Suppliers

Fifteen names across seven layers of the AI infrastructure stack. Each has a modeled dollar flow from Big 5 capex plus the disclosed customer exposure that drives the attribution. Click any ticker for a deep dive.

Compute Silicon

GPUs, custom AI accelerators, networking ASICs sold into hyperscaler training/inference clusters.

3 names

Ticker	What they sell	Hyperscaler exposure	Modeled flow	Forward visibility
NVDA NVIDIA	H100/H200/B100/GB200/GB300 datacenter GPUs and NVL networking	50.0%	$111.8B	$32.0BPurchase obligations
AVGO Broadcom	Custom AI ASICs (Google TPU, Meta MTIA), Tomahawk networking switches	40.0%	$39.0B	$22.0BAI revenue run-rate
AMD Advanced Micro Devices	MI300X / MI325X / MI350 series datacenter GPUs	30.0%	$12.9B	$6.0BDC GPU revenue run-rate

Foundry & Equipment

Wafer fabs and the semiconductor capital equipment that builds AI chips.

4 names

Ticker	What they sell	Hyperscaler exposure	Modeled flow	Forward visibility
TSM TSMC	Leading-edge foundry for NVDA, AMD, AVGO, AAPL, GOOGL, AMZN AI silicon	60.0%	$11.7B	HPC % of revenue
ASML ASML Holding	EUV + High-NA EUV lithography monopoly for sub-7nm node	35.0%	$5.2B	$40.0BOrder backlog
AMAT Applied Materials	Deposition, etch, ion implant tools for advanced logic & HBM	30.0%	$5.2B	—
LRCX Lam Research	Etch and deposition for memory (HBM/DRAM) and advanced logic	30.0%	$3.9B	—

HBM & Memory

High-bandwidth memory stacks, DDR5/6 server DRAM.

1 names

Ticker	What they sell	Hyperscaler exposure	Modeled flow	Forward visibility
MU Micron Technology	HBM3E, HBM4 memory stacks and DDR5 server DRAM	45.0%	$11.1B	HBM capacity sold-through

Networking & Optical

Switches, optical transceivers, DWDM gear connecting AI clusters.

2 names

Ticker	What they sell	Hyperscaler exposure	Modeled flow	Forward visibility
ANET Arista Networks	Datacenter Ethernet switches for AI back-end and front-end fabrics	60.0%	$16.3B	$2.7BDeferred revenue
CIEN Ciena	Coherent optical networking for DC interconnect and long-haul AI fabric	35.0%	$4.4B	—

Power & Electrical

Switchgear, UPS, busways, transformers, turbines: the bottleneck of AI buildout.

3 names

Ticker	What they sell	Hyperscaler exposure	Modeled flow	Forward visibility
VRT Vertiv Holdings	Thermal (liquid cooling, CDU), power (UPS, busway, switchgear) for AI DCs	45.0%	$36.1B	$7.4BBacklog
ETN Eaton	Power distribution, switchgear, busway for data center electrification	25.0%	$25.6B	$13.0BElectrical Americas backlog
GEV GE Vernova	Gas turbines (HA-class), grid equipment, electrification for DC power	20.0%	$13.9B	$116.0BTotal backlog

Datacenter Build

EPC contractors and integrators executing hyperscaler DC construction.

1 names

Ticker	What they sell	Hyperscaler exposure	Modeled flow	Forward visibility
PWR Quanta Services	Electrical EPC, transmission line construction, DC site builds	20.0%	$24.4B	$35.0BRemaining performance obligations

Neoclouds

Specialized AI-cloud providers; partially beneficiaries, partially direct counterparties of hyperscalers.

1 names

Ticker	What they sell	Hyperscaler exposure	Modeled flow	Forward visibility
CRWV CoreWeave	Pure-play GPU cloud, long-term contracts with hyperscalers + AI labs	60.0%	$10.2B	$30.0BContracted revenue