Cloud platforms
ModerateHyperscale clouds, sovereign clouds, and neoclouds reselling GPU capacity, storage, networking, and managed AI services.
Cloud is the distribution layer for AI capacity and for nearly every enterprise AI rollout. Capex from this layer funds most of the upstream stack.
Companies
10
9 pub · 1 priv
Public mcap
$13.41T
Public revenue
$1.98T
Wtd YoY
23%
Wtd GM
62%
Wtd OM
32%
Avg fund
59
Avg tech
54
Market structure
Current TAM
$680.00B
5y TAM
$1.50T
5y CAGR
17.0%
Companies
10
Margin structure
Software-like
Concentration
Oligopoly
Capex intensity
Extreme
Commoditization
Medium
Drivers
What grows the pie
- ↑GenAI workload migration
- ↑Enterprise digital transformation
- ↑Sovereign cloud contracts
Constraints
What can break the thesis
- ↓Capex absorption capacity
- ↓Customer GPU re-routing to neoclouds
Upstream dependencies
Downstream consumers
Companies in Cloud
Ranked by composite score| Company | Mkt Cap | Growth | FCF% | Val | 1Y | Tech | Fund | AI | Score | View |
|---|---|---|---|---|---|---|---|---|---|---|
| GOOGLAlphabet | $4.71T | 21.8% | 6.6% | 27x | 87 | 67 | 94 | 73 | Strategic Compounder | |
| MSFTMicrosoft | $3.13T | 18.3% | 11.6% | 22x | 38 | 68 | 96 | 69 | Strategic Compounder | |
| METAMeta Platforms | $1.54T | 33.1% | 11.9% | 17x | 29 | 72 | 88 | 68 | Strategic Compounder | |
| NBISNebius GroupSA Long | $48.70B | 621.5% | -698.1% | 531x | 81 | 53 | 78 | 67 | High-growth Infrastructure Bet | |
| CRWVCoreWeaveSA Long | $55.26B | 111.6% | -137.5% | -162x | 63 | 50 | 92 | 63 | High-growth Infrastructure Bet | |
| AMZNAmazon | $2.85T | 16.6% | 1.3% | 27x | 75 | 57 | 92 | 60 | Strategic Compounder | |
| ORCLOracleSA Put | $541.16B | 21.7% | -34.8% | 23x | 47 | 57 | 80 | 60 | Overextended Momentum Trade | |
| IBMIBM | $211.47B | 9.5% | 19.0% | 17x | 27 | 59 | 55 | 57 | Strategic Compounder | |
| PRIV-LMBDLambda LabsPrivate | $5.00B | 100.0% | -30.0% | — | — | — | 53 | 60 | 53 | Watchlist Only |
| BABAAlibaba | $322.61B | 2.9% | -4.5% | 15x | 40 | 48 | 65 | 52 | Watchlist Only |