Following the money into AI infrastructure

Sums of the four companies' filed figures per calendar quarter. Free cash flow bars below zero (red) mean the four together spent more on property and equipment than their operations brought in. Capex excludes equipment taken on finance leases. Tap a legend name to hide or show a series.

Source: US Securities and Exchange Commission: EDGAR XBRL company concept: net cash provided by operating activities (opens in a new tab) (one file per company) and the capex filings linked on our statistics page. Accessed 1 Nov 2026.

Purchases of property and equipment divided by net cash from operating activities in the same quarter, our calculation from the filings. Above 100% (red) means the quarter's capex was larger than the cash its operations produced.

Source: US Securities and Exchange Commission: EDGAR XBRL company concept: net cash provided by operating activities (opens in a new tab). Accessed 1 Nov 2026.

Indicative construction cost per watt for a typical 60 MW design, as published in Turner & Townsend's tenth Data Centre Construction Cost Index (62 markets, over 500 projects, survey of 401 industry leaders). Europe averages US$12.76 per watt (up 13% year on year, the largest regional rise), against US$12.10 in Asia, US$12.06 in North America and US$9.93 in the Middle East.

TokyoZurichSingaporeCopenhagenOsloStockholmHelsinkiLondon

Sources: Turner & Townsend: Data centre construction cost index 2026-27: cost trends (opens in a new tab) Published 20 Oct 2026, accessed 31 Oct 2026. Zurich, Singapore, London and regional averages: Construction Briefing (reporting Turner & Townsend's index): Revealed: world's costliest, most competitive places to build data centres (opens in a new tab) Published 26 Oct 2026.

RTO-wide Base Residual Auction clearing price for unforced capacity (UCAP). From 2026/27 to 2028/29 the price cleared at a FERC-approved price cap, so the true market price would have been higher. PJM's own simulation without the cap and floor gives US$554.72 for 2028/29. Delivery years run June to May. Darker bars are years that cleared at the cap.

Source: PJM Interconnection: 2028/2029 Base Residual Auction Report (opens in a new tab) Published 14 Jul 2026, accessed 31 Oct 2026. Data centre share of the demand rise: PJM Inside Lines: PJM auction procures 134,479 MW of generation resources (2027/2028 auction) (opens in a new tab)

PJM's figure: cleared megawatts times the clearing price in each zone. PJM says it is not the total cost to consumers, because load hedged through self-supply or bilateral contracts does not pay the auction price. Its own simulation with no price cap or floor puts 2028/29 at US$29.7bn. Darker bars are years that cleared at the cap.

Source: PJM Interconnection: 2028/2029 Base Residual Auction Report (opens in a new tab) Published 14 Jul 2026, accessed 31 Oct 2026.

AEP's own plan as reported by Utility Dive from its third-quarter 2026 call on 28 October 2026. The new plan runs through 2031 and also includes about US$8bn for renewable energy. These are planned amounts, not money spent. AEP said the rise is driven by generation and transmission needed for contracted load, mostly data centres.

Source: Utility Dive: AEP increases investment plan 30% on generation, transmission spending (opens in a new tab) Published 29 Oct 2026, accessed 31 Oct 2026.

Each bar is the company's own plan for the years shown under its name. Windows differ, so the bars are not added up and are not a ranking of who serves the most data centres. Hover or tap a bar for the basis and date.

Sources: Duke Energy (SEC Form 8-K exhibit): Duke Energy reports fourth-quarter and full-year 2025 financial results (opens in a new tab); American Electric Power: AEP Reports Third-Quarter 2026 Earnings, Expands Capital Plan and Increases Growth Outlook (opens in a new tab); Southern Company: Fourth Quarter 2025 Earnings Conference Call presentation (opens in a new tab); Xcel Energy (SEC Form 8-K exhibit 99.01): Third Quarter 2026 Earnings Report (opens in a new tab); Entergy Corporation (SEC Form 10-Q): Entergy Form 10-Q for the quarter ended 30 June 2026 (opens in a new tab); Dominion Energy (SEC Form 10-K): Dominion Energy annual report on Form 10-K for 2025 (opens in a new tab). Accessed 2 Nov 2026.

US$bn over each plan's five years. Xcel: Renewables plus Electric Generation are grouped as generation, Natural Gas plus Other as other. Entergy: Utility Support as other. AEP gave only rounded figures for transmission (about US$37bn), generation (US$36bn) and distribution (about US$22bn), so its 'other' is the remainder of US$100bn, our calculation. Only these three utilities publish a split we can group this way.

Sources: Entergy Corporation (SEC Form 10-Q): Entergy Form 10-Q for the quarter ended 30 June 2026 (opens in a new tab); American Electric Power: AEP Reports Third-Quarter 2026 Earnings, Expands Capital Plan and Increases Growth Outlook (opens in a new tab); Xcel Energy (SEC Form 8-K exhibit 99.01): Third Quarter 2026 Earnings Report (opens in a new tab). Accessed 2 Nov 2026.

Entergy planned construction and capital investments by year, US$m, from its Q2 2026 Form 10-Q. Generation is the largest line in every year. Entergy says the increase in this plan is mainly for generation in Entergy Louisiana's March 2026 application.

Source: Entergy Corporation (SEC Form 10-Q): Entergy Form 10-Q for the quarter ended 30 June 2026 (opens in a new tab) Accessed 2 Nov 2026.

Tap or hover a bar for the measure, both quarters' amounts and GAAP net income. Talen's GAAP net income fell (US$138m against US$207m) because of unrealised losses on hedges and higher interest from acquisition debt, while its adjusted EBITDA rose. Growth rates are our calculation from the companies' figures.

Sources: Constellation Energy: Constellation Reports Third Quarter 2026 Results (9 November 2026) (opens in a new tab) (GAAP net income checked against Constellation Energy (SEC filing): Form 10-Q for the quarter ended 30 September 2026 (filed 9 November 2026) (opens in a new tab)); Vistra: Vistra Reports Third Quarter 2026 Results (6 November 2026) (opens in a new tab); Talen Energy: Talen Energy Reports Third Quarter 2026 Results, Reaffirms 2026 Guidance, and Introduces 2027 Guidance (3 November 2026) (opens in a new tab). Accessed 9 Nov 2026.

Each bar runs from the low to the high end of the company's own range. Both companies set 2027 guidance above 2026. Constellation guides on earnings per share instead: US$12.50 to US$12.80 adjusted operating earnings per share for 2026 (midpoint raised), so it is not on this chart.

Sources: Vistra: Vistra Reports Third Quarter 2026 Results (6 November 2026) (opens in a new tab); Talen Energy: Talen Energy Reports Third Quarter 2026 Results, Reaffirms 2026 Guidance, and Introduces 2027 Guidance (3 November 2026) (opens in a new tab); Constellation Energy: Constellation Reports Third Quarter 2026 Results (9 November 2026) (opens in a new tab). Accessed 9 Nov 2026.

