{
 "asof": "23 October 2026",
 "sectors": [
  {
   "id": "silicon",
   "name": "Silicon",
   "band": "stack",
   "blurb": "Who designs the chips, who makes them, who supplies the memory and who sells the machines that print them.",
   "positions": [
    {
     "id": "accelerators",
     "name": "AI accelerators",
     "metric": "Nvidia Data Center revenue of $89.0bn in the quarter to 26 Jul 2026, up 117% year on year. Estimates of Nvidia's share of AI accelerator revenue run from about 70% to over 80%, depending on whether in-house chips are counted.",
     "metric_src": "https://pulse2.com/nvidia-operating-income-jumps-124-to-63-7-billion-as-revenue-doubles-and-q3-outlook-hits-108-billion/",
     "players": [
      {
       "e": "nvidia",
       "t": "starter",
       "stat": "Data Center $89.0bn, quarter to 26 Jul 2026. Total revenue $96.2bn. Q3 guide $108bn.",
       "why": "Sells the chips, the networking and the software together, so a customer buys one working rack.",
       "cond": "Large buyers shift volume to in-house chips, and China, where IDC has Nvidia at 34% of H1 2026 shipments.",
       "src": "https://pulse2.com/nvidia-operating-income-jumps-124-to-63-7-billion-as-revenue-doubles-and-q3-outlook-hits-108-billion/"
      },
      {
       "e": "amd",
       "t": "second",
       "stat": "Data Center segment $6.7bn, up 107% year on year, Q2 2026.",
       "why": "Its Helios racks are deployed by Anthropic, Meta, Microsoft, OpenAI and Oracle, and two labs have signed multi-gigawatt supply deals.",
       "cond": "The MI450 class has to ship in volume in the second half of 2026 and the software has to keep pace.",
       "src": "https://ir.amd.com/news-events/press-releases/detail/1295/amd-reports-second-quarter-2026-financial-results"
      },
      {
       "e": "huawei",
       "t": "second",
       "stat": "28% of China AI chip shipments in H1 2026 (572,000 units), against Nvidia's 34% (IDC, as reported).",
       "why": "Its shipments nearly doubled while Nvidia's fell 44% as China steered buyers to domestic chips.",
       "cond": "Access to enough advanced manufacturing capacity to keep growing.",
       "src": "https://www.benzinga.com/markets/tech/26/10/62319484/nvidia-loses-ground-in-china-as-huaweis-ai-chip-shipments-nearly-double-capturing-28-market-share-report"
      },
      {
       "e": "cerebras",
       "t": "rookie",
       "badge": "newly public",
       "stat": "IPO priced at $185 on 13 May 2026, raising $5.55bn. An OpenAI agreement valued above $20bn is cited in its S-1/A (reported).",
       "why": "Builds one chip from an entire wafer, a different premise from stacking many small chips.",
       "cond": "Turning the OpenAI commitment into delivered capacity.",
       "src": "https://techcrunch.com/2026/05/14/cerebras-raises-5-5b-kicking-off-2026s-ipo-season-with-a-bang/"
      },
      {
       "e": "groq",
       "t": "rookie",
       "stat": "Non-exclusive licence of its inference technology to Nvidia (Dec 2025), reported at about $20bn. Its founder and team joined Nvidia. Groq continues as a separate company.",
       "why": "Nvidia paid for low-latency inference technology it did not have.",
       "cond": "A reported Justice Department review and a Delaware stockholder suit over how the deal was structured.",
       "src": "https://groq.com/newsroom/groq-and-nvidia-enter-non-exclusive-inference-technology-licensing-agreement-to-accelerate-ai-inference-at-global-scale"
      },
      {
       "e": "tenstorrent",
       "t": "rookie",
       "stat": "$1.5bn Series E at a $6.2bn valuation, 19 Oct 2026.",
       "why": "Sells open, modular AI servers to buyers who want an alternative stack.",
       "cond": "Turning the round into Galaxy server shipments and manufacturing capacity.",
       "src": "https://money.usnews.com/investing/news/articles/2026-10-19/ai-chip-startup-tenstorrent-more-than-doubles-its-valuation-to-6-2-billion-in-funding-round"
      },
      {
       "e": "etched",
       "t": "rookie",
       "conf": "reported",
       "stat": "$500m Series B in January 2026 (CB Insights). Later offers at higher valuations are reported and unconfirmed.",
       "why": "Bets that one model architecture will dominate, so a chip built only for it wins on cost.",
       "cond": "Whether transformers stay the dominant architecture.",
       "src": "https://www.cbinsights.com/company/etched/financials"
      }
     ]
    },
    {
     "id": "custom",
     "name": "Custom chips for the biggest buyers",
     "metric": "Broadcom AI semiconductor revenue of $16.7bn in the quarter to 2 Aug 2026, up 221% year on year. Guide for the next quarter is $21.7bn.",
     "metric_src": "https://investors.broadcom.com/news-releases/news-release-details/broadcom-inc-announces-third-quarter-fiscal-year-2026-financial",
     "players": [
      {
       "e": "broadcom",
       "t": "starter",
       "stat": "AI semiconductor revenue $16.7bn, quarter to 2 Aug 2026. Custom accelerators were 73% of AI revenue (third-party summary).",
       "why": "Co-designs the accelerators for the biggest buyers and sells the Ethernet that connects them.",
       "cond": "Customers bring more design in-house, or OpenAI's chips arrive late. Racks are planned from the second half of 2026.",
       "src": "https://investors.broadcom.com/news-releases/news-release-details/broadcom-inc-announces-third-quarter-fiscal-year-2026-financial"
      },
      {
       "e": "google",
       "t": "starter",
       "stat": "Anthropic can use up to 1 million TPUs. Meta is reported to have agreed a multibillion-dollar TPU deal (Feb 2026).",
       "why": "Sells its own chip capacity to rivals in AI, which gives the chip volume no single product could.",
       "cond": "Anthropic said it will keep using Amazon's Trainium and Nvidia GPUs too.",
       "src": "https://www.maginative.com/anthropic-secures-1m-google-tpus-while-keeping-amazon-as-primary-training-partner"
      },
      {
       "e": "amazon",
       "t": "second",
       "stat": "Anthropic's primary training partner (reported).",
       "why": "Trainium gives AWS a cost advantage and a reason for AI labs to build on its cloud.",
       "cond": "Labs spreading workloads across several chip families.",
       "src": "https://www.maginative.com/anthropic-secures-1m-google-tpus-while-keeping-amazon-as-primary-training-partner"
      },
      {
       "e": "marvell",
       "t": "second",
       "conf": "reported",
       "stat": "Broadcom and Marvell are estimated to control about 95% of custom accelerator co-design (secondary estimate).",
       "why": "The only other scaled partner a buyer can call.",
       "cond": "Winning a flagship program the way Broadcom won Google's.",
       "src": "https://alatirok.com/ai-chip-market-share-2026/"
      },
      {
       "e": "openai",
