AI Value Chain
Layer 5 of 6
Cloud Platforms
Hyperscale and specialist clouds that package raw compute into APIs and managed services. The toll-booth layer — margin accrues as AI workloads scale on rented infrastructure.
Momentum
450–100 composite
Today
-0.04%cap-weighted
MTD
-8.03%month-to-date
YTD
+2.91%year trend
Tracked Cap
10.67T9 names
Price Explorer
$390.74+0.10%
Why it matters
Where compute becomes a product.
2026 capex / spend$130B
Breadth advancing67%
Cloud Platforms · Constituents
| Company | Role | Weight | Last | Change | Mkt Cap | Trend |
|---|---|---|---|---|---|---|
MSFT Microsoft Corp. | Core | $390.74 | +0.10% | |||
AMZN Amazon.com Inc. | Core | $238.55 | -1.23% | |||
GOOGL Alphabet Inc. | Core | $359.68 | +0.53% | |||
ORCL Oracle Corp. | Core | $184.13 | +0.02% | |||
NET Cloudflare Inc. | Core | $228.48 | +0.46% | |||
CRWV CoreWeave Inc. | Enabler | $100.55 | +5.02% | |||
NBIS Nebius Group | Enabler | $232.36 | +4.55% | |||
SNOW Snowflake Inc. | Adjacent | $232.78 | -3.17% | |||
DDOG Datadog Inc. | Adjacent | $229.90 | -1.85% |