": 8.0, "balance_sheet": 9.0, "dilution_capital_risk": 9.0, "valuation_margin_of_safety": 6.0, "cycle_position": 7.0 } }, { "ticker": "ADI", "company_name": "Analog Devices", "overall_score": 7.85, "overall_band": "strong", "stack_roles": [ "analog_power_ics" ], "cycle": "industrial_auto", "rank": 3, "factor_scores": { "stack_importance": 7.0, "competitive_moat": 9.0, "customer_concentration": 8.0, "balance_sheet": 9.0, "dilution_capital_risk": 9.0, "valuation_margin_of_safety": 6.0, "cycle_position": 7.0 } }, { "ticker": "META", "company_name": "Meta Platforms", "overall_score": 7.85, "overall_band": "strong", "stack_roles": [ "cloud_hyperscaler" ], "cycle": "ai_capex", "rank": 4, "factor_scores": { "stack_importance": 7.0, "competitive_moat": 9.0, "customer_concentration": 8.0, "balance_sheet": 9.0, "dilution_capital_risk": 9.0, "valuation_margin_of_safety": 6.0, "cycle_position": 7.0 } }, { "ticker": "TXN", "company_name": "Texas Instruments", "overall_score": 7.85, "overall_band": "strong", "stack_roles": [ "analog_power_ics" ], "cycle": "industrial_auto", "rank": 5, "factor_scores": { "stack_importance": 7.0, "competitive_moat": 9.0, "customer_concentration": 8.0, "balance_sheet": 9.0, "dilution_capital_risk": 9.0, "valuation_margin_of_safety": 6.0, "cycle_position": 7.0 } }, { "ticker": "MSFT", "company_name": "Microsoft", "overall_score": 7.81, "overall_band": "strong", "stack_roles": [ "cloud_hyperscaler" ], "cycle": "ai_capex", "rank": 6, "factor_scores": { "stack_importance": 9.0, "competitive_moat": 9.0, "customer_concentration": 8.0, "balance_sheet": 9.0, "dilution_capital_risk": 9.0, "valuation_margin_of_safety": 3.0, "cycle_position": 7.0 } }, { "ticker": "AMAT", "company_name": "Applied Materials", "overall_score": 7.76, "overall_band": "strong", "stack_roles": [ "wafer_equipment" ], "cycle": "equipment_capex", "rank": 7, "factor_scores": { "stack_importance": 9.0, "competitive_moat": 9.0, "customer_concentration": 5.0, "balance_sheet": 9.0, "dilution_capital_risk": 9.0, "valuation_margin_of_safety": 6.0, "cycle_position": 7.0 } }, { "ticker": "LRCX", "company_name": "Lam Research", "overall_score": 7.76, "overall_band": "strong", "stack_roles": [ "wafer_equipment" ], "cycle": "equipment_capex", "rank": 8, "factor_scores": { "stack_importance": 9.0, "competitive_moat": 9.0, "customer_concentration": 5.0, "balance_sheet": 9.0, "dilution_capital_risk": 9.0, "valuation_margin_of_safety": 6.0, "cycle_position": 7.0 } }, { "ticker": "CSCO", "company_name": "Cisco Systems", "overall_score": 7.67, "overall_band": "strong", "stack_roles": [ "networking_optics", "data_center_infra" ], "cycle": "ai_capex", "rank": 9, "factor_scores": { "stack_importance": 6.0, "competitive_moat": 9.0, "customer_concentration": 8.0, "balance_sheet": 9.0, "dilution_capital_risk": 9.0, "valuation_margin_of_safety": 6.0, "cycle_position": 7.0 } }, { "ticker": "KEYS", "company_name": "Keysight Technologies", "overall_score": 7.67, "overall_band": "strong", "stack_roles": [ "test_metrology" ], "cycle": "design_spend", "rank": 10, "factor_scores": { "stack_importance": 6.0, "competitive_moat": 9.0, "customer_concentration": 8.0, "balance_sheet": 9.0, "dilution_capital_risk": 9.0, "valuation_margin_of_safety": 6.0, "cycle_position": 7.0 } } ], "band_distribution": { "strong": 12, "watch": 72, "caution": 11, "weak": 2 }, "peer_focus": "NVDA", "peer_benchmark": { "ticker": "NVDA", "overall_score": 7.09, "overall_band": "watch", "rank_in_cohort": 1, "cohort_size": 4, "cohort": [ { "ticker": "NVDA", "company_name": "NVIDIA", "overall_score": 7.09, "overall_band": "watch", "stack_roles": [ "accelerators_gpu", "networking_optics" ], "cycle": "ai_capex", "rank": 1, "factor_scores": { "stack_importance": 10, "competitive_moat": 9.0, "customer_concentration": 2.0, "balance_sheet": 9.0, "dilution_capital_risk": 9.0, "valuation_margin_of_safety": 3.0, "cycle_position": 7.0 } }, { "ticker": "AMD", "company_name": "Advanced Micro Devices", "overall_score": 7.09, "overall_band": "watch", "stack_roles": [ "accelerators_gpu" ], "cycle": "ai_capex", "rank": 2, "factor_scores": { "stack_importance": 8.0, "competitive_moat": 6.0, "customer_concentration": 5.0, "balance_sheet": 9.0, "dilution_capital_risk": 9.0, "valuation_margin_of_safety": 6.0, "cycle_position": 7.0 } }, { "ticker": "TSM", "company_name": "Taiwan Semiconductor", "overall_score": 7.09, "overall_band": "watch", "stack_roles": [ "foundry" ], "cycle": "foundry_utilization", "rank": 3, "factor_scores": { "stack_importance": 10, "competitive_moat": 9.0, "customer_concentration": 2.0, "balance_sheet": 9.0, "dilution_capital_risk": 9.0, "valuation_margin_of_safety": 3.0, "cycle_position": 7.0 } }, { "ticker": "AVGO", "company_name": "Broadcom", "overall_score": 6.91, "overall_band": "watch", "stack_roles": [ "networking_optics", "analog_power_ics" ], "cycle": "ai_capex", "rank": 4, "factor_scores": { "stack_importance": 9.0, "competitive_moat": 9.0, "customer_concentration": 2.0, "balance_sheet": 9.0, "dilution_capital_risk": 9.0, "valuation_margin_of_safety": 3.0, "cycle_position": 7.0 } } ], "factor_compare": [ { "name": "stack_importance", "score": 10, "band": "strong", "peer_mean": 9.0, "delta_vs_peers": 1.0 }, { "name": "competitive_moat", "score": 9.0, "band": "strong", "peer_mean": 8.0, "delta_vs_peers": 1.0 }, { "name": "customer_concentration", "score": 2.0, "band": "weak", "peer_mean": 3.0, "delta_vs_peers": -1.0 }, { "name": "balance_sheet", "score": 9.0, "band": "strong", "peer_mean": 9.0, "delta_vs_peers": 0.0 }, { "name": "dilution_capital_risk", "score": 9.0, "band": "strong", "peer_mean": 9.0, "delta_vs_peers": 0.0 }, { "name": "valuation_margin_of_safety", "score": 3.0, "band": "weak", "peer_mean": 4.0, "delta_vs_peers": -1.0 }, { "name": "cycle_position", "score": 7.0, "band": "watch", "peer_mean": 7.0, "delta_vs_peers": 0.0 } ] }, "api_endpoints": [ "GET /api/benchmarks", "GET /api/benchmarks/peers/", "GET /api/benchmarks/snapshot" ] }, "fund_flow_reports": [ { "ticker": "NVDA", "company_name": "NVIDIA", "stack_roles": [ "accelerators_gpu", "networking_optics" ], "period": "2026-Q2", "prior_period": "2026-Q1", "prior_prior_period": "", "history_periods": [ "2026-Q2", "2026-Q1" ], "summary": { "new": 0, "increase": 1, "decrease": 0, "exit": 0, "unchanged": 0 }, "buyers": [ "Renaissance Technologies LLC" ], "sellers": [], "holders": [ { "fund": "Renaissance Technologies LLC", "ticker": "NVDA", "shares": 7091256.0, "prior_shares": 2526948.0, "value_mm": 1418.87, "share_change": 4564308.0, "change_pct": 180.63, "direction": "increase", "period": "2026-Q2", "prior_prior_shares": null, "share_change_prior_period": null, "change_pct_prior_period": null } ], "data_nature": "fetched_13f", "source": "sec_edgar_13f", "as_of": "2026-06-30", "retrieved_at": "2026-08-22T22:50:00+00:00", "provenance": { "source": "sec_edgar_13f", "source_url": "https://data.sec.gov/submissions/", "as_of": "2026-06-30", "retrieved_at": "2026-08-22T22:50:00+00:00", "data_nature": "fetched_13f", "note": "Semi-live 