{ "pack_id": "silicon-capital-sample-v1", "generated_at": "2026-08-02T22:59:10.340193+00:00", "description": "Sample structured outputs from Silicon Capital research OS (stack map, underwriting scorecards, benchmarks, optional fund flows, portfolio risk).", "license": "SAMPLE \u2014 see license_text; no commercial redistribution or training rights.", "license_text": "Silicon Capital \u2014 Sample Data Pack License (Non-Commercial)\n\nCopyright (c) Silicon Capital / Momentum Labs (as applicable).\nAll rights reserved except as expressly granted below.\n\n1. Grant\n You may download and use this SAMPLE pack solely for:\n - internal evaluation and non-commercial research;\n - evaluating a potential pilot, API, or commercial license with Silicon Capital.\n\n2. Restrictions\n You may NOT, without a separate written commercial 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\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. Scorecards and institutional\n figures may be seed/illustrative. Not investment advice. Not a complete market feed.\n\n5. Contact\n For pilots, commercial API, redistribution, or AI training rights:\n use the /data waitlist (sources: data_pilot, api_commercial) or email the operator.\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": "ASML", "name": "ASML Holding", "stack_roles": [ "lithography" ], "cycle": "equipment_capex", "peers": [ "AMAT", "LRCX", "KLAC" ] }, { "ticker": "AMAT", "name": "Applied Materials", "stack_roles": [ "wafer_equipment" ], "cycle": "equipment_capex", "peers": [ "LRCX", "KLAC", "ASML" ] }, { "ticker": "TSM", "name": "Taiwan Semiconductor", "stack_roles": [ "foundry" ], "cycle": "foundry_utilization", "peers": [ "INTC", "GFS", "UMC" ] }, { "ticker": "NVDA", "name": "NVIDIA", "stack_roles": [ "accelerators_gpu", "networking_optics" ], "cycle": "ai_capex", "peers": [ "AMD", "AVGO", "TSM" ] }, { "ticker": "AVGO", "name": "Broadcom", "stack_roles": [ "networking_optics", "analog_power_ics" ], "cycle": "ai_capex", "peers": [ "NVDA", "MRVL", "CRDO" ] }, { "ticker": "VRT", "name": "Vertiv Holdings", "stack_roles": [ "cooling_thermal", "power_energy", "data_center_infra" ], "cycle": "power_cooling", "peers": [ "ETN", "CARR" ] }, { "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" ] } ], "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" }, { "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" }, { "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" }, { "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" }, { "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" }, { "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" }, { "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" }, { "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" } ], "benchmarks": { "universe_count": 74, "rankings": [ { "ticker": "GOOGL", "company_name": "Alphabet", "overall_score": 8.21, "overall_band": "strong", "stack_roles": [ "cloud_hyperscaler" ], "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": "AMZN", "company_name": "Amazon", "overall_score": 8.21, "overall_band": "strong", "stack_roles": [ "cloud_hyperscaler", "storage" ], "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": "TXN", "company_name": "Texas Instruments", "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": "ADI", "company_name": "Analog Devices", "overall_score": 7.85, "overall_band": "strong", "stack_roles": [ "analog_power_ics" ], "cycle": "industrial_auto", "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": "META", "company_name": "Meta Platforms", "overall_score": 7.85, "overall_band": "strong", "stack_roles": [ "cloud_hyperscaler" ], "cycle": "ai_capex", "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": 56, "caution": 5, "weak": 1 }, "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": "2025-Q4", "prior_period": "2025-Q3", "prior_prior_period": "2025-Q2", "history_periods": [ "2025-Q4", "2025-Q3", "2025-Q2" ], "summary": { "new": 1, "increase": 4, "decrease": 2, "exit": 1, "unchanged": 0 }, "buyers": [ "Vanguard Group", "State Street", "FMR LLC (Fidelity)", "Geode Capital", "Citadel Advisors" ], "sellers": [ "BlackRock", "Renaissance Technologies", "Two Sigma" ], "holders": [ { "fund": "Vanguard Group", "ticker": "NVDA", "shares": 1850000000.0, "prior_shares": 1800000000.0, "value_mm": 240000.0, "share_change": 50000000.0, "change_pct": 2.78, "direction": "increase", "period": "2025-Q4", "prior_prior_shares": 1656000000.0, "share_change_prior_period": 144000000.0, "change_pct_prior_period": 8.7 }, { "fund": "BlackRock", "ticker": "NVDA", "shares": 1620000000.0, "prior_shares": 1650000000.0, "value_mm": 210000.0, "share_change": -30000000.0, "change_pct": -1.82, "direction": "decrease", "period": "2025-Q4", "prior_prior_shares": 1782000000.0, "share_change_prior_period": -132000000.0, "change_pct_prior_period": -7.41 }, { "fund": "State Street", "ticker": "NVDA", "shares": 780000000.0, "prior_shares": 760000000.0, "value_mm": 101000.0, "share_change": 20000000.0, "change_pct": 2.63, "direction": "increase", "period": "2025-Q4", "prior_prior_shares": 820800000.0, "share_change_prior_period": -60800000.0, "change_pct_prior_period": -7.41 }, { "fund": "FMR LLC (Fidelity)", "ticker": "NVDA", "shares": 420000000.0, "prior_shares": 0.0, "value_mm": 54500.0, "share_change": 420000000.0, "change_pct": null, "direction": "new", "period": "2025-Q4", "prior_prior_shares": 378000000.0, "share_change_prior_period": -378000000.0, "change_pct_prior_period": -100.0 }, { "fund": "Geode Capital", "ticker": "NVDA", "shares": 310000000.0, "prior_shares": 305000000.0, "value_mm": 40200.0, "share_change": 5000000.0, "change_pct": 1.64, "direction": "increase", "period": "2025-Q4", "prior_prior_shares": 329400000.0, "share_change_prior_period": -24400000.0, "change_pct_prior_period": -7.41 }, { "fund": "Citadel Advisors", "ticker": "NVDA", "shares": 8500000.0, "prior_shares": 4200000.0, "value_mm": 1100.0, "share_change": 4300000.0, "change_pct": 102.38, "direction": "increase", "period": "2025-Q4", "prior_prior_shares": 4536000.0, "share_change_prior_period": -336000.0, "change_pct_prior_period": -7.41 }, { "fund": "Two Sigma", "ticker": "NVDA", "shares": 3100000.0, "prior_shares": 5500000.0, "value_mm": 400.0, "share_change": -2400000.0, "change_pct": -43.64, "direction": "decrease", "period": "2025-Q4", "prior_prior_shares": 5940000.0, "share_change_prior_period": -440000.0, "change_pct_prior_period": -7.41 }, { "fund": "Renaissance Technologies", "ticker": "NVDA", "shares": 0.0, "prior_shares": 12000000.0, "value_mm": 0.0, "share_change": -12000000.0, "change_pct": -100.0, "direction": "exit", "period": "2025-Q4", "prior_prior_shares": 12960000.0, "share_change_prior_period": -960000.0, "change_pct_prior_period": -7.41 } ] }, { "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 } ] }, { "ticker": "TSM", "company_name": "Taiwan Semiconductor", "stack_roles": [ "foundry" ], "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": 1, "unchanged": 0 }, "buyers": [ "Vanguard Group", "BlackRock", "GIC Private Limited", "FMR LLC (Fidelity)" ], "sellers": [ "Capital Research", "Bridgewater Associates" ], "holders": [ { "fund": "Vanguard Group", "ticker": "TSM", "shares": 950000000.0, "prior_shares": 940000000.0, "value_mm": 142500.0, "share_change": 10000000.0, "change_pct": 1.06, "direction": "increase", "period": "2025-Q4", "prior_prior_shares": 864800000.0, "share_change_prior_period": 75200000.0, "change_pct_prior_period": 8.7 }, { "fund": "BlackRock", "ticker": "TSM", "shares": 820000000.0, "prior_shares": 800000000.0, "value_mm": 123000.0, "share_change": 20000000.0, "change_pct": 2.5, "direction": "increase", "period": "2025-Q4", "prior_prior_shares": 