       "t": "second",
       "stat": "10 gigawatts of OpenAI-designed accelerators with Broadcom, under a signed term sheet. Racks planned from the second half of 2026 to the end of 2029.",
       "why": "A model lab that designs its own chips can tune the hardware to its models.",
       "cond": "First silicon has to ship on schedule. Terms were not disclosed.",
       "src": "https://openai.com/index/openai-and-broadcom-announce-strategic-collaboration/"
      }
     ]
    },
    {
     "id": "cpus",
     "name": "CPUs and architecture",
     "metric": "x86 unit share, Q2 2026 (Mercury Research, as reported): Intel 69.3%, AMD 30.7%. Intel fell below 70% for the first time since 1995.",
     "metric_src": "https://shattered.io/amd-cpu-market-share-record-2026-intel-31-year-low/",
     "players": [
      {
       "e": "intel",
       "t": "starter",
       "stat": "Q2 2026 revenue $16.1bn, up 25%. Data Center and AI $6.3bn, up 59%. x86 share 69.3%.",
       "why": "Still ships about seven in ten x86 chips, and Nvidia bought $5bn of its stock and will co-develop x86 products with it.",
       "cond": "AMD keeps taking share, and 14A needs a named outside anchor customer.",
       "src": "https://www.tomshardware.com/pc-components/cpus/intel-commits-to-14a-mass-production-in-2028-as-its-sales-rise-25-percent-year-over-year"
      },
      {
       "e": "amd",
       "t": "starter",
       "stat": "x86 share 30.7%, or 34.1% with semi-custom and embedded. Server share reported near 34.5%, and it varies by definition.",
       "why": "Has taken share in every segment as Intel's supply and entry-level lineup stumbled.",
       "cond": "Intel's supply recovering.",
       "src": "https://hothardware.com/news/amd-record-x86-market-share-cut-intels-chip-lead"
      },
      {
       "e": "arm",
       "t": "starter",
       "stat": "Q1 FY27 revenue $1.29bn, up 22%. Royalties $715m. Data center royalties more than doubling. Demand for its own AGI CPU above $2bn for FY27 to FY28 (company).",
       "why": "Collects a royalty on most chips outside PCs, and now sells silicon of its own.",
       "cond": "Licensees object when the licensor competes with them, and RISC-V offers a way out.",
       "src": "https://futurumgroup.com/insights/arm-q1-fy-2027-data-center-royalties-strengthen-as-agi-cpu-gains-traction/"
      },
      {
       "e": "qualcomm",
       "t": "second",
       "stat": "Won its Nuvia licence case against Arm (Sept 2025), which Arm said it would appeal. Agreed to buy Alphawave for about $2.4bn to enter data center.",
       "why": "Holds a licence it has now defended in court, and is buying connectivity IP.",
       "cond": "The appeal, and winning a data center customer.",
       "src": "https://www.businesswire.com/news/home/20250930042277/en/Qualcomm-Achieves-Complete-Victory-Over-Arm-in-Litigation-Challenging-Licensing-Agreements/"
      }
     ]
    },
    {
     "id": "foundry",
     "name": "Foundries",
     "metric": "Share of top-ten foundry revenue, 2Q26 (TrendForce): TSMC 72.5%, Samsung 5.9%, SMIC 5.4%, UMC 3.9%, GlobalFoundries 3.2%. Top ten together: $53.49bn.",
     "metric_src": "https://www.trendforce.com/presscenter/news/20260909-13225.html",
     "players": [
      {
       "e": "tsmc",
       "t": "starter",
       "stat": "72.5% share, 2Q26, on about $40.2bn of revenue, up 12.1% on the quarter.",
       "why": "Makes the leading-edge chips for Nvidia, Apple and most others.",
       "cond": "Taiwan concentration, and whether Samsung or Intel win 2nm customers.",
       "src": "https://www.trendforce.com/presscenter/news/20260909-13225.html"
      },
      {
       "e": "samsung",
       "t": "second",
       "stat": "5.9% share in 2Q26, down from 6.5%. A $16.5bn Tesla AI6 contract at Taylor, Texas, runs to 2033 (reported).",
       "why": "Has an anchor customer for its US fab.",
       "cond": "2nm yields and more named customers.",
       "src": "https://www.datacenterdynamics.com/en/news/samsung-electronics-signs-165bn-deal-with-tesla-to-manufacture-ai6-chips-at-taylor-texas-fab/"
      },
      {
       "e": "smic",
       "t": "second",
       "stat": "5.4% share in 2Q26, up from 5.1%. Revenue above $3bn, up about 20% on the quarter.",
       "why": "China steering domestic buyers to domestic chips.",
       "cond": "Equipment access under export controls.",
       "src": "https://www.taipeitimes.com/News/biz/archives/2026/09/10/2003863979"
      },
      {
       "e": "intel_foundry",
       "t": "second",
       "conf": "reported",
       "stat": "External revenue $293m and an operating loss of $2.1bn in Q2 2026. 14A volume ramp set for 2028. Tesla is reported as a 14A customer, unconfirmed.",
       "why": "The only Western leading-edge alternative to TSMC, with state and investor backing.",
       "cond": "Customers decide on 14A between the second half of 2026 and the first half of 2027.",
       "src": "https://www.alpha-sense.com/earnings/intc/"
      },
      {
       "e": "umc_gf",
       "t": "second",
       "stat": "UMC 3.9% and GlobalFoundries 3.2% in 2Q26.",
       "why": "Mature-node capacity for cars, industry and communications.",
       "cond": "Chinese mature-node capacity and pricing.",
       "src": "https://www.trendforce.com/presscenter/news/20260909-13225.html"
      },
      {
       "e": "rapidus",
       "t": "rookie",
       "stat": "About 267.6bn yen raised in Feb 2026, plus 150bn yen from Japan's METI in June 2026. 2nm mass production targeted for 2027.",
       "why": "A state-backed attempt to build a leading-edge Japanese foundry from scratch.",
       "cond": "Reaching working yields and signing paying customers.",
       "src": "https://www.theregister.com/2026/02/27/rapidus_funding/"
      }
     ]
    },
    {
     "id": "memory",
     "name": "Memory",
     "metric": "DRAM share, Q2 2026 (Counterpoint): Samsung 38%, SK hynix 25 to 26%, Micron 24 to 25%, CXMT about 10%. HBM: SK hynix about 50%, Samsung about 33%, Micron about 18%.",
     "metric_src": "https://counterpointresearch.com/en/insights/ai-demand-reshapes-dram-rankings-in-q2-2026",
     "players": [
      {
       "e": "samsung",
       "t": "starter",
       "stat": "Retook the DRAM lead in Q2 2026 with 38 to 39%. HBM share about 33%, rising.",
       "why": "Scale across DRAM and the HBM4 generation now shipping.",
       "cond": "Counterpoint and IDC rank the leaders differently, so the lead is contested.",
       "src": "https://counterpointresearch.com/en/insights/ai-demand-reshapes-dram-rankings-in-q2-2026"
      },
      {
       "e": "sk_hynix",
       "t": "starter",
       "stat": "HBM share about 50% in Q2 2026, down from 64% a year earlier. DRAM 25 to 26%. IDC had it first in 2025 DRAM at 34.8%.",
       "why": "Built the HBM that sits next to Nvidia's chips and still leads it.",