Share of expected generation volumes already hedged (sold forward) as each company states it. Vistra as of 30 October 2026; Talen as of 30 September 2026, including the nuclear production tax credit, and its first figure covers October to December 2026 only. A high share locks in today's prices; an unhedged share is what can still be sold to new buyers such as data centres, or at future market prices. Use the legend to show one company.

Sources: Vistra: Vistra Reports Third Quarter 2026 Results (6 November 2026) (opens in a new tab); Talen Energy: Talen Energy Reports Third Quarter 2026 Results, Reaffirms 2026 Guidance, and Introduces 2027 Guidance (3 November 2026) (opens in a new tab). Accessed 9 Nov 2026.

Megawatts are as each company states them, but the agreements differ: some sell output from existing plants, some pay for new capacity (uprates or an expansion), one is a solar plant now operating. Tap or hover a bar for the terms. Not added together.

Sources: Constellation Energy: Constellation Reports Third Quarter 2026 Results (9 November 2026) (opens in a new tab); Vistra: Vistra Reports Third Quarter 2026 Results (6 November 2026) (opens in a new tab); Talen Energy: Talen Energy Expands Nuclear Energy Relationship with Amazon (11 June 2025) (opens in a new tab). Accessed 9 Nov 2026.

Tap or hover a bar for the line measured, both quarters' amounts and what the company says drove it. Bloom's figure is total company revenue; Caterpillar's and Cummins' are one part of much larger groups. Growth rates are our calculation.

Sources: Bloom Energy: Bloom Energy Reports Record Third Quarter 2026 Financial Results and Raises Full Year 2026 Guidance (22 October 2026) (opens in a new tab); Caterpillar (SEC filing, exhibit 99.1): Caterpillar third-quarter 2026 results release (29 October 2026) (opens in a new tab); Cummins: Cummins Reports Strong Third Quarter 2026 Results (5 November 2026) (opens in a new tab). Accessed 9 Nov 2026.

Use the legend to show one quarter. All three widened their margins as volumes and prices rose. The measures differ, so the bars are for each company's own change, not a ranking.

Sources: Bloom Energy: Bloom Energy Reports Record Third Quarter 2026 Financial Results and Raises Full Year 2026 Guidance (22 October 2026) (opens in a new tab); Caterpillar (SEC filing, exhibit 99.1): Caterpillar third-quarter 2026 results release (29 October 2026) (opens in a new tab); Cummins: Cummins Reports Strong Third Quarter 2026 Results (5 November 2026) (opens in a new tab). Accessed 9 Nov 2026.

Sales of the power generation product line in two Cummins segments, as published in the release's segment sales tables. Distribution resells and installs products that Power Systems makes, so the two lines overlap and must not be added together. Power Systems' power generation line grew 21.6% on Q3 2025 (our calculation). On the call, Cummins said a supplier problem held back Q3 shipments in Power Systems and Distribution, which it expects mostly to recover in Q4.

Source: Cummins: Cummins Reports Strong Third Quarter 2026 Results (5 November 2026) (opens in a new tab) (segment sales data tables). Accessed 9 Nov 2026.

Change in Caterpillar's Power Generation sales to end users against the same quarter a year earlier, reported in dollars from dealer reports and direct sales. This is not the same measure as Caterpillar's own sales to dealers.

Source: Caterpillar (SEC filing, exhibit 99.2): Caterpillar quarterly retail sales statistics, third quarter 2026 (29 October 2026) (opens in a new tab). Accessed 9 Nov 2026.

Tap or hover a bar for each company's own labels. IREN's AI figure combines AI Cloud services (GPU rental) and AI Cloud leases; TeraWulf's and Cipher Digital's are data hall leases. Use the legend to show one type.

Sources: IREN: IREN Reports Q1 FY27 Results (5 November 2026) (opens in a new tab); TeraWulf: TeraWulf Reports Third Quarter 2026 Results (6 November 2026) (opens in a new tab); Cipher Digital: Cipher Digital Provides Third Quarter 2026 Business Update (2 November 2026) (opens in a new tab). Accessed 10 Nov 2026.

Our calculation from the companies' revenue tables. The earlier quarter is Q3 2025 for TeraWulf and Cipher Digital, and the quarter to 30 June 2026 for IREN, which reports against the previous quarter. Cipher Digital earned its first HPC rent in Q3 2026.

Sources: IREN: IREN Reports Q1 FY27 Results (5 November 2026) (opens in a new tab); TeraWulf: TeraWulf Reports Third Quarter 2026 Results (6 November 2026) (opens in a new tab); Cipher Digital: Cipher Digital Provides Third Quarter 2026 Business Update (2 November 2026) (opens in a new tab). Accessed 10 Nov 2026.

Interest is charged on debt raised to build halls and buy GPUs before the rent or cloud revenue starts, so a young AI business can earn less than its interest bill. All three also earned interest income on cash held (tap a bar). Not a measure of profit.

Sources: IREN: IREN Reports Q1 FY27 Results (5 November 2026) (opens in a new tab) (finance expense); TeraWulf: TeraWulf Reports Third Quarter 2026 Results (6 November 2026) (opens in a new tab); Cipher Digital: Cipher Digital Provides Third Quarter 2026 Business Update (2 November 2026) (opens in a new tab) (interest expense). Accessed 10 Nov 2026.

Debt is our total of the borrowing lines on each balance sheet (tap a bar for what is included); warrant liabilities are left out. Cash includes restricted cash, much of which is held for specific projects or lenders. The companies define debt differently, so compare each with its own cash rather than ranking them.

Sources: balance sheets in IREN: IREN Reports Q1 FY27 Results (5 November 2026) (opens in a new tab); TeraWulf: TeraWulf Reports Third Quarter 2026 Results (6 November 2026) (opens in a new tab); Cipher Digital: Cipher Digital Provides Third Quarter 2026 Business Update (2 November 2026) (opens in a new tab). Accessed 10 Nov 2026.

GAAP revenue for the quarter to 30 September, as filed. Tap or hover a bar for what each company does and its growth. Comfort Systems USA and Quanta Services both include acquisitions made during the year.

Sources: Comfort Systems USA (SEC filing): Form 10-Q for the quarter ended 30 September 2026 (opens in a new tab); EMCOR Group: EMCOR Group, Inc. Reports Record Third Quarter 2026 Results (29 October 2026, PDF) (opens in a new tab); Quanta Services: Quanta Services Reports Third Quarter 2026 Results (29 October 2026) (opens in a new tab). Accessed 10 Nov 2026.

Our calculation from GAAP operating income and revenue; it matches the margins the companies print. EMCOR's Q3 2026 figure includes a US$34m non-cash impairment (10.5% without it, EMCOR's non-GAAP measure). A higher margin does not mean a better business: grid, mechanical and electrical work carry different costs.

