Sector · 5 names
Hyperscalers
The five cloud and platform giants whose capex drives every layer below them.
What matters here
How much of their cash the build-out consumes, and whether contracted revenue follows it. Amazon and Oracle now spend more than their operating cash flow; Microsoft, Alphabet and Meta fund it from cash but less of it is left over each quarter. Backlog is the AI version of a contract book: it is large, but it is not cash, and much of it comes from a few labs.
Every name in the sector, total return
Total return in USD, on a log scale · grey is semiconductors (SMH)