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.
Prices as of 2026-11-04 · USD · approximate · figures change
| Ticker | Price | Market cap | Profit | Capital pressure |
|---|---|---|---|---|
| APLD — Applied Digitalwatching | $16.64 | $4.9B | — | High — campus buildout |
| CRWV — CoreWeave Deep dive | $48.39 | $26.7B | Loses money −25.4% | Extreme — ~3× sales capex |
| IREN — IREN Deep dive | $21.71 | $8.6B | Loses money −$2.22 | High — ~$8B stated gap |
| NBIS — Nebius Deep dive | $141.49 | $38.5B | Makes money +$0.33 | High — $20–25B capex |
| WULF — TeraWulfwatching | $11.69 | $5.8B | — | 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 | $266.06 | $2.87T | Makes money | High — collective AI capex |
| GOOGL — Alphabet (Google Cloud)watching | $289.02 | $3.53T | Makes money | High |
| META — Meta Platformswatching | $629.71 | $1.60T | Makes money | High |
| MSFT — Microsoft (Azure)watching | $556.00 | $4.13T | Makes money | High |
| ORCL — Oraclewatching | $123.79 | $374.3B | 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 | $488.82 | $797.9B | Makes money | Low |
| ARM — Arm Holdingswatching | $192.15 | $204.5B | Makes money | Low |
| AVGO — Broadcomwatching | $325.63 | $1.55T | Makes money | Low |
| INTC — Intelwatching | $58.28 | $308.0B | — | High — foundry capex |
| MRVL — Marvellwatching | $159.86 | $140.1B | Makes money | Low |
| NVDA — NVIDIAwatching | $200.24 | $4.83T | Makes money | Low |
US-listed prices and caps refresh from our live feed. 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 | $795.30 | $898.2B | Makes money | High — fab capex |
| SNDK — SanDiskwatching | $1,037.59 | $151.9B | Makes money | Moderate |
| SK Hynix — SK Hynixwatching | — | $951.61B | Makes money | High — fab capex |
| STX — Seagatewatching | $556.78 | $127.3B | — | Low |
| WDC — Western Digitalwatching | $323.77 | $116.8B | — | Low |
SK Hynix and Kioxia are not US-listed. US-listed prices and caps refresh from our live feed; SK Hynix’s market cap is a research figure we have not wired to a feed. 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 | $0.84 | $304M | Loses money −$107.2M | High — WhiteFiber ramp |
| CIFR — Cipher Digital (formerly Cipher Mining) | $6.50 | $2.7B | Loses money −$0.65 Q2 | High — new 15-yr lease |
| CLSK — CleanSpark | $6.80 | $1.7B | Loses money −$239.8M | Moderate — one lease signed |
| CORZ — Core Scientific Deep dive | $12.75 | $4.1B | Loses money −$3.32 | High — HPC conversion |
| GLXY — Galaxy Digital Deep dive | $13.97 | $5.5B | Loses money −$0.09 | High — 1.87× debt/equity |
| HIVE — HIVE Digital | $1.82 | $500M | Loses money −$326M TTM | High — gigafactory plan |
| KEEL — Keel Infrastructure (formerly Bitfarms) | $2.12 | $1.3B | Loses money −$65.0M | High — no tenant signed |
| MARA — MARA Holdings | $6.88 | $2.7B | Loses money −$611.3M | High — no leases signed |
| RIOT — Riot Platforms | $15.39 | $5.8B | 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 | $45.12 | $25.86B | 24 | Memory & storage |
| NCLD — Roundhill Neocloud ETF Deep dive | $13.99 | ~$57–81M | ~21 | Pure-play neoclouds |
| DTCR — Global X Data Center & Digital Infrastructure Deep dive | $25.95 | $2.0B | 29 | Data-center & tower REITs |
| 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. DTCR is the landlord side — mostly data-center and tower REITs, with a tail of compute names. NCLD figures are as reported at launch, not current. NCLD’s concentration and the alternatives are compared on the neocloud ETF page.
