The Index
400 dossiers · 1 need attention
A research screener for every company we cover. Search a name or ticker, then sort and triage dossiers by coverage freshness, our conviction and trading relevance.
No call16 names· avg TR 6 | ||||||||
| The market spent two years pricing Alphabet as the AI loser; FY2025 (+15% op income, Cloud margin to 24%, Gemini at 750M users, the antitrust gun mostly de-cocked) proves it owns the full stack — but at $4.5T and a fresh $90B+ capex habit, the easy re-rating is now behind it and the bar is "monetize the buildout." | — | 8 | ||||||
| The neutral arms-dealer of the AI build-out — AWS + Trainium + a stake in both OpenAI and Anthropic is the best-positioned compute franchise on Earth, but free cash flow has been incinerated to ~$1B and a ~$200B 2026 capex bet on 5-year-depreciated silicon is the whole thesis. | — | 8 | ||||||
| The best business in AI on every metric that isn't valuation — enterprise-led, multi-cloud, ~$30B+ run-rate doubling on weeks — wrapped in a ~$965B mark that already prices a decade of flawless execution and rests on a circular ring of vendor-investors funding ~$180B of compute the company hasn't yet earned the margins to pay for. WATCHING, bull on the business / bear on the entry price. | — | 0 | ||||||
| The credible #2 Western humanoid — NASA-pedigree hardware + Google DeepMind's brain + the Mercedes/GXO/Jabil go-to-market — but priced for a labor-replacement future it has not yet shipped, into a market where Unitree is collapsing the price floor from below. | — | 8 | ||||||
| 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. | — | 0 | ||||||
| The category's pace-setter and best-funded vertically-integrated humanoid bet — but the $39B mark prices a fleet that, on the public record, is still a pilot; WATCHING for the BMW-pilot-to-multi-customer-scale proof that converts the story into a tradeable S-1. | — | 1 | ||||||
| The cheapest mega-cap AI franchise — DeepMind's full-stack (TPU → Gemini → 15 products) just proved monetization (Cloud +63%, $462B backlog, AI Overviews monetizing at parity), so the AGI optionality is a free call; the real bet is whether the Dec-2025 Search remedy survives appeal and capex discipline holds. | — | 0 | ||||||
G | 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. | — | 8 | |||||
| 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. | — | 0 | ||||||
| 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. | — | 8 | ||||||
| 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. | — | 8 | ||||||
| The revenue leader that turned into the cash-burn leader — a $1.4T compute book financed against a P&L losing ~$14B a year, where the only question that matters is whether the IPO window opens before the funding treadmill stalls. | — | 8 | ||||||
| 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. | — | 8 | ||||||
| The strongest research bench in robot learning, priced like a product company while still being a research project — own the index (NVIDIA/data), not this single ticket, until a paying-fleet number or a π1 zero-shot result exists. | — | 8 | ||||||
| The leading robot-foundation-model pure-play by capital and strategic syndicate, but its $14B mark prices a software-layer monopoly that the Foxconn/Blackwell line has yet to prove and that Physical Intelligence + NVIDIA's own GR00T are both armed to contest. | — | 8 | ||||||
X | 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. | — | 8 | |||||