{"sets":[{"set":"A","compiled":"2026-09-27","window":["2026-03-11","2026-09-27"],"companies":[{"rank":1,"name":"NVIDIA","hq_country":"US","layer":"L0-chips","why_it_matters":"Supplies the accelerators, networking and rack systems that nearly every frontier training run and inference fleet depends on.","event":{"date":"2026-07-21","headline":"Vera Rubin platform reaches full production; systems ship to OpenAI, CoreWeave, Google Cloud, Azure, Meta and Dell","url":"https://nvidianews.nvidia.com/news/vera-rubin-full-production-agentic-ai-factory","publisher":"NVIDIA Newsroom"},"direction":"up","magnitude":5},{"rank":2,"name":"OpenAI","hq_country":"US","layer":"lab","why_it_matters":"Frontier lab with the largest consumer footprint and the Stargate compute program; its model cadence sets the pace for the field.","event":{"date":"2026-09-03","headline":"OpenAI begins limited rollout of GPT-6 Astra after warning of advanced cyber capabilities, weeks after an August containment incident paused training","url":"https://www.cnbc.com/2026/09/03/open-ai-astra-gpt-6-cyber.html","publisher":"CNBC"},"direction":"up","magnitude":5},{"rank":3,"name":"TSMC","hq_country":"Taiwan","layer":"L0-chips","why_it_matters":"Sole-source foundry for every leading AI accelerator (NVIDIA, AMD, Google, Broadcom, Amazon designs) and the CoWoS packaging that gates their supply.","event":{"date":"2026-07-16","headline":"Q2 results: 2026 capex raised to $60–64B and a further $100B committed to Arizona for at least four more 2nm-class fabs (total US commitment $265B)","url":"https://www.tomshardware.com/tech-industry/tsmc-commits-another-100-billion-to-arizona-for-at-least-four-more-2nm-fabs","publisher":"Tom's Hardware"},"direction":"up","magnitude":5},{"rank":4,"name":"Anthropic","hq_country":"US","layer":"lab","why_it_matters":"Frontier lab whose Mythos-class models set the current capability ceiling and whose safety gating decisions shape how frontier capability is released.","event":{"date":"2026-04-07","headline":"Anthropic announces Claude Mythos Preview but withholds public access over vulnerability-finding capability (Project Glasswing)","url":"https://www.infoq.com/news/2026/04/anthropic-claude-mythos/","publisher":"InfoQ"},"direction":"up","magnitude":5},{"rank":5,"name":"Google DeepMind","hq_country":"US/UK","layer":"lab","why_it_matters":"Alphabet's frontier lab, with in-house TPUs and a near-monthly Gemini release cadence spanning reasoning, robotics and science.","event":{"date":"2026-09-02","headline":"Gemini 3.8 Flash released, following Gemini 3.5 Flash-Lite (Jul 21) in a near-monthly cadence","url":"https://en.wikipedia.org/wiki/Google_Gemini","publisher":"Wikipedia (secondary; primary blocked)"},"direction":"up","magnitude":3},{"rank":6,"name":"Microsoft","hq_country":"US","layer":"hyperscaler","why_it_matters":"Largest AI cloud by revenue, OpenAI's primary partner, and now a frontier-model builder in its own right via Microsoft AI.","event":{"date":"2026-07-29","headline":"FY26 Q4: Azure passes $100B annual revenue growing 43%; quarterly capex $41B, two-thirds on GPUs/CPUs","url":"https://www.microsoft.com/en-us/investor/events/fy-2026/earnings-fy-2026-q4","publisher":"Microsoft Investor Relations"},"direction":"up","magnitude":4},{"rank":7,"name":"Alphabet (Google Cloud)","hq_country":"US","layer":"hyperscaler","why_it_matters":"Runs the TPU fleet and Google Cloud, the only hyperscaler with a vertically integrated chip-to-frontier-model stack.","event":{"date":"2026-07-22","headline":"Q2 2026: capex guidance raised to $195–205B; Cloud revenue +82% to $24.8B with $514B backlog; Gemini at 22B tokens/min","url":"https://www.cnbc.com/2026/07/22/google-earnings-q2-goog-live-updates.html","publisher":"CNBC"},"direction":"up","magnitude":5},{"rank":8,"name":"Amazon (AWS)","hq_country":"US","layer":"hyperscaler","why_it_matters":"Largest cloud, Anthropic's primary training partner (Project Rainier) and builder of the Trainium accelerator line.","event":{"date":"2026-07-30","headline":"Q2 2026: 2026 capex lifted to ~$220B; AWS $42B (+37%) with AI and chip businesses each at $25B run rate; Rainier passes 500k Trainium2","url":"https://www.cnbc.com/2026/07/30/amazon-amzn-q2-earnings-report-2026.html","publisher":"CNBC"},"direction":"up","magnitude":4},{"rank":9,"name":"Meta","hq_country":"US","layer":"lab","why_it_matters":"Meta Superintelligence Labs plus the Prometheus/Hyperion multi-gigawatt clusters make it one of the four largest compute buyers and a frontier contender.","event":{"date":"2026-04-08","headline":"Meta Superintelligence Labs debuts Muse Spark, its first (closed) frontier model, abandoning the open-weights