The Index

The 296 companies the publication follows, by pool and layer. What each sells, in a sentence, and its latest filing. No prices: this is a map, not a quote board.

AI compute

Layer 1 · COMPUTE SUBSTRATE

ASXASE Technology — ASE Technology is a semiconductor packaging and testing contractor, so it sits in the compute substrate layer because it assembles and verifies the chips that power computing hardware. · latest disclosed: 20-F filed 2026-04-01

APDAir Products — Air Products sells industrial gases such as oxygen, nitrogen and hydrogen, plus the equipment that produces them, so it sits in the compute substrate layer as a supplier of the basic inputs chipmakers and data centres need. · latest disclosed: 10-Q filed 2026-07-30

AMKRAmkor — Amkor provides chip packaging and testing services that connect silicon dies to circuit boards, placing it in the compute substrate layer of the compute pool. · latest disclosed: 10-Q filed 2026-07-28

ALABAstera Labs — Astera Labs designs chips and connectivity hardware that move data quickly between processors, memory and servers in AI data centres, placing it in the compute substrate layer beneath the processors themselves. · latest disclosed: 10-Q filed 2026-08-05

AVGOBroadcom — Broadcom designs custom AI accelerator chips and high-speed networking silicon that link processors together, placing it in the compute substrate layer that supplies the hardware foundation for AI data centers. · latest disclosed: 10-Q filed 2026-09-10

CRDOCredo Tech — Credo Technology makes high-speed connectivity chips and cables that move data between servers and processors, so it sits in the compute substrate layer because AI systems cannot work without that hardware plumbing. · latest disclosed: 10-Q filed 2026-09-02

ENTGEntegris — Entegris makes specialty chemicals, materials and filtration products that chipmakers use to build semiconductors, placing it in the compute substrate layer beneath the chips themselves. · latest disclosed: 10-Q filed 2026-08-04

KLACKLA — KLA makes the inspection and metrology tools that check semiconductor wafers for defects during manufacturing, so it sits in the compute substrate layer, supplying the foundational equipment chipmakers need. · latest disclosed: 10-K filed 2026-08-06

LRCXLam Research — Lam Research makes the machines chipmakers use to etch and deposit the microscopic layers that form semiconductors, placing it in the compute substrate layer that supplies the foundational hardware for processing chips. · latest disclosed: 10-K filed 2026-08-07

LINLinde — Linde supplies industrial gases such as oxygen, nitrogen and argon, along with the ultra-pure gases chipmakers use, which places it in the compute substrate layer as an essential input to semiconductor and data-center manufacturing. · latest disclosed: 10-Q filed 2026-07-31

LITELumentum — Lumentum makes lasers and optical components that move data between servers and data centres, which places it in the compute substrate layer, the physical hardware foundation beneath AI computing. · latest disclosed: 10-K filed 2026-08-17

MRVLMarvell — Marvell designs custom chips and networking silicon that link and power data-center servers, placing it in the compute substrate layer that supplies the foundational hardware for AI computing. · latest disclosed: 10-Q filed 2026-08-28

MUMicron — Micron makes memory and storage chips, the high-speed DRAM and flash that feed processors, which places it in the compute substrate layer of the compute pool. · latest disclosed: 10-K filed 2026-10-09

TSMTSMC — Taiwan Semiconductor Manufacturing Company makes advanced chips designed by other firms, so it sits at the base of the compute substrate, the manufacturing layer everything else depends on. · latest disclosed: 20-F filed 2026-04-16

Layer 2 · COMPUTE INFRASTRUCTURE

AAONAAON — AAON makes heating, ventilation and air-conditioning equipment for data centers and other large buildings, supplying the cooling systems that keep computing hardware running, which places it in compute infrastructure. · latest disclosed: 10-Q filed 2026-08-10

ABBNYABB — ABB sells electrification and automation equipment, including robots, motors and power grid gear, which places it in the compute infrastructure layer by supplying the physical systems that power and cool data centers. · latest disclosed: 20-F filed 2024-02-23

APHAmphenol — Amphenol makes connectors and interconnect systems that link chips, circuit boards and servers together, placing it in the compute infrastructure layer that supplies the hardware for data processing. · latest disclosed: 10-Q filed 2026-07-31

CATCaterpillar — Caterpillar makes heavy construction and mining machinery and the diesel generators that power data centers, so it sits in the compute infrastructure layer as a supplier of the power and site equipment that AI computing depends on. · latest disclosed: 10-Q filed 2026-08-05

COHRCoherent — Coherent makes lasers and optical components that move data between computers and data centers, placing it in the compute infrastructure layer that supplies the hardware behind AI processing. · latest disclosed: 10-K filed 2026-08-14

FIXComfort Systems — Comfort Systems installs and services the heating, ventilation and air-conditioning systems that keep data centers and other large buildings running, placing it in the compute infrastructure layer that supports the hardware itself. · latest disclosed: 10-Q filed 2026-07-23

GLWCorning — Corning makes specialty glass and optical fiber used in data centers and networks, placing it in the compute infrastructure layer that supplies the physical hardware behind computing. · latest disclosed: 10-Q filed 2026-07-29

CMICummins — Cummins makes diesel and natural-gas engines and power generators that keep data centers and other facilities running, placing it in the compute infrastructure layer. · latest disclosed: 10-Q filed 2026-08-04

DELLDell Technologies — Dell Technologies sells servers, storage and PCs to businesses and cloud providers, and its AI servers place it among the compute infrastructure makers that supply the hardware data centres run on. · latest disclosed: 10-Q filed 2026-09-08

DLRDigital Realty — Digital Realty leases and operates the data centers where cloud and enterprise computing equipment is housed, powered and cooled, placing it in the compute infrastructure layer. · latest disclosed: 10-Q filed 2026-07-31

EMEEMCOR — EMCOR designs, builds and maintains the electrical and mechanical systems inside data centers and other large facilities, placing it in the compute infrastructure layer that supports AI and cloud computing hardware. · latest disclosed: 10-Q filed 2026-07-30

ETNEaton — Eaton sells electrical power management equipment, such as switchgear, power distribution units and uninterruptible power supplies, that keeps data centers' computing hardware supplied and protected, placing it in compute infrastructure. · latest disclosed: 10-Q filed 2026-07-31

EQIXEquinix — Equinix runs data centers where companies house their servers and connect to cloud and network providers, placing it in the compute infrastructure layer of the compute pool. · latest disclosed: 10-Q filed 2026-07-29

FNFabrinet — Fabrinet, a Thailand-based contract manufacturer, builds optical communications modules and components for networking and data-center customers, placing it in the compute infrastructure layer. · latest disclosed: 10-K filed 2026-08-18

GNRCGenerac — Generac makes backup generators and power equipment that keep data centers and other facilities running during grid outages, placing it in the compute infrastructure layer. · latest disclosed: 10-Q filed 2026-08-04

HUBBHubbell — Hubbell makes electrical components, connectors and grid equipment that power data centers and the wider electrical network, placing it in the compute infrastructure layer. · latest disclosed: 10-Q filed 2026-07-29

IESCIES Holdings — IES Holdings designs, installs and maintains electrical and data-center systems, so it sits in the compute infrastructure layer by building the physical power and wiring that AI computing facilities need. · latest disclosed: 10-Q filed 2026-07-31

IRMIron Mountain — Iron Mountain (IRM) rents out data centers and records storage space, so it sits in the compute infrastructure layer as the physical facilities that house other companies' servers. · latest disclosed: 10-Q filed 2026-08-05

MYRGMYR Group — MYR Group builds the electrical power lines and substations that deliver electricity to data centers and other large computing facilities, placing it in the compute infrastructure layer. · latest disclosed: 10-Q filed 2026-07-29

MTZMasTec — MasTec, a mainly American business with smaller operations in Canada and Mexico, sits in the compute pool's compute infrastructure layer. · latest disclosed: 10-Q filed 2026-07-30

MODModine Manufacturing — Modine Manufacturing makes thermal management equipment, including cooling systems for data centers, which places it in the compute infrastructure layer that keeps AI servers from overheating. · latest disclosed: 10-Q filed 2026-07-30

POWLPowell Industries — Powell Industries builds electrical switchgear and power distribution equipment that feeds and protects large facilities, including data centers, which places it in the compute infrastructure layer. · latest disclosed: 10-Q filed 2026-08-04

PWRQuanta Services — Quanta Services builds and maintains the power transmission lines, substations and grid connections that carry electricity to data centers and other large computing facilities, placing it in the compute infrastructure layer. · latest disclosed: 10-Q filed 2026-07-30

STRLSterling Infrastructure — Sterling Infrastructure builds the foundations, roadways and utility systems for data centers and other large facilities, placing it in the compute infrastructure layer that supports AI computing. · latest disclosed: 10-Q filed 2026-08-04

SMCISuper Micro Computer — Super Micro Computer builds servers and the racks that house them, supplying the physical computing hardware that data centers rent out, which places it in the compute infrastructure layer. · latest disclosed: 10-K filed 2026-08-31

VRTVertiv — Vertiv sells infrastructure technology products and solutions, through distributors and original equipment manufacturers among others, which places it in the compute infrastructure layer of the compute pool. · latest disclosed: 10-Q filed 2026-07-29