13F-HR extract for a small coverage set. Lagged quarterly filings. Not real-time smart money." }, "fallback_reason": "", "disclaimer": "Quarterly Form 13F-HR extracts for a tiny manager watchlist. Lagged, incomplete, not real-time smart money. Educational only." }, { "ticker": "ASML", "company_name": "ASML Holding", "stack_roles": [ "lithography" ], "period": "2025-Q4", "prior_period": "2025-Q3", "prior_prior_period": "2025-Q2", "history_periods": [ "2025-Q4", "2025-Q3", "2025-Q2" ], "summary": { "new": 1, "increase": 2, "decrease": 2, "exit": 1, "unchanged": 0 }, "buyers": [ "Vanguard Group", "Capital Research", "Wellington Management" ], "sellers": [ "BlackRock", "T. Rowe Price", "Citadel Advisors" ], "holders": [ { "fund": "Vanguard Group", "ticker": "ASML", "shares": 22000000.0, "prior_shares": 21500000.0, "value_mm": 16500.0, "share_change": 500000.0, "change_pct": 2.33, "direction": "increase", "period": "2025-Q4", "prior_prior_shares": 23220000.0, "share_change_prior_period": -1720000.0, "change_pct_prior_period": -7.41 }, { "fund": "BlackRock", "ticker": "ASML", "shares": 19800000.0, "prior_shares": 20100000.0, "value_mm": 14850.0, "share_change": -300000.0, "change_pct": -1.49, "direction": "decrease", "period": "2025-Q4", "prior_prior_shares": 18492000.0, "share_change_prior_period": 1608000.0, "change_pct_prior_period": 8.7 }, { "fund": "Capital Research", "ticker": "ASML", "shares": 12500000.0, "prior_shares": 11000000.0, "value_mm": 9375.0, "share_change": 1500000.0, "change_pct": 13.64, "direction": "increase", "period": "2025-Q4", "prior_prior_shares": 11880000.0, "share_change_prior_period": -880000.0, "change_pct_prior_period": -7.41 }, { "fund": "T. Rowe Price", "ticker": "ASML", "shares": 8200000.0, "prior_shares": 9000000.0, "value_mm": 6150.0, "share_change": -800000.0, "change_pct": -8.89, "direction": "decrease", "period": "2025-Q4", "prior_prior_shares": 8280000.0, "share_change_prior_period": 720000.0, "change_pct_prior_period": 8.7 }, { "fund": "Wellington Management", "ticker": "ASML", "shares": 4100000.0, "prior_shares": 0.0, "value_mm": 3075.0, "share_change": 4100000.0, "change_pct": null, "direction": "new", "period": "2025-Q4", "prior_prior_shares": 3690000.0, "share_change_prior_period": -3690000.0, "change_pct_prior_period": -100.0 }, { "fund": "Citadel Advisors", "ticker": "ASML", "shares": 0.0, "prior_shares": 900000.0, "value_mm": 0.0, "share_change": -900000.0, "change_pct": -100.0, "direction": "exit", "period": "2025-Q4", "prior_prior_shares": 828000.0, "share_change_prior_period": 72000.0, "change_pct_prior_period": 8.7 } ], "data_nature": "seed_illustrative", "source": "institutional_holdings.json", "as_of": "2025-Q4", "retrieved_at": "", "provenance": { "source": "institutional_holdings.json", "as_of": "2025-Q4", "data_nature": "seed_illustrative", "note": "Hand-seeded illustrative 13F-style row. Not a live filing." }, "fallback_reason": "", "disclaimer": "Seed 13F-style demo data \u2014 educational only, not a complete filing set. Not investment advice." }, { "ticker": "TSM", "company_name": "Taiwan Semiconductor", "stack_roles": [ "foundry" ], "period": "2026-Q2", "prior_period": "2026-Q1", "prior_prior_period": "", "history_periods": [ "2026-Q2", "2026-Q1" ], "summary": { "new": 0, "increase": 1, "decrease": 0, "exit": 0, "unchanged": 0 }, "buyers": [ "Renaissance Technologies LLC" ], "sellers": [], "holders": [ { "fund": "Renaissance Technologies LLC", "ticker": "TSM", "shares": 