strategy","url":"https://about.fb.com/news/2026/04/introducing-muse-spark-meta-superintelligence-labs/","publisher":"Meta Newsroom"},"direction":"up","magnitude":4},{"rank":10,"name":"ASML","hq_country":"Netherlands","layer":"L0-chips","why_it_matters":"Monopoly supplier of EUV lithography; its tool capacity bounds how fast leading-edge logic and HBM supply can grow.","event":{"date":"2026-07-15","headline":"Q2 2026: €9.3B sales; plans +30% low-NA EUV capacity for 2027 and studies another +30% for 2028; Intel qualifies High-NA on 18A layers","url":"https://www.asml.com/en/news/press-releases/2026/q2-2026-financial-results","publisher":"ASML"},"direction":"up","magnitude":4},{"rank":11,"name":"xAI (SpaceXAI)","hq_country":"US","layer":"lab","why_it_matters":"Operates Colossus 2, the largest single training cluster disclosed, and is scaling Grok toward a multi-trillion-parameter Grok 5.","event":{"date":"2026-07-08","headline":"xAI releases Grok 4.5 as its most capable model while Grok 5 slips again; Musk targets >1.2M GB200/GB300 at Colossus 2 by year-end","url":"https://www.fullstack.com/labs/resources/blog/grok-4-5-a-closer-look-at-xais-latest-model","publisher":"FullStack Labs (secondary)"},"direction":"up","magnitude":3},{"rank":12,"name":"Broadcom","hq_country":"US","layer":"L0-chips","why_it_matters":"Designs the custom accelerators (Google TPU, Meta, OpenAI) and Ethernet fabric that give hyperscalers an alternative to NVIDIA.","event":{"date":"2026-09-02","headline":"Q3 FY26: AI semiconductor revenue $16.7B (+221% YoY); FY26 AI revenue guided to $58B, FY28 outlook ~$230B; OpenAI second-gen chip taping out","url":"https://www.cnbc.com/2026/09/02/broadcom-avgo-q3-earnings-report-2026.html","publisher":"CNBC"},"direction":"up","magnitude":4},{"rank":13,"name":"SK hynix","hq_country":"South Korea","layer":"L0-chips","why_it_matters":"Leading HBM supplier (~half of HBM4 share); memory bandwidth is the binding constraint on accelerator throughput.","event":{"date":"2026-06-05","headline":"NVIDIA confirms SK hynix, Samsung and Micron all certified to supply HBM4 for Vera Rubin","url":"https://finance.yahoo.com/sectors/technology/articles/nvidia-certifies-samsung-sk-hynix-133001560.html","publisher":"Yahoo Finance"},"direction":"up","magnitude":3},{"rank":14,"name":"AMD","hq_country":"US","layer":"L0-chips","why_it_matters":"The only merchant GPU alternative at rack scale, with multi-gigawatt commitments from OpenAI, Meta and Anthropic.","event":{"date":"2026-07-23","headline":"Advancing AI 2026: Helios rack with MI450/MI455X enters full production; ~12GW of OpenAI and Meta orders, 2GW Anthropic deal","url":"https://qz.com/amd-helios-instinct-mi450-ai-chips-rack-system-072326","publisher":"Quartz"},"direction":"up","magnitude":4},{"rank":15,"name":"Oracle","hq_country":"US","layer":"hyperscaler","why_it_matters":"Primary Stargate landlord for OpenAI with the largest contracted AI backlog of any cloud.","event":{"date":"2026-08-31","headline":"Remaining performance obligations reach $664B at quarter-end Aug 31, 2026 (10-Q), up from $455B a year earlier","url":"https://www.sec.gov/Archives/edgar/data/0001341439/000119312526389274/orcl-20260831.htm","publisher":"SEC (Oracle 10-Q)"},"direction":"up","magnitude":4},{"rank":16,"name":"CoreWeave","hq_country":"US","layer":"neocloud","why_it_matters":"Largest independent GPU cloud and a primary capacity source for OpenAI, Microsoft and Meta.","event":{"date":"2026-09-16","headline":"Signs short-dated contracts at ~$40M/MW; contracted power 4.2GW after $25B+ net new commitments early in Q3","url":"https://investors.coreweave.com/news/news-details/2026/CoreWeave-Continues-to-Contract-New-Compute-Capacity-at-Higher-Prices/default.aspx","publisher":"CoreWeave IR"},"direction":"up","magnitude":3},{"rank":17,"name":"Samsung Electronics","hq_country":"South Korea","layer":"L0-chips","why_it_matters":"Second HBM supplier, a 2nm foundry alternative to TSMC, and a strategic investor across the stack (Mistral, Rebellions, Tenstorrent).","event":{"date":"2026-06-05","headline":"Samsung clears NVIDIA HBM4 certification for Vera Rubin alongside SK hynix and Micron","url":"https://finance.yahoo.com/sectors/technology/articles/nvidia-certifies-samsung-sk-hynix-133001560.html","publisher":"Yahoo Finance"},"direction":"up","magnitude":3},{"rank":18,"name":"Micron","hq_country":"US","layer":"L0-chips","why_it_matters":"The only US HBM maker; third leg of the memory supply that bounds accelerator output.","event":{"date":"2026-06-25","headline":"FQ3 2026: HBM4 shipping in volume with revenue past $1B; FQ4 guided to $49–51B revenue at 86% gross