The physical AI stack

Where value sits

Demand at the top, design tools at the bottom. Names are colored by score band. Select a name to open its scorecard.

  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 CRWV 4.7

  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 +15 more

  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 LITE 5.5 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

    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 RMBS 5.7 SITM 5.7 ENPH 5.5 IONQ 3.7 NVTS 3.7

  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

    Shallow coverage only. Show shallow names

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.