| Semiconductors | TSM stays 110. NVDA earns a provisional 104 after Q2's elite growth and margins, but USD 366bn scheduled commitments, customer-linked financing, valuation and cycle risk block a third position. | TSM, NVDA, ASML, CDNS, ARM, LRCX, AVGO, MU |
| Data-center networking | ANET Q2 earns a provisional 105 after 37.7% revenue growth, 45.4% GAAP operating margin and strong H1 FCF/liquidity. Two-customer concentration, gross-margin mix and valuation block capital. CIEN remains the optical comparison. | ANET, CIEN, AVGO, NVDA |
| Data-center power/cooling | CEG Q2 raises guidance and adds 920 MW of long-term PPAs, but Calpine leverage and H1 capex above operating cash flow keep it unscored. VRT remains 98, BE 82 and GEV priority unscored. | VRT, GEV, BE, CEG, SU.PA |
| Semiconductor IP | ARM FYE2027 Q1 revenue +22% and data-center royalties more than doubled. Score stays 91 because GAAP margin, production-silicon execution, China/customer concentration, SBC and valuation remain open. | ARM |
| Cloud/software | GOOGL falls to exactly 100 after a USD 25bn senior-note closing adds gross leverage and interest risk. ADBE Q2 verifies growth and AI ARR but remains unscored. Cloud/AI growth still does not settle owner economics. | GOOGL, ADBE, PLTR, MSFT, AMZN, META, NOW, ORCL, CRM, SNOW |
| AI cloud / neocloud | NBIS Q2 verifies demand, but USD 5.0bn of new convertibles and an exchange of USD 800mn old notes for about 15.8mn shares add debt, accretion and dilution to already extreme capex and financing risk. | NBIS |
| AI vendor financing | NVIDIA's USD 366bn scheduled commitments, separate USD 56bn AI-cloud/third-party leases and partner guarantees show that demand support can transfer credit and residual-capacity risk back to suppliers. These are explicit gates across AI infrastructure. | NVDA, NBIS, ORCL, GOOGL, MSFT, AMZN |
| Agentic automation / robotics | PATH remains 88/125. NOW is priority unscored. TSLA stays rejected after Q2 weak operating margin and thin first-half FCF; creator inevitability claims are not evidence. | PATH, NOW, CRM, TSLA |
| Cybersecurity | PANW enters priority unscored research. Q3 revenue +31% and RPO +36% include CyberArk/Chronosphere; GAAP losses, SBC, goodwill, leverage, organic growth and valuation are the September 1 gates. ZS remains research-only. | PANW, CRWD, ZS, MSFT |
| Healthcare | Novo remains follow-up, not first buy. | NVO/NOVO-B.CO |
| Payments / financial data | Visa, Mastercard and S&P Global latest results strengthen the lower-capex moat comparison. FICO is deprioritized because USD 3.05bn of nine-month repurchases accompanied debt rising to about USD 5.58bn. | V, MA, SPGI, MCO, FICO |
| Entertainment / gaming / IP | IMAX Q2 revenue and margin growth create an unscored premium-format/IP screen. Backlog, content/exhibitor concentration, debt, normalized FCF and valuation remain gates. | IMAX, NFLX |