margin","url":"https://www.sec.gov/Archives/edgar/data/0000723125/000072312526000013/a2026q3ex991-pressrelease.htm","publisher":"SEC (Micron 8-K)"},"direction":"up","magnitude":3},{"rank":19,"name":"DeepSeek","hq_country":"China","layer":"lab","why_it_matters":"Sets the efficiency frontier for open-weight models and forces price and architecture shifts across the field.","event":{"date":"2026-04-24","headline":"DeepSeek V4 preview: V4-Pro (1.6T/49B active) and V4-Flash, MIT-licensed, 1M context, ~27% of V3.2 inference FLOPs","url":"https://api-docs.deepseek.com/news/news260424/","publisher":"DeepSeek"},"direction":"up","magnitude":4},{"rank":20,"name":"Huawei (HiSilicon)","hq_country":"China","layer":"L0-chips","why_it_matters":"China's primary domestic accelerator supplier; its SuperPoD roadmap determines how far Chinese labs can scale without NVIDIA.","event":{"date":"2026-09-17","headline":"Huawei Connect: Atlas 960E SuperPoD with near-package optics unveiled, Ascend 960 pulled forward to Q1 2027","url":"https://www.huawei.com/en/news/2026/9/hc-ascend960-supernode","publisher":"Huawei"},"direction":"up","magnitude":4},{"rank":21,"name":"Alibaba (Qwen / Alibaba Cloud)","hq_country":"China","layer":"lab","why_it_matters":"China's largest cloud and most-used open-weight model family (Qwen).","event":null},{"rank":22,"name":"Moonshot AI","hq_country":"China","layer":"lab","why_it_matters":"Released the largest open-weight model to date, narrowing the gap to closed frontier models.","event":{"date":"2026-07-16","headline":"Kimi K3 (2.8T-parameter MoE, 1M context) debuts #3 on Artificial Analysis and triggers a new 'DeepSeek shock' in markets","url":"https://fortune.com/2026/07/17/china-moonshot-kimi-k3-markets-china-ai/","publisher":"Fortune"},"direction":"up","magnitude":4},{"rank":23,"name":"Applied Materials","hq_country":"US","layer":"L0-chips","why_it_matters":"Largest wafer-fab equipment maker; deposition/etch/inspection capacity gates leading-edge logic and HBM output.","event":{"date":"2026-08-13","headline":"Record Q3 FY26 revenue $9.12B; calendar-2026 semiconductor systems growth outlook raised to >30% on AI build-out","url":"https://ir.appliedmaterials.com/news-releases/news-release-details/applied-materials-announces-third-quarter-2026-results/","publisher":"Applied Materials IR"},"direction":"up","magnitude":3},{"rank":24,"name":"Lam Research","hq_country":"US","layer":"L0-chips","why_it_matters":"Etch and deposition leader whose tools are critical for HBM stacking and gate-all-around logic.","event":{"date":"2026-07-29","headline":"Record June-quarter revenue $6.72B (+30% YoY); September quarter guided to $8.1B","url":"https://newsroom.lamresearch.com/2026-07-29-Lam-Research-Corporation-Reports-Financial-Results-for-the-Quarter-Ended-June-28,-2026","publisher":"Lam Research"},"direction":"up","magnitude":3},{"rank":25,"name":"Tokyo Electron","hq_country":"Japan","layer":"L0-chips","why_it_matters":"Second-largest equipment maker, dominant in coater/developers used with every EUV scanner.","event":{"date":"2026-07-31","headline":"Q1 FY2027: record net sales and gross profit on AI-driven WFE demand","url":"https://www.investing.com/news/transcripts/earnings-call-transcript-tokyo-electron-q1-2026-beats-on-eps-shares-rise-62-93CH-4827853","publisher":"Investing.com"},"direction":"up","magnitude":2},{"rank":26,"name":"KLA","hq_country":"US","layer":"L0-chips","why_it_matters":"Process-control monopoly-in-practice; yield at 2nm and in HBM depends on its inspection tools.","event":{"date":"2026-07-28","headline":"Record Q4 FY26 revenue $3.66B; FY26 revenue $13.58B with ~$12.5B backlog","url":"https://ir.kla.com/news-events/press-releases/detail/518/kla-corporation-reports-fiscal-2026-fourth-quarter-and-full","publisher":"KLA IR"},"direction":"up","magnitude":2},{"rank":27,"name":"Intel","hq_country":"US","layer":"L0-chips","why_it_matters":"The only potential second leading-edge foundry in the West; 18A/14A success would de-risk the TSMC single point of failure.","event":{"date":"2026-07-15","headline":"Intel qualifies High-NA EUV on select 18A product layers, the first high-volume logic use of High-NA (disclosed in ASML Q2 results)","url":"https://www.asml.com/en/news/press-releases/2026/q2-2026-financial-results","publisher":"ASML"},"direction":"up","magnitude":3},{"rank":28,"name":"ByteDance (Seed)","hq_country":"China","layer":"lab","why_it_matters":"China's largest AI spender with the most-used assistant (Doubao, 345M MAU) and in-house chips co-designed with TSMC.","event":null},{"rank":29,"name":"Microsoft AI (MAI)","hq_country":"US","layer":"lab","why_it_matters":"Microsoft's in-house superintelligence effort, freed from OpenAI exclusivity to train frontier