Where value sits

1. Cloud & software

   Hyperscalers and the software and storage they run. The demand side.

   Hyperscaler · Storage · Security software

   AKAM 5.4 APP 5.4 BILL 5.4 BOX 5.4 CFLT 5.4 CHKP 5.4 CRM 5.4 CRWD 5.4 CYBR 5.4 DBX 5.4 DDOG 5.4 DOCN 5.4 DT 5.4 ESTC 5.4 FFIV 5.4 FROG 5.4 FSLY 5.4 FTNT 5.4 +25 more

2. Power & cooling

   Electricity, cooling, and the data halls that house the racks.

   Power & energy · Cooling / thermal · Data-center infra · Solar power

   EME 5.4 EMR 5.4 GNRC 5.4 MOD 5.4 NVT 5.4 POWL 5.4 CAT 5.2 XOM 5.2 JBL 5.1 BE 4.9 CRWV 4.7 KO 4.6

3. Networking

   Switches and optical links between chips, racks, and sites.

   Networking & optics

   MRVL 5.5 CRDO 4.9

4. Chips

   Accelerators, memory, and the analog and power ICs around them.

   GPU / AI accelerators · HBM / memory · Analog / power ICs · Quantum compute

   No names here with these filters.

5. Foundry & packaging

   Fabs that print wafers and the packaging that turns dies into parts.

   Foundry · Packaging / OSAT

   JBL 5.1

6. Equipment & materials

   Lithography, wafer tools, test, and the materials fabs consume.

   Lithography · Wafer equipment · Test / metrology · Materials

   MP 4.7

7. Design & IP

   EDA software and IP used to design a chip before tape-out.

   EDA / design

   No names here with these filters.

8. Space & satcom

   Launch, spacecraft, satellites, and ground systems. Adjacent to the AI stack.

   Space launch · Spacecraft · Satellite communications · Ground systems · Earth observation

   ASTS 5.0 GSAT 5.0 IRDM 5.0 LUNR 5.0 PL 5.0 RKLB 5.0 SATL 5.0 VSAT 5.0

Layers group the stack glossary roles. A name with roles in two layers appears in both. Scores are the same rule-based scorecards as underwrite; not investment advice.