849080.0, "prior_shares": 567960.0, "value_mm": 405.5, "share_change": 281120.0, "change_pct": 49.5, "direction": "increase", "period": "2026-Q2", "prior_prior_shares": null, "share_change_prior_period": null, "change_pct_prior_period": null } ], "data_nature": "fetched_13f", "source": "sec_edgar_13f", "as_of": "2026-06-30", "retrieved_at": "2026-08-22T22:50:00+00:00", "provenance": { "source": "sec_edgar_13f", "source_url": "https://data.sec.gov/submissions/", "as_of": "2026-06-30", "retrieved_at": "2026-08-22T22:50:00+00:00", "data_nature": "fetched_13f", "note": "Semi-live 13F-HR extract for a small coverage set. Lagged quarterly filings. Not real-time smart money." }, "fallback_reason": "", "disclaimer": "Quarterly Form 13F-HR extracts for a tiny manager watchlist. Lagged, incomplete, not real-time smart money. Educational only." }, { "ticker": "CEG", "company_name": "Constellation Energy", "stack_roles": [ "power_energy" ], "period": "2025-Q4", "prior_period": "2025-Q3", "prior_prior_period": "2025-Q2", "history_periods": [ "2025-Q4", "2025-Q3", "2025-Q2" ], "summary": { "new": 1, "increase": 3, "decrease": 1, "exit": 1, "unchanged": 0 }, "buyers": [ "Vanguard Group", "State Street", "Citadel Advisors", "D.E. Shaw" ], "sellers": [ "BlackRock", "Millennium Management" ], "holders": [ { "fund": "Vanguard Group", "ticker": "CEG", "shares": 42000000.0, "prior_shares": 40000000.0, "value_mm": 8400.0, "share_change": 2000000.0, "change_pct": 5.0, "direction": "increase", "period": "2025-Q4", "prior_prior_shares": null, "share_change_prior_period": null, "change_pct_prior_period": null }, { "fund": "BlackRock", "ticker": "CEG", "shares": 38000000.0, "prior_shares": 39000000.0, "value_mm": 7600.0, "share_change": -1000000.0, "change_pct": -2.56, "direction": "decrease", "period": "2025-Q4", "prior_prior_shares": null, "share_change_prior_period": null, "change_pct_prior_period": null }, { "fund": "State Street", "ticker": "CEG", "shares": 21000000.0, "prior_shares": 20000000.0, "value_mm": 4200.0, "share_change": 1000000.0, "change_pct": 5.0, "direction": "increase", "period": "2025-Q4", "prior_prior_shares": null, "share_change_prior_period": null, "change_pct_prior_period": null }, { "fund": "Citadel Advisors", "ticker": "CEG", "shares": 2500000.0, "prior_shares": 800000.0, "value_mm": 500.0, "share_change": 1700000.0, "change_pct": 212.5, "direction": "increase", "period": "2025-Q4", "prior_prior_shares": null, "share_change_prior_period": null, "change_pct_prior_period": null }, { "fund": "D.E. Shaw", "ticker": "CEG", "shares": 1200000.0, "prior_shares": 0.0, "value_mm": 240.0, "share_change": 1200000.0, "change_pct": null, "direction": "new", "period": "2025-Q4", "prior_prior_shares": null, "share_change_prior_period": null, "change_pct_prior_period": null }, { "fund": "Millennium Management", "ticker": "CEG", "shares": 0.0, "prior_shares": 1800000.0, "value_mm": 0.0, "share_change": -1800000.0, "change_pct": -100.0, "direction": "exit", "period": "2025-Q4", "prior_prior_shares": null, "share_change_prior_period": null, "change_pct_prior_period": null } ], "data_nature": "seed_illustrative", "source": "institutional_holdings.json", "as_of": "2025-Q4", "retrieved_at": "", "provenance": { "source": "institutional_holdings.json", "as_of": "2025-Q4", "data_nature": "seed_illustrative", "note": "Hand-seeded illustrative 13F-style row. Not a live filing." }, "fallback_reason": "", "disclaimer": "Seed 13F-style demo data \u2014 educational only, not a complete filing