864000000.0, "share_change_prior_period": -64000000.0, "change_pct_prior_period": -7.41 }, { "fund": "Capital Research", "ticker": "TSM", "shares": 210000000.0, "prior_shares": 230000000.0, "value_mm": 31500.0, "share_change": -20000000.0, "change_pct": -8.7, "direction": "decrease", "period": "2025-Q4", "prior_prior_shares": 211600000.0, "share_change_prior_period": 18400000.0, "change_pct_prior_period": 8.7 }, { "fund": "GIC Private Limited", "ticker": "TSM", "shares": 180000000.0, "prior_shares": 175000000.0, "value_mm": 27000.0, "share_change": 5000000.0, "change_pct": 2.86, "direction": "increase", "period": "2025-Q4", "prior_prior_shares": 189000000.0, "share_change_prior_period": -14000000.0, "change_pct_prior_period": -7.41 }, { "fund": "FMR LLC (Fidelity)", "ticker": "TSM", "shares": 95000000.0, "prior_shares": 70000000.0, "value_mm": 14250.0, "share_change": 25000000.0, "change_pct": 35.71, "direction": "increase", "period": "2025-Q4", "prior_prior_shares": 75600000.0, "share_change_prior_period": -5600000.0, "change_pct_prior_period": -7.41 }, { "fund": "Bridgewater Associates", "ticker": "TSM", "shares": 0.0, "prior_shares": 15000000.0, "value_mm": 0.0, "share_change": -15000000.0, "change_pct": -100.0, "direction": "exit", "period": "2025-Q4", "prior_prior_shares": 13800000.0, "share_change_prior_period": 1200000.0, "change_pct_prior_period": 8.7 } ] }, { "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 } ] }, { "ticker": "AVGO", "company_name": "Broadcom", "stack_roles": [ "networking_optics", "analog_power_ics" ], "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": 2, "exit": 0, "unchanged": 0 }, "buyers": [ "Vanguard Group", "BlackRock", "FMR LLC (Fidelity)", "Renaissance Technologies" ], "sellers": [ "Capital Research", "Two Sigma" ], "holders": [ { "fund": "Vanguard Group", "ticker": "AVGO", "shares": 310000000.0, "prior_shares": 300000000.0, "value_mm": 55800.0, "share_change": 10000000.0, "change_pct": 3.33, "direction": "increase", "period": "2025-Q4", "prior_prior_shares": null, "share_change_prior_period": null, "change_pct_prior_period": null }, { "fund": "BlackRock", "ticker": "AVGO", "shares": 280000000.0, "prior_shares": 275000000.0, "value_mm": 50400.0, "share_change": 5000000.0, "change_pct": 1.82, "direction": "increase", "period": "2025-Q4", "prior_prior_shares": null, "share_change_prior_period": null, "change_pct_prior_period": null }, { "fund": "Capital Research", "ticker": "AVGO", "shares": 95000000.0, "prior_shares": 100000000.0, "value_mm": 17100.0, "share_change": -5000000.0, "change_pct": -5.0, "direction": "decrease", "period": "2025-Q4", "prior_prior_shares": null, "share_change_prior_period": null, "change_pct_prior_period": null }, { "fund": "FMR LLC (Fidelity)", "ticker": "AVGO", "shares": 72000000.0, "prior_shares": 60000000.0, "value_mm": 12960.0, "share_change": 12000000.0, "change_pct": 20.0, "direction": "increase", "period": "2025-Q4", "prior_prior_shares": null, "share_change_prior_period": null, "change_pct_prior_period": null }, { "fund": "Two Sigma", "ticker": "AVGO", "shares": 4500000.0, "prior_shares": 9000000.0, "value_mm": 810.0, "share_change": -4500000.0, "change_pct": -50.0, "direction": "decrease", "period": "2025-Q4", "prior_prior_shares": null, "share_change_prior_period": null, "change_pct_prior_period": null }, { "fund": "Renaissance Technologies", "ticker": "AVGO", "shares": 2200000.0, "prior_shares": 0.0, "value_mm": 396.0, "share_change": 2200000.0, "change_pct": null, "direction": "new", "period": "2025-Q4", "prior_prior_shares": null, "share_change_prior_period": null, "change_pct_prior_period": null } ] }, { "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 } ] }, { "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 } ] } ], "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" ] } }