models from scratch.","event":{"date":"2026-04-02","headline":"Microsoft AI launches three in-house foundation models including MAI-Thinking-1, its first reasoning system","url":"https://techcrunch.com/2026/04/02/microsoft-takes-on-ai-rivals-with-three-new-foundational-models/","publisher":"TechCrunch"},"direction":"up","magnitude":3},{"rank":30,"name":"Crusoe","hq_country":"US","layer":"neocloud","why_it_matters":"Developer-operator of the Abilene Stargate campus and other gigawatt-class AI factories with self-supplied power.","event":{"date":"2026-03-27","headline":"Announces 900MW dedicated AI factory campus in Abilene for Microsoft, taking the site to ~2.1GW","url":"https://www.crusoe.ai/resources/newsroom/crusoe-announces-new-900-mw-ai-factory-campus-in-abilene-texas-to-support-microsoft-ai-infrastructure","publisher":"Crusoe"},"direction":"up","magnitude":3},{"rank":31,"name":"Nebius","hq_country":"Netherlands","layer":"neocloud","why_it_matters":"Fast-scaling GPU cloud with multi-year Microsoft and Meta commitments and an early Vera Rubin deployment.","event":{"date":"2026-03-16","headline":"Meta agreement expanded to up to $27B; Nebius says available capacity is sold out and targets 2.5GW contracted power by end-2026","url":"https://www.cnbc.com/2026/03/16/meta-nebius-ai-infrastructure.html","publisher":"CNBC"},"direction":"up","magnitude":3},{"rank":32,"name":"Safe Superintelligence (SSI)","hq_country":"US/Israel","layer":"lab","why_it_matters":"The one lab pursuing superintelligence as a 'straight shot' with no products; its compute access is the tell for progress.","event":{"date":"2026-07-27","headline":"SSI announces long-term NVIDIA partnership (reported ~$5B investment) with access to Vera Rubin as it exits stealth","url":"https://techcrunch.com/2026/07/27/ilya-sutskevers-safe-superintelligence-partners-with-nvidia-to-scale-its-ai-research/","publisher":"TechCrunch"},"direction":"up","magnitude":3},{"rank":33,"name":"Mistral AI","hq_country":"France","layer":"lab","why_it_matters":"Europe's frontier lab and the anchor of the EU sovereign-compute effort.","event":{"date":"2026-09-08","headline":"€3B Series D at >€21B post-money led by Samsung Electronics, with EQT Scaleup Europe Fund and PSG","url":"https://seedtable.com/companies/mistral-ai/funding-rounds/series-d-2026-09","publisher":"Seedtable (secondary; mistral.ai/news blocked)"},"direction":"up","magnitude":3},{"rank":34,"name":"Marvell","hq_country":"US","layer":"L0-chips","why_it_matters":"Second custom-silicon house for hyperscalers; now attached across Google's TPU ecosystem.","event":{"date":"2026-08-19","headline":"8-K discloses Jul 29 commercial agreement with Google for custom TPU-attach silicon and a warrant on ~59M shares","url":"https://www.sec.gov/Archives/edgar/data/0001835632/000119312526356217/d412696d8k.htm","publisher":"SEC (Marvell 8-K)"},"direction":"up","magnitude":3},{"rank":35,"name":"Cerebras","hq_country":"US","layer":"L0-chips","why_it_matters":"Wafer-scale alternative to GPUs with major OpenAI and G42 inference contracts.","event":{"date":"2026-05-14","headline":"Cerebras raises $5.55B in the largest IPO of 2026, opening at $350 vs $185 pricing","url":"https://www.cnbc.com/2026/05/14/cerebras-cbrs-stock-trade-nasdaq-ipo.html","publisher":"CNBC"},"direction":"up","magnitude":3},{"rank":36,"name":"Arm","hq_country":"UK","layer":"L0-chips","why_it_matters":"CPU architecture under Grace, Graviton and Axion; now selling its own data-center silicon.","event":{"date":"2026-03-24","headline":"Arm ships its first in-house chip, the 136-core AGI CPU, with Meta as launch customer","url":"https://www.cnbc.com/2026/03/24/arm-launches-its-own-cpu-with-meta-as-first-customer.html","publisher":"CNBC"},"direction":"up","magnitude":2},{"rank":37,"name":"GE Vernova","hq_country":"US","layer":"L0-power","why_it_matters":"Largest gas-turbine supplier; turbine slots are the near-term bottleneck for behind-the-meter AI campuses.","event":null},{"rank":38,"name":"Constellation Energy","hq_country":"US","layer":"L0-power","why_it_matters":"Largest US nuclear operator and counterparty to Microsoft and Meta nuclear PPAs.","event":null},{"rank":39,"name":"Vertiv","hq_country":"US","layer":"L0-datacenter","why_it_matters":"Leading thermal and power-distribution supplier for liquid-cooled GPU racks.","event":null},{"rank":40,"name":"Zhipu AI (Z.ai)","hq_country":"China","layer":"lab","why_it_matters":"First publicly listed Chinese frontier lab; GLM-5 family is a top open-weight coding/agent model.","event":null},{"rank":41,"name":"MiniMax","hq_country":"China","layer":"lab","why_it_matters":"Open-weight lab combining frontier coding with 1M context