set. Not investment advice." }, { "ticker": "AVGO", "company_name": "Broadcom", "stack_roles": [ "networking_optics", "analog_power_ics" ], "period": "2026-Q2", "prior_period": "2026-Q1", "prior_prior_period": "", "history_periods": [ "2026-Q2", "2026-Q1" ], "summary": { "new": 0, "increase": 1, "decrease": 0, "exit": 0, "unchanged": 0 }, "buyers": [ "Renaissance Technologies LLC" ], "sellers": [], "holders": [ { "fund": "Renaissance Technologies LLC", "ticker": "AVGO", "shares": 849835.0, "prior_shares": 793797.0, "value_mm": 321.02, "share_change": 56038.0, "change_pct": 7.06, "direction": "increase", "period": "2026-Q2", "prior_prior_shares": null, "share_change_prior_period": null, "change_pct_prior_period": null } ], "data_nature": "fetched_13f", "source": "sec_edgar_13f", "as_of": "2026-06-30", "retrieved_at": "2026-08-22T22:50:00+00:00", "provenance": { "source": "sec_edgar_13f", "source_url": "https://data.sec.gov/submissions/", "as_of": "2026-06-30", "retrieved_at": "2026-08-22T22:50:00+00:00", "data_nature": "fetched_13f", "note": "Semi-live 13F-HR extract for a small coverage set. Lagged quarterly filings. Not real-time smart money." }, "fallback_reason": "", "disclaimer": "Quarterly Form 13F-HR extracts for a tiny manager watchlist. Lagged, incomplete, not real-time smart money. Educational only." }, { "ticker": "VRT", "company_name": "Vertiv Holdings", "stack_roles": [ "cooling_thermal", "power_energy", "data_center_infra" ], "period": "2025-Q4", "prior_period": "2025-Q3", "prior_prior_period": "2025-Q2", "history_periods": [ "2025-Q4", "2025-Q3", "2025-Q2" ], "summary": { "new": 0, "increase": 3, "decrease": 1, "exit": 1, "unchanged": 0 }, "buyers": [ "Vanguard Group", "Invesco", "Citadel Advisors" ], "sellers": [ "BlackRock", "Point72" ], "holders": [ { "fund": "Vanguard Group", "ticker": "VRT", "shares": 28000000.0, "prior_shares": 25000000.0, "value_mm": 2800.0, "share_change": 3000000.0, "change_pct": 12.0, "direction": "increase", "period": "2025-Q4", "prior_prior_shares": null, "share_change_prior_period": null, "change_pct_prior_period": null }, { "fund": "BlackRock", "ticker": "VRT", "shares": 24000000.0, "prior_shares": 24500000.0, "value_mm": 2400.0, "share_change": -500000.0, "change_pct": -2.04, "direction": "decrease", "period": "2025-Q4", "prior_prior_shares": null, "share_change_prior_period": null, "change_pct_prior_period": null }, { "fund": "Invesco", "ticker": "VRT", "shares": 11000000.0, "prior_shares": 8000000.0, "value_mm": 1100.0, "share_change": 3000000.0, "change_pct": 37.5, "direction": "increase", "period": "2025-Q4", "prior_prior_shares": null, "share_change_prior_period": null, "change_pct_prior_period": null }, { "fund": "Citadel Advisors", "ticker": "VRT", "shares": 3500000.0, "prior_shares": 1000000.0, "value_mm": 350.0, "share_change": 2500000.0, "change_pct": 250.0, "direction": "increase", "period": "2025-Q4", "prior_prior_shares": null, "share_change_prior_period": null, "change_pct_prior_period": null }, { "fund": "Point72", "ticker": "VRT", "shares": 0.0, "prior_shares": 2200000.0, "value_mm": 0.0, "share_change": -2200000.0, "change_pct": -100.0, "direction": "exit", "period": "2025-Q4", "prior_prior_shares": null, "share_change_prior_period": null, "change_pct_prior_period": null } ], "data_nature": "seed_illustrative", "source": "institutional_holdings.json", "as_of": "2025-Q4", "retrieved_at": "", "provenance": { "source": "institutional_holdings.json", "as_of": "2025-Q4", "data_nature": "seed_illustrative", "note": "Hand-seeded