NVTnVent — nVent sells electrical enclosures, cooling and power-connection products that keep data centers and other computing facilities safe and running, placing it in the compute infrastructure layer. · latest disclosed: 10-Q filed 2026-07-31

Layer 3 · POWER SUPPLY CHAIN

ARAntero Resources — Antero Resources produces natural gas from wells in the Appalachian Basin, supplying fuel that feeds power generators, which places it in the power supply chain's fuel layer. · latest disclosed: 10-Q filed 2026-07-29

ARRYArray Technologies — Array Technologies makes solar tracking systems that tilt panels toward the sun, and it sits in the power supply chain because its hardware helps generate the electricity that data centers draw on. · latest disclosed: 10-Q filed 2026-08-05

BWXTBWX Technologies — BWX Technologies makes nuclear reactor components and fuel for the US government and navy, placing it in the power supply chain that feeds data-centre compute. · latest disclosed: 10-Q/A filed 2026-08-05

BEBloom Energy — Bloom Energy makes solid-oxide fuel cells, devices that generate electricity on-site from natural gas or hydrogen, so it sits in the power supply chain feeding data centers and other large computing facilities. · latest disclosed: 10-Q/A filed 2026-07-29

LEUCentrus Energy — Centrus Energy supplies enriched uranium fuel for nuclear reactors, placing it in the uranium layer of the minerals chain and in the power supply chain behind the electricity that data centers depend on. · latest disclosed: 10-Q filed 2026-08-06

CRKComstock Resources — Comstock Resources produces natural gas in the Haynesville shale of Louisiana and Texas, and sits in the power supply chain because the Gulf Coast markets it reaches include demand from new data-center power generation. · latest disclosed: 10-Q filed 2026-07-30

CEGConstellation Energy — Constellation Energy sells electricity from nuclear and gas plants, and its place in the power supply chain means it feeds the grids that data centers and other computing facilities draw from. · latest disclosed: 10-Q filed 2026-08-06

EQTEQT — EQT is a natural gas producer whose output feeds power plants and data centers, placing it in the power supply chain's upstream fuel layer. · latest disclosed: 10-Q filed 2026-07-22

UUUUEnergy Fuels — Energy Fuels mines uranium and rare earth minerals in the United States and is building capacity to process them into magnet-grade materials, placing it in the minerals layer that feeds rare earth magnet makers, with a smaller link to the power supply chain that supports data centers. · latest disclosed: 10-Q filed 2026-08-05

ETEnergy Transfer — Energy Transfer moves and stores natural gas and crude oil through pipelines and terminals, so it sits in the power supply chain as a fuel-delivery link feeding gas-fired generation. · latest disclosed: 10-Q filed 2026-08-06

EEExcelerate Energy — Excelerate Energy operates floating regasification terminals, which convert liquefied natural gas (gas chilled to liquid for shipping) back into gas, making it a fuel supplier within the power supply chain. · latest disclosed: 10-Q filed 2026-08-06

FSLRFirst Solar — First Solar makes thin-film solar panels, which it sells to power developers, placing it in the power supply chain that feeds electricity to data centers and other compute facilities. · latest disclosed: 10-Q filed 2026-07-30

FLNCFluence Energy — Fluence Energy sells battery energy storage systems and software that utilities and grid operators use to store power, which places it in the power supply chain layer of the compute pool. · latest disclosed: 10-Q filed 2026-08-05

FLRFluor — Fluor is an engineering and construction firm that builds the plants and infrastructure needed to generate and deliver power, placing it in the power supply chain layer of the compute pool. · latest disclosed: 10-Q filed 2026-08-07

GEVGE Vernova — GE Vernova manufactures products and provides long-term services for customers who generate electricity and sell it onto the grid, which places it in the power supply chain behind the compute pool. · latest disclosed: 10-Q filed 2026-07-22

HTHIYHitachi Energy (Hitachi) — Hitachi, Ltd. is a Japanese industrial group, placed in the power supply chain layer of the compute pool. · latest disclosed: 20-F filed 2011-06-24

MPLXMPLX — MPLX owns and operates pipelines, terminals and processing plants that move and store crude oil and natural gas, so it sits in the power supply chain as a supplier of the fuels that feed power generation. · latest disclosed: 10-Q filed 2026-08-04

NRGNRG Energy — NRG Energy sells electricity and power-generation services to retail and commercial customers, and sits in the power supply chain as the producer and seller that delivers electricity from plants to end users. · latest disclosed: 10-Q filed 2026-08-04

NNENano Nuclear Energy — Nano Nuclear Energy designs small modular nuclear reactors meant to supply electricity to data centers, placing it in the power supply chain that feeds computing facilities. · latest disclosed: 10-Q filed 2026-08-12

NEXTNextDecade — NextDecade develops liquefied natural gas export terminals on the Texas Gulf Coast, which places it in the power supply chain, the energy inputs feeding the compute pool. · latest disclosed: 10-Q filed 2026-07-30

NXTNextracker — Nextracker makes solar tracking systems and mounting hardware that tilt panels toward the sun, placing it in the power supply chain that feeds electricity to data centers. · latest disclosed: 10-Q filed 2026-08-03

SMRNuScale Power — NuScale Power designs small modular nuclear reactors that data centers and utilities could use for electricity, placing it in the power supply chain that feeds the compute pool. · latest disclosed: 10-Q filed 2026-08-05

OKEONEOK — ONEOK owns and runs pipelines that carry natural gas and liquid energy products, so it sits in the power supply chain as a carrier of fuel upstream of electricity generation. · latest disclosed: 10-Q filed 2026-08-04

OKLOOklo — Oklo designs small modular nuclear reactors that aim to supply electricity to data centers and other large power users, placing it in the power supply chain that feeds compute. · latest disclosed: 10-Q filed 2026-08-07

ORAOrmat — Ormat builds and runs geothermal power plants that sell electricity to utilities and data centers, placing it in the power supply chain that feeds the compute pool. · latest disclosed: 10-Q filed 2026-08-06

SHLSShoals — Shoals makes electrical wiring and connection products that carry power from solar arrays to inverters, placing it in the power supply chain that feeds the compute pool. · latest disclosed: 10-Q filed 2026-08-04

TLNTalen Energy — Talen Energy owns and operates power plants, including nuclear facilities, concentrated in the mid-Atlantic United States, selling electricity and generating capacity into regional wholesale markets, which places it in the power supply chain. · latest disclosed: 10-Q filed 2026-08-05

UECUranium Energy — Uranium Energy mines and sells uranium, the fuel for nuclear reactors, which places it upstream in the power supply chain that feeds the data centres running AI computing. · latest disclosed: 10-K filed 2026-09-29

VSTVistra — Vistra owns and operates power plants and sells electricity to utilities and large customers, placing it in the power supply chain that feeds the compute pool of data centers. · latest disclosed: 10-Q filed 2026-08-10

WMBWilliams — Williams is a natural gas pipeline operator whose transport network feeds the power plants that supply electricity to data centers, placing it in the power supply chain. · latest disclosed: 10-Q filed 2026-08-03

Layer 4 · DEFENSE INDUSTRIAL BASE

ASTSAST SpaceMobile — AST SpaceMobile builds satellites that let ordinary phones connect directly to cellular networks from orbit, placing it in the defense industrial base layer of the compute pool. · latest disclosed: 10-Q filed 2026-08-10

AVAVAeroVironment — AeroVironment makes small drones and loitering munitions for military customers, which places it in the defense industrial base, the suppliers that equip national security forces. · latest disclosed: 10-Q filed 2026-09-10

BKSYBlackSky — BlackSky sells satellite imagery and real-time geospatial intelligence to governments and defense customers, placing it in the defense industrial base layer as a supplier of surveillance data. · latest disclosed: 10-Q filed 2026-08-06

BABoeing (defense) — Boeing builds military aircraft, missiles and satellites for governments, which places it in the defense industrial base, the manufacturers that equip national security. · latest disclosed: 10-Q filed 2026-07-28

BAHBooz Allen — Booz Allen sells consulting, analytics and technology services to U.S. government agencies, mainly defense and intelligence, which places it in the defense industrial base layer as a contractor supporting military and security operations. · latest disclosed: 10-Q filed 2026-07-24

CACICACI — CACI sells technology services, software and engineering to US government defense and intelligence agencies, which places it in the defense industrial base layer as a supplier to national security programs. · latest disclosed: 10-K filed 2026-08-06

NETCloudflare — Cloudflare sells network security, content delivery and edge computing services that route and protect websites and applications, placing it in the defense industrial base layer of the compute pool. · latest disclosed: 10-Q filed 2026-08-06

CRWDCrowdStrike — CrowdStrike sells cybersecurity software that guards corporate and government computers against hackers, which places it in the defense industrial base layer of the compute pool because its tools protect the systems that military and national-security work depends on. · latest disclosed: 10-Q filed 2026-08-27

CWCurtiss-Wright — Curtiss-Wright makes defense electronics, flight and motion control systems, and industrial components that supply military platforms, placing it in the defense industrial base layer. · latest disclosed: 10-Q filed 2026-08-06