Sources: Comfort Systems USA (SEC filing): Form 10-Q for the quarter ended 30 September 2026 (opens in a new tab); EMCOR Group: EMCOR Group, Inc. Reports Record Third Quarter 2026 Results (29 October 2026, PDF) (opens in a new tab); Quanta Services: Quanta Services Reports Third Quarter 2026 Results (29 October 2026) (opens in a new tab). Accessed 10 Nov 2026.

Technology, mostly data centres, made up 60.8% of revenue, against 45.8% a year earlier, while office building revenue fell. "Other" is our sum of office buildings, retail and entertainment, multi-family and residential, and other.

Source: revenue by customer type in Comfort Systems USA (SEC filing): Form 10-Q for the quarter ended 30 September 2026 (opens in a new tab). Accessed 10 Nov 2026.

Blue bars are Carrier, green bars Johnson Controls (JCI), grouped by company, not ranked. Each bar is the company's own organic growth figure; Carrier rounds its figures ('about'). The bars measure different scopes (data centre orders, systems orders, regions), so read each against its own label. Tap or hover a bar for its source.

Sources: Carrier Global: Carrier Reports Third Quarter 2026 Results (29 October 2026) (opens in a new tab); Johnson Controls (SEC filing, Exhibit 99.1): Johnson Controls Reports Q4 and FY26 Results; Initiates FY27 Guidance (27 October 2026) (opens in a new tab); Investing.com: Johnson Controls Q4 2026 slides: record backlog fuels growth outlook (27 October 2026) (opens in a new tab). Accessed 11 Nov 2026.

Carrier's total sales rose 12.3% and its Climate Solutions Americas segment 23.7%; Johnson Controls' total sales rose 10.4% and its Americas segment 14% (our calculation). Both companies sold businesses during the year, so organic growth (Carrier 15%, Johnson Controls 12%) is higher than reported growth for both.

Sources: Carrier Global: Carrier Reports Third Quarter 2026 Results (29 October 2026) (opens in a new tab); Johnson Controls (SEC filing, Exhibit 99.1): Johnson Controls Reports Q4 and FY26 Results; Initiates FY27 Guidance (27 October 2026) (opens in a new tab). Accessed 11 Nov 2026.

The Americas hold 77% of Johnson Controls' US$23.0bn backlog (our calculation) and grew fastest. Carrier gives no regional split and only a floor ("more than US$8.5bn"), which leaves out long-term agreements such as the hyperscaler deal of more than US$3bn signed in October, so its backlog is shown in its own card below, not on this chart: the two companies define backlog differently.

Sources: Johnson Controls (SEC filing, Exhibit 99.1): Johnson Controls Reports Q4 and FY26 Results; Initiates FY27 Guidance (27 October 2026) (opens in a new tab); for Carrier's backlog and agreement, Carrier Global: Carrier Reports Third Quarter 2026 Results (29 October 2026) (opens in a new tab); Investing.com: Earnings call transcript: Carrier Q3 2026 (29 October 2026) (opens in a new tab). Accessed 11 Nov 2026.

Six markets are shown at first. Tap any country in the legend to add it or take it away, and drag or pinch the slider to change the period (it opens at January 2024). The 2022 peak came during the European gas crisis. Oct 2026 is the latest full month, because Ember's file only covers the first days of November.

Source: Ember: European Wholesale Electricity Price Data (monthly, CC-BY-4.0, updated 4 Nov 2026) (opens in a new tab), compiled from ENTSO-E, EMR (UK) and SEMOpx (Ireland), load-weighted monthly averages. Accessed 4 Nov 2026.

Each bar is the simple average of the ten monthly values (our calculation), so both years cover the same months. Hover or tap a country for the change and for what 1 MW of constant load would pay for wholesale energy in a year at that price.

Source: Ember: European Wholesale Electricity Price Data (monthly, CC-BY-4.0, updated 4 Nov 2026) (opens in a new tab). Averages and changes are our calculation. Accessed 4 Nov 2026.

Amazon's AWS segment figures from its Q3 2026 results (SEC Form 8-K, exhibit 99.1, filed 29 October 2026). Sales and operating income are both in US dollars, so they share one axis. Amazon does not report results by AWS region, so the UAE and Bahrain regions cannot be seen in these numbers. The strikes came in Q1 2026.

Source: Amazon.com, Inc. (SEC Form 8-K, exhibit 99.1): Amazon.com Announces Third Quarter Results, supplemental financial information (opens in a new tab) Published 29 Oct 2026, accessed 31 Oct 2026.

Operating income as a share of AWS sales, as reported by Amazon. A percentage, so it has its own chart rather than sharing the US$ axis.

Source: Amazon.com, Inc. (SEC Form 8-K, exhibit 99.1): Amazon.com Announces Third Quarter Results, supplemental financial information (opens in a new tab) Accessed 31 Oct 2026.

All three are calendar July to September quarters (Microsoft's fiscal Q1 FY27). AWS and Google Cloud are reported segments. Azure is the revenue line Microsoft began reporting in October 2026 under its new segments, with Q3 2025 recast by Microsoft, so it is not the same as the older Intelligent Cloud segment. Hover or tap a bar for growth and the definition.

Sources: Amazon.com, Inc. (SEC Form 8-K, exhibit 99.1): Amazon.com Announces Third Quarter Results (Q3 2026) (opens in a new tab); Microsoft Corp. (SEC Form 8-K, exhibit 99.1): Microsoft Announces First Quarter Results (FY27, quarter to 30 September 2026) (opens in a new tab); Alphabet Inc. (SEC Form 8-K, exhibit 99.1): Alphabet Announces Third Quarter 2026 Results (opens in a new tab); Azure definition: Microsoft Corp. (SEC Form 8-K, exhibit 99.1): FY27 Segments and Investor Metrics (opens in a new tab). Accessed 2 Nov 2026.

Growth as each company stated it in its results release. Q3 2025 to Q2 2026: 'Azure and other cloud services revenue' growth as reported then. Q3 2026: 'Azure revenue' growth under the FY27 definition. Not strictly the same measure. Click a name in the legend to hide or show a line.

