Companies

AI & Machine Learning

Anthropic

Anthropic raised $7.3 billion betting that safe AI beats fast AI. With Claude now powering Amazon, Notion, and DuckDuckGo, the market is starting to agree.

Semiconductors

Cerebras Systems

Wafer-scale AI chipmaker behind the WSE-3 and the Cerebras Inference cloud. IPO'd May 2026 (Nasdaq: CBRS).

Cloud Computing

CoreWeave

The largest independent AI neocloud — renting NVIDIA compute to OpenAI, Microsoft and Meta under $60B of contracts, financed by an equally vast pile of debt.

AI & Machine Learning

DeepSeek

The lab that broke the cost-of-intelligence narrative and now anchors China's sovereign AI stack — a frontier-class open-weight model trailing the closed leaders by 3-6 months at ~1/50th the unit cost, but state-captured, un-investable to US capital, and monetizing almost none of the value it creates.

AI & Machine Learning

Google DeepMind (Alphabet)

AI & Machine Learning

Groq

The crown jewels and the brain already left for Nvidia for ~$17–20B; what remains is a cash-rich but architecturally-cornered inference cloud whose flagship Saudi demand evaporated — a melting-ice-cube neocloud, not the LPU disruptor the headlines sold.

AI & Machine Learning

Meta AI / FAIR

The best-funded, worst-priced AI franchise in megacap — a $200B+ ad engine bankrolling a $135B/yr superintelligence bet the market is refusing to underwrite; the stock pays you to wait while the ad-AI flywheel already prints, but the open-weight thesis is dead and the capex ROI clock is now running loud.

AI & Machine Learning

Meta Platforms

The cheapest mega-cap in the AI complex (~18–20x fwd P/E) compounding ad revenue +33% — but it has converted itself into a single-variable bet on whether $125–145B/yr of AI capex earns its return, and the market won't re-rate until the depreciation wave proves out.

Software

Microsoft

Microsoft embedded Anthropic's Claude into M365 Copilot as 'Copilot Cowork' — $30/seat/month for autonomous AI agents that run across your emails, files, and meetings. The $99/seat E7 bundle is Microsoft's play to own the enterprise AI operating system.

AI & Machine Learning

Mistral AI

Europe's only credible frontier lab — a sovereignty-and-infrastructure bet, not a model-quality bet; the moat is regulatory/political, the risk is that "good enough, in Europe, on-prem" gets out-priced by Chinese open weights before the €20B mark is earned.

AI & Machine Learning

OpenAI

They started as a nonprofit trying to save humanity from AI. Now they're a $157 billion company racing to build it first—and the tension between those two missions defines everything they do.

Cloud Computing

Oracle

While everyone watched OpenAI, Oracle quietly became the cloud backbone that enterprises actually run their AI on. $553B backlog and growing.

AI & Machine Learning

Palantir

A genuinely great business priced as a perfect one — 85% growth and 60% adjusted margins are real, but ~55x EV/Sales already discounts flawless execution for years, so the asymmetry is to the downside even if the thesis is right.

AI & Machine Learning

xAI

A frontier lab fused into Musk's compute-and-distribution empire — Grok is a fast-following #4 model bankrolled by a $30B/yr capex furnace; the real instrument is now SpaceX equity at a $1.25T mark, not a standalone xAI bet.