Semiconductors and AI infrastructure

Chips, fabs, cloud and the models that run on them. Like energy, it is an enabler sector: it reaches a human friction only through the products built on top of it. It is also the most concentrated part of the index and the most exposed to a single geopolitical risk.

0solutions

27public companies

3private, mutual, nonprofit, state

$10.8Tpublic market value

Its neighbourhood

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Public companies

Organisation	Market value	Products	Serves
NVIDIA NVDA	$4.2T	Blackwell and Rubin GPUs, CUDA, NVLink
Broadcom AVGO	$1.3T	custom AI accelerators, networking chips, VMware
TSMC TSM	$1.1T	leading-edge foundry, CoWoS packaging, Arizona fabs
Oracle ORCL	$600B	Oracle Cloud Infrastructure, database, Stargate data centres
Palantir PLTR	$400B	Foundry, Gotham, AIP
ASML ASML	$350B	EUV and High-NA lithography
Samsung Electronics 005930	$350B	memory, foundry, Galaxy phones	Deodorant, razors, and personal care
SAP SAP	$300B	ERP, SuccessFactors HR, cloud	Remote and hybrid work
AMD AMD	$280B	EPYC CPUs, Instinct GPUs, Ryzen
Salesforce CRM	$240B	CRM, Agentforce, Slack	Remote and hybrid work
ServiceNow NOW	$180B	workflow automation, AI agents
SK hynix 432	$150B	HBM memory, DRAM
Arm Holdings ARM	$150B	CPU architecture licensing
Applied Materials AMAT	$150B	deposition and etch equipment
Tata Group (TCS TCS	$150B	IT services, Jaguar Land Rover, Titan jewellery	Engagement ring, Car ownership
Micron Technology MU	$130B	HBM memory, DRAM, NAND
Intel INTC	$120B	Core and Xeon CPUs, Intel Foundry, 18A process
Lam Research LRCX	$120B	etch and deposition equipment
Dell Technologies DELL	$90B	AI servers, PCs, storage
Tokyo Electron 8035	$90B	chipmaking equipment
Equinix EQIX	$75B	colocation data centres, interconnection
Snowflake SNOW	$70B	data cloud
CoreWeave CRWV	$60B	GPU cloud
Digital Realty DLR	$60B	data centre real estate
Vertiv VRT	$50B	data centre cooling and power
Infineon IFX	$45B	power semiconductors, automotive chips
Super Micro Computer SMCI	$25B	AI servers

Private, mutual, nonprofit and state

Organisation	Valuation	Products	Serves
OpenAI	$500B	ChatGPT, GPT models, API	AI tutors, AI companions, Parenting books, apps, and forums
Anthropic	$180B	Claude models, Claude Code, API	AI tutors
xAI	$200B	Grok, Colossus data centre, X integration	AI companions

Trends reshaping it

Generative AI and agentsCompounding now. Evidence is visible in company results and data.
Data-centre and power build-outCompounding now. Evidence is visible in company results and data.
Reshoring, tariffs, and industrial policyCompounding now. Evidence is visible in company results and data.
US–China decoupling and Taiwan riskDirection genuinely disputed. Reasonable people expect opposite outcomes.
Quantum computingReal but not yet at scale. The effects described are expected rather than observed.
Antitrust and platform regulationDirection genuinely disputed. Reasonable people expect opposite outcomes.
Sovereign AI and compute nationalismCompounding now. Evidence is visible in company results and data.
Clinician shortages and AI in medicineCompounding now. Evidence is visible in company results and data.
Gulf sovereign capital as global allocatorCompounding now. Evidence is visible in company results and data.
Spatial computing, AR, and brain-computer interfacesReal but not yet at scale. The effects described are expected rather than observed.

Market factors that move it most

Hyperscaler capex, depreciation, and AI monetisationTier 1
Data-centre power and grid constraintsTier 2
Memory and HBM pricingTier 4
Taiwan Strait and chip supply riskTier 1
European regulation: DMA, DSA, AI Act, CBAMTier 4
AI regulation and liabilityTier 2
Chip export controls and licensingTier 2
The AI-bubble narrativeTier 2
Korean and Taiwanese export dataTier 2
Semiconductor sales and equipment book-to-billTier 3
Hyperscaler cloud growth and backlogTier 2
Software seat counts and net revenue retentionTier 4
Earnings dispersion between AI and non-AI cohortsTier 3