and native video input.","event":{"date":"2026-06-01","headline":"MiniMax M3 (428B MoE, 1M context, native image/video) released open-weight, topping GPT-5.5 on SWE-Bench Pro","url":"https://www.minimax.io/blog/minimax-m3","publisher":"MiniMax"},"direction":"up","magnitude":3},{"rank":42,"name":"Tencent","hq_country":"China","layer":"lab","why_it_matters":"Hunyuan models plus the largest Chinese consumer distribution; capex nearly tripled in Q2.","event":{"date":"2026-07-06","headline":"Tencent launches Hunyuan Hy3 foundation model with free agent feature across products","url":"https://www.caixinglobal.com/2026-07-06/tencent-launches-upgraded-hunyuan-3-ai-model-with-free-agent-feature-102461489.html","publisher":"Caixin"},"direction":"up","magnitude":2},{"rank":43,"name":"Baidu","hq_country":"China","layer":"lab","why_it_matters":"ERNIE models and the Kunlun chip line, one of China's few full-stack AI players.","event":null},{"rank":44,"name":"Thinking Machines Lab","hq_country":"US","layer":"lab","why_it_matters":"Well-funded ex-OpenAI research lab with billions in NVIDIA/Google compute commitments.","event":{"date":"2026-05-13","headline":"Thinking Machines previews 'interaction models' as its research direction","url":"https://www.semafor.com/article/05/13/2026/mira-muratis-thinking-machines-previews-interaction-models","publisher":"Semafor"},"direction":"flat","magnitude":2},{"rank":45,"name":"Reflection AI","hq_country":"US","layer":"lab","why_it_matters":"The US-backed open-weights frontier bet, now with multi-billion compute deals but no released model.","event":{"date":"2026-07-15","headline":"Reflection signs $1B compute agreement with Nebius after a $6.3B SpaceX/Colossus 2 deal","url":"https://www.forbes.com/sites/the-prompt/2026/07/15/ai-startup-reflection-compute-deal-to-challenge-chinas-open-source-dominance/","publisher":"Forbes"},"direction":"up","magnitude":2},{"rank":46,"name":"G42","hq_country":"UAE","layer":"neocloud","why_it_matters":"Builder of Stargate UAE (1GW) and the UAE-US AI campus (5GW target).","event":null},{"rank":47,"name":"Humain","hq_country":"Saudi Arabia","layer":"neocloud","why_it_matters":"PIF-backed national AI company with NVIDIA, AMD and Qualcomm supply deals and a 1.9GW pipeline.","event":null},{"rank":48,"name":"Fluidstack","hq_country":"US/UK","layer":"neocloud","why_it_matters":"Builder of Anthropic's $50B US data-center program and Google's TPU sites.","event":{"date":"2026-09-03","headline":"Fluidstack reaches $18B valuation on the back of Anthropic and Google build-outs","url":"https://www.forbes.com/sites/iainmartin/2026/09/03/a-tiny-startup-helping-google-take-on-nvidia-is-now-worth-18-billion/","publisher":"Forbes"},"direction":"up","magnitude":2},{"rank":49,"name":"Lambda","hq_country":"US","layer":"neocloud","why_it_matters":"NVIDIA-backed GPU cloud heading to public markets.","event":{"date":"2026-08-24","headline":"Lambda in talks to raise up to $3B in a pre-IPO round","url":"https://www.bloomberg.com/news/articles/2026-08-24/ai-cloud-provider-lambda-in-talks-for-3-billion-pre-ipo-round","publisher":"Bloomberg"},"direction":"up","magnitude":2},{"rank":50,"name":"Nscale","hq_country":"UK","layer":"neocloud","why_it_matters":"Europe's largest sovereign-AI neocloud (Narvik, UK) with Microsoft as anchor tenant.","event":{"date":"2026-04-15","headline":"OpenAI pulls back from Stargate Norway; Microsoft takes over the Narvik capacity and expands with 30,000+ Vera Rubin GPUs","url":"https://www.cnbc.com/2026/04/15/openai-stargate-norway-project-microsoft.html","publisher":"CNBC"},"direction":"flat","magnitude":2},{"rank":51,"name":"Together AI","hq_country":"US","layer":"neocloud","why_it_matters":"Leading open-model inference cloud; a barometer of open-weight adoption.","event":{"date":"2026-07-01","headline":"$800M Series C at $8.3B valuation led by Aramco Ventures; annual bookings top $1.15B","url":"https://techcrunch.com/2026/07/01/neocloud-together-ai-raises-800m-leaps-to-8-3b-valuation/","publisher":"TechCrunch"},"direction":"up","magnitude":2},{"rank":52,"name":"Equinix","hq_country":"US","layer":"L0-datacenter","why_it_matters":"Largest colocation operator; xScale JV builds hyperscale AI capacity.","event":null},{"rank":53,"name":"Digital Realty","hq_country":"US","layer":"L0-datacenter","why_it_matters":"Largest data-center REIT by hyperscale leasing.","event":null},{"rank":54,"name":"Vistra","hq_country":"US","layer":"L0-power","why_it_matters":"Largest competitive generator with nuclear and gas fleet contracted to data centers.","event":null},{"rank":55,"name":"NextEra Energy","hq_country":"US","layer":"L0-power","why_it_matters":"Largest US renewables