FTNTFortinet — Fortinet sells cybersecurity hardware and software that protects corporate and government networks, placing it in the defense industrial base layer of the compute pool. · latest disclosed: 10-Q filed 2026-07-30

GDGeneral Dynamics — General Dynamics builds submarines, armored vehicles, business jets and military information systems for governments, which places it in the defense industrial base, the manufacturers that equip national security. · latest disclosed: 10-Q filed 2026-07-29

HEIHeico — HEICO makes replacement parts and electronic components for aircraft and defense systems, and its specialty supply work for space and military programs places it in the defense industrial base and the space supply chain. · latest disclosed: 10-Q filed 2026-08-27

HIIHuntington Ingalls — Huntington Ingalls builds and maintains nuclear-powered aircraft carriers and submarines for the U.S. Navy, placing it in the defense industrial base, the shipyards and suppliers that turn government orders into military hardware. · latest disclosed: 10-Q filed 2026-07-30

LUNRIntuitive Machines — Intuitive Machines builds lunar landers and data relay satellites that carry government and commercial payloads to the Moon, placing it in the defense industrial base, the suppliers that equip national security programs. · latest disclosed: 10-Q filed 2026-08-13

IRDMIridium — Iridium sells satellite voice and data connectivity to governments and businesses, including defence customers, which places it in the defence industrial base layer of the compute pool. · latest disclosed: 10-Q filed 2026-07-22

KTOSKratos Defense — Kratos Defense builds unmanned aircraft, hypersonic test systems, and satellite ground equipment for the Pentagon, which places it in the defense industrial base layer for compute and the defense space layer for space. · latest disclosed: 10-Q filed 2026-08-04

LHXL3Harris — L3Harris makes communications, sensing and space hardware for military customers, which places it among the defence industrial base in the compute pool and in defence space within the space pool. · latest disclosed: 10-Q filed 2026-07-30

LDOSLeidos — Leidos sells technology services and systems to U.S. government defense and intelligence agencies, which places it in the defense industrial base layer as a contractor supplying the military's own operations. · latest disclosed: 10-Q filed 2026-08-04

LMTLockheed Martin — Lockheed Martin builds fighter jets, missiles and space systems for the US government and its allies, placing it in the defense industrial base, the manufacturers that equip national security programs. · latest disclosed: 10-Q filed 2026-07-23

MRCYMercury Systems — Mercury Systems makes secure processing hardware and embedded computing modules for defense platforms, placing it in the defense industrial base layer of the compute pool. · latest disclosed: 10-K filed 2026-08-18

NOCNorthrop Grumman — Northrop Grumman builds military aircraft, space systems, missiles and defense electronics for governments, which places it in the defense industrial base, the contractors that equip national security forces. · latest disclosed: 10-Q filed 2026-07-21

PLTRPalantir — Palantir sells software that lets governments and companies analyze large volumes of data and run operations on it, placing it in the defense industrial base layer because its platforms serve military and intelligence customers. · latest disclosed: 10-Q filed 2026-08-04

PANWPalo Alto Networks — Palo Alto Networks sells cybersecurity software and firewalls that protect corporate and government computer networks, placing it in the defense industrial base layer of the compute pool. · latest disclosed: 10-K filed 2026-09-10

PLPlanet Labs — Planet Labs sells satellite imagery and geospatial data from its own Earth-observing fleet, which places it in the defense industrial base layer because governments and defense agencies buy its data to support military and intelligence work. · latest disclosed: 10-Q filed 2026-09-03

RTXRTX — RTX sells aerospace products through Collins Aerospace and Pratt & Whitney, and through Raytheon supplies the U.S. government, which places it in the defense industrial base serving the armed forces. · latest disclosed: 10-Q filed 2026-07-23

RDWRedwire — Redwire builds space hardware and software for government and commercial customers, which places it in the defense industrial base layer of the compute pool. · latest disclosed: 10-Q filed 2026-08-06

RKLBRocket Lab — Rocket Lab builds and launches small rockets and spacecraft for government and commercial customers, placing it in the launch substrate of the space pool and, through its defense work, the defense industrial base layer of the compute pool. · latest disclosed: 10-Q filed 2026-08-10

RBRKRubrik — Rubrik sells software that backs up and restores enterprise and government data, and its sales to defense-sector agencies place it in the compute pool's defense industrial base layer. · latest disclosed: 10-Q filed 2026-09-01

SAICSAIC — Science Applications International Corporation provides technology and engineering services to U.S. government and defense agencies, placing it in the defense industrial base layer of the compute pool. · latest disclosed: 10-Q filed 2026-08-31

SSentinelOne — SentinelOne sells cybersecurity software that protects computers and networks from attack, placing it in the defense industrial base layer because it supplies protection to military and government systems. · latest disclosed: 10-Q filed 2026-08-28

TDYTeledyne — Teledyne makes sensors, imaging systems, and electronics for defense and industrial customers, placing it in the defense industrial base, the suppliers that build military hardware. · latest disclosed: 10-Q filed 2026-07-24

TENBTenable — Tenable sells software that finds and tracks security weaknesses in corporate and government networks, placing it in the defense industrial base layer of the compute pool, which covers suppliers protecting military and government technology. · latest disclosed: 10-Q filed 2026-08-04

TDGTransDigm — TransDigm designs and makes proprietary aircraft components, such as valves, pumps and power systems, for commercial and military aircraft, placing it in the defense industrial base layer. · latest disclosed: 10-Q filed 2026-08-04

ZSZscaler — Zscaler sells cloud-delivered security software that screens and protects corporate network traffic, placing it in the defense industrial base layer of the compute pool. · latest disclosed: 10-K filed 2026-09-03

Layer 5 · OBBBA WINNERS

GFSGlobalFoundries — GlobalFoundries makes semiconductor chips for other companies under contract, and its position in the compute pool places it among the OBBBA winners, the firms expected to benefit from the 2025 tax law. · latest disclosed: 20-F filed 2026-02-27

MCHPMicrochip — Microchip designs and sells microcontrollers and analog chips that run industrial, automotive and embedded equipment, placing it among the OBBBA winners in the compute pool. · latest disclosed: 10-Q filed 2026-08-06

ONOnsemi — Onsemi makes power and sensing chips for cars and factories, and sits in layer 5 of the compute pool as a beneficiary of the One Big Beautiful Bill Act, the US tax and spending law. · latest disclosed: 10-Q filed 2026-08-03

TXNTexas Instruments — Texas Instruments designs and makes analog and embedded chips that power everyday electronics, placing it among the One Big Beautiful Bill Act winners because of its US manufacturing footprint. · latest disclosed: 10-Q filed 2026-07-24

WOLFWolfspeed — Wolfspeed makes silicon carbide semiconductors used in electric vehicles and power systems, placing it among the OBBBA winners, the companies positioned to benefit from the One Big Beautiful Bill Act. · latest disclosed: 10-K filed 2026-08-20

Layer 6 · AI-ENABLED INCUMBENTS IN PROPRIETARY-DATA VERTICALS

ADBEAdobe — Adobe sells creative and document software such as Photoshop and Acrobat, and it sits here because its AI tools are built on years of proprietary creative and document data rather than on generic models. · latest disclosed: 10-Q filed 2026-09-22

APOApollo — Apollo is an asset manager that runs private credit, pension and insurance money, so it sits among AI-enabled incumbents that rely on proprietary data in specialised markets. · latest disclosed: 10-Q filed 2026-08-10

ARESAres — Ares is an alternative asset manager whose private credit and investment funds lend to and invest in mid-sized companies, so it belongs in the layer of AI-enabled incumbents that hold proprietary data in their verticals. · latest disclosed: 10-Q filed 2026-08-07

TEAMAtlassian — Atlassian sells software teams use to plan, track and document their work, and its proprietary workflow data places it among established software firms that add AI to vertical markets they already dominate. · latest disclosed: 10-K filed 2026-08-14

BACBank of America — Bank of America sells banking, lending and wealth services to consumers and businesses, and its vast stock of proprietary customer data places it among the AI-enabled incumbents in proprietary-data verticals. · latest disclosed: 10-Q filed 2026-07-31

BRK.BBerkshire Hathaway (Class B) — Berkshire Hathaway is a holding company whose insurance, railroad, utility and consumer businesses give it proprietary operating data, placing it among incumbents in data-rich verticals that apply AI to their own records. · latest disclosed: 10-Q filed 2026-08-10

BXBlackstone — Blackstone is a private equity and real estate investment firm that manages money for institutional clients, placing it among AI-enabled incumbents that hold proprietary data in specialized industries. · latest disclosed: 10-Q filed 2026-08-07

BAMBrookfield — Brookfield Asset Management is a global alternative asset manager that invests investors' capital in infrastructure, real estate and energy, which places it among AI-enabled incumbents in proprietary-data verticals because its ownership of physical assets generates operating data few rivals can access. · latest disclosed: 10-Q filed 2026-08-10

CVSCVS / Aetna — CVS Health sells pharmacy services, retail drugstore care, and health insurance through Aetna, and its place in this group rests on its large proprietary stores of patient claims and prescription data, which it applies to artificial intelligence tools. · latest disclosed: 10-Q filed 2026-08-05

