The Index › AI compute
Whose business is AI itself?
The companies whose business is building AI itself: the models, the chips designed for it, and the products built on it.
Variable 3: AI compute has split into a rented market and a government-funded one.
Spending on the AI build is running ahead of the revenue it produces.
What would prove us wrong
Cloud revenue keeps pace with contracted backlog through the next two rounds of reports, and no other big buyer starts renting out spare capacity.
Review 2027-02-28 · check: cloud companies' 10-Qs, 10-Ks and earnings releases; SpaceX filings on the Google lease. · the claim's page
Reports next, in this group
Meta21 Oct · announced by the company
Alphabet28 Oct · announced by the company
Amazon29 Oct · announced by the company
Apple2 Nov · expected, per Nasdaq
AMD3 Nov · expected, per Nasdaq
| Company | What it sells | Reports next |
|---|---|---|
| AMD AMD |
Advanced Micro Devices designs processors and graphics chips for data centres and PCs, along with AI accelerator chips. | 3 Nov · expected, per Nasdaq |
| Alphabet GOOG |
Alphabet, Google's parent, earns most of its money from search and YouTube advertising, sells cloud computing services, and funds artificial intelligence research. | 28 Oct · announced by the company |
| Amazon AMZN |
Amazon runs online stores, an advertising business and Amazon Web Services, which rents out computing, storage and artificial intelligence services on demand. | 29 Oct · announced by the company |
| Apple AAPL |
Apple designs and sells consumer devices such as the iPhone and Mac, with AI features built into them. | 2 Nov · expected, per Nasdaq |
| Applied Digital APLD |
Applied Digital builds and leases data centers that house high-powered computing equipment for artificial intelligence customers. | not yet announced |
| C3.ai AI |
C3.ai sells enterprise software that helps large companies build and run artificial intelligence applications. | 2 Dec · expected, per Nasdaq |
| CoreWeave CRWV |
CoreWeave rents graphics processing chips by the hour from data centers built for artificial intelligence. | 9 Nov · expected, per Nasdaq |
| Elastic ESTC |
Elastic sells search and analytics software that helps companies find and make sense of their data. | 19 Nov · expected, per Nasdaq |
| IREN IREN |
IREN sells GPU-powered computing capacity to AI developers from its own data centres. | 5 Nov · expected, per Nasdaq |
| Meta META |
Meta sells advertising and runs social apps such as Facebook and Instagram, and it builds AI models for its own products. | 21 Oct · announced by the company |
| MongoDB MDB |
MongoDB sells a database platform that developers use to store and manage application data. | 7 Dec · expected, per Nasdaq |
| NVIDIA NVDA |
NVIDIA designs the graphics processors and software platforms that power AI data centers, and its chips also serve as onboard computing brains for robots. | 18 Nov · expected, per Nasdaq |
| Nebius NBIS |
Nebius rents out graphics-processing servers and cloud infrastructure for training and running artificial intelligence models. | 10 Nov · expected, per Nasdaq |
| SoundHound SOUN |
SoundHound sells voice AI software that lets businesses and devices understand and respond to spoken requests. | 5 Nov · expected, per Nasdaq |
Showing 14 of 14 · No price is shown: the Index is a map of what each company sells and where it sits, not a quote board.
Next door
Who makes the chips, and the tools to make them? · Who builds and equips the data centers? · Who supplies the power?