Stock category · Capital — who pays, and who lends
Who is actually paying for it
The demand side. Their capex guidance is every other basket's revenue.
Not an investment product and not a track record — methodology.
Members were chosen on 2026-07-19; names that had already failed are absent
by construction, so the pre-2026-07-19 stretch overstates the category.
Independent bets
2.2
of 8 names
Average pairwise correlation
0.38
28 pairs, daily returns
Since defined
-4.0%
equal weight, from 2026-07-19
The names
GOOGL
Alphabet
Alphabet owns ~14% of Anthropic — the lab it competes with, rents a gigawatt of compute to, and just lost a Nobel laureate to. The record untangles it.
333.66 -6.6%
dossier
META
Meta
Meta raised its 2026 spending forecast twice in four months — first past the Street's estimate, then past its own — and investors' patience ran out.
539.03 -4.3%
dossier
MSFT
Microsoft
Data-only instrument — no dossier yet.
451.10 +20.9%
data
AMZN
Amazon
Data-only instrument — no dossier yet.
235.50 -1.2%
data
ORCL
Oracle
Data-only instrument — no dossier yet.
127.56 -13.0%
data
TSLA
Tesla
Data-only instrument — no dossier yet.
308.85 -26.6%
data
CRM
Salesforce
AI agents don't need seats, and Salesforce built its business selling them by the seat. The coverage record tracks its answer to the threat.
180.71 +15.3%
dossier
PLTR
Palantir
Tech's most argued-over stock — the coverage record shows how the argument itself changed shape.
122.26 +4.8%
dossier
Change shown is the 30-day move, not the day's.
What the category earns
Growth leads here, and it is the median across members rather than a total — a per-company growth rate does not care what currency the company reports in, so Samsung and Micron count equally. Revenue levels can only be added within one currency, so the totals below cover the members reporting in USD and say how many that is.
Years are labelled by the calendar year each company's fiscal year ends in. Those calendars do not line up — Nvidia's 2026 ended in January — and this does not pretend otherwise.
| FY ending | Median revenue growth | Revenue (USD) | Net income (USD) |
|---|---|---|---|
| 2021 | — | — | — |
| 2022 | — | $1195.1B 7 mem | $165.4B |
| 2023 | +13.8% 6 of 8 | $1409.3B 8 mem | $239.6B |
| 2024 | +12.5% 8 of 8 | $1586.0B 8 mem | $332.1B |
| 2025 | +13.7% 8 of 8 | $1797.0B 8 mem | $396.2B |
| 2026 | +13.5% 2 of 8 | $108.9B 2 mem | $24.5B |