       "cond": "Samsung's HBM4 ramp. It priced a Nasdaq ADR offering of about $26.5bn in July 2026 (reported).",
       "src": "https://counterpointresearch.com/en/insights/ai-demand-reshapes-dram-rankings-in-q2-2026"
      },
      {
       "e": "micron",
       "t": "starter",
       "stat": "DRAM 24 to 25% and HBM about 18% in Q2 2026.",
       "why": "The one scaled US memory maker.",
       "cond": "Holding HBM share as Samsung ramps.",
       "src": "https://counterpointresearch.com/en/insights/ai-demand-reshapes-dram-rankings-in-q2-2026"
      },
      {
       "e": "cxmt",
       "t": "second",
       "stat": "About 10% of DRAM in Q2 2026 (Counterpoint).",
       "why": "Chinese buyers favoring domestic supply.",
       "cond": "Export controls on equipment, and moving up to HBM.",
       "src": "https://counterpointresearch.com/en/insights/ai-demand-reshapes-dram-rankings-in-q2-2026"
      }
     ]
    },
    {
     "id": "equipment",
     "name": "Chip equipment",
     "metric": "ASML net sales of EUR 9.3bn in Q2 2026. Full-year 2026 guide EUR 43 to 45bn, with about 65 low-NA EUV systems to ship. ASML, Applied Materials, Lam, Tokyo Electron and KLA were the top five in 2025 (TechInsights).",
     "metric_src": "https://www.techinsights.com/blog/top-ic-manufacturing-equipment-suppliers-2025",
     "players": [
      {
       "e": "asml",
       "t": "starter",
       "stat": "Net sales EUR 9.3bn in Q2 2026, with EUR 3.8bn from EUV systems.",
       "why": "The only company that makes EUV machines, so every leading-edge fab is its customer.",
       "cond": "China's share of its sales (about 14% in Q2 by one estimate), and a rival lithography method.",
       "src": "https://www.nasdaq.com/articles/asml-q2-earnings-call-highlights"
      },
      {
       "e": "amat",
       "t": "starter",
       "stat": "Second-largest IC equipment supplier in 2025 (TechInsights).",
       "why": "Broadest set of deposition and etch tools.",
       "cond": "Export controls on China sales.",
       "src": "https://www.techinsights.com/blog/top-ic-manufacturing-equipment-suppliers-2025"
      },
      {
       "e": "lam",
       "t": "starter",
       "stat": "Third in 2025 (TechInsights).",
       "why": "Strong in etch and in memory, which is booming.",
       "cond": "Memory capex cycles.",
       "src": "https://www.techinsights.com/blog/top-ic-manufacturing-equipment-suppliers-2025"
      },
      {
       "e": "tel",
       "t": "starter",
       "stat": "Fourth in 2025 (TechInsights).",
       "why": "Leads in coating and developing tools.",
       "cond": "Japan and China export policy.",
       "src": "https://www.techinsights.com/blog/top-ic-manufacturing-equipment-suppliers-2025"
      },
      {
       "e": "kla",
       "t": "starter",
       "stat": "Fifth in 2025 (TechInsights).",
       "why": "Inspection and process control grows with chip complexity.",
       "cond": "China exposure.",
       "src": "https://www.techinsights.com/blog/top-ic-manufacturing-equipment-suppliers-2025"
      },
      {
       "e": "naura",
       "t": "second",
       "conf": "reported",
       "stat": "2025 revenue forecast of 46.8 to 52.0bn yuan (Jan 2026 forecast, secondary source).",
       "why": "Chinese fabs buying domestic tools.",
       "cond": "Margins under price pressure from domestic rivals.",
       "src": "https://tomshardware.com/tech-industry/chinese-chip-tool-makers-posted-record-2025-revenues-while-margins-slipped"
      },
      {
       "e": "amec",
       "t": "second",
       "stat": "2025 revenue 12.4bn yuan, up 36.6%. Gross margin fell 1.9 points to 39.2%.",
       "why": "Chinese fabs buying domestic etch tools.",
       "cond": "Pricing pressure among Chinese equipment vendors, which a Needham analyst said is starting to cut into margins.",
       "src": "https://tomshardware.com/tech-industry/chinese-chip-tool-makers-posted-record-2025-revenues-while-margins-slipped"
      },
      {
       "e": "substrate",
       "t": "rookie",
       "badge": "changes the premise",
       "stat": "$100m Series A at a valuation above $1bn, Oct 2025. Targets production in 2028. Claims unproven at scale.",
       "why": "Replaces the light source of lithography with a compact particle accelerator that writes patterns with X-rays.",
       "cond": "A working tool at commercial scale. It has no revenue and the founders have no prior chip background.",
       "src": "https://app.dealroom.co/news/feed/substrate-raises-100m-to-challenge-asml"
      }
     ]
    }
   ]
  },
  {
   "id": "infra",
   "name": "Infrastructure and data centers",
   "band": "stack",
   "blurb": "The networks, storage, servers, buildings, money and power that turn chips into AI capacity.",
   "positions": [
    {
     "id": "networking",
     "name": "Networking",
     "metric": "Ethernet is about two-thirds of AI cluster switch sales (Q1 2026), up from under 20% in late 2023. Celestica and Nvidia led 2025 with a combined 50% share. In 2Q26 Celestica led Ethernet AI back-end switch sales, Nvidia was close behind, Arista third and Cisco fourth and gaining the most share (Dell'Oro).",
     "metric_src": "https://www.delloro.com/news/ai-back-end-networks-switch-sales-surpass-front-end-networks-for-the-first-time-in-2q2026/",
     "players": [
      {
       "e": "celestica",
       "t": "starter",
       "stat": "Led Ethernet AI back-end switch sales in 2Q26 (Dell'Oro).",
       "why": "Builds switches to the specification of the largest cloud buyers.",
       "cond": "Buyers moving design in-house or to branded vendors.",
       "src": "https://www.delloro.com/news/ai-back-end-networks-switch-sales-surpass-front-end-networks-for-the-first-time-in-2q2026/"
      },
      {
       "e": "nvidia",
       "t": "starter",
       "stat": "Close second in Ethernet AI back-end switches, 2Q26. InfiniBand sales more than tripled in Q1 2026 (Dell'Oro).",
       "why": "Sells InfiniBand and Ethernet together with its GPUs, so the network is part of the rack.",
       "cond": "Ethernet's rising share.",
       "src": "https://www.delloro.com/news/ai-back-end-networks-switch-sales-surpass-front-end-networks-for-the-first-time-in-2q2026/"
      },
      {
       "e": "arista",
       "t": "starter",
       "stat": "Q2 2026 revenue $3.04bn, up 37.7%. 2026 outlook about $12.6bn. Targets at least $3.5bn of AI fabric revenue.",
       "why": "Won the cloud switch market that AI buyers extended.",
       "cond": "Deferred AI revenue timing, and Cisco and Celestica competing for the same orders.",
       "src": "https://www.nasdaq.com/articles/arista-networks-q2-earnings-call-highlights"
      },
      {
       "e": "broadcom",
       "t": "starter",
       "stat": "AI networking revenue up more than 2.5 times year on year in the quarter to 2 Aug 2026 (third-party summary).",