COFCapital One — Capital One is a bank whose credit card and lending business runs on large stores of customer transaction data, placing it among AI-enabled incumbents that use proprietary data inside a specific industry. · latest disclosed: 10-Q filed 2026-07-28

CGCarlyle — Carlyle is a global private equity firm that raises and manages investment funds, and it is placed here as an incumbent whose edge rests on proprietary data across its portfolio businesses. · latest disclosed: 10-Q filed 2026-08-10

CBChubb — Chubb is a global insurer that sells property, casualty and specialty coverage, and it sits in this layer because it uses AI on proprietary claims and underwriting data it has built up over decades. · latest disclosed: 10-Q filed 2026-07-28

CICigna — Cigna sells health insurance and pharmacy benefit management, and it sits in this layer because its value rests on proprietary claims and health data that AI tools can use but rivals cannot easily replicate. · latest disclosed: 10-Q filed 2026-07-30

CSGPCoStar — CoStar sells commercial real estate listings, property data and analytics, and its proprietary database is the core asset that places it among AI-enabled incumbents in proprietary-data verticals. · latest disclosed: 10-Q filed 2026-07-29

DDOGDatadog — Datadog sells software that monitors the servers, applications and cloud services companies run, and it sits in this layer because its value rests on operational data it collects inside customers' own systems. · latest disclosed: 10-Q filed 2026-08-06

DEDeere — Deere makes tractors, combines and farm equipment, and its connected machines feed proprietary field data back into software for growers, placing it among AI-enabled incumbents in proprietary-data verticals. · latest disclosed: 10-Q filed 2026-08-27

DISDisney — Disney sells film, television, streaming and theme park entertainment, and sits in this layer because its proprietary content libraries and guest data are vertical assets that AI tools are being built to use. · latest disclosed: 10-Q filed 2026-08-05

ELVElevance — Elevance Health sells health insurance plans and manages the medical claims and member data behind them, which places it among incumbents using proprietary data in a specialized industry to apply artificial intelligence. · latest disclosed: 10-Q filed 2026-07-15

GEGE Aerospace — GE Aerospace, legally General Electric Company of Evendale, Ohio, makes and services aircraft jet engines, placing it among AI-enabled incumbents in proprietary-data verticals, established firms whose own operating data can feed artificial intelligence. · latest disclosed: 10-Q filed 2026-07-16

HUMHumana — Humana sells Medicare Advantage health insurance plans, using its proprietary claims and patient data to run care and pricing, which places it among AI-enabled incumbents in proprietary-data verticals. · latest disclosed: 10-Q filed 2026-07-29

JPMJPMorgan Chase — JPMorgan Chase is a large American bank whose core business is lending, payments and trading, and its proprietary customer and transaction data places it among the AI-enabled incumbents in vertical markets where that data is hard for rivals to replicate. · latest disclosed: 10-Q filed 2026-08-06

KKRKKR — KKR is an investment firm that manages funds investing in private equity and real assets, runs an insurance business, Global Atlantic, and holds stakes in operating companies, placing it among artificial-intelligence-enabled incumbents in proprietary-data verticals. · latest disclosed: 10-Q filed 2026-08-06

NFLXNetflix — Netflix sells streaming entertainment subscriptions to consumers, and it sits in this layer because its value rests on proprietary viewing data used to apply AI to its own content and services. · latest disclosed: 10-Q filed 2026-07-17

NWSANews Corp — News Corp sells newspapers, books, and subscription information services such as Dow Jones and REA property listings, and its proprietary news and data archives place it among AI-enabled incumbents in proprietary-data verticals. · latest disclosed: 10-K filed 2026-08-07

PGRProgressive — Progressive is a car insurer that sells policies directly and through agents, and it sits in this layer because its decades of proprietary driving and claims data are the asset that AI tools are being applied to. · latest disclosed: 10-Q filed 2026-08-03

RNRRenaissanceRe — RenaissanceRe is a Bermuda reinsurer that takes on catastrophe risk from insurers, and its proprietary data and modeling let it price that risk with AI, placing it among incumbents in data-rich verticals. · latest disclosed: 10-Q filed 2026-07-23

ROKRockwell — Rockwell sells industrial automation hardware and software, such as factory controllers and plant-floor software, and its proprietary data from those machines places it among AI-enabled incumbents in proprietary-data verticals. · latest disclosed: 10-Q filed 2026-08-04

CRMSalesforce — Salesforce sells customer relationship management software, holding businesses' sales, service and marketing records, so its AI tools draw on proprietary customer data, which places it among AI-enabled incumbents in proprietary-data verticals. · latest disclosed: 10-Q filed 2026-08-27

NOWServiceNow — ServiceNow sells workflow software that runs how large companies handle IT, HR and customer service, and its hold on that proprietary data is why it sits among the AI-enabled incumbents in proprietary-data verticals. · latest disclosed: 10-Q filed 2026-07-23

SNOWSnowflake — Snowflake sells the AI Data Cloud, a consumption-based platform running on public cloud infrastructure, adding artificial intelligence features for customers' data, which places it among AI-enabled incumbents in proprietary-data verticals. · latest disclosed: 10-Q filed 2026-09-04

TRVTravelers — Travelers sells property and casualty insurance, and it sits in the AI-enabled incumbents layer because its decades of proprietary claims and underwriting data are what it uses to price risk with software. · latest disclosed: 10-Q filed 2026-07-17

UNHUnitedHealth — UnitedHealth sells health insurance and care-management services, and its scale of proprietary claims and patient data places it among AI-enabled incumbents in data-rich verticals. · latest disclosed: 10-Q filed 2026-08-10

WBDWBD — Warner Bros. Discovery owns film, television and streaming brands, and its library of proprietary content places it among media incumbents using AI to extend their data-rich verticals. · latest disclosed: 10-Q filed 2026-08-06

WDAYWorkday — Workday sells cloud software for human resources and finance, and it sits in this layer because it holds proprietary employee and payroll data that AI tools built on top of it can draw on. · latest disclosed: 10-Q filed 2026-08-27

ZGZillow — Zillow runs the largest online real estate marketplace in the United States, selling home listings, advertising and mortgage referrals, and its proprietary housing data gives it a position among AI-enabled incumbents in proprietary-data verticals. · latest disclosed: 10-Q filed 2026-08-05

Layer 7 · AI-ENABLED FINANCIAL SERVICES

BLKBlackRock — BlackRock manages investment funds and portfolios for institutions and individuals, and sits in the AI-enabled financial services layer because it applies data and automation tools to asset management. · latest disclosed: 10-Q filed 2026-08-06

CMECME — CME Group operates futures and options exchanges where traders buy and sell contracts on interest rates, commodities, and equities, so it sits in the financial services layer that uses AI to power trading and risk tools. · latest disclosed: 10-Q filed 2026-07-24

GSGoldman Sachs — Goldman Sachs sells investment banking, trading, and asset management services, and sits in the AI-enabled financial services layer because it deploys artificial intelligence to power those client-facing financial offerings rather than building the underlying computing hardware or models. · latest disclosed: 10-Q filed 2026-08-03

ICEICE — Intercontinental Exchange operates stock and derivatives exchanges and sells market data and mortgage technology, placing it in the AI-enabled financial services layer. · latest disclosed: 10-Q filed 2026-07-30

MKTXMarketAxess — MarketAxess runs an electronic trading platform where institutional investors buy and sell corporate bonds, placing it in the AI-enabled financial services layer because its software applies automated analytics to fixed-income trading. · latest disclosed: 10-Q filed 2026-08-07

NDAQNasdaq — Nasdaq runs stock exchanges and market-technology software that banks and brokers use to trade and clear securities, placing it in the AI-enabled financial services layer because its trading data and surveillance tools feed machine-learning systems. · latest disclosed: 10-Q filed 2026-07-23

NTRSNorthern Trust — Northern Trust provides custody, asset servicing and wealth management to institutions and wealthy families, placing it in the AI-enabled financial services layer because it applies automation to those back-office and advisory operations. · latest disclosed: 10-Q filed 2026-07-30

STTState Street — State Street is a custodian bank that holds and services securities and runs back-office operations for asset managers and pension funds, placing it in AI-enabled financial services. · latest disclosed: 10-Q filed 2026-07-30

TWTradeweb — Tradeweb operates electronic marketplaces where institutional investors trade bonds and other fixed-income securities, placing it in the AI-enabled financial services layer because it applies data and automation to those trades. · latest disclosed: 10-Q filed 2026-07-30

Layer 8 · THIRD-ORDER COMPUTE BENEFICIARIES

AGCOAGCO — AGCO makes tractors and harvesting equipment for farmers, and it sits in the third tier of the compute pool, a layer that benefits only indirectly from AI buildout. · latest disclosed: 10-Q filed 2026-07-30

ABCLAbCellera — AbCellera sells antibody discovery services and drug-candidate platforms to biotech and pharma customers, placing it in the compute pool's third-order beneficiaries because its demand depends on AI-driven drug research that runs on data-centre computing. · latest disclosed: 10-Q filed 2026-08-05