Sources: Amazon.com, Inc. (SEC Form 8-K, exhibit 99.1): Amazon.com Announces Third Quarter Results (Q3 2025) (opens in a new tab); Amazon.com, Inc. (SEC Form 8-K, exhibit 99.1): Amazon.com Announces Fourth Quarter Results (Q4 2025) (opens in a new tab); Amazon.com, Inc. (SEC Form 8-K, exhibit 99.1): Amazon.com Announces First Quarter Results (Q1 2026) (opens in a new tab); Amazon.com, Inc. (SEC Form 8-K, exhibit 99.1): Amazon.com Announces Second Quarter Results (Q2 2026) (opens in a new tab); Amazon.com, Inc. (SEC Form 8-K, exhibit 99.1): Amazon.com Announces Third Quarter Results (Q3 2026) (opens in a new tab); Microsoft Corp. (SEC Form 8-K, exhibit 99.1): Microsoft first quarter FY26 results (quarter to 30 September 2025) (opens in a new tab); Microsoft Corp. (SEC Form 8-K, exhibit 99.1): Microsoft Cloud and AI Strength Drives Second Quarter Results (FY26) (opens in a new tab); Microsoft Corp. (SEC Form 8-K, exhibit 99.1): Microsoft Cloud and AI Strength Fuels Third Quarter Results (FY26) (opens in a new tab); Microsoft Corp. (SEC Form 8-K, exhibit 99.1): Microsoft Cloud and AI Strength Fuels Fourth Quarter Results (FY26) (opens in a new tab); Microsoft Corp. (SEC Form 8-K, exhibit 99.1): Microsoft Announces First Quarter Results (FY27, quarter to 30 September 2026) (opens in a new tab); Alphabet Inc. (SEC Form 8-K, exhibit 99.1): Alphabet Announces Third Quarter 2025 Results (opens in a new tab); Alphabet Inc. (SEC Form 8-K, exhibit 99.1): Alphabet Announces Fourth Quarter and Fiscal Year 2025 Results (opens in a new tab); Alphabet Inc. (SEC Form 8-K, exhibit 99.1): Alphabet Announces First Quarter 2026 Results (opens in a new tab); Alphabet Inc. (SEC Form 8-K, exhibit 99.1): Alphabet Announces Second Quarter 2026 Results (opens in a new tab); Alphabet Inc. (SEC Form 8-K, exhibit 99.1): Alphabet Announces Third Quarter 2026 Results (opens in a new tab). Accessed 2 Nov 2026.

Operating income divided by segment revenue, our calculation from the filed figures. Google Cloud's margin rose from 20.7% to 36.2% in five quarters, close to AWS at 38.7%. Microsoft does not report Azure operating income, so it has no line here.

Sources: Amazon.com, Inc. (SEC Form 8-K, exhibit 99.1): Amazon.com Announces Third Quarter Results (Q3 2026) (opens in a new tab); Alphabet Inc. (SEC Form 8-K, exhibit 99.1): Alphabet Announces Second Quarter 2026 Results (opens in a new tab); Alphabet Inc. (SEC Form 8-K, exhibit 99.1): Alphabet Announces Third Quarter 2026 Results (opens in a new tab); Alphabet Inc. (SEC Form 8-K, exhibit 99.1): Alphabet Announces Fourth Quarter and Fiscal Year 2025 Results (opens in a new tab); Alphabet Inc. (SEC Form 8-K, exhibit 99.1): Alphabet Announces First Quarter 2026 Results (opens in a new tab). Accessed 2 Nov 2026.

Capex is each parent company's purchases of property and equipment in the quarter, from its 10-Q, and pays for retail, advertising and other businesses too, so this is a rough yardstick, not a return on investment. Data centres take years to fill, so today's capex earns revenue over many years. Hover or tap a bar for the ratio.

Sources: cloud revenue as above; capex: US Securities and Exchange Commission: EDGAR XBRL company facts (10-Q and 10-K filings) (opens in a new tab). Accessed 2 Nov 2026.

Reported growth includes acquisitions and currency. Organic growth strips them out, as defined by each company. GE Vernova is its Electrification segment only (grid and switchgear), and its reported growth includes the Prolec GE acquisition. Schneider Electric is the whole group in euros. ABB is the whole group, and its organic figure is ABB's comparable growth. nVent is the whole group. Eaton is the whole group, including its Aerospace and Mobility segments (see the Eaton segment chart below). Percentages only, so different currencies and sizes can share one chart.

VertivGE Vernova ElectrificationnVentEatonTrane TechnologiesSchneider ElectricABB

Sources: Vertiv: Vertiv Reports Strong Third Quarter 2026 (press release, 28 Oct 2026) (opens in a new tab); GE Vernova: Third quarter 2026 press release (SEC filing, 28 Oct 2026) (opens in a new tab); nVent: nVent Delivers Record Sales and Orders in Q3 2026 (press release, SEC filing, 30 Oct 2026) (opens in a new tab); Eaton (Business Wire): Eaton Reports Record Third Quarter 2026 Results, with Strong Organic Growth, Accelerating Record Orders and Backlog; Raises Organic Growth Guidance (press release, 3 Nov 2026) (opens in a new tab); Trane Technologies: Trane Technologies Reports Strong Third-Quarter Results (29 Oct 2026) (opens in a new tab); Investing.com: Schneider Electric raises 2026 target as Q3 sales beat forecasts on data centres (16 Oct 2026) (opens in a new tab); ABB: Q3 2026 results (group press release, 20 Oct 2026) (opens in a new tab). Accessed 3 Nov 2026.

Sales and segment operating profit as filed in Eaton's Q3 2026 release (US$m, converted to US$bn here). Margins and organic growth are as Eaton states them. Electrical Global's reported growth includes Boyd Thermal, bought on 12 March 2026 (31 percentage points of the 58%). Backlog and orders are Eaton's year-on-year changes; it gives no dollar backlog total in the release and no backlog for Mobility, which it plans to separate.

Source: Eaton (Business Wire): Eaton Reports Record Third Quarter 2026 Results, with Strong Organic Growth, Accelerating Record Orders and Backlog; Raises Organic Growth Guidance (press release, 3 Nov 2026) (opens in a new tab). Accessed 3 Nov 2026.

GAAP revenue for each quarter. Digital Realty's Q2 2026 figure includes US$201m of one-off promote income, so its Q3 dip is not a fall in rent. Hover or tap a quarter for the note.

Sources: Equinix via SEC EDGAR: Equinix Reports Third-Quarter Results and Raises 2026 Guidance (8-K Exhibit 99.1, 28 Oct 2026) (opens in a new tab); Equinix via SEC EDGAR: Equinix Reports First-Quarter Results and Raises Full-Year Financial Outlook (8-K Exhibit 99.1, 29 Apr 2026) (opens in a new tab); Equinix via SEC EDGAR: Equinix Provides Robust 2026 Outlook Driven by Strong Fourth-Quarter Results (8-K Exhibit 99.1, 11 Feb 2026) (opens in a new tab); Digital Realty via SEC EDGAR: Third Quarter 2026 Earnings Release and Financial Supplement (8-K Exhibit 99.1, 29 Oct 2026) (opens in a new tab). Accessed 1 Nov 2026.

Midpoint of each company's full-year 2026 revenue guidance, indexed to its February figure. Equinix has raised its midpoint by 1.7% since February and Digital Realty by 6.6% (Digital Realty excludes promote income). Hover or tap a point for the full ranges.

