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This is where the money is actually spent. TSMC manufactures for the companies in Semiconductor Design, ASML makes the lithography machines it cannot operate without, and Applied Materials supplies much of the rest of the process. It is the most capital-intensive part of the industry and by far the most concentrated — at the leading edge each of these three has very few real substitutes, which is the single most important fact about the whole supply chain.

8 reports — $2,392 at the single-study price. All of them included with PRO.

Memory is the part of the chain where price, not volume, does the work. Micron, Samsung and SK hynix sell a commodity whose contract price moves in double-digit steps between quarters, so the same shipped bit is worth very different amounts three months apart — and high-bandwidth memory has turned that cycle into a supply negotiation with the people building AI accelerators. Read the three together and the cycle is visible in a way no single one of them shows.

5 reports — $1,495 at the single-study price. All of them included with PRO.

Two ways of selling the same night's stay. Booking is the incumbent marketplace, with the larger supply and the older economics; Airbnb built its supply from nothing and has spent years turning it into something closer to a brand. They are the cleanest comparison in travel — the businesses look alike and are run on very different assumptions.

3 reports — $897 at the single-study price. All of them included with PRO.

Two companies selling movement, from opposite ends of it. Tesla sells the vehicle and books the revenue once; Uber sells the ride and takes a cut of each one, owning no vehicle at all. What makes them one bundle rather than two industries is that both have told their shareholders the same thing about where the value goes next: that the driver comes out, that the fleet becomes software, and that the economics of a mile change completely when it does. They are the cleanest test of that claim available, because one of them has to be wrong about who owns the car.

2 reports — $598 at the single-study price. All of them included with PRO.

Hardware is judged twice: on the thing sold, and on what the customer buys next. Apple's devices carry a services business that is now the more interesting half; Dell's carry an enterprise relationship and, lately, AI server demand arriving at very different margins from the rest. Both are studies in what a hardware company is actually worth.

3 reports — $897 at the single-study price. All of them included with PRO.

Every megawatt a data centre draws has to be switched, conditioned, distributed and then thrown away as heat, and this is the equipment that does it: switchgear, busway, uninterruptible power supplies, chillers, coolant distribution units and the racks it all bolts into. The market is unusual in being genuinely global and genuinely old — Vertiv's oldest product line dates to 1965, and its three largest competitors are European industrial groups with a century of switchgear behind them. What has changed is the customer. A hyperscale campus buys the same catalogue a factory does, in quantities and on timelines no factory ever demanded, which is why the companies here are growing at rates their own histories do not contain.

3 reports — $897 at the single-study price. All of them included with PRO.

The equipment that moves data between computers, and the software that manages and secures it: switches, routers, the silicon inside them, the optics that carry traffic between buildings, and the wireless and campus gear at the edge. It is one of the oldest businesses in technology and it has just been handed a new customer. A hyperscale AI cluster is only as fast as the network between its accelerators, and connecting several of them across sites turns what used to be data centre interconnect into a first-order design problem. The companies here disagree fundamentally about where the value sits — one designs its own silicon and one buys merchant chips and differentiates on software — and both arguments are currently working, which is what makes the comparison worth making.

3 reports — $897 at the single-study price. All of them included with PRO.

Launch is the only part of the space economy with a real price attached, and one company sets it. What makes SpaceX worth reading as a sector rather than a company is that its two businesses fund each other: reusable launch drives the cost per kilogram down, which is what makes putting thousands of satellites in orbit affordable, and the subscription revenue from those satellites is what pays for the next vehicle. Almost every number here comes from private rounds and regulatory filings rather than from an income statement, which is itself the most important thing to know about it.

Electricity is the one input the data-centre build cannot substitute, and the companies that make it are being repriced accordingly. Constellation owns 22.6% of every nuclear megawatt in the United States — a supply that cannot grow, because nothing new has been built in four decades — and in January 2026 it bought the largest gas fleet in the country six days after its financial year ended. What makes this a bundle worth reading rather than a utility sector is that almost none of the economics are utility economics: these companies sell into markets where the price moves 250% in a year, and the public support they receive for running clean plants is written as a floor that pays nothing at all when it does.

3 reports — $897 at the single-study price. All of them included with PRO.