ABSIAbsci — Absci is a clinical-stage drug developer using artificial intelligence to design its own antibody medicines, led by a hair-loss and endometriosis candidate, placing it among third-order compute beneficiaries that consume AI processing indirectly. · latest disclosed: 10-Q filed 2026-08-11

AURAurora Innovation — Aurora Innovation develops the Aurora Driver, a self-driving system of hardware, software and data services for trucks and other vehicles, placing it in robotics' autonomous mobility layer as a builder of driverless vehicle technology. · latest disclosed: 10-Q filed 2026-07-29

ADSKAutodesk — Autodesk sells design and engineering software for architects, builders, and manufacturers, placing it in the third-order compute beneficiaries layer because its tools consume cloud computing indirectly, as customers' demand for digital design grows. · latest disclosed: 10-Q filed 2026-08-28

BSYBentley Systems — Bentley Systems sells software that engineers use to design, build and operate infrastructure such as roads, bridges and utilities, so it sits in the third tier of companies that benefit from computing demand rather than building the chips or servers themselves. · latest disclosed: 10-Q filed 2026-08-06

CGNXCognex — Cognex sells machine vision cameras and software that let factory robots and automated inspection systems "see" and check products, so it sits in the perception layer of robotics rather than in the computing hardware itself. · latest disclosed: 10-Q filed 2026-08-06

DOCSDoximity — Doximity sells software for doctors and pharmacies, such as telehealth tools and drug-prescribing platforms, so it sits in the compute pool only as a third-order beneficiary, riding on AI spending several steps removed. · latest disclosed: 10-Q filed 2026-08-06

DUOLDuolingo — Duolingo sells a language-learning app that uses artificial intelligence, so it sits in the third-order compute beneficiaries layer, reaping indirect gains from AI demand rather than supplying chips or infrastructure. · latest disclosed: 10-Q filed 2026-08-06

HSAIHesai — Hesai makes lidar sensors, laser devices that map surroundings in 3D for robots and self-driving vehicles, so it sits in the perception layer of the robotics pool and only indirectly benefits from AI computing demand. · latest disclosed: 20-F filed 2026-04-24

HIMSHims & Hers — Hims & Hers sells telehealth subscriptions for prescription drugs and personal care, which places it in the compute pool's third-order beneficiaries: firms that gain only indirectly from AI infrastructure spending. · latest disclosed: 10-Q filed 2026-08-10

INODInnodata — Innodata sells data engineering and annotation services that prepare training data for artificial intelligence models, placing it among third-order beneficiaries of compute spending rather than the chipmakers or cloud operators themselves. · latest disclosed: 10-Q filed 2026-08-06

KVYOKlaviyo — Klaviyo sells software that helps businesses send targeted email and text messages to customers, placing it among third-order compute beneficiaries: firms that gain indirectly from AI infrastructure spending. · latest disclosed: 10-Q filed 2026-08-05

PCORProcore — Procore sells construction management software that runs building projects online, so it sits in the third-order compute beneficiaries layer, drawing indirect benefit from AI spending rather than supplying chips or data centres. · latest disclosed: 10-Q filed 2026-07-31

RXRXRecursion — Recursion uses artificial intelligence to speed up drug discovery, and its reliance on heavy computing power places it among third-order compute beneficiaries, one step removed from chip makers. · latest disclosed: 10-Q filed 2026-08-05

RLAYRelay Therapeutics — Relay Therapeutics develops cancer drugs using computer simulations of protein motion, so its link to computing demand is indirect, placing it among third-order compute beneficiaries. · latest disclosed: 10-Q filed 2026-08-06

SDGRSchrodinger — Schrodinger sells software that uses physics-based computer simulation to help drug companies design molecules, so it sits in the third tier of compute beneficiaries, one step removed from the chipmakers and cloud providers. · latest disclosed: 10-Q filed 2026-08-05

SYMSymbotic — Symbotic designs and runs automated warehouse systems, including robots and software that move and sort goods for retailers and distributors, which places it among the third-order beneficiaries of compute demand and in the warehouse and logistics robotics layer. · latest disclosed: 10-Q filed 2026-08-05

TEMTempus AI — Tempus AI sells software and genomic data analysis to hospitals and drugmakers, so it benefits from AI demand only indirectly, as a third-order beneficiary of the compute buildout. · latest disclosed: 10-Q filed 2026-07-30

TERTeradyne — Teradyne makes automatic test equipment that checks semiconductor chips and electronics before they ship, and collaborative robots that work alongside people, which places it among suppliers whose sales follow indirectly from AI computing and robotics demand. · latest disclosed: 10-Q filed 2026-07-31

TSLATesla Optimus — Tesla's Optimus unit builds general-purpose humanoid robots meant to perform physical work, which places it among the humanoid pure-play companies in the robotics pool, while its reliance on outside chips and data-centre capacity keeps it a third-order beneficiary in the compute pool. · latest disclosed: 10-Q filed 2026-07-23

TOSTToast — Toast sells cloud-based point-of-sale software and payment tools to restaurants, so it sits in the third-order compute layer because its demand rides on restaurant transaction volume rather than on the chips or data centers themselves. · latest disclosed: 10-Q filed 2026-08-05

TRMBTrimble — Trimble sells positioning, mapping and construction-software hardware and services, so it sits in this layer as a third-order beneficiary of AI computing demand rather than a direct supplier of chips or data centers. · latest disclosed: 10-Q filed 2026-08-12

VEEVVeeva — Veeva sells cloud software that life sciences companies use to manage drug development and sales, so it sits among third-order compute beneficiaries: firms that gain indirectly from AI infrastructure spending through their customers' demand. · latest disclosed: 10-Q filed 2026-08-27

Layer 9 · PURE-PLAY AI

AMDAMD — Advanced Micro Devices designs processors and graphics chips for data centres and PCs, and its AI accelerators place it in the compute pool's pure-play AI layer. · latest disclosed: 10-Q filed 2026-08-05

GOOGAlphabet — Alphabet, Google's parent, earns mainly from search and YouTube advertising and sells cloud infrastructure and platform services while funding shared artificial intelligence research, placing it in the compute pool's pure-play AI layer. · latest disclosed: 10-Q filed 2026-07-23

AMZNAmazon — Amazon runs online stores and an advertising business, and its Amazon Web Services cloud unit rents out computing, storage and artificial intelligence services on demand, placing it in the compute pool's pure-play AI layer. · latest disclosed: 10-Q filed 2026-07-31

AAPLApple — Apple sells consumer devices such as the iPhone and Mac, with AI features built in, placing it in the compute pool's outer layer rather than among pure-play AI makers. · latest disclosed: 10-Q filed 2026-07-31

APLDApplied Digital — Applied Digital builds and leases data centers that house high-powered computing equipment for artificial intelligence customers, placing it in the compute pool's pure-play AI layer. · latest disclosed: 10-Q filed 2026-10-07

AIC3.ai — C3.ai sells enterprise software that lets large companies build and run artificial intelligence applications, placing it in the pure-play AI layer of the compute pool. · latest disclosed: 10-Q filed 2026-09-09

CRWVCoreWeave — CoreWeave rents graphics processing chips by the hour from data centers built for artificial intelligence, placing it in the compute pool's pure-play AI layer. · latest disclosed: 10-Q filed 2026-08-12

ESTCElastic — Elastic sells search and analytics software that helps companies find and make sense of their data, placing it in the compute pool's pure-play AI layer. · latest disclosed: 10-Q filed 2026-08-28

IRENIREN — IREN sells GPU-powered computing capacity to AI developers from its own data centres, so it sits in the compute pool as a pure-play AI infrastructure business. · latest disclosed: 10-K filed 2026-08-27

METAMeta — Meta sells advertising and runs social apps such as Facebook and Instagram, and it builds AI models for its own products, which places it in the pure-play AI layer of the compute pool. · latest disclosed: 10-Q filed 2026-07-30

MDBMongoDB — MongoDB sells a database platform that developers use to store and manage application data, and it sits in the pure-play AI layer because its tools are built to feed AI workloads. · latest disclosed: 10-Q filed 2026-09-01

NVDANVIDIA — NVIDIA designs the graphics processors and software platforms that power AI data centers, and its chips also serve as the onboard computing brains for robots, placing it in both the compute and robotics platform layers. · latest disclosed: 10-Q filed 2026-08-26

NBISNebius — Nebius rents out graphics-processing servers and cloud infrastructure built for training and running artificial intelligence models, making it a pure-play AI compute provider in the compute pool. · latest disclosed: 20-F filed 2026-04-30

SOUNSoundHound — SoundHound sells voice AI software that lets businesses and devices understand and respond to spoken requests, placing it in the pure-play AI layer of the compute pool. · latest disclosed: 10-Q filed 2026-08-10

Metabolic medicine

Layer 1 · GLP-1 MANUFACTURERS

ALTAltimmune — Altimmune develops experimental obesity and liver-disease drugs, placing it in the metabolic pool's first layer, GLP-1 manufacturers, because it makes the core drug molecules rather than selling finished treatments. · latest disclosed: 10-Q filed 2026-08-12