Sources: the companies' guidance as restated in Equinix via SEC EDGAR: Equinix Reports Third-Quarter Results and Raises 2026 Guidance (8-K Exhibit 99.1, 28 Oct 2026) (opens in a new tab), Equinix via SEC EDGAR: Equinix Reports Second-Quarter Results, Raises 2026 Guidance and Long-Term Outlook (8-K Exhibit 99.1, 29 Jul 2026) (opens in a new tab), Equinix via SEC EDGAR: Equinix Reports First-Quarter Results and Raises Full-Year Financial Outlook (8-K Exhibit 99.1, 29 Apr 2026) (opens in a new tab), Equinix via SEC EDGAR: Equinix Provides Robust 2026 Outlook Driven by Strong Fourth-Quarter Results (8-K Exhibit 99.1, 11 Feb 2026) (opens in a new tab) and Digital Realty via SEC EDGAR: Third Quarter 2026 Earnings Release and Financial Supplement (8-K Exhibit 99.1, 29 Oct 2026) (opens in a new tab) (which lists all four Digital Realty updates). Accessed 1 Nov 2026.

Megawatts of new leases signed in the quarter. Asia Pacific signed the most capacity and at the highest average rent per kW. Hover or tap a bar for the rent.

Source: Digital Realty via SEC EDGAR: Third Quarter 2026 Earnings Release and Financial Supplement (8-K Exhibit 99.1, 29 Oct 2026) (opens in a new tab). Accessed 1 Nov 2026.

Most of the stake, 59.95 million shares, was bought on 5 November at A$9.50, the price in the term sheet published after the market closed on 4 November, which DCD reported as a 45.5% premium to that day's close. Earlier purchases were at about A$6 a share and later ones up to A$10.40. Tap or hover a bar for the day's average price.

Sources: ASX: Form 603: Notice of initial substantial holder in NEXTDC Limited, with Annexure C list of purchases (9 November 2026) (opens in a new tab) (Annexure C, our aggregation by day); Goodman Group and Digital Realty (ASX release): Digital Realty and Goodman acquisition of 9.9% interest in NEXTDC (9 November 2026) (opens in a new tab); DCD (DatacenterDynamics): Digital Realty and Goodman Group line up AU$715m bid for stake in Australia's NextDC (4 November 2026) (opens in a new tab). Accessed 11 Nov 2026.

Bars show NEXTDC's own guidance range for the year to 30 June 2027 as given on 27 August and as revised on 21 October, next to the FY26 result. The October range leaves out the affected M3 contracts entirely, including capacity already billing; NEXTDC says service level credits on those contracts could take EBITDA below the revised range. Hover or tap a bar for its basis.

Sources: NEXTDC (ASX release): FY26 Record Results and Record FY27 Growth Guidance (27 August 2026) (opens in a new tab); NEXTDC (ASX release): M3 Melbourne Power Delay and Revised FY27 Guidance (21 October 2026) (opens in a new tab). Accessed 11 Nov 2026.

Contracted utilisation tripled in the year while built capacity grew 38% (our calculation), so most of the contracted megawatts still have to be built and powered. NEXTDC expected 197 MW of the order book to start billing in FY27 and 221 MW in FY28 (its August expectation, before the M3 delay). Contracted and order book figures are pro forma, as disclosed on 21 July 2026.

Source: NEXTDC (ASX release): FY26 Record Results and Record FY27 Growth Guidance (27 August 2026) (opens in a new tab). Accessed 11 Nov 2026.

Oracle's fiscal year ends on 31 May, so Q1 FY27 is June to August 2026. Free cash flow is operating cash flow less capital expenditures, our calculation, and negative in all five quarters (red). Q1 FY27 operating cash flow includes US$11.4bn of customer prepayments recorded as deferred revenue. Oracle's own release gives Q1 FY27 free cash flow as negative US$5bn. Hover or tap a quarter for revenue and the filing.

Sources: Oracle via SEC EDGAR: Form 10-Q for the quarter ended 31 August 2025 (filed 10 Sep 2025) (opens in a new tab); Oracle via SEC EDGAR: Form 10-Q for the quarter ended 30 November 2025 (filed 11 Dec 2025) (opens in a new tab); Oracle via SEC EDGAR: Form 10-Q for the quarter ended 28 February 2026 (filed 11 Mar 2026) (opens in a new tab); Oracle via SEC EDGAR: Form 10-K for the year ended 31 May 2026 (filed 22 Jun 2026) (opens in a new tab); Oracle via SEC EDGAR: Form 10-Q for the quarter ended 31 August 2026 (filed 11 Sep 2026) (opens in a new tab); Oracle via SEC EDGAR: Oracle Announces Q1 Results (8-K Exhibit 99.1, 10 Sep 2026) (opens in a new tab). Accessed 1 Nov 2026.

Free cash flow is operating cash flow less purchases of property and equipment, our calculation, and negative in all five quarters (red). Revenue more than doubled to US$2.58bn in Q2 2026, while debt rose from US$11.2bn to US$35.6bn. Hover or tap a quarter for revenue and the filing.

Sources: CoreWeave via SEC EDGAR: Form 10-Q for the quarter ended 30 June 2025 (filed 13 Aug 2025) (opens in a new tab); CoreWeave via SEC EDGAR: Form 10-Q for the quarter ended 30 September 2025 (filed 13 Nov 2025) (opens in a new tab); CoreWeave via SEC EDGAR: Form 10-K for 2025 (filed 2 Mar 2026) (opens in a new tab); CoreWeave via SEC EDGAR: Form 10-Q for the quarter ended 31 March 2026 (filed 8 May 2026) (opens in a new tab); CoreWeave via SEC EDGAR: Form 10-Q for the quarter ended 30 June 2026 (filed 12 Aug 2026) (opens in a new tab); CoreWeave via SEC EDGAR: CoreWeave Reports Strong Second Quarter 2026 Results (8-K Exhibit 99.1, 11 Aug 2026) (opens in a new tab). Accessed 1 Nov 2026.

RPO is contracted revenue not yet earned, so it is future income only if the capacity is delivered. Oracle expects to recognise about 13% of the US$664bn within 12 months, 37% in months 13 to 36, 34% in months 37 to 60 and the rest after that (10-Q, 31 Aug 2026). Oracle's RPO is 5.3 times its borrowings and CoreWeave's 2.9 times its debt (our calculation). Lease liabilities are not included in debt here.

Sources: Oracle via SEC EDGAR: Form 10-Q for the quarter ended 31 August 2026 (filed 11 Sep 2026) (opens in a new tab); CoreWeave via SEC EDGAR: Form 10-Q for the quarter ended 30 June 2026 (filed 12 Aug 2026) (opens in a new tab). Accessed 1 Nov 2026.

Each bar is the capacity JPMAM expects the state to add in 2028, coloured by the outcome it gives for the governor who won. Tap or hover a state to see JPMAM's outcome under either party. Texas, Georgia and Iowa use the Democratic column (Institutional Investor reports all three flipped). Ohio, Illinois, Arizona, Wyoming and Oregon have the same outcome either way. For Pennsylvania and Oklahoma we use the column that makes the states add up to JPMAM's own totals (37.5 GW paused, about 15 GW with conditions). Use the legend to show one outcome at a time.