and nuclear developer (Duane Arnold restart for Google).","event":null},{"rank":56,"name":"Talen Energy","hq_country":"US","layer":"L0-power","why_it_matters":"Susquehanna nuclear supply to Amazon's Pennsylvania campus.","event":null},{"rank":57,"name":"Siemens Energy","hq_country":"Germany","layer":"L0-power","why_it_matters":"Gas turbines, grid gear and transformers for data-center power.","event":null},{"rank":58,"name":"Schneider Electric","hq_country":"France","layer":"L0-datacenter","why_it_matters":"Power and cooling systems supplier for AI data centers (incl. Motivair liquid cooling).","event":null},{"rank":59,"name":"Eaton","hq_country":"Ireland/US","layer":"L0-datacenter","why_it_matters":"Electrical distribution and switchgear for hyperscale campuses.","event":null},{"rank":60,"name":"Vantage Data Centers","hq_country":"US","layer":"L0-datacenter","why_it_matters":"Multi-gigawatt hyperscale developer (Frontier campus, Texas).","event":null},{"rank":61,"name":"QTS (Blackstone)","hq_country":"US","layer":"L0-datacenter","why_it_matters":"Blackstone's hyperscale developer with the largest US land/power bank.","event":null},{"rank":62,"name":"Aligned Data Centers","hq_country":"US","layer":"L0-datacenter","why_it_matters":"Hyperscale developer acquired by the BlackRock/MGX AI Infrastructure Partnership.","event":null},{"rank":63,"name":"STACK Infrastructure","hq_country":"US","layer":"L0-datacenter","why_it_matters":"Blue Owl/IPI-backed hyperscale developer across US, Europe, APAC.","event":null},{"rank":64,"name":"SambaNova","hq_country":"US","layer":"L0-chips","why_it_matters":"Dataflow inference chips; survived stalled Intel acquisition to raise at $11B.","event":{"date":"2026-07-08","headline":"First close of $1B Series F at $11B valuation after Intel acquisition talks stalled","url":"https://www.cnbc.com/2026/07/08/sambanova-ai-chip-funding-valuation.html","publisher":"CNBC"},"direction":"up","magnitude":1},{"rank":65,"name":"Groq","hq_country":"US","layer":"L0-chips","why_it_matters":"LPU low-latency inference architecture, licensed to NVIDIA in a $20B 'reverse acquihire' (Dec 2025) and now shipping as NVIDIA Groq 3.","event":null},{"rank":66,"name":"Etched","hq_country":"US","layer":"L0-chips","why_it_matters":"Transformer-only ASIC (Sohu) with $1B+ signed contracts and first racks due 2026.","event":{"date":"2026-07-15","headline":"$300M Series C led by Sequoia at $10.3B valuation; Sohu first-pass silicon on TSMC N4P","url":"https://mlq.ai/news/etched-raises-300m-series-c-at-103b-valuation-to-scale-gpu-free-inference-chips/","publisher":"MLQ (secondary)"},"direction":"up","magnitude":1},{"rank":67,"name":"Tenstorrent","hq_country":"US/Canada","layer":"L0-chips","why_it_matters":"RISC-V AI accelerator company and Qualcomm/Intel acquisition target.","event":{"date":"2026-08-26","headline":"$1.29B Series D reported (after June reports of Qualcomm talks at $8–10B)","url":"https://tracxn.com/d/companies/tenstorrent/__p54YXQoDh79n2Cg0a71HzwpVoEx1MJmN5NLVmq-dRbE/funding-and-investors","publisher":"Tracxn (secondary)"},"direction":"up","magnitude":1},{"rank":68,"name":"Cambricon","hq_country":"China","layer":"L0-chips","why_it_matters":"China's leading listed AI-chip startup, targeting 500k accelerators in 2026 despite SMIC yield limits.","event":null},{"rank":69,"name":"SMIC","hq_country":"China","layer":"L0-chips","why_it_matters":"China's only advanced foundry; its 7/5nm-class capacity caps Huawei and Cambricon output.","event":null},{"rank":70,"name":"Qualcomm","hq_country":"US","layer":"L0-chips","why_it_matters":"Entering rack-scale inference (AI200/AI250) with Humain as first customer and circling Tenstorrent.","event":null},{"rank":71,"name":"Astera Labs","hq_country":"US","layer":"L0-chips","why_it_matters":"Connectivity (PCIe/CXL/scale-up switching) inside GPU racks.","event":{"date":"2026-08-04","headline":"Q2 2026 revenue $392.4M (+104% YoY); Q3 guided to $540–560M","url":"https://www.globenewswire.com/news-release/2026/08/04/3338807/0/en/Astera-Labs-Reports-Second-Quarter-2026-Financial-Results.html","publisher":"GlobeNewswire"},"direction":"up","magnitude":1},{"rank":72,"name":"Cohere","hq_country":"Canada","layer":"lab","why_it_matters":"Enterprise/sovereign model lab; consolidating Europe via Aleph Alpha.","event":{"date":"2026-04-24","headline":"Cohere to merge with Aleph Alpha with ~$600M new funding led by Schwarz Group","url":"https://siliconangle.com/2026/04/24/ai-startups-cohere-aleph-alpha-merge-600m-new-funding/","publisher":"SiliconANGLE"},"direction":"flat","magnitude":1},{"rank":73,"name":"Applied Digital","hq_country":"US","layer":"L0-datacenter","why_it_matters":"Polaris Forge