       "why": "Its switch silicon sits inside many of the boxes above.",
       "cond": "Nvidia pushing its own Ethernet silicon.",
       "src": "https://www.kucoin.com/news/flash/broadcom-ai-chip-revenue-surges-221-in-q3-2026"
      },
      {
       "e": "cisco",
       "t": "second",
       "stat": "Hyperscale AI orders of $9.3bn in fiscal 2026, about 4.5 times the year before. Expects $7.5bn of hyperscaler AI revenue in fiscal 2027.",
       "why": "Ranked fourth in 2Q26 and gained the most share (Dell'Oro).",
       "cond": "Converting orders into shipments.",
       "src": "https://pulse2.com/cisco-ai-infrastructure-revenue-targets-7-5-billion-after-hyperscaler-orders-reach-9-3-billion/"
      },
      {
       "e": "marvell",
       "t": "second",
       "conf": "reported",
       "stat": "Reported to have completed a roughly $3.25bn purchase of Celestial AI, a photonic fabric startup (single secondary source).",
       "why": "Buying light-based interconnect to extend its data center position.",
       "cond": "Integrating and shipping the technology.",
       "src": "https://ai2.work/blog/ayar-labs-raises-500m-to-replace-copper-with-light-in-ai-chips-2026"
      },
      {
       "e": "ayar",
       "t": "rookie",
       "badge": "changes the premise",
       "conf": "reported",
       "stat": "Series E reported at $500m in March 2026 at about $3.75bn to $3.8bn. Sources conflict.",
       "why": "Replaces copper links between chips with light.",
       "cond": "Volume production and a major customer.",
       "src": "https://ai2.work/blog/ayar-labs-raises-500m-to-replace-copper-with-light-in-ai-chips-2026"
      }
     ]
    },
    {
     "id": "storage",
     "name": "Storage",
     "metric": "No audited share figure exists for AI storage. VAST Data raised $1bn at a $30bn valuation in April 2026 (reported). DDN took $300m at $5bn in January 2025 (Blackstone). Pure Storage, now Everpure, reported $3.7bn of fiscal 2026 revenue.",
     "metric_src": "https://tech-insider.org/vast-data-1-billion-series-f-30-billion-valuation-2026/",
     "players": [
      {
       "e": "dell",
       "t": "starter",
       "stat": "Launched its Lightning parallel file system in April 2026, positioned against DDN, VAST and WEKA (reported).",
       "why": "Already sells the servers, so storage sells with them.",
       "cond": "Specialists keeping a performance lead.",
       "src": "https://www.storagereview.com/best/storage-arrays"
      },
      {
       "e": "netapp",
       "t": "starter",
       "stat": "Fiscal 2025 revenue $6.65bn (reported).",
       "why": "Large installed base in enterprise data.",
       "cond": "Whether AI workloads buy from the installed base or from specialists.",
       "src": "https://www.storagereview.com/best/storage-arrays"
      },
      {
       "e": "everpure",
       "t": "starter",
       "stat": "Fiscal 2026 revenue $3.7bn (reported). Invested in Wasabi's January 2026 round.",
       "why": "All-flash systems sell into AI data pipelines.",
       "cond": "Price of flash as memory costs rise.",
       "src": "https://www.storagereview.com/best/storage-arrays"
      },
      {
       "e": "vast",
       "t": "second",
       "conf": "reported",
       "stat": "$1bn raised at $30bn, 22 Apr 2026. Reports over $500m of committed recurring revenue and positive cash flow, both company-reported.",
       "why": "Fastest-growing independent, with Nvidia reported as a backer.",
       "cond": "Staying ahead of Dell and Nvidia's own storage push.",
       "src": "https://tech-insider.org/vast-data-1-billion-series-f-30-billion-valuation-2026/"
      },
      {
       "e": "ddn",
       "t": "second",
       "stat": "$300m from Blackstone at a $5bn valuation, January 2025. BofA Securities was its exclusive adviser.",
       "why": "Runs inside the largest clusters, including xAI's Colossus by its own account.",
       "cond": "Reaching the roughly $1bn revenue projected for 2026.",
       "src": "https://pulse2.com/ddn-ai-and-data-intelligence-solutions-company-raises-300-million-at-5-billion-valuation/amp/"
      },
      {
       "e": "weka",
       "t": "second",
       "conf": "reported",
       "stat": "Valued above $1.6bn in an older report. Says it works with 12 of the Fortune 50.",
       "why": "Parallel file system built for GPU clusters.",
       "cond": "Competing with better-funded rivals.",
       "src": "https://cloudian.com/guides/ai-infrastructure/best-storage-systems-for-massive-unstructured/"
      }
     ]
    },
    {
     "id": "servers",
     "name": "Servers and systems",
     "metric": "Server revenue share, Q1 2026 (IDC): Dell 16.5% on $20.28bn, Super Micro 7.6%, Lenovo 4.6%, IEIT 3.3%, HPE 3%. Unbranded ODM direct supply, where Foxconn, Quanta and Wistron sit, was 50.2% of revenue.",
     "metric_src": "https://www.networkworld.com/article/4147841/idc-dell-leads-server-market-driven-by-ai-infrastructure-needs.html",
     "players": [
      {
       "e": "dell",
       "t": "starter",
       "stat": "Fiscal 2026: $64bn of AI server orders, $25bn shipped, $43bn backlog. Q1 FY27 AI server revenue $16.1bn and orders $24.4bn (reported).",
       "why": "Largest branded vendor with enterprise reach.",
       "cond": "Component supply. IDC says DRAM, flash, CPUs and drives limit shipments.",
       "src": "https://www.networkworld.com/article/4147841/idc-dell-leads-server-market-driven-by-ai-infrastructure-needs.html"
      },
      {
       "e": "odms",
       "t": "starter",
       "stat": "Unbranded ODM direct supply was 50.2% of server revenue in Q1 2026 (IDC). The tracker does not split it by company.",
       "why": "Build to the buyer's design at the lowest cost.",
       "cond": "Margins, and buyers designing their own racks.",
       "src": "https://www.networkworld.com/article/4147841/idc-dell-leads-server-market-driven-by-ai-infrastructure-needs.html"
      },
      {
       "e": "supermicro",
       "t": "second",
       "stat": "7.6% share in Q1 2026 (IDC).",
       "why": "Fast to ship new GPU systems.",
       "cond": "Margins and governance questions at smaller scale.",
       "src": "https://www.networkworld.com/article/4147841/idc-dell-leads-server-market-driven-by-ai-infrastructure-needs.html"
      },
      {
       "e": "lenovo",
       "t": "second",
       "stat": "4.6% share in Q1 2026 (IDC).",
       "why": "Global reach.",
       "cond": "China exposure.",
       "src": "https://www.networkworld.com/article/4147841/idc-dell-leads-server-market-driven-by-ai-infrastructure-needs.html"
      },
      {
       "e": "hpe",
       "t": "second",
       "stat": "3% share in Q1 2026 (IDC).",
       "why": "Large enterprise and supercomputing base.",
       "cond": "Share loss to Dell and ODMs.",
       "src": "https://www.networkworld.com/article/4147841/idc-dell-leads-server-market-driven-by-ai-infrastructure-needs.html"
