Where value sits

1. Cloud & software

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

   Hyperscaler · Storage · Security software

   AMZN 8.2 GOOGL 8.2 META 7.8 MSFT 7.8 NTAP 6.8 HPE 6.7 ORCL 6.5 DELL 6.2 STX 6.1 WDC 5.8 PSTG 5.5 AKAM 5.4 APP 5.4 BILL 5.4 BOX 5.4 CFLT 5.4 CHKP 5.4 CRM 5.4 +36 more

2. Power & cooling

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

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

   CSCO 7.7 APH 7.5 ETN 7.5 TT 7.3 MPWR 7.2 HUBB 7.0 CCJ 6.8 ANET 6.7 FSLR 6.7 HPE 6.7 DLR 6.7 POWI 6.5 CARR 6.5 JCI 6.5 NRG 6.5 ON 6.5 EQIX 6.4 FIX 6.3 NEE 6.2 DELL 6.2 CEG 6.2 GEV 6.2 VRT 6.2 AEIS 6.0 PWR 6.0 VST 6.0 TLN 5.9 FLEX 5.8 SMCI 5.7 AAOI 5.5 CLS 5.5 ENPH 5.5 EXTR 5.5 IPGP 5.5 JNPR 5.5 MTSI 5.5 SMTC 5.5 UI 5.5 VIAV 5.5 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

   CSCO 7.7 APH 7.5 GLW 7.2 NVDA 7.1 AVGO 6.9 ANET 6.7 FN 6.3 CIEN 6.2 COHR 5.7 ALAB 5.6 AAOI 5.5 CLS 5.5 EXTR 5.5 IPGP 5.5 JNPR 5.5 LITE 5.5 MTSI 5.5 SMTC 5.5 +4 more

4. Chips

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

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

   ADI 7.8 TXN 7.8 QCOM 7.4 MPWR 7.2 AMD 7.1 NVDA 7.1 ARM 7.0 STM 7.0 AVGO 6.9 MCHP 6.6 INTC 6.6 LSCC 6.5 POWI 6.5 ON 6.5 SWKS 6.4 MU 6.3 NXPI 6.2 WDC 5.8 +13 more

5. Foundry & packaging

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

   Foundry · Packaging / OSAT

   TSM 7.1 INTC 6.6 ASX 6.5 FN 6.3 TSEM 6.2 UMC 6.1 AMKR 6.0 GFS 5.8 FLEX 5.8 JBL 5.1

6. Equipment & materials

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

   Lithography · Wafer equipment · Test / metrology · Materials

   AMAT 7.8 LRCX 7.8 KEYS 7.7 GLW 7.2 KLAC 7.2 ASML 7.1 CCJ 6.8 ACLS 6.7 TER 6.7 ENTG 6.5 FCX 6.5 CAMT 6.3 ONTO 6.3 FORM 6.3 MKSI 6.2 AEIS 6.0 VECO 6.0 MP 4.7

7. Design & IP

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

   EDA / design

   CDNS 7.6 SNPS 7.6 ANSS 7.0 ARM 7.0 RMBS 5.7

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.