campuses leased to CoreWeave and hyperscalers.","event":null},{"rank":74,"name":"IREN","hq_country":"Australia/US","layer":"L0-datacenter","why_it_matters":"Bitcoin miner turned AI cloud with Microsoft capacity contracts (Sweetwater, Childress).","event":null},{"rank":75,"name":"Core Scientific","hq_country":"US","layer":"L0-datacenter","why_it_matters":"CoreWeave's largest third-party HPC landlord.","event":null},{"rank":76,"name":"TeraWulf","hq_country":"US","layer":"L0-datacenter","why_it_matters":"Fluidstack/Google-backed HPC leases at Lake Mariner.","event":null},{"rank":77,"name":"Cipher Mining","hq_country":"US","layer":"L0-datacenter","why_it_matters":"AWS and Fluidstack HPC leases converting mining sites to AI.","event":null},{"rank":78,"name":"Hut 8","hq_country":"US","layer":"L0-datacenter","why_it_matters":"Fluidstack/Anthropic-backed River Bend campus.","event":null},{"rank":79,"name":"Bloom Energy","hq_country":"US","layer":"L0-power","why_it_matters":"Fuel-cell on-site power for Oracle/Brookfield AI campuses.","event":null},{"rank":80,"name":"Caterpillar","hq_country":"US","layer":"L0-power","why_it_matters":"Backup and prime-power generator sets for data centers.","event":null},{"rank":81,"name":"Oklo","hq_country":"US","layer":"L0-power","why_it_matters":"Fast-reactor developer with data-center offtake LOIs.","event":null},{"rank":82,"name":"TerraPower","hq_country":"US","layer":"L0-power","why_it_matters":"Natrium reactor developer backed by Gates and NVIDIA-linked capital.","event":null},{"rank":83,"name":"Kairos Power","hq_country":"US","layer":"L0-power","why_it_matters":"Molten-salt SMR developer under Google's 500MW agreement.","event":null},{"rank":84,"name":"X-energy","hq_country":"US","layer":"L0-power","why_it_matters":"Amazon-backed HTGR developer.","event":null},{"rank":85,"name":"NuScale","hq_country":"US","layer":"L0-power","why_it_matters":"Only NRC-certified SMR design; 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HK-listed Jan 2026.","event":null},{"rank":92,"name":"Moore Threads","hq_country":"China","layer":"L0-chips","why_it_matters":"STAR-listed Chinese GPU maker.","event":null},{"rank":93,"name":"FuriosaAI","hq_country":"South Korea","layer":"L0-chips","why_it_matters":"Korean inference-chip startup (RNGD) that rejected a Meta acquisition.","event":null},{"rank":94,"name":"Naver","hq_country":"South Korea","layer":"lab","why_it_matters":"Korea's sovereign-model builder (HyperCLOVA X) scaling to gigawatt-class NVIDIA infrastructure.","event":null},{"rank":95,"name":"LG AI Research","hq_country":"South Korea","layer":"lab","why_it_matters":"EXAONE open-weight models and AI-for-science (materials discovery).","event":{"date":"2026-07-08","headline":"LG showcases EXAONE Discovery at ICML 2026 with 14 papers and AI-found materials","url":"https://www.koreatimes.co.kr/business/tech-science/20260708/lg-ai-research-showcases-real-world-exaone-ai-applications-at-icml-2026","publisher":"The Korea Times"},"direction":"flat","magnitude":1},{"rank":96,"name":"Sakana AI","hq_country":"Japan","layer":"lab","why_it_matters":"Japan's most valuable AI lab, Google- and NVIDIA-backed, focused on efficient post-training methods.","event":null},{"rank":97,"name":"Sarvam AI","hq_country":"India","layer":"lab","why_it_matters":"India's government-selected sovereign model builder.","event":{"date":"2026-07-30","headline":"At Epoch 2026, Sarvam says it is training a >1T-parameter model from scratch on IndiaAI compute, due within six months","url":"https://entrepreneurloop.com/sarvam-ai-epoch-2026-sovereign-ai-infrastructure-roadmap/","publisher":"EntrepreneurLoop (secondary)"},"direction":"up","magnitude":1},{"rank":98,"name":"StepFun","hq_country":"China","layer":"lab","why_it_matters":"Shanghai multimodal frontier lab in the second tier of Chinese model makers.","event":null},{"rank":99,"name":"Kioxia","hq_country":"Japan","layer":"L0-chips","why_it_matters":"NAND supplier for AI storage tiers.","event":null},{"rank":100,"name":"Upstage","hq_country":"South Korea","layer":"lab","why_it_matters":"Korean sovereign-LLM contender (Solar).","event":null}]},{"set":"B","compiled":"2026-09-27","window":["2026-03-11","2026-09-27"],"companies":[{"rank":101,"name":"Hugging Face","hq_country":"US/France","layer":"eval-data","why_it_matters":"The default open-weights repository and community; its owner now shapes how open models are distributed and on what silicon.","event":{"date":"2026-09-03","headline":"Nvidia agrees to acquire Hugging Face for about $12.9B ($11.9B cash plus up to $1B retention equity), closing expected H1 