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16 segments · 43 companies

Software & AI Applications

+2.9%chain · 1M

From cloud compute and foundation models to data platforms, enterprise apps, security and consumer internet: AI turns compute cost into software revenue and reshapes who gets paid.

  • The Software & AI Applications covers 16 segments and 43 companies, 0 of them chokepoints.
  • Over the past month the chain's median listed company returned +2.9%, against 0.0% for the S&P 500.
  • The strongest segment is IT consulting & implementation (+19.8%) and the weakest GPU clouds (−28.0%), a 47.8-point spread.

The chain, stage by stage

Upstream on the left, end demand on the right. Figures are 1-month returns; the segment shows its median.

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EnterpriseSecurityConsumer & ads
Cloud & AI compute
Hyperscale cloud−0.9%
MSFT+7.0%AMZN+2.9%GOOGL−4.7%ORCL−13.5%
GPU clouds−28.0%
CRWV−28.7%NBIS−27.3%IREN−42.7%CORZ−24.2%
Foundation models
Foundation models−0.9%
GOOGL−4.7%META−5.3%MSFT+7.0%AMZN+2.9%
Data & platforms
Data platforms & databases−8.6%
SNOW−4.1%MDB−8.6%ORCL−13.5%
Observability & dev tools+14.9%
DDOG+10.4%TEAM+19.5%
Identity & zero-trust networks+6.1%
ZS+10.1%NET−13.0%OKTA+6.1%
Ad & recommendation platforms−5.0%
META−5.3%GOOGL−4.7%LYBIDU−14.7%YELP+4.3%
Apps & agents
CRM, workflow & HR+8.5%
CRM+3.6%NOW+11.8%WDAY+7.8%SAP+10.5%ADP+9.2%PAYX−1.8%Recruit
Creative, finance & design software+10.5%
ADBE+7.1%INTU+14.8%ADSK+11.5%ROP+9.5%
AI decision platforms+9.0%
PLTR+9.0%
Endpoint & network security platforms−4.3%
PANW−7.3%CRWD−4.3%FTNT−0.1%
Ad tech−11.5%
APP−18.5%TTD−4.5%
Consumer internet apps−3.2%
NFLX−9.9%UBER−3.2%SHOP+18.0%GRAB−11.0%LYFT+12.7%
Services
IT consulting & implementation+19.8%
ACN+30.8%IBM+8.7%
Demand
Enterprise IT & AI budgets
Advertisers & consumers

Which segments are leading

Median price return of the listed companies in each segment.

IT consulting & implementation+19.8%
Observability & dev tools+14.9%
Creative, finance & design software+10.5%
AI decision platforms+9.0%
CRM, workflow & HR+8.5%
Identity & zero-trust networks+6.1%
Hyperscale cloud−0.9%
Foundation models−0.9%
Consumer internet apps−3.2%
Endpoint & network security platforms−4.3%
Ad & recommendation platforms−5.0%
Data platforms & databases−8.6%
Ad tech−11.5%
GPU clouds−28.0%
S&P 5000.0%
Observability & dev tools+96.5%
AI decision platforms+63.5%
CRM, workflow & HR+56.4%
Identity & zero-trust networks+53.3%
IT consulting & implementation+47.5%
Data platforms & databases+21.7%
Creative, finance & design software+19.3%
Endpoint & network security platforms+14.9%
Foundation models+13.7%
Hyperscale cloud+9.9%
Consumer internet apps−1.9%
Ad & recommendation platforms−7.0%
GPU clouds−27.6%
Ad tech−28.9%
S&P 500+4.7%
Endpoint & network security platforms+63.9%
Observability & dev tools+58.4%
Identity & zero-trust networks+44.2%
Data platforms & databases+19.3%
Hyperscale cloud+12.4%
Foundation models+12.4%
AI decision platforms+11.1%
IT consulting & implementation−4.8%
CRM, workflow & HR−12.1%
Ad & recommendation platforms−20.1%
Creative, finance & design software−23.4%
Consumer internet apps−27.8%
GPU clouds−37.8%
Ad tech−64.3%
S&P 500+15.8%

Key numbers

Azure quarterly revenue growth+43%Microsoft · FY26 Q4 财报（SEC 8-K 附件）
CoreWeave revenue backlog (Jun 30)~$104BCoreWeave · 2026 Q2 财报（SEC 8-K 附件）
Oracle remaining performance obligations$664BOracle · FY27 Q1 财报（SEC 8-K 附件）

Sources

AI Infrastructure Supply ChainSemiconductor Value ChainHealthcare Value ChainFinancial ServicesIndustrials & DefenseConsumer Value ChainEnergy & PowerCommunications & MediaOil & Gas Supply ChainUtilities & Power GridTravel, Leisure & EntertainmentAerospace & DefenseCapital Markets & Asset ManagementInsurance Value ChainReal Estate & REITsMedtech, Diagnostics & CareHousing & BuildingChemicals & Basic MaterialsIndustrial Automation & EquipmentRetail Channels & Consumer BrandsLogistics & FreightWater, Environment & Facility ServicesBanking, Credit & PaymentsAgriculture to the TableEnterprise IT & Services

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