Independent research on the AI infrastructure buildout
Does it make money or not — answered at a glance, for every ticker here. Deep research lives on the individual pages.
Snapshot: Sep 18, 2026 · USD · approximate · watchlist prices verified Sep 19 · figures change
| Ticker | Price | Market cap | Profit | Capital pressure |
|---|---|---|---|---|
| APLD — Applied Digitalwatching | $25.20 | $8.20B | — | High — campus buildout |
| CRWV — CoreWeave Deep dive | $81.08 | $43.7B | Loses money −25.4% | Extreme — ~3× sales capex |
| IREN — IREN Deep dive | $45.99 | $16.4B | Loses money −$2.22 | High — ~$8B stated gap |
| NBIS — Nebius Deep dive | $222.13 | $57.9B | Makes money +$0.33 | High — $20–25B capex |
| WULF — TeraWulfwatching | $16.11 | $8.48B | — | High — HPC hosting |
Alphabetical by ticker. “—” means we have not verified that figure in our own snapshots — we don’t estimate. Tier 3 rows link to the category page; there is no dedicated page yet.
| Ticker | Price | Market cap | Profit | Capital pressure |
|---|---|---|---|---|
| AMZN — Amazon (AWS)watching | $253.71 | $2.736T | Makes money | High — collective AI capex |
| GOOGL — Alphabet (Google Cloud)watching | $344.41 | $4.212T | Makes money | High |
| META — Meta Platformswatching | $665.75 | $1.696T | Makes money | High |
| MSFT — Microsoft (Azure)watching | $493.78 | $3.666T | Makes money | High |
| ORCL — Oraclewatching | $147.61 | $446.33B | Makes money | High |
Watchlist section — named because they anchor AI demand, not because we have verified figures for them yet. Snapshots will fill in as we cover them.
| Ticker | Price | Market cap | Profit | Capital pressure |
|---|---|---|---|---|
| AMD — Advanced Micro Deviceswatching | $559.82 | $913.89B | Makes money | Low |
| ARM — Arm Holdingswatching | $275.61 | $294.35B | Makes money | Low |
| AVGO — Broadcomwatching | $357.61 | $1.707T | Makes money | Low |
| INTC — Intelwatching | $108.60 | $574.07B | — | High — foundry capex |
| MRVL — Marvellwatching | $244.25 | $219.50B | Makes money | Low |
| NVDA — NVIDIAwatching | $222.27 | $5.367T | Makes money | Low |
Prices and caps verified Sep 19, 2026. NVIDIA is the supplier and, in some cases, an investor in its own customers; that circularity is covered on the explainer page.
| Ticker | Price | Market cap | Profit | Capital pressure |
|---|---|---|---|---|
| Kioxia — Kioxia Holdingswatching | — | — | — | Moderate |
| MU — Micronwatching | $1,016 | $1.147T | Makes money | High — fab capex |
| SNDK — SanDiskwatching | $1,792 | $262.35B | Makes money | Moderate |
| SK Hynix — SK Hynixwatching | — | $951.61B | Makes money | High — fab capex |
| STX — Seagatewatching | $858.79 | $195.28B | — | Low |
| WDC — Western Digitalwatching | $435.19 | $159.12B | — | Low |
SK Hynix and Kioxia are not US-listed. Prices and caps verified Sep 19, 2026. Kioxia has no figure because it is not US-listed and we have not verified one. Holdings and weights are on the DRAM page.
| Ticker | Price | Market cap | Profit | Capital pressure |
|---|---|---|---|---|
| BTBT — Bit Digital | $1.73 | ~$624M | Loses money −$107.2M | High — WhiteFiber ramp |
| CIFR — Cipher Digital (formerly Cipher Mining) | $16.79 | $7.61B | Loses money −$0.65 Q2 | High — new 15-yr lease |
| CLSK — CleanSpark | $14.40 | ~$3.7B | Loses money −$239.8M | Moderate — one lease signed |
| CORZ — Core Scientific Deep dive | $17.99 | ~$5.8B | Loses money −$3.32 | High — HPC conversion |
| GLXY — Galaxy Digital Deep dive | $24.69 | ~$9.65B | Loses money −$0.09 | High — 1.87× debt/equity |
| HIVE — HIVE Digital | $3.41 | ~$938M | Loses money −$326M TTM | High — gigafactory plan |
| KEEL — Keel Infrastructure (formerly Bitfarms) | $3.66 | ~$2.2B | Loses money −$65.0M | High — no tenant signed |
| MARA — MARA Holdings | $13.24 | ~$5.1B | Loses money −$611.3M | High — no leases signed |
| RIOT — Riot Platforms | $23.75 | ~$8.9B | Loses money −$237.2M | Moderate — 241 MW leased |
Every name in this section is currently loss-making on a GAAP basis — mostly digital-asset marks. CIFR, RIOT and CLSK have signed large AI leases; MARA and Keel hold sites and power without tenants.
| Ticker | Price | AUM | Holdings | Focus |
|---|---|---|---|---|
| DRAM — Roundhill Memory ETF Deep dive | $59.61 | $25.86B | 24 | Memory & storage |
| NCLD — Roundhill Neocloud ETF Deep dive | ~$22.82 | ~$57–81M | ~21 | Pure-play neoclouds |
| NRAM — Yorkville America Next Generation Memory Index ETFwatching | — | — | — | Memory, launched Sep 10 2026 |
NRAM launched on Sep 10, 2026 and is new enough that we are watching rather than covering it. NCLD figures are as reported at launch, not current. NCLD’s concentration and the alternatives are compared on the neocloud ETF page.
Occasional notes on the AI infrastructure buildout — new pages, corrections, and the events that actually move the story. No spam, unsubscribe in one click.