      }
     ]
    },
    {
     "id": "buildings",
     "name": "Data center landlords and financiers",
     "metric": "Equinix Q2 2026 revenue of $2.63bn and record annualized bookings of $424m, up 23%. Digital Realty reported a record $1.9bn backlog (100% share). Blackstone projects 7 GW of data center leasing across its platforms in 2026.",
     "metric_src": "https://investor.equinix.com/news-events/press-releases/detail/1114/equinix-reports-second-quarter-results-raises-2026",
     "players": [
      {
       "e": "equinix",
       "t": "starter",
       "stat": "Q2 2026 revenue $2.63bn. Presales up more than 50%. Stabilized sites about 82% utilized.",
       "why": "Sells interconnection as well as space, so customers connect to one another there.",
       "cond": "Hyperscalers building their own campuses.",
       "src": "https://investor.equinix.com/news-events/press-releases/detail/1114/equinix-reports-second-quarter-results-raises-2026"
      },
      {
       "e": "digital_realty",
       "t": "starter",
       "conf": "reported",
       "stat": "Record backlog of $1.9bn and two further hyperscale US leases worth $410m of annual rent after Q2 2026.",
       "why": "Large wholesale footprint with long leases.",
       "cond": "Power availability for new sites.",
       "src": "https://pro.stockalarm.io/quote/DLR-PJ/earnings"
      },
      {
       "e": "qts",
       "t": "starter",
       "stat": "Blackstone says QTS's leased capacity is 15 times what it was five years ago. Other sources cite 3 GW commissioned and over 5 GW contracted.",
       "why": "Owned by a firm that finances the build and the power too.",
       "cond": "Different capacity measures give different sizes.",
       "src": "https://www.blackstone.com/insights/article/2026-mid-year-investment-perspectives/"
      },
      {
       "e": "blue_owl",
       "t": "second",
       "stat": "Holds 80% of the Hyperion joint venture with Meta, funded by about $27bn of development cost.",
       "why": "Supplies off-balance-sheet capital that lets a platform build faster.",
       "cond": "The A+ rated $27.3bn bond reportedly traded down to 94.4 cents (single source).",
       "src": "https://www.prnewswire.com/news-releases/meta-announces-joint-venture-with-funds-managed-by-blue-owl-capital-to-develop-hyperion-data-center-302590584.html"
      },
      {
       "e": "apollo",
       "t": "second",
       "conf": "reported",
       "stat": "A $35bn package to buy chips for lease to Anthropic is reported as the largest private credit deal on record.",
       "why": "Finances the chips as well as the buildings.",
       "cond": "Credit performance if AI demand slows.",
       "src": "https://www.bloomberg.com/news/articles/2026-07-09/apollo-s-35-billion-ai-chip-credit-deal-is-set-to-begin-trading"
      },
      {
       "e": "crusoe",
       "t": "rookie",
       "conf": "reported",
       "stat": "Series F of $3.9bn at about $30.9bn post-money reported for Sept 2026.",
       "why": "Builds campuses around cheap power and rents GPUs from them.",
       "cond": "Filling capacity at those prices.",
       "src": "https://www.marktechpost.com/2026/08/23/best-gpu-neoclouds-2026/"
      }
     ]
    },
    {
     "id": "power",
     "name": "Power and cooling",
     "metric": "GE Vernova's backlog stood at $176bn at the end of Q2 2026, with gas turbine slot reservations at 56 GW. Vertiv's trailing orders grew 81% organically. Bloom Energy's backlog was reported near $6bn, up 140%.",
     "metric_src": "https://www.power-eng.com/gas/turbines/data-centers-drive-record-surge-in-ge-vernova-power-equipment-orders-as-turbine-slots-tighten-through-2030/",
     "players": [
      {
       "e": "ge_vernova",
       "t": "starter",
       "stat": "Backlog $176bn at end of Q2 2026. Gas turbine backlog 44 GW in Q1 2026 and slot reservations 56 GW.",
       "why": "Turbine slots are booked into 2030, so buyers queue for it.",
       "cond": "Whether on-site gas becomes the fast route around grid waits.",
       "src": "https://www.power-eng.com/gas/turbines/data-centers-drive-record-surge-in-ge-vernova-power-equipment-orders-as-turbine-slots-tighten-through-2030/"
      },
      {
       "e": "vertiv",
       "t": "starter",
       "conf": "reported",
       "stat": "Trailing organic orders up 81%. Q2 2026 sales up 24% (secondary). A year-end 2025 backlog near $15bn is cited and conflicts with another report.",
       "why": "Sells the power and cooling inside the racks as they get denser.",
       "cond": "Liquid cooling standards and rivals' share.",
       "src": "https://www.nasdaq.com/articles/vertivs-15-billion-backlog-loudest-ai-signal-2026"
      },
      {
       "e": "eaton",
       "t": "starter",
       "conf": "reported",
       "stat": "Data center orders reportedly up about 200% in Q4 2025.",
       "why": "Electrical gear at every step between grid and rack.",
       "cond": "Lead times and copper costs.",
       "src": "https://www.tikr.com/blog/eaton-ge-vernova-beat-ai-chip-stocks"
      },
      {
       "e": "bloom",
       "t": "second",
       "conf": "reported",
       "stat": "Fuel cell backlog near $6bn, up 140% year on year, at the start of 2026.",
       "why": "Delivers power on site without waiting for the grid.",
       "cond": "Cost of gas and scale of deliveries.",
       "src": "https://www.fool.com/investing/2026/10/10/ai-data-centers-are-power-hungry-these-6-power-and/"
      },
      {
       "e": "constellation",
       "t": "second",
       "stat": "20-year power purchase agreement with Microsoft to restart the Crane nuclear plant in 2027 (reported).",
       "why": "Owns the nuclear plants buyers already trust.",
       "cond": "Regulatory approvals and the restart date.",
       "src": "https://techcrunch.com/2026/01/09/meta-signs-deals-with-three-nuclear-companies-for-6-plus-gw-of-power/"
      },
      {
       "e": "x_energy",
       "t": "rookie",
       "badge": "newly public",
       "stat": "IPO raised about $1bn in April 2026. Its Amazon deal could reach up to 5 GW of nuclear power by 2039.",
       "why": "Small modular reactors can sit next to a campus.",
       "cond": "First plants have not been built yet.",
       "src": "https://techcrunch.com/2026/04/24/nuclear-startup-x-energy-raises-1b-in-data-center-driven-ipo/"
      },
      {
       "e": "oklo",
       "t": "rookie",
       "stat": "A binding Meta prepayment and development funding agreement. First phase targeted for 2030, full capacity by 2034.",
       "why": "A customer pays up front to get power built.",
       "cond": "Licensing and construction schedules.",
       "src": "https://techcrunch.com/2026/01/09/meta-signs-deals-with-three-nuclear-companies-for-6-plus-gw-of-power/"
      },
      {
       "e": "terrapower",