2027","url":"https://www.bloomberg.com/news/articles/2026-09-03/nvidia-agrees-to-13-billion-deal-for-ai-platform-hugging-face","publisher":"Bloomberg"},"direction":"up","magnitude":3},{"rank":102,"name":"MGX","hq_country":"UAE","layer":"capital","why_it_matters":"Abu Dhabi's AI-only investor is an equity funder of Stargate and a co-lead in OpenAI, Anthropic and xAI rounds.","event":{"date":"2026-07-01","headline":"MGX closes a $49B AI fund, above its $45B target, one of the largest AI vehicles ever raised","url":"https://www.cnbc.com/2026/07/01/mgx-ai-fund-uae-49-billion.html","publisher":"CNBC"},"direction":"up","magnitude":3},{"rank":103,"name":"SoftBank Group","hq_country":"Japan","layer":"capital","why_it_matters":"Financial lead of Stargate and the largest single outside funder of OpenAI and of robotics (Skild).","event":null,"direction":"flat","magnitude":1},{"rank":104,"name":"Corning","hq_country":"US","layer":"L1-network","why_it_matters":"Supplies the optical fiber and connectivity every AI campus is wired with; US capacity is the binding constraint.","event":{"date":"2026-05-06","headline":"Nvidia and Corning announce multiyear partnership: Nvidia to invest up to $3.2B, Corning to build three US optical plants and expand capacity 10x","url":"https://www.cnbc.com/2026/05/06/nvidia-corning-optical-factories-nc-texas-ai.html","publisher":"CNBC"},"direction":"up","magnitude":3},{"rank":105,"name":"Cisco Systems","hq_country":"US","layer":"L1-network","why_it_matters":"Largest networking vendor; its hyperscaler AI orders are a direct read on cluster buildout pace.","event":{"date":"2026-08-12","headline":"Cisco Q4 FY26: AI infrastructure orders reach $9.3B for the year (about 4.5x), $4B in the quarter; revenue $17.3B","url":"https://investor.cisco.com/news/news-details/2026/CISCO-REPORTS-FOURTH-QUARTER-AND-FISCAL-YEAR-2026-EARNINGS/default.aspx","publisher":"Cisco (8-K)"},"direction":"up","magnitude":3},{"rank":106,"name":"Databricks","hq_country":"US","layer":"L2-runtime","why_it_matters":"Enterprise data and agent platform where much of the world's proprietary training and tool-use data lives.","event":{"date":"2026-08-13","headline":"Databricks raises $5B at a $190B valuation (Coatue-led) after seeking $1B; investors offered $15B","url":"https://techcrunch.com/2026/08/13/databricks-wanted-to-raise-1b-investors-wanted-15b-it-settled-on-5b-at-a-190b-valuation/","publisher":"TechCrunch"},"direction":"up","magnitude":2},{"rank":107,"name":"Lumentum","hq_country":"US","layer":"L1-network","why_it_matters":"Lasers and 800G/1.6T transceivers for scale-out fabrics; its ramp tracks optical bandwidth per GPU.","event":{"date":"2026-08-12","headline":"Lumentum Q4 FY26 revenue $1.01B, up 109% YoY, on record 800G shipments and early 1.6T production","url":"https://investor.lumentum.com/financial-news-releases/news-details/2026/Lumentum-Announces-Fourth-Quarter-and-Full-Fiscal-Year-2026-Results/default.aspx","publisher":"Lumentum"},"direction":"up","magnitude":3},{"rank":108,"name":"Ciena","hq_country":"US","layer":"L1-network","why_it_matters":"Optical line systems and DCI that stitch multi-site clusters together (scale-across).","event":{"date":"2026-09-03","headline":"Ciena Q3 FY26 record revenue $1.67B (+37%), backlog $8.5B; 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co-founder of the x402 Foundation; owner of Replicate.","event":{"date":"2026-05-07","headline":"Cloudflare adopts an 'agentic AI-first operating model', cutting about 20% of staff; later reports 1,700% YoY growth in daily AI-agent requests","url":"https://seekingalpha.com/news/4589990-cloudflare-expects-2_805b-2_813b-2026-revenue-as-it-shifts-to-an-agentic-ai-first-model-with","publisher":"Seeking Alpha (8-K)"},"direction":"up","magnitude":2},{"rank":130,"name":"Snowflake","hq_country":"US","layer":"L2-runtime","why_it_matters":"Governed enterprise data plane now shipping Claude-powered agents (CoWork, CoCo) to 20,000+ customers.","event":{"date":"2026-06-01","headline":"Snowflake Summit 26 opens with Anthropic president Daniela Amodei; Claude Opus 4.8 available same-day in Cortex; 26+ agent, identity and context launches","url":"https://www.snowflake.com/en/news/press-releases/snowflake-makes-ai-real-at-snowflake-summit-26-featuring-anthropics-daniela-amodei-and-other-industry-leaders/","publisher":"Snowflake"},"direction":"up","magnitude":2},{"rank":131,"name":"ARC Prize Foundation","hq_country":"US","layer":"eval-data","why_it_matters":"Keeps a human-vs-machine general-intelligence yardstick that frontier models have not yet closed.","event":{"date":"2026-03-25","headline":"ARC-AGI-3 launches as an interactive benchmark: humans 100%, frontier models 0-0.5%; 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