Sources: J.P. Morgan Asset Management (Michael Cembalest, Eye on the Market): Now You Can See Everything: on the midterms, AI, markets, the Theranos film and corporate fraud (4 Nov 2026, PDF) (opens in a new tab) (table source: Aterio, SemiAnalysis, JPMAM); Institutional Investor: Michael Cembalest: Data Centers Could Be a Victim of the Democratic Sweep of Congress (opens in a new tab). State sums are our calculation. Accessed 9 Nov 2026.

Pause and conditions are the sums of the ten states above (37.5 GW and 14.8 GW). The rest (43.7 GW) is in states JPMAM does not list, which does not mean it carries no local risk: ballot measures and county rules also apply.

Source: J.P. Morgan Asset Management (Michael Cembalest, Eye on the Market): Now You Can See Everything: on the midterms, AI, markets, the Theranos film and corporate fraud (4 Nov 2026, PDF) (opens in a new tab). The remainder is our subtraction. Accessed 9 Nov 2026.

The fall was concentrated in the parts of the AI trade that depend most on new capacity and new financing, while the rest of the S&P 500 barely moved. These are basket moves as reported, not an index we calculate.

Source: Moneycontrol: US midterm backlash puts 37.5 GW of US AI data-centre capacity at risk (9 Nov 2026) (opens in a new tab). Accessed 9 Nov 2026.

Grey bars are Q2 and the August guidance range for Q3, the green bar is what CoreWeave reported. Hover or tap a bar for its value, or open the table. Revenue came in above the top of the range and capex above the top of the range. Capex is CoreWeave's own measure, the basis of its guidance. The cash paid for property and equipment in the Q3 cash flow statement was US$9.441bn, a different measure that we do not reconcile.

Sources: CoreWeave investor relations: CoreWeave Reports Strong Third Quarter 2026 Results (10 Nov 2026) (opens in a new tab) (Q3 revenue, cash flow); The Motley Fool (transcript of CoreWeave's Q3 2026 call): CoreWeave (CRWV) Q3 2026 Earnings Call Transcript (10 Nov 2026) (opens in a new tab) (Q3 capex); CoreWeave investor relations: CoreWeave Reports Strong Second Quarter 2026 Results (11 Aug 2026) (opens in a new tab) (Q2 revenue); Investing.com (transcript of CoreWeave's Q2 2026 call): Earnings call transcript: CoreWeave tops Q2 2026 estimates, shares jump 13.5% (11 Aug 2026) (opens in a new tab) (Q2 capex and Q3 guidance). Accessed 11 Nov 2026.

Interest expense, net, was US$846m, below the bottom of the range, and adjusted operating income was US$379m, above the top of the range. Adjusted operating income is a non-GAAP measure that sits before interest, so this is a side-by-side, not a profit figure. GAAP net loss was US$709m against US$110m a year earlier.

Sources: CoreWeave investor relations: CoreWeave Reports Strong Third Quarter 2026 Results (10 Nov 2026) (opens in a new tab) (Q3); CoreWeave investor relations: CoreWeave Reports Strong Second Quarter 2026 Results (11 Aug 2026) (opens in a new tab) (Q2); Investing.com (transcript of CoreWeave's Q2 2026 call): Earnings call transcript: CoreWeave tops Q2 2026 estimates, shares jump 13.5% (11 Aug 2026) (opens in a new tab) (Q3 guidance). Accessed 11 Nov 2026.

Each bar is the midpoint of a company guidance range (our calculation). Hover or tap a bar for the full ranges. CoreWeave raised its 2026 revenue, adjusted operating income and exit run-rate guidance on 10 November and raised the low end of its capex range. These are CoreWeave's forecasts, not ours.

Sources: Investing.com (transcript of CoreWeave's Q2 2026 call): Earnings call transcript: CoreWeave tops Q2 2026 estimates, shares jump 13.5% (11 Aug 2026) (opens in a new tab) (August guidance); CoreWeave investor relations: CoreWeave Reports Strong Third Quarter 2026 Results (10 Nov 2026) (opens in a new tab) (November guidance). Accessed 11 Nov 2026.

Revenue starts when a contracted cluster is switched on, which needs power. Active power is what is delivering revenue now, contracted power is signed but not yet all built. CoreWeave reports 'more than' 1.7 GW, 4.6 GW and 1.3 GW at 30 September, so those bars are floors. The end-2026 and 2030 figures are company targets. Hover or tap a bar for the type of figure.

Sources: CoreWeave investor relations: CoreWeave Reports Strong Third Quarter 2026 Results (10 Nov 2026) (opens in a new tab); CoreWeave investor relations: CoreWeave Reports Strong Second Quarter 2026 Results (11 Aug 2026) (opens in a new tab); Investing.com (transcript of CoreWeave's Q2 2026 call): Earnings call transcript: CoreWeave tops Q2 2026 estimates, shares jump 13.5% (11 Aug 2026) (opens in a new tab). Accessed 11 Nov 2026.

Solid bars are reported revenue; the dashed bar is the Zacks consensus estimate of US$916.78m published on 9 Nov 2026, an analyst forecast, not a Nebius figure. Q3 2025 is our calculation from the full-year 2025 total. Nebius gave no guidance for Q3 alone. Tap or hover a bar for its basis.

Sources: Nebius Group (results release): Nebius reports second quarter 2026 financial results (12 August 2026) (opens in a new tab); Nebius Group: Letter to shareholders, Q1 2026 (13 May 2026) (opens in a new tab); Nebius Group: Letter to shareholders, Q4 2025 (12 February 2026) (opens in a new tab); Zacks Investment Research (via Yahoo Finance): Nebius Stock Ahead of Q3 Earnings: Should You Buy, Hold or Sell? (9 November 2026) (opens in a new tab) (forecast). Accessed 11 Nov 2026.

Nebius calculates ARR as AI cloud revenue in the last month of the quarter times 12. The dashed bar is the low end of its US$7bn to US$9bn guidance for the end of 2026, reaffirmed on 12 August; it is a company forecast. Reaching it means more than doubling ARR in six months, from capacity that Nebius says takes several months to turn into revenue after it is connected.

Sources: Nebius Group: Letter to shareholders, Q4 2025 (12 February 2026) (opens in a new tab); Nebius Group: Letter to shareholders, Q1 2026 (13 May 2026) (opens in a new tab); Nebius Group (results release): Nebius reports second quarter 2026 financial results (12 August 2026) (opens in a new tab); The Motley Fool (call transcript): Nebius (NBIS) Q2 2026 earnings call transcript (call of 12 August 2026) (opens in a new tab) (guidance). Accessed 11 Nov 2026.