       "t": "rookie",
       "stat": "Two new Natrium units of up to 690 MW for Meta, announced January 2026.",
       "why": "A buyer committing years ahead to a reactor design.",
       "cond": "Construction timeline.",
       "src": "https://techcrunch.com/2026/01/09/meta-signs-deals-with-three-nuclear-companies-for-6-plus-gw-of-power/"
      },
      {
       "e": "valar",
       "t": "rookie",
       "conf": "reported",
       "stat": "Raised $1bn in August 2026 (Bloomberg, as reported).",
       "why": "Venture money is flowing into reactor developers.",
       "cond": "Demonstrating a working reactor.",
       "src": "https://finance.yahoo.com/energy/articles/vc-money-floods-u-nuclear-220000297.html"
      }
     ]
    }
   ]
  },
  {
   "id": "cloud",
   "name": "Cloud and compute",
   "band": "stack",
   "blurb": "Who rents out the computers, and who is catching up by renting only the AI ones.",
   "positions": [
    {
     "id": "public",
     "name": "Public cloud",
     "metric": "Share of cloud infrastructure spending, Q2 2026 (Synergy Research, as reported): Amazon 28%, Microsoft 20%, Google 15%, in a market of about $143bn. Other trackers give different splits.",
     "metric_src": "https://shattered.io/aws-falls-28-percent-google-cloud-record-15-2026/",
     "players": [
      {
       "e": "amazon",
       "t": "starter",
       "stat": "AWS sales $42.2bn in Q2 2026, up 37%, with operating income of $16.6bn. Amazon's net income included $53.4bn of non-operating gains, mainly from its Anthropic investments.",
       "why": "Largest installed base, and the fastest growth in 18 quarters.",
       "cond": "Google and Microsoft growing faster from smaller bases.",
       "src": "https://ir.aboutamazon.com/news-release/news-release-details/2026/Amazon-com-Announces-Second-Quarter-Results"
      },
      {
       "e": "microsoft",
       "t": "starter",
       "conf": "reported",
       "stat": "Azure and other cloud services grew 43% in the quarter to June 2026. Microsoft Cloud revenue $59.3bn in the quarter (secondary reports). Commercial backlog reported at $678bn.",
       "why": "Sells cloud into customers who already run its software, and holds a large OpenAI stake.",
       "cond": "Capacity to serve the backlog.",
       "src": "https://redmondmag.com/articles/2026/07/30/microsoft-tops-90b-quarterly-revenue.aspx"
      },
      {
       "e": "google",
       "t": "starter",
       "conf": "reported",
       "stat": "Google Cloud revenue about $24.8bn in Q2 2026, up 82%, with a reported $514bn backlog (secondary coverage of Alphabet's 22 July report).",
       "why": "Sells its own TPUs and Gemini alongside the cloud, and gained share in the Synergy data.",
       "cond": "Whether the backlog converts to revenue. About half is expected within 24 months.",
       "src": "https://cryptobriefing.com/alphabet-cloud-backlog-514b-revenue-growth/"
      },
      {
       "e": "oracle",
       "t": "second",
       "stat": "Cloud infrastructure revenue $7.4bn in the quarter to August 2026, up 121%. Remaining performance obligations $664bn. Free cash flow was negative $5bn.",
       "why": "Signed the largest AI contracts and delivered more than 300,000 GPUs since the end of May.",
       "cond": "Pre-earnings estimates put OpenAI at about half of the backlog (analyst estimate), so one customer carries much of it.",
       "src": "https://www.oracle.com/news/announcement/q1fy27-earnings-release-2026-09-10/"
      },
      {
       "e": "alibaba",
       "t": "second",
       "stat": "AI cloud and compute revenue 48.44bn yuan in the June 2026 quarter, up 45%. Capital spending up 75% to 67.68bn yuan (reported).",
       "why": "Leads China, where US chips are restricted and domestic ones are rising.",
       "cond": "Access to enough AI chips, and Huawei and Tencent.",
       "src": "https://www.businessday.co.za/world/international-companies/2026-08-20-alibaba-misses-profit-target-as-capex-climbs-75-in-ai-push/"
      }
     ]
    },
    {
     "id": "neocloud",
     "name": "GPU clouds and inference platforms",
     "metric": "CoreWeave revenue of $2.575bn in Q2 2026, more than double a year earlier, with a revenue backlog of about $104bn at 30 June. 2026 revenue guide $12.4bn to $13.2bn.",
     "metric_src": "https://investors.coreweave.com/news/news-details/2026/CoreWeave-Reports-Strong-Second-Quarter-2026-Results/default.aspx",
     "players": [
      {
       "e": "coreweave",
       "t": "starter",
       "stat": "Q2 2026 revenue $2.575bn. Backlog about $104bn plus more than $25bn added in early Q3. Net interest expense $640m.",
       "why": "Rents GPUs by the contract to buyers that cannot build fast enough, including Meta, OpenAI and Microsoft.",
       "cond": "Customer concentration (Microsoft was about 67% of 2025 revenue) and the interest bill.",
       "src": "https://investors.coreweave.com/news/news-details/2026/CoreWeave-Reports-Strong-Second-Quarter-2026-Results/default.aspx"
      },
      {
       "e": "nebius",
       "t": "second",
       "conf": "reported",
       "stat": "Q2 revenue about $582m. Microsoft agreed to pay up to $17.4bn through 2031. Meta agreed $12bn of dedicated compute over five years, with up to $15bn more.",
       "why": "Long contracts from the two biggest platform buyers.",
       "cond": "Funding: it leans on convertible debt and customer prepayments.",
       "src": "https://www.nextplatform.com/cloud/2026/08/14/the-neoclouds-build-cash-hoards-faster-than-revenues/5288040"
      },
      {
       "e": "lambda",
       "t": "second",
       "conf": "reported",
       "stat": "Series E of more than $1.5bn in November 2025 and a $1bn credit facility in May 2026. TechCrunch reports it plans to raise up to $4bn before a 2027 IPO.",
       "why": "A GPU cloud with a long record serving researchers.",
       "cond": "Winning a flagship contract as large as CoreWeave's.",
       "src": "https://www.marktechpost.com/2026/08/23/best-gpu-neoclouds-2026/"
      },
      {
       "e": "fireworks",
       "t": "rookie",
       "conf": "reported",
       "stat": "$1.505bn Series D at a $17.5bn valuation, July 2026, with annualized revenue reported above $1bn.",
       "why": "Serves open models fast and cheaply to developers.",
       "cond": "Frontier labs' models staying closed and pricing falling.",
       "src": "https://valueaddvc.com/pulse/company/fireworks"
      },
      {
       "e": "together",
       "t": "rookie",
       "conf": "reported",
       "stat": "$800m Series C at an $8.3bn valuation, 1 July 2026.",
       "why": "Runs and trains open models for companies that want to own them.",
       "cond": "Competing with the hyperscalers' own model services.",
       "src": "https://valueaddvc.com/pulse/company/together"
      },
      {
       "e": "baseten",