| Date | Company | Event |
|---|---|---|
| 22 Oct 2026 | Western Digital (WDC) | Q1 FY2027 results |
| 27 Oct 2026 | Seagate (STX) | Q1 FY2027 results (after close) |
| 27 Oct 2026 | SK hynix | Q3 2026 results (call 28 Oct, 09:00 KST) |
| 29 Oct 2026 | Samsung Electronics | Q3 2026 results (full breakdown, 10:00 KST) |
| 29 Oct 2026 | SanDisk (SNDK) | Q1 FY2027 results (4:30pm ET) |
| 30 Oct 2026 | Kioxia Holdings | Q2 FY2026 results |
| Date | Item | Name |
|---|---|---|
| 16 Oct 2026 | AI-debt rout deepens — CoreWeave fell 11.9% and the Nasdaq posted its worst week since June, as investors questioned the debt behind the buildout. Read → | CRWV |
| 15 Oct 2026 | Gartner: 80% of neoclouds won’t survive independently by 2030 — the report sent IREN and CoreWeave down ~5% and Nebius ~4%, while the QQQ fell just 1%. Read → | Neoclouds |
| 14 Oct 2026 | CoreWeave’s bonds turn distressed — its 2032 notes sank below 80¢ on the dollar (yield above 15%) and the stock fell as much as 17%, as investors question the debt behind the AI buildout. Read → | CRWV |
| 14 Oct 2026 | AI-infrastructure shares slide as hot inflation lifts rate-hike odds — the S&P 500 fell 1.1% and the Nasdaq 1.9%, with tech and AI names leading the drop. Read → | Neoclouds |
| 12 Oct 2026 | Memory stocks slide as China’s CXMT unveils a denser DRAM design — a 4F² cell with a server product due by year-end; Micron, SanDisk, SK hynix, Seagate, WD and the DRAM ETF all fell. Read → | DRAM |
| 12 Oct 2026 | Anthropic reportedly signs an undisclosed multiyear cloud deal with IREN — reported by The Information; no confirmation from either party, and the shares rose on the report. Read → | IREN |
| 7 Oct 2026 | CoreWeave takes its first India data centers — 240 MW with AdaniConneX in Navi Mumbai, option to 480 MW; first capacity expected mid-2028. Read → | CRWV |
| 1 Oct 2026 | Nebius raises on-demand GPU prices 17–21% — H100–B300, effective 1 Oct; a second increase in three months. Read → | NBIS |
| 1 Oct 2026 | Nebius acquires Inferize — folds production-inference optimization (cutting model “cold-start” time) into its Token Factory stack. Read → | NBIS |
| 30 Sep 2026 | CoreWeave launches Forge — an enterprise platform to build, run and improve models and agents, plus a partner network; a push beyond raw GPU capacity. Read → | CRWV |
| 25 Sep 2026 | Core Scientific names Jay Elms chief commercial officer — a sales and contract-execution hire as the miner-turned-colocation business scales its HPC leases. Profile → | CORZ |
| 23 Sep 2026 | Meta Connect 2026: seven headline announcements — VR Glasses at $1,299, Ray-Ban Meta Gen 3 from $449, camera-free Audio at $349, Meta Adventurer from $249, the Muse Charm pocket device. KeyBanc $900, Cantor $860. Read → | META |
| 17 Sep 2026 | Cipher Digital signs a second 15-year hyperscaler lease — investment-grade tenant, with $200M of financing, on top of the November 2025 Amazon lease. Contracted revenue now ~$11.4B. Profile → | CIFR |
| 29 Jul 2026 | SK hynix: more than ten customers back long-term supply deals with cash deposits — roughly five-year agreements, echoing Micron’s deposit book. Corroborates the memory upcycle. Read → | DRAM |
Occasional notes on the AI infrastructure buildout — new pages, corrections, and the events that actually move the story. No spam, unsubscribe in one click.