The first three bars are Nebius's own guidance ranges for 2026; the last is cash paid for property, equipment and intangible assets in January to June from the cash flow statement, a different measure from Nebius's own capex figure (about US$2.5bn in Q1 and about US$5.7bn in Q2, as stated in its letters). Nebius raised the range in May to build capacity for 2027 and reaffirmed it in August. Tap or hover a bar for its basis.

Sources: The Motley Fool (call transcript): Nebius (NBIS) Q1 2026 earnings call transcript (call of 13 May 2026) (opens in a new tab); The Motley Fool (call transcript): Nebius (NBIS) Q2 2026 earnings call transcript (call of 12 August 2026) (opens in a new tab); Nebius Group (results release): Nebius reports second quarter 2026 financial results (12 August 2026) (opens in a new tab); Nebius Group (SEC Form 6-K, exhibit 99.2): Letter to shareholders, Q2 2026 (12 August 2026) (opens in a new tab). Accessed 11 Nov 2026.

Deferred revenue is mostly customer prepayments: Nebius says about 70% of the deals it closed in Q2 included a prepayment covering 50% to 60% of the related capex, and it expects more than US$9bn of prepayments in 2026. Debt and deferred revenue each add the current and non-current lines (our calculation). Since 30 June Nebius has raised or arranged about US$10.0bn more (our sum of the table below; the Citi facility is a 364-day facility, not necessarily drawn).

Sources: Nebius Group (results release): Nebius reports second quarter 2026 financial results (12 August 2026) (opens in a new tab) (balance sheets); Nebius Group (SEC Form 6-K, exhibit 99.2): Letter to shareholders, Q2 2026 (12 August 2026) (opens in a new tab) (prepayments). Accessed 11 Nov 2026.

Carrying value of current plus non-current long-term debt as filed, excluding leases and commercial paper. Microsoft (dashed) has a June fiscal year, but its balance sheet dates are the same calendar quarter ends. Click a name in the legend to hide or show it, and hover or tap a quarter for the basis.

Sources: Alphabet via SEC EDGAR: Form 10-Q for the quarter ended 30 September 2026 (filed 29 Oct 2026) (opens in a new tab); Amazon via SEC EDGAR: Form 10-Q for the quarter ended 30 September 2026 (filed 30 Oct 2026) (opens in a new tab); Meta via SEC EDGAR: Form 10-Q for the quarter ended 30 September 2026 (filed 22 Oct 2026) (opens in a new tab); Microsoft via SEC EDGAR: Form 10-Q for the quarter ended 30 September 2026 (filed 28 Oct 2026) (opens in a new tab); earlier quarters from SEC EDGAR: XBRL company facts API (quarter-end long-term debt as tagged in each 10-Q and 10-K) (opens in a new tab). Accessed 4 Nov 2026.

Capex is purchases of property and equipment from each cash flow statement. Borrowing is gross new debt as filed, before repayments, and each company names the line differently (see the table). Money is fungible, so this does not show which bond paid for which building, only the scale of borrowing next to spending.

Sources: Alphabet via SEC EDGAR: Form 10-Q for the quarter ended 30 September 2026 (filed 29 Oct 2026) (opens in a new tab); Amazon via SEC EDGAR: Form 10-Q for the quarter ended 30 September 2026 (filed 30 Oct 2026) (opens in a new tab); Meta via SEC EDGAR: Form 10-Q for the quarter ended 30 September 2026 (filed 22 Oct 2026) (opens in a new tab). Accessed 4 Nov 2026.

Each dot is one fixed-rate tranche, sized by the amount sold. Floating rate notes are left out because they have no fixed coupon. Alphabet's line (dashed) is in euros, where base interest rates are lower, so compare its shape rather than its level with the dollar lines. Click a name in the legend to hide or show it.

Sources: Microsoft via SEC EDGAR: Prospectus supplement for US$25bn of notes, dated 29 Oct 2026 (424B2) (opens in a new tab); Microsoft via SEC EDGAR: Pricing term sheet, trade date 29 Oct 2026 (FWP) (opens in a new tab); Oracle via SEC EDGAR: Prospectus supplement for US$10bn of notes, filed 4 Nov 2026 (424B2) (opens in a new tab); Meta via SEC EDGAR: Pricing term sheet for US$15bn of senior notes, trade date 3 Nov 2026 (FWP) (opens in a new tab); Alphabet via SEC EDGAR: Pricing term sheet for €6bn of notes, trade date 2 Nov 2026 (FWP) (opens in a new tab). Accessed 4 Nov 2026.

Each company's fiscal quarter is placed under the calendar quarter it mostly covers (our alignment), and the tooltip shows the exact fiscal quarter. NVIDIA's fiscal year ends in late January, so Q2 FY27 is 27 April to 26 July 2026. AMD's fiscal year follows the calendar year. Broadcom's fiscal year ends in early November, so Q3 FY26 is 4 May to 2 August 2026. Fourth fiscal quarters are our calculation from the 10-K. Hover or tap a quarter for details.

Sources: NVIDIA via SEC EDGAR: Form 10-Q for the quarter ended 26 July 2026 (filed 26 Aug 2026) (opens in a new tab); NVIDIA via SEC EDGAR: Form 10-Q for the quarter ended 26 October 2025 (filed 19 Nov 2025) (opens in a new tab); NVIDIA via SEC EDGAR: Form 10-K for the year ended 25 January 2026 (filed 25 Feb 2026) (opens in a new tab); NVIDIA via SEC EDGAR: Form 10-Q for the quarter ended 26 April 2026 (filed 20 May 2026) (opens in a new tab); AMD via SEC EDGAR: Form 10-Q for the quarter ended 27 June 2026 (filed 5 Aug 2026) (opens in a new tab); AMD via SEC EDGAR: Form 10-Q for the quarter ended 27 September 2025 (filed 5 Nov 2025) (opens in a new tab); AMD via SEC EDGAR: Form 10-K for the year ended 27 December 2025 (filed 4 Feb 2026) (opens in a new tab); AMD via SEC EDGAR: Form 10-Q for the quarter ended 28 March 2026 (filed 6 May 2026) (opens in a new tab); Broadcom via SEC EDGAR: Form 10-Q for the quarter ended 2 August 2026 (filed 10 Sep 2026) (opens in a new tab); Broadcom via SEC EDGAR: Form 10-K for the year ended 2 November 2025 (filed 18 Dec 2025) (opens in a new tab); Broadcom via SEC EDGAR: Form 10-Q for the quarter ended 1 February 2026 (filed 11 Mar 2026) (opens in a new tab); Broadcom via SEC EDGAR: Form 10-Q for the quarter ended 3 May 2026 (filed 9 Jun 2026) (opens in a new tab). Accessed 4 Nov 2026.

Gross margin is revenue less the cost of making and delivering the products, as a share of revenue (our calculation from filed figures). A percentage, so it has its own chart. Q2 2025 includes about US$800m of inventory and related charges for Instinct MI308 GPUs after US export controls, as stated by AMD. The tooltip also shows operating margin.