       "t": "rookie",
       "conf": "reported",
       "stat": "Sources conflict: a $300m round at $5bn in early 2026, or $1.5bn at $13bn in June 2026.",
       "why": "Deploys customers' own models with the plumbing included.",
       "cond": "Funding details unverified.",
       "src": "https://newmarketpitch.com/blogs/news/ai-infrastructure-inference-startup"
      },
      {
       "e": "modal",
       "t": "rookie",
       "conf": "reported",
       "stat": "Sources conflict: a reported $750m at $15.75bn in October 2026, or an earlier $2.5bn in talks.",
       "why": "Serverless compute for AI jobs.",
       "cond": "Funding details unverified.",
       "src": "https://newmarketpitch.com/blogs/news/ai-infrastructure-inference-startup"
      },
      {
       "e": "wasabi",
       "t": "rookie",
       "badge": "changes the premise",
       "stat": "$70m equity round, January 2026, led by L2 Point with Pure Storage and Fidelity, at about $1.8bn.",
       "why": "Prices storage with no exit fee, which changes what customers are buying.",
       "cond": "Hyperscalers waived exit fees for customers who leave, which narrows the gap.",
       "src": "https://www.foley.com/news/2026/01/foley-guides-wasabi-technologies-in-70m-equity-funding-round/"
      }
     ]
    }
   ]
  },
  {
   "id": "models",
   "name": "AI models and platforms",
   "band": "platform",
   "blurb": "The labs that build the models and the apps that sell them.",
   "positions": [
    {
     "id": "labs",
     "name": "Frontier labs",
     "metric": "Enterprise LLM API spend, late 2025 (Menlo Ventures survey of 495 US decision makers, excluding consumer revenue): Anthropic about 40%, OpenAI 27%, Google 21%. Ramp's August 2026 data shows 43.8% of US businesses paying Anthropic and 39.8% paying OpenAI.",
     "metric_src": "https://www.hpcwire.com/bigdatawire/this-just-in/menlo-ventures-report-enterprise-llm-spend-reaches-8-4b-as-anthropic-overtakes-openai/",
     "players": [
      {
       "e": "anthropic",
       "t": "starter",
       "conf": "reported",
       "stat": "Run-rate revenue $65bn at end of July 2026 (CNBC). $65bn Series H at a $965bn post-money valuation in May 2026 (Orrick). Reported to have confidentially filed for an IPO.",
       "why": "Leads enterprise API spend and coding, and buys compute from Google, Amazon, Nvidia and AMD.",
       "cond": "Compute supply, and OpenAI and Google closing the enterprise gap.",
       "src": "https://www.cnbc.com/2026/08/17/anthropic-says-annualized-revenue-climbed-to-65-billion-in-july.html"
      },
      {
       "e": "openai",
       "t": "starter",
       "conf": "reported",
       "stat": "$122bn round at an $852bn post-money valuation, March 2026. Amazon committed $50bn, and Nvidia and SoftBank $30bn each. A further $30bn raise at $1.25tn to $1.4tn is reported in talks, unsigned.",
       "why": "The largest consumer audience, with signed compute commitments across Nvidia, AMD, Broadcom, Cerebras and Oracle.",
       "cond": "Turning compute commitments into revenue. Amazon's $35bn is contingent on an IPO or an AGI milestone.",
       "src": "https://news.bloomberglaw.com/tech-and-telecom-law/openai-valued-at-852-billion-after-closing-122-billion-round"
      },
      {
       "e": "google",
       "t": "starter",
       "conf": "reported",
       "stat": "Gemini app at 950 million monthly users on Alphabet's July 2026 call and 1 billion by 11 Aug (reported). AI Mode in Search passed 1 billion monthly users.",
       "why": "Owns the distribution (Search, Android, Workspace) and its own chips.",
       "cond": "Turning usage into paid enterprise share, where Menlo put it at 21%.",
       "src": "https://www.forbes.com/sites/tylerroush/2026/07/22/950-million-people-now-use-gemini-each-month-as-alphabet-posts-earnings-beat/"
      },
      {
       "e": "meta",
       "t": "second",
       "conf": "reported",
       "stat": "2026 capital spending guided to $130bn to $145bn. Q2 2026 capex $31.1bn and free cash flow $784m. Meta AI user counts vary from 640 million to 1.5 billion across trackers and none is Meta-confirmed.",
       "why": "Spends at hyperscaler scale and has 3 billion-plus users to deploy models to.",
       "cond": "Whether the spending produces a model that leads, since investors sold the shares after Q2.",
       "src": "https://finance.yahoo.com/markets/stocks/articles/meta-platforms-inc-meta-q2-050330313.html"
      },
      {
       "e": "xai",
       "t": "second",
       "conf": "reported",
       "stat": "SpaceX bought xAI in an all-stock deal that closed 2 Feb 2026. SpaceX listed on Nasdaq on 12 June 2026. Grok reportedly had 117 million monthly users in March 2026.",
       "why": "Backed by a public company with launch and satellite revenue, and runs the Colossus clusters.",
       "cond": "Grok usage and revenue (about $500m annualized, reported) are small against the compute it is buying.",
       "src": "https://en.wikipedia.org/wiki/SpaceXAI"
      },
      {
       "e": "deepseek",
       "t": "second",
       "conf": "reported",
       "stat": "24.4% of text requests on OpenRouter in the week of 21 Sept 2026, ahead of Google and OpenAI (one source).",
       "why": "Open weights at low prices, popular with developers and in China.",
       "cond": "Export controls and Chinese compute supply.",
       "src": "https://www.usecarly.com/blog/llm-market-share/"
      },
      {
       "e": "mistral",
       "t": "second",
       "conf": "reported",
       "stat": "€3bn Series D at about €21bn, Sept 2026, led by Samsung, Scaleup Europe and PSG Equity (TechCrunch). ASML invested €1.3bn in 2025 for about 11%.",
       "why": "Sells sovereign AI to European governments and companies.",
       "cond": "Staying close enough to the frontier to hold customers.",
       "src": "https://techcrunch.com/2026/09/08/mistral-raises-e3b-as-sovereign-ai-becomes-big-business/"
      },
      {
       "e": "ssi",
       "t": "rookie",
       "conf": "reported",
       "stat": "Valued at about $32bn with no product revenue. Nvidia planned a $5bn investment in a July 2026 partnership (reported).",
       "why": "Bets a research breakthrough, not scale alone, wins.",
       "cond": "Producing a model.",
       "src": "https://valueaddvc.com/blog/safe-superintelligence-valuation-2026-32-billion-zero-revenue-and-ilya-sutskevers-7-billion-bet"
      },
      {
       "e": "thinking_machines",
       "t": "rookie",
       "conf": "reported",
       "stat": "Sources conflict: a $12bn seed valuation (July 2025) is the last confirmed. Reports of a $50bn round and of talks at $40bn have not been confirmed.",
       "why": "Staffed by former OpenAI leaders and backed by a16z.",
       "cond": "Shipping a product and confirming a round.",
       "src": "https://www.pymnts.com/news/artificial-intelligence/2026/thinking-machines-lab-seeks-40-billion-dollar-valuation"
