Where hyperscaler capex actually lands
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Companies in this chain
Every AI-datacenter dollar the hyperscalers spend is captured somewhere along a chain of suppliers. This map shows the realized split — each layer's and each company's share of the AI-revenue landing today, weighted by how much of its business depends on that spend. Descriptive, not a forecast.
How this map is built
Each company's share = its trailing revenue × an estimated 'AI-attributable' fraction (its exposure band: high / moderate / low), divided by the chain total. So it answers who actually captures the spend TODAY — not who might benefit next. Revenue is live from our scan; a few names our universe doesn't cover use a flagged revenue estimate. Exposure bands are qualitative judgements from filings and earnings calls, and they are the part most worth arguing with. This is a snapshot of realized share, not a prediction — later position in the chain does NOT imply un-captured upside; markets price expectations ahead, and many of these names have already run. The 'signal to watch' is the single leading indicator we'd track for each name.
This is a factual map of supply chain relationships. It is not investment advice, not a recommendation to buy or sell any security, and nothing here accounts for your circumstances. Company classifications change; verify against primary filings before acting.
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