AMGNAmgen — Amgen sells biologic medicines such as ENBREL and Otezla, and it is indexed in the metabolic pool's GLP-1 (glucagon-like peptide-1) manufacturers layer. · latest disclosed: 10-Q filed 2026-08-05

RDYDr. Reddy's — Dr. Reddy's is an Indian drugmaker manufacturing generic medicines, biosimilars and active pharmaceutical ingredients, the core chemical components of drugs, capabilities that place it among glucagon-like peptide-1 (GLP-1) medicine manufacturers. · latest disclosed: 20-F filed 2026-05-29

LLYEli Lilly — Eli Lilly researches, develops and manufactures pharmaceutical products at its own and third-party facilities, which places it in the metabolic pool's layer of GLP-1 (glucagon-like peptide-1) drug manufacturers. · latest disclosed: 10-Q filed 2026-08-05

NVONovo Nordisk — Novo Nordisk makes the GLP-1 drugs, such as semaglutide, that are the active ingredients in diabetes and weight-loss treatments, placing it at the manufacturing layer of the metabolic pool. · latest disclosed: 20-F filed 2026-02-04

PFEPfizer — Pfizer sells prescription medicines and vaccines, and its place in the metabolic pool's first layer of GLP-1 manufacturers rests on its own drug candidates for obesity and diabetes, which it develops and makes itself. · latest disclosed: 10-Q filed 2026-08-04

GPCRStructure Therapeutics — Structure Therapeutics develops oral small-molecule drugs that target GLP-1, a gut hormone that regulates appetite and blood sugar, placing it among the makers of the core active compounds in the metabolic-disease field. · latest disclosed: 10-Q filed 2026-08-06

VKTXViking Therapeutics — Viking Therapeutics is a clinical-stage drug developer whose experimental obesity and diabetes injections are meant to mimic GLP-1, a gut hormone that controls appetite, placing it among makers of GLP-1 drugs. · latest disclosed: 10-Q filed 2026-07-29

Layer 2 · DELIVERY AND PHARMACOLOGY INFRASTRUCTURE

MEDPMedpace — Medpace runs clinical trials for drugmakers, managing the testing of experimental medicines in patients, which places it in the delivery and pharmacology infrastructure layer of the metabolic pool. · latest disclosed: 10-Q filed 2026-07-23

STVNStevanato Group — Stevanato Group makes glass vials, syringes and drug-delivery devices that pharmaceutical companies use to package and administer their medicines, placing it in the delivery and pharmacology infrastructure layer of the metabolic pool. · latest disclosed: 20-F filed 2026-03-04

WSTWest Pharmaceutical — West Pharmaceutical makes rubber stoppers, syringes and injection components that carry medicines safely from manufacturer to patient, placing it in the delivery and pharmacology infrastructure layer of the metabolic pool. · latest disclosed: 10-Q filed 2026-07-23

Layer 3 · DEMAND-DESTRUCTION FRAMES

BUDAB InBev — AB InBev brews and sells beer worldwide, including Budweiser and Corona, so its fortunes track how far health-conscious drinkers cut back on alcohol. · latest disclosed: 20-F filed 2026-03-03

MOAltria — Altria sells cigarettes and smokeless tobacco in the United States, placing it among the demand-destruction frames because cigarette consumption is shrinking as squeezed household budgets and switching to vaping and nicotine pouches erode demand. · latest disclosed: 10-Q filed 2026-07-30

BLMNBloomin' Brands — Bloomin' Brands owns casual dining restaurant chains such as Outback Steakhouse, so its fortunes rise and fall with discretionary spending on eating out, a classic case of consumer demand that can be wiped out when households cut back. · latest disclosed: 10-Q filed 2026-08-06

CPBCampbell Soup — Campbell Soup sells packaged soups, snacks and sauces, and sits in the demand-destruction layer because its shelf-stable products face pressure as weight-loss drugs reshape what consumers buy. · latest disclosed: 10-K filed 2026-09-24

CELHCelsius — Celsius makes calorie-free energy drinks and sells them through retailers, placing it in the demand-destruction layer because its products compete for consumers' spending on sugary drinks and traditional energy beverages. · latest disclosed: 10-Q filed 2026-08-06

KOCoca-Cola — Coca-Cola sells sugary and diet soft drinks worldwide, placing it in the demand-destruction frames layer because health-driven shifts away from sugary beverages threaten its core volumes. · latest disclosed: 10-Q filed 2026-07-29

CAGConagra — Conagra sells packaged foods such as frozen meals, snacks and condiments, so it sits in the layer that is exposed to consumers cutting back on processed food as weight-loss drugs spread. · latest disclosed: 10-Q filed 2026-09-30

STZConstellation Brands — Constellation Brands sells beer (including Modelo and Corona), wine and spirits. We follow it because its sales depend on drinking habits that weight-loss drugs and health trends may change. · latest disclosed: 10-Q filed 2026-10-07

DRIDarden — Darden owns and operates full-service restaurant chains such as Olive Garden and LongHorn Steakhouse, placing it among businesses whose demand is tied to consumers choosing to dine out. · latest disclosed: 10-Q filed 2026-10-02

GISGeneral Mills — General Mills sells packaged cereals, snacks and pet food, and sits in the demand-destruction layer because its branded staples face lost sales as consumers switch to weight-loss drugs that curb appetite. · latest disclosed: 10-Q filed 2026-09-23

HSYHershey — Hershey sells chocolate and snack brands, and sits in the demand-destruction frames layer because its products face shrinking consumer appetite for sugary treats as health-driven eating habits spread. · latest disclosed: 10-Q filed 2026-07-30

KDPKeurig Dr Pepper — Keurig Dr Pepper sells branded coffee pods, sodas and bottled drinks, so its fortunes depend on consumers still buying sugary and caffeinated beverages even as health concerns push them toward alternatives. · latest disclosed: 10-Q filed 2026-08-10

KHCKraft Heinz — Kraft Heinz sells packaged foods and condiments such as Heinz ketchup and Kraft cheese, so its brands are exposed to shoppers cutting back on processed snacks as weight-loss drugs spread. · latest disclosed: 10-Q filed 2026-08-05

MCDMcDonald's — McDonald's sells hamburgers, fries and drinks through franchised restaurants worldwide, and its role in the metabolic pool is as a demand-destruction frame: a fast-food chain whose traffic could shrink as consumers shift away from calorie-dense meals. · latest disclosed: 10-Q filed 2026-08-07

TAPMolson Coors — Molson Coors brews and sells beer. We follow it because its sales depend on drinking habits that weight-loss drugs and health trends may change. · latest disclosed: 10-Q filed 2026-08-06

MDLZMondelez — Mondelez sells snacks such as biscuits, chocolate and gum, and its exposure to the metabolic pool sits in the demand-destruction layer because appetite-suppressing drugs could reduce how much packaged snacking consumers buy. · latest disclosed: 10-Q filed 2026-07-28

MNSTMonster Beverage — Monster Beverage sells energy drinks and sugary beverages, and it sits in the demand-destruction layer of the metabolic pool because shifting consumer tastes and health frames could shrink demand for its products. · latest disclosed: 10-Q filed 2026-08-07

PEPPepsiCo — PepsiCo sells snacks and beverages, and it sits in the demand-destruction layer because its sugary drinks and salty snacks face shrinking consumption as weight-loss drugs and health concerns spread. · latest disclosed: 10-Q filed 2026-10-08

PMPhilip Morris — Philip Morris sells cigarettes and smokeless nicotine products worldwide, so it sits in the demand-destruction layer of the metabolic pool, where health-driven policy aims to shrink the customer base it depends on. · latest disclosed: 10-Q filed 2026-07-24

QSRRestaurant Brands — Restaurant Brands owns fast-food chains such as Burger King, Tim Hortons and Popeyes, and sits in the demand-destruction layer because its menus rely on the indulgent food that appetite-suppressing drugs may reduce. · latest disclosed: 10-Q filed 2026-08-06

SMPLSimply Good Foods — Simply Good Foods sells protein shakes, snack bars and other packaged nutrition products under brands such as Atkins and Quest, placing it among companies whose sales are shaped by consumers' changing eating habits. · latest disclosed: 10-Q filed 2026-07-09

TXRHTexas Roadhouse — Texas Roadhouse runs a chain of casual steakhouses serving mostly beef and dinner to families, so it sits in the demand-destruction frames layer because its restaurant traffic and spending could shrink if consumers pull back on discretionary dining. · latest disclosed: 10-Q filed 2026-08-07

WENWendy's — Wendy's sells burgers and fries through franchised and company-run restaurants, so its fortunes track how much consumers still spend on fast food, placing it among the demand-destruction frames of the metabolic pool. · latest disclosed: 10-Q filed 2026-08-07

YUMYum! Brands — Yum! Brands franchises fast-food chains such as KFC, Pizza Hut and Taco Bell, earning fees from restaurants it largely does not own, so its fortunes track consumer appetite for those meals. · latest disclosed: 10-Q filed 2026-08-05

Layer 4 · DEMAND-CREATION FRAMES

BRBRBellRing Brands — BellRing Brands sells branded ready-to-drink protein shakes and other protein products, and its brand marketing creates consumer demand for them, placing it in the demand-creation layer of the metabolic health market. · latest disclosed: 10-Q filed 2026-08-04