illustrative 13F-style row. Not a live filing." }, "fallback_reason": "", "disclaimer": "Seed 13F-style demo data \u2014 educational only, not a complete filing set. Not investment advice." }, { "ticker": "MSFT", "company_name": "Microsoft", "stack_roles": [ "cloud_hyperscaler" ], "period": "2025-Q4", "prior_period": "2025-Q3", "prior_prior_period": "2025-Q2", "history_periods": [ "2025-Q4", "2025-Q3", "2025-Q2" ], "summary": { "new": 0, "increase": 4, "decrease": 1, "exit": 0, "unchanged": 0 }, "buyers": [ "Vanguard Group", "State Street", "FMR LLC (Fidelity)", "Geode Capital" ], "sellers": [ "BlackRock" ], "holders": [ { "fund": "Vanguard Group", "ticker": "MSFT", "shares": 720000000.0, "prior_shares": 710000000.0, "value_mm": 288000.0, "share_change": 10000000.0, "change_pct": 1.41, "direction": "increase", "period": "2025-Q4", "prior_prior_shares": null, "share_change_prior_period": null, "change_pct_prior_period": null }, { "fund": "BlackRock", "ticker": "MSFT", "shares": 650000000.0, "prior_shares": 655000000.0, "value_mm": 260000.0, "share_change": -5000000.0, "change_pct": -0.76, "direction": "decrease", "period": "2025-Q4", "prior_prior_shares": null, "share_change_prior_period": null, "change_pct_prior_period": null }, { "fund": "State Street", "ticker": "MSFT", "shares": 310000000.0, "prior_shares": 305000000.0, "value_mm": 124000.0, "share_change": 5000000.0, "change_pct": 1.64, "direction": "increase", "period": "2025-Q4", "prior_prior_shares": null, "share_change_prior_period": null, "change_pct_prior_period": null }, { "fund": "FMR LLC (Fidelity)", "ticker": "MSFT", "shares": 180000000.0, "prior_shares": 175000000.0, "value_mm": 72000.0, "share_change": 5000000.0, "change_pct": 2.86, "direction": "increase", "period": "2025-Q4", "prior_prior_shares": null, "share_change_prior_period": null, "change_pct_prior_period": null }, { "fund": "Geode Capital", "ticker": "MSFT", "shares": 140000000.0, "prior_shares": 138000000.0, "value_mm": 56000.0, "share_change": 2000000.0, "change_pct": 1.45, "direction": "increase", "period": "2025-Q4", "prior_prior_shares": null, "share_change_prior_period": null, "change_pct_prior_period": null } ], "data_nature": "seed_illustrative", "source": "institutional_holdings.json", "as_of": "2025-Q4", "retrieved_at": "", "provenance": { "source": "institutional_holdings.json", "as_of": "2025-Q4", "data_nature": "seed_illustrative", "note": "Hand-seeded illustrative 13F-style row. Not a live filing." }, "fallback_reason": "", "disclaimer": "Seed 13F-style demo data \u2014 educational only, not a complete filing set. Not investment advice." } ], "portfolio_sample": { "holdings": [ { "ticker": "NVDA", "weight": 0.2536997885835095, "company_name": "NVIDIA", "stack_roles": [ "accelerators_gpu", "networking_optics" ], "cycle": "ai_capex", "in_universe": true, "market_value": 18000.0 }, { "ticker": "AVGO", "weight": 0.2536997885835095, "company_name": "Broadcom", "stack_roles": [ "networking_optics", "analog_power_ics" ], "cycle": "ai_capex", "in_universe": true, "market_value": 18000.0 }, { "ticker": "TSM", "weight": 0.09866102889358704, "company_name": "Taiwan Semiconductor", "stack_roles": [ "foundry" ], "cycle": "foundry_utilization", "in_universe": true, "market_value": 7000.0 }, { "ticker": "VRT", "weight": 0.05919661733615222, "company_name": "Vertiv Holdings", "stack_roles": [ "cooling_thermal", "power_energy", "data_center_infra" ], "cycle": "power_cooling", "in_universe": true, "market_value": 