Sources: the same 10-Q and 10-K filings as the revenue chart above. Accessed 4 Nov 2026.

Each company measures this differently: NVIDIA and AMD report a Data Center segment, while Broadcom reports AI semiconductor revenue, a company measure inside its semiconductor segment. So the bars show each company's own split, not a like-for-like market share.

Sources: NVIDIA via SEC EDGAR: NVIDIA Announces Financial Results for Second Quarter Fiscal 2027 (8-K Exhibit 99.1, 26 Aug 2026) (opens in a new tab); AMD via SEC EDGAR: AMD Reports Second Quarter 2026 Financial Results (8-K Exhibit 99.1, 4 Aug 2026) (opens in a new tab); Broadcom via SEC EDGAR: Broadcom Inc. Announces Third Quarter Fiscal Year 2026 Financial Results and Quarterly Dividend (8-K Exhibit 99.1, 2 Sep 2026) (opens in a new tab). Accessed 4 Nov 2026.

Ranges are the companies' own forecasts, given with their last results: NVIDIA for Q3 FY27 (to late October 2026), AMD for Q4 2026 (to late December 2026), Broadcom for Q4 FY26 (to 1 November 2026). Broadcom gave a single figure. Exact wording is in the table. These are not CoolPower Index forecasts.

Sources: NVIDIA via SEC EDGAR: NVIDIA Announces Financial Results for Second Quarter Fiscal 2027 (8-K Exhibit 99.1, 26 Aug 2026) (opens in a new tab); AMD Investor Relations: AMD Reports Third Quarter 2026 Financial Results (press release, 3 Nov 2026) (opens in a new tab); Broadcom via SEC EDGAR: Broadcom Inc. Announces Third Quarter Fiscal Year 2026 Financial Results and Quarterly Dividend (8-K Exhibit 99.1, 2 Sep 2026) (opens in a new tab). Accessed 4 Nov 2026.

Both quarters end on 30 September, so the bars compare the same three months. Supermicro's fiscal year starts in July, so these are its Q1 FY2026 and Q1 FY2027. Tap a legend item to hide a year, and hover or tap a company for growth.

Sources: Supermicro (Business Wire): Supermicro Announces First Quarter of Fiscal Year 2027 Financial Results (3 Nov 2026, preliminary, unaudited) (opens in a new tab); Arista Networks (Business Wire): Arista Networks, Inc. Reports Third Quarter 2026 Financial Results (3 Nov 2026) (opens in a new tab); Arista Networks via SEC EDGAR: Form 8-K, results for the quarter ended 30 September 2026 (filed 3 Nov 2026) (opens in a new tab). Published 3 November 2026, accessed 4 Nov 2026.

Gross margin is revenue less the cost of the products sold, operating margin also takes off research, sales and admin costs, both GAAP and as a share of revenue (our calculation from the released figures). Supermicro's gross margin was 17.5% in the April to June quarter, its release says, so the latest quarter fell back from that.

Sources: the same two releases as the revenue chart. Accessed 4 Nov 2026.

Green bars add cash, red bars take it away, and the dark bar is the result. From the condensed cash flow statement in the release. Receivables are money owed by customers, prepayments are deferred revenue (customers paying before delivery), non-cash items are depreciation, share-based pay and other non-cash lines. Non-cash items and other working capital are our sums of the lines shown there.

Source: Supermicro (Business Wire): Supermicro Announces First Quarter of Fiscal Year 2027 Financial Results (3 Nov 2026, preliminary, unaudited) (opens in a new tab) (condensed consolidated statement of cash flows, preliminary). Accessed 4 Nov 2026.

Corning: Optical Communications segment. Coherent: Datacenter & Communications segment. Lumentum reports no data centre line, so its whole revenue is shown. Each segment also sells to telecom carriers, so none of these is pure data centre revenue. The quarters end on slightly different dates (tap a bar).

Sources: Corning (SEC filing): Form 10-Q for the quarter ended 30 September 2026 (opens in a new tab); Coherent Corp. (SEC filing): Form 10-Q for the quarter ended 30 September 2026 (opens in a new tab); Lumentum (SEC filing): Form 10-Q for the quarter ended 26 September 2026 (opens in a new tab). Accessed 10 Nov 2026.

Our calculation from GAAP revenue and cost of sales; it matches the gross margins the companies print (Corning 37.3%, Coherent 39.1%, Lumentum 51.0%). Gross margin depends on product mix (fibre, lasers, modules and, at Corning, display glass and solar), so a higher figure is not a ranking.

Sources: Corning (SEC filing): Form 10-Q for the quarter ended 30 September 2026 (opens in a new tab); Coherent Corp. (SEC filing): Form 10-Q for the quarter ended 30 September 2026 (opens in a new tab); Lumentum (SEC filing): Form 10-Q for the quarter ended 26 September 2026 (opens in a new tab). Accessed 10 Nov 2026.

Systems, which include cloud transceivers and optical circuit switches, more than tripled. Lumentum's two largest end customers took 37% and 11% of revenue in the quarter. Lumentum has agreed to be bought by Marvell Technology in an all-stock deal the companies value at about US$115bn, expected to close in the first half of 2028 subject to approvals.

Sources: Lumentum (SEC filing): Form 10-Q for the quarter ended 26 September 2026 (opens in a new tab); Marvell Technology and Lumentum: Marvell and Lumentum to combine, creating a category leader in AI connectivity (2 November 2026) (opens in a new tab). Accessed 10 Nov 2026.

An index shows growth without converting currencies: 200 means revenue doubled since Q3 2025. Micron's fiscal quarters are placed under the calendar quarter they mostly cover (our alignment) and its latest quarter had 14 weeks instead of 13, which flatters it slightly. Hover or tap a quarter for the reported revenue. Tap a legend name to hide or show a company.

Sources: TSMC Investor Relations: 3Q26 Management Report (15 Oct 2026) (opens in a new tab); TSMC Investor Relations: 1Q26 Management Report (16 Apr 2026) (opens in a new tab); TSMC Investor Relations: 4Q25 Management Report (15 Jan 2026) (opens in a new tab); SK hynix Newsroom: SK hynix Announces 3Q26 Financial Results (28 Oct 2026) (opens in a new tab); SK hynix Newsroom: SK hynix Announces 1Q26 Financial Results (23 Apr 2026) (opens in a new tab); SK hynix Newsroom: SK hynix Announces FY25 Financial Results (28 Jan 2026) (opens in a new tab); Micron via SEC EDGAR: Micron Technology Reports Record Fiscal Fourth-Quarter and Full-Year 2026 Results (8-K Exhibit 99.1, 30 Sep 2026) (opens in a new tab); SEC EDGAR: Micron Technology company facts (XBRL from 10-Q and 10-K filings, fiscal 2025 and 2026) (opens in a new tab). Accessed 2 Nov 2026.