CCLCarnival — Carnival sells cruise vacations, and it sits in the demand-creation layer because its ships and marketing create the desire for leisure travel that drives bookings. · latest disclosed: 10-Q filed 2026-09-29

DECKDeckers (HOKA + UGG) — Deckers owns the HOKA running shoe and UGG sheepskin boot brands, and sits in the demand-creation layer because its brands shape what consumers want to wear. · latest disclosed: 10-Q filed 2026-07-30

GAPGap — Gap sells apparel and accessories through its own stores and websites under brands like Old Navy and Banana Republic, placing it in the layer that shapes consumer demand through branding and marketing. · latest disclosed: 10-Q filed 2026-08-28

HLFHerbalife — Herbalife sells nutrition shakes, supplements and weight-management products through independent distributors, so it sits in the demand-creation layer, where companies build the pull that drives sales. · latest disclosed: 10-Q filed 2026-08-05

HLTHilton — Hilton operates and franchises hotels under many brands, and its brand reach and loyalty program steer travelers toward its rooms, placing it among the companies that create demand. · latest disclosed: 10-Q filed 2026-07-28

LTHLife Time Group — Life Time Group operates premium fitness clubs and wellness resorts, placing it in the demand-creation frames layer because it builds the physical places where members are drawn into health routines. · latest disclosed: 10-Q filed 2026-07-30

LULULululemon — Lululemon designs technical athletic apparel, footwear and accessories sold through its own stores and websites, and its brand, ambassadors and guest feedback shape what people want to wear, placing it among demand-creation frames. · latest disclosed: 10-Q filed 2026-09-03

MARMarriott — Marriott runs hotel brands and manages and franchises properties it mostly does not own, so it earns fees from travel demand rather than from owning the rooms. · latest disclosed: 10-Q filed 2026-08-03

NKENike — Nike sells athletic footwear, apparel and equipment, and its brand marketing and athlete sponsorships create the consumer desire that keeps those products selling. · latest disclosed: 10-Q filed 2026-10-02

ONONOn Holding — On Holding sells premium running and training shoes and apparel, and its brand-driven demand puts it in the layer where companies create the desire that pulls customers toward their products. · latest disclosed: 20-F filed 2026-03-03

PTONPeloton — Peloton sells connected exercise bikes, treadmills and streaming fitness classes, placing it in the demand-creation layer because it builds the consumer habit and brand that draw customers to its hardware and subscriptions. · latest disclosed: 10-K filed 2026-08-06

PLNTPlanet Fitness — Planet Fitness runs low-cost gyms and sells monthly memberships, a model that sits in the demand-creation frames layer because it builds the recurring customer base and brand that drive the business. · latest disclosed: 10-Q filed 2026-08-06

ROSTRoss Stores — Ross Stores operates discount apparel and home-goods chains, and sits among the demand-creation frames because its treasure-hunt store format drives shoppers to visit repeatedly. · latest disclosed: 10-Q filed 2026-09-01

RCLRoyal Caribbean — Royal Caribbean operates cruise ships and sells holiday voyages to travellers, placing it in the demand-creation frames layer because it shapes what leisure customers want to book. · latest disclosed: 10-Q filed 2026-07-28

SFMSprouts Farmers Market — Sprouts Farmers Market runs a chain of grocery stores focused on fresh produce and natural foods, placing it in the demand-creation frames layer because it shapes what shoppers want to buy. · latest disclosed: 10-Q filed 2026-07-29

TJXTJX — TJX runs off-price apparel and home-goods stores such as T.J. Maxx and Marshalls, and sits in the demand-creation layer because it draws shoppers through bargain treasure-hunt merchandising rather than making the goods itself. · latest disclosed: 10-Q filed 2026-08-28

UAUnder Armour — Under Armour sells athletic apparel and footwear, and its brand marketing is what persuades consumers to choose it, placing it in the demand-creation layer. · latest disclosed: 10-Q filed 2026-08-07

VIKViking Holdings — Viking Holdings runs luxury river and ocean cruises, and sits in the demand-creation layer because its marketing and brand draw travelers to its ships rather than building the ships themselves. · latest disclosed: 20-F filed 2026-03-03

XPOFXponential Fitness — Xponential Fitness franchises boutique studios and sells their branded workout programs, so it sits in the demand-creation layer by building the consumer brands that draw members to its franchisees. · latest disclosed: 10-Q filed 2026-08-07

Layer 5 · HEALTHCARE INFRASTRUCTURE

ABTAbbott — Abbott sells diagnostic tests, medical devices, nutrition products and diabetes monitors, placing it in healthcare infrastructure because hospitals and patients depend on its equipment and supplies to run care daily. · latest disclosed: 10-Q filed 2026-07-28

CORCencora — Cencora distributes prescription drugs and medical supplies from manufacturers to pharmacies and providers, so it sits in healthcare infrastructure as the logistics channel that moves medicines to patients. · latest disclosed: 10-Q filed 2026-08-05

DXCMDexcom — Dexcom makes continuous glucose monitors, wearable sensors that track blood sugar for people with diabetes, placing it among the healthcare infrastructure providers in the metabolic pool. · latest disclosed: 10-Q filed 2026-07-30

PODDInsulet — Insulet makes the Omnipod, a tubeless insulin pump that people with diabetes wear on the body, which places it among the healthcare infrastructure providers in the metabolic pool. · latest disclosed: 10-Q filed 2026-08-05

MCKMcKesson — McKesson distributes pharmaceuticals and medical supplies to pharmacies, hospitals and clinics, a logistics role that places it in the healthcare infrastructure layer. · latest disclosed: 10-Q filed 2026-08-05

SENSSenseonics — Senseonics makes a long-lasting implantable glucose sensor for people with diabetes, which places it in the healthcare infrastructure layer by supplying the monitoring hardware that clinical care depends on. · latest disclosed: 10-Q filed 2026-08-06

TNDMTandem Diabetes — Tandem Diabetes sells insulin pumps and the software that works with them, so it sits in healthcare infrastructure because patients depend on its devices to deliver insulin continuously. · latest disclosed: 10-Q filed 2026-08-06

Layer 6 · DOWNSTREAM HEALTHCARE BENEFICIARIES

DVADaVita — DaVita runs outpatient dialysis clinics that treat patients with kidney failure, so it sits downstream as a beneficiary of healthcare spending rather than as a drug or device developer. · latest disclosed: 10-Q filed 2026-08-04

EWEdwards Lifesciences — Edwards Lifesciences makes heart valves and structural heart devices, and it sits downstream in the metabolic pool as a healthcare beneficiary, not a drug or food supplier. · latest disclosed: 10-Q filed 2026-08-04

FMSFresenius Medical Care — Fresenius Medical Care runs dialysis clinics and sells kidney-dialysis equipment and supplies, so it sits downstream as a beneficiary of healthcare spending on chronic kidney disease treatment. · latest disclosed: 20-F filed 2026-02-24

INSPInspire Medical — Inspire Medical sells an implantable device that treats obstructive sleep apnea, a breathing disorder during sleep, so it sits downstream as a healthcare company that benefits from patients' demand for that treatment. · latest disclosed: 10-Q filed 2026-08-03

RMDResMed — ResMed makes sleep-apnea breathing machines and masks sold to patients and providers, placing it among downstream healthcare beneficiaries that gain from treatment demand created elsewhere in the health system. · latest disclosed: 10-K filed 2026-08-13

SYKStryker — Stryker sells surgical equipment, orthopedic implants and medical devices to hospitals, so it sits downstream as a beneficiary of healthcare demand rather than a drug developer. · latest disclosed: 10-Q filed 2026-07-31

TVTXTravere — Travere sells prescription medicines for rare kidney and metabolic diseases, so it earns its revenue from patients' treatment rather than from building the drugs' underlying science or the hospitals that deliver them. · latest disclosed: 10-Q filed 2026-08-04

ZBHZimmer Biomet — Zimmer Biomet sells artificial joints and orthopedic implants and surgical tools used in knee and hip operations, so it sits downstream as a beneficiary of healthcare demand rather than a drug developer. · latest disclosed: 10-Q filed 2026-08-05

Layer 6 · ENDOCRINOLOGY AND RARE-DISEASE PEPTIDES

ASNDAscendis Pharma — Ascendis Pharma sells approved medicines and develops others using its TransCon technology platform applied to clinically validated parent drugs, work that places it in the endocrinology and rare-disease peptides layer. · latest disclosed: 20-F filed 2026-02-11

Layer 7 · PEPTIDE PLATFORM TECHNOLOGIES

TLXTelix Pharmaceuticals — Telix Pharmaceuticals develops radiopharmaceuticals, cancer-targeting drugs that pair a radioactive atom with a molecule guiding it to tumours, so it sits in the peptide platform layer of the metabolic pool. · latest disclosed: 20-F filed 2026-02-20

Layer 7 · POPULATION HEALTH AND LONGEVITY (SPECULATIVE)