4200.0 }, { "ticker": "CEG", "weight": 0.1014799154334038, "company_name": "Constellation Energy", "stack_roles": [ "power_energy" ], "cycle": "power_cooling", "in_universe": true, "market_value": 7200.0 }, { "ticker": "MSFT", "weight": 0.1127554615926709, "company_name": "Microsoft", "stack_roles": [ "cloud_hyperscaler" ], "cycle": "ai_capex", "in_universe": true, "market_value": 8000.0 }, { "ticker": "MU", "weight": 0.1014799154334038, "company_name": "Micron Technology", "stack_roles": [ "memory_hbm" ], "cycle": "memory_pricing", "in_universe": true, "market_value": 7200.0 }, { "ticker": "SMCI", "weight": 0.019027484143763214, "company_name": "Super Micro Computer", "stack_roles": [ "data_center_infra" ], "cycle": "ai_capex", "in_universe": true, "market_value": 1350.0 } ], "total_weight": 1.0, "stack_concentration": { "networking_optics": 0.2537, "accelerators_gpu": 0.1268, "analog_power_ics": 0.1268, "power_energy": 0.1212, "cloud_hyperscaler": 0.1128, "memory_hbm": 0.1015, "foundry": 0.0987, "data_center_infra": 0.0388, "cooling_thermal": 0.0197 }, "cycle_concentration": { "ai_capex": 0.6392, "power_cooling": 0.1607, "memory_pricing": 0.1015, "foundry_utilization": 0.0987 }, "single_name_flags": [ "SINGLE_NAME: NVDA is 25% of portfolio (\u226525%)", "SINGLE_NAME: AVGO is 25% of portfolio (\u226525%)" ], "thesis_overlap_flags": [ "CYCLE_CONCENTRATION: cycle 'ai_capex' \u2248 64% \u2014 correlated hardware bet", "OVERLAP: 4 names share cycle 'ai_capex': NVDA, AVGO, MSFT, SMCI", "PEER_CLUSTER: NVDA peers also held: AVGO, TSM", "PEER_CLUSTER: AVGO peers also held: NVDA" ], "unknown_tickers": [], "top_stack_roles": [ [ "networking_optics", 0.2537 ], [ "accelerators_gpu", 0.1268 ], [ "analog_power_ics", 0.1268 ], [ "power_energy", 0.1212 ], [ "cloud_hyperscaler", 0.1128 ], [ "memory_hbm", 0.1015 ], [ "foundry", 0.0987 ], [ "data_center_infra", 0.0388 ] ] }, "portfolio_mini_selected": { "holdings": [ { "ticker": "NVDA", "weight": 0.3333333333333333, "company_name": "NVIDIA", "stack_roles": [ "accelerators_gpu", "networking_optics" ], "cycle": "ai_capex", "in_universe": true, "market_value": null }, { "ticker": "ASML", "weight": 0.3333333333333333, "company_name": "ASML Holding", "stack_roles": [ "lithography" ], "cycle": "equipment_capex", "in_universe": true, "market_value": null }, { "ticker": "TSM", "weight": 0.3333333333333333, "company_name": "Taiwan Semiconductor", "stack_roles": [ "foundry" ], "cycle": "foundry_utilization", "in_universe": true, "market_value": null } ], "total_weight": 1.0, "stack_concentration": { "lithography": 0.3333, "foundry": 0.3333, "accelerators_gpu": 0.1667, "networking_optics": 0.1667 }, "cycle_concentration": { "ai_capex": 0.3333, "equipment_capex": 0.3333, "foundry_utilization": 0.3333 }, "single_name_flags": [ "SINGLE_NAME: NVDA is 33% of portfolio (\u226525%)", "SINGLE_NAME: ASML is 33% of portfolio (\u226525%)", "SINGLE_NAME: TSM is 33% of portfolio (\u226525%)" ], "thesis_overlap_flags": [ "PEER_CLUSTER: NVDA peers also held: TSM" ], "unknown_tickers": [], "top_stack_roles": [ [ "lithography", 0.3333 ], [ "foundry", 0.3333 ], [ "accelerators_gpu", 0.1667 ], [ "networking_optics", 0.1667 ] ] }, "api_endpoints": [ "GET /api/underwrite/", "GET /api/funds/", "GET /api/universe", "POST /api/portfolio", "GET /api/benchmarks", "GET /api/benchmarks/peers/", "GET /api/data/sample-pack" ], "contact": { "web": "/data", "benchmarks": "/benchmarks", "waitlist_sources": [ "data_pilot", "api_commercial", "landing" ] } }