NAGENiagen Bioscience — Niagen Bioscience sells nicotinamide riboside, a vitamin B3 form marketed as a supplement for cellular energy and healthy aging, which places it in the speculative population health and longevity layer because its benefits remain unproven in broad human outcomes. · latest disclosed: 10-Q filed 2026-08-04

Layer 8 · INDUSTRIAL AND COMMERCIAL ADJUSTMENTS

AALAmerican — American Airlines sells passenger flights, including regional routes flown by contracted partners, and sits in the metabolic pool's industrial and commercial adjustments layer because its business tracks how businesses and travelers spend on transport. · latest disclosed: 10-Q filed 2026-07-23

BKDBrookdale — Brookdale operates senior living communities, providing housing and care for older adults, which places it in the industrial and commercial adjustments layer of the metabolic pool. · latest disclosed: 10-Q filed 2026-08-10

CTRECareTrust REIT — CareTrust REIT owns healthcare properties such as skilled nursing facilities and senior housing, leasing them to operators, which places it in the industrial and commercial adjustments layer as a real estate landlord rather than a care provider. · latest disclosed: 10-Q filed 2026-08-06

DALDelta — Delta Air Lines sells passenger air travel through its global hub network, and sits in the metabolic pool's industrial and commercial adjustments layer because it turns aircraft and airports into travel for businesses and households. · latest disclosed: 10-Q filed 2026-10-09

NHINational Health Investors — National Health Investors is a real estate investment trust that owns senior living and healthcare properties and leases them to operators, which places it in the industrial and commercial adjustments layer because its income comes from property rents rather than direct care. · latest disclosed: 10-Q filed 2026-08-10

RYAAYRyanair — Ryanair is Europe's largest low-cost airline, selling cheap short-haul flight seats, and it sits in the industrial and commercial adjustments layer because its fortunes depend on how efficiently it runs routes and how it sets fares. · latest disclosed: 20-F filed 2026-06-22

LUVSouthwest Airlines — Southwest Airlines sells short-haul passenger flights, and its place in the industrial and commercial adjustments layer reflects how much it depends on fuel, labor and travel demand that shift with the broader economy. · latest disclosed: 10-Q filed 2026-07-23

UALUnited — United Airlines sells passenger and cargo flights, so it sits in the industrial and commercial adjustments layer because its costs and revenues track how businesses and travelers move goods and people. · latest disclosed: 10-Q filed 2026-07-16

VTRVentas — Ventas, a real estate investment trust, owns senior housing and outpatient medical and research buildings, leasing some and sharing directly in others' operating results, so it sits in the industrial and commercial adjustments layer. · latest disclosed: 10-Q filed 2026-07-30

WELLWelltower — Welltower owns and operates senior housing and healthcare properties, leasing them to care providers, which places it among commercial real estate landlords in the industrial and commercial adjustments layer. · latest disclosed: 10-Q filed 2026-07-28

Layer 9 · INTERNATIONAL EXPANSION DYNAMICS

TEVATeva — Teva sells generic, innovative and biosimilar medicines across many countries, placing it in the metabolic pool's international expansion layer, where results hinge on conducting business globally amid tariffs, trade-policy shifts and regional instability. · latest disclosed: 10-Q filed 2026-07-29

Critical minerals

Layer 9 · 000+/t

SCCOSouthern Copper — Southern Copper mines, smelts and refines copper and other metals, with significant operations in Mexico and Peru, which places it in layer nine of the minerals pool as a producer of mined metal. · latest disclosed: 10-Q filed 2026-07-31

Layer 9 · ANTIMONY/TUNGSTEN

PPTAPerpetua Resources — Perpetua Resources is developing the Stibnite Gold Project, a mine planned to produce gold alongside antimony and silver, and its antimony output places it in the minerals pool's antimony and tungsten layer. · latest disclosed: 10-Q filed 2026-08-14

UAMYUnited States Antimony — United States Antimony mines and processes antimony, used in flame retardants, ammunition and defense stockpiles, and holds new claims prospective for tungsten, placing it in the minerals pool's antimony and tungsten layer. · latest disclosed: 10-Q filed 2026-08-11

Layer 9 · LITHIUM/GRAPHITE

ALBAlbemarle — Albemarle mines and refines lithium, a key ingredient in the rechargeable batteries used in electric vehicles and grid storage, placing it in the lithium and graphite layer of the minerals pool. · latest disclosed: 10-Q filed 2026-08-05

NVXNOVONIX — NOVONIX makes synthetic graphite, the carbon anode material used inside lithium-ion batteries, which places it in the battery-materials layer of the minerals pool. · latest disclosed: 20-F filed 2026-02-26

SQMSociedad Quimica y Minera — Sociedad Quimica y Minera (SQM) extracts lithium from Chilean salt flats and sells it, mainly as battery-grade chemicals, placing it in the lithium layer of the minerals pool. · latest disclosed: 20-F filed 2026-04-22

Layer 9 · RARE EARTH MINER/MAGNET

MPMP Materials — MP Materials mines and refines rare earths in California and makes magnets in Texas, placing it in the minerals pool's rare earth miner and magnet layer and the space pool's specialty components layer. · latest disclosed: 10-Q filed 2026-08-07

USARUSA Rare Earth — USA Rare Earth mines and processes rare earth minerals and makes magnets from them, placing it in the layer that turns raw rare earth ore into the magnets used in motors and electronics. · latest disclosed: 10-Q filed 2026-08-10

Layer 9 · URANIUM

Money and payments

Layer 10 · DIGITAL HARD ASSET

IBITiShares Bitcoin Trust — iShares Bitcoin Trust is an exchange-traded fund that holds bitcoin and sells shares tracking its price, placing it in the digital hard asset layer because it gives investors bitcoin exposure without holding the coins directly. · latest disclosed: 10-Q filed 2026-08-06

Layer 10 · METAL-LEVEL VEHICLE

GLDSPDR Gold Shares — SPDR Gold Shares is an exchange-traded fund that holds physical gold bullion and issues shares tracking its price, so it sits in the metal-level vehicle layer of the monetary pool. · latest disclosed: 10-Q filed 2026-08-04

IAUiShares Gold Trust — An exchange-traded fund that holds physical gold bullion and issues shares tracking its price, so investors gain gold exposure without storing the metal themselves. · latest disclosed: 10-Q filed 2026-08-06

Layer 10 · ROYALTY/STREAMING

GROYGold Royalty — Gold Royalty holds the right to receive a share of production from gold mines without operating them, so it sits in the royalty and streaming layer of the monetary pool. · latest disclosed: 20-F filed 2026-03-19

RGLDRoyal Gold — Royal Gold buys royalties and streams on gold, silver and copper mines, collecting a share of output without running the mines, which places it in the royalty and streaming layer of the monetary pool. · latest disclosed: 10-Q filed 2026-08-06

Layer 10 · SENIOR GOLD MINER

NEMNewmont — Newmont mines and sells gold from large operations worldwide, so it sits in the senior gold miner layer of the monetary pool. · latest disclosed: 10-Q filed 2026-07-23

Layer 10 · SILVER MINER

CDECoeur Mining — Coeur Mining digs silver and gold out of the ground and sells the metal, so it sits in the silver miner layer of the monetary pool, where its output is tied to precious metal prices. · latest disclosed: 10-Q filed 2026-08-05

HLHecla Mining — Hecla Mining digs silver and gold out of the ground and sells the metal, so it sits in the monetary pool as a silver miner, one step removed from the metal itself. · latest disclosed: 10-Q filed 2026-08-04

Robotics

Layer 8 · AUTONOMOUS MOBILITY

Layer 8 · HUMANOID PURE-PLAY

Layer 8 · PERCEPTION/SENSING

Layer 8 · ROBOTICS COMPONENTS/COBOTS

Layer 8 · ROBOTICS COMPUTE/PLATFORM

QCOMQualcomm — Qualcomm sells Snapdragon and Dragonwing chip platforms that bring on-device artificial intelligence, low-power computing and wireless connectivity to industrial and other edge devices, placing it in the robotics compute and platform layer. · latest disclosed: 10-Q filed 2026-07-29

Layer 8 · WAREHOUSE/LOGISTICS ROBOTICS

Space

Layer 1 · LAUNCH SUBSTRATE

Layer 3 · DEFENSE SPACE

Layer 8 · SUPPLY CHAIN AND SPECIALTY COMPONENTS

Settlement and tokenized assets

Layer 7 · SETTLEMENT-RAIL DISTRIBUTION

COINCoinbase — Coinbase runs a cryptocurrency exchange and custody service, so it sits in the settlement pool's distribution layer by routing customers' digital-asset trades and transfers onto blockchain networks. · latest disclosed: 10-Q filed 2026-07-30

HOODRobinhood — Robinhood runs a retail trading app that routes customer orders to market makers and brokers, placing it in the settlement-rail distribution layer as the front door that channels everyday investors into the settlement system. · latest disclosed: 10-Q filed 2026-07-30

Layer 7 · SETTLEMENT-RAIL ISSUERS

CRCLCircle — Circle issues USDC, a dollar-pegged digital token, and holds reserves to back it, placing it among the settlement-rail issuers that supply the money moved on blockchain payment networks. · latest disclosed: 10-Q filed 2026-08-05