      },
      {
       "e": "cursor",
       "t": "rookie",
       "conf": "reported",
       "stat": "Last confirmed priced round was a $29.3bn valuation (Nov 2025). SpaceX is reported to be buying it in an all-stock deal worth $60bn. Annualized revenue reported at $3bn by May 2026.",
       "why": "Owns the coding workflow developers sit in all day.",
       "cond": "The acquisition status is from a single source, and it depends on models it buys from the labs.",
       "src": "https://dealroom.co/news/138472-cursor-hits-50b-valuation-in-quick-re-raise/"
      },
      {
       "e": "perplexity",
       "t": "rookie",
       "conf": "reported",
       "stat": "About $20bn valuation and about $450m of annualized revenue (Sept 2025). Revenue reported up 50% after moving from ads to subscriptions in February 2026.",
       "why": "Answer engine that competes with Search without owning a model.",
       "cond": "No 2026 round confirmed. It buys models from the labs it competes with.",
       "src": "https://valueaddvc.com/blog/safe-superintelligence-valuation-2026-32-billion-zero-revenue-and-ilya-sutskevers-7-billion-bet"
      }
     ]
    }
   ]
  },
  {
   "id": "software",
   "name": "Software",
   "band": "platform",
   "blurb": "The applications companies run on, and the argument over whether agents break the seat-based business.",
   "positions": [
    {
     "id": "apps",
     "name": "Enterprise applications",
     "metric": "2026 repriced software on the fear that AI agents reduce per-seat demand. Commentators put the February selloff at about $285bn, with one measure of the sector down more than 23% for the year to date. Vendors are moving to usage and per-action pricing.",
     "metric_src": "https://walletinvestor.com/news/trading-news/salesforce-and-workday-earnings-lift-software-stocks-after-an-ai-fear-selloff-in-2026/",
     "players": [
      {
       "e": "microsoft",
       "t": "starter",
       "conf": "reported",
       "stat": "Over 30 million paid Microsoft 365 Copilot seats (July 2026, from 15 million in January). GitHub Copilot at 50 million users, as reported on the call.",
       "why": "Sells the agents to customers who already pay for its software.",
       "cond": "Net seat additions are doubling each quarter, which still has to show up as usage.",
       "src": "https://techcrunch.com/2026/01/29/satya-nadella-insists-people-are-using-microsofts-copilot-ai-a-lot"
      },
      {
       "e": "sap",
       "t": "starter",
       "stat": "Q2 2026 cloud revenue EUR 6.3bn, up 24% at constant currency. Current cloud backlog EUR 22.9bn, up 27%.",
       "why": "Runs the finance and supply chain systems that are hardest to replace.",
       "cond": "It lowered its profit outlook after acquisitions.",
       "src": "https://www.prnewswire.com/news-releases/sap-quarterly-statement-q2-2026-302833633.html"
      },
      {
       "e": "servicenow",
       "t": "starter",
       "stat": "Q2 2026 subscription revenue $3,877m, up 24.5%. Current remaining performance obligations $13.20bn, up 21%. FY2026 guide $15.76bn to $15.78bn.",
       "why": "Sits across IT, HR and customer workflows that agents need to act inside.",
       "cond": "Margins under AI cost pressure.",
       "src": "https://www.sec.gov/Archives/edgar/data/1373715/000137371526000072/erq2fy26.htm"
      },
      {
       "e": "salesforce",
       "t": "starter",
       "conf": "reported",
       "stat": "Agentforce ARR passed $1.5bn in Q2 FY27, up more than 240% (reported). It was $800m at the end of FY26.",
       "why": "Owns the customer data agents work from.",
       "cond": "Agentic pricing at about $0.10 an action has to replace seat revenue.",
       "src": "https://valueaddvc.com/pulse/salesforce-agentforce-1-5-billion-arr-benioff-2026"
      },
      {
       "e": "workday",
       "t": "second",
       "stat": "Fiscal Q2 2027 subscription revenue $2.471bn, up 13.9%. Total subscription backlog up 8%. Silver Lake reportedly in talks to take it private at a valuation above $51bn, with no deal signed.",
       "why": "Holds HR and payroll data for large employers.",
       "cond": "Slower backlog growth and whether the private equity talks lead to a deal.",
       "src": "https://www.rte.ie/news/business/2026/0814/1587833-silver-lake-reportedly-in-talks-to-buy-workday/"
      },
      {
       "e": "oracle",
       "t": "second",
       "stat": "Software-as-a-service revenue $4.2bn, up 10%, in the quarter to August 2026.",
       "why": "Applications run on the same cloud it is building for AI.",
       "cond": "Growth is far slower than its infrastructure business.",
       "src": "https://www.oracle.com/news/announcement/q1fy27-earnings-release-2026-09-10/"
      },
      {
       "e": "sierra",
       "t": "rookie",
       "badge": "changes the premise",
       "conf": "reported",
       "stat": "Raised $950m at a valuation above $15bn in May 2026. ARR estimates run from $150m to $200m.",
       "why": "Sells outcomes (resolved customer issues) instead of seats.",
       "cond": "Competing with Salesforce and ServiceNow, which now sell the same agents.",
       "src": "https://newmarketpitch.com/blogs/news/conversational-ai-top-startups-valuation"
      },
      {
       "e": "harvey",
       "t": "rookie",
       "conf": "reported",
       "stat": "$200m raised in March 2026 at an $11bn valuation.",
       "why": "A vertical tool built for law firms' work.",
       "cond": "Frontier labs selling the same capability directly.",
       "src": "https://radarkit.ai/blog/100-hottest-ai-startups-to-watch/"
      },
      {
       "e": "decagon",
       "t": "rookie",
       "conf": "reported",
       "stat": "$250m Series D at a $4.5bn valuation, January 2026.",
       "why": "Customer support agents sold on resolution rates.",
       "cond": "Sierra and the incumbents.",
       "src": "https://newmarketpitch.com/blogs/news/conversational-ai-top-startups-valuation"
      },
      {
       "e": "glean",
       "t": "rookie",
       "conf": "reported",
       "stat": "$300m ARR announced in May 2026. The last priced round was $150m at $7.2bn in June 2025, and later estimates conflict.",
       "why": "Connects to a company's apps so agents can find and act on its information.",
       "cond": "Microsoft and Google bundling the same search.",
       "src": "https://aibusinessweekly.net/p/top-ai-startups-2026"
      },
      {
       "e": "elevenlabs",
       "t": "rookie",
       "conf": "reported",
       "stat": "$500m Series D at an $11bn valuation, February 2026. A later tender is reported at $22bn.",
       "why": "Voice is the interface for agents that answer phones.",
       "cond": "The labs shipping native voice models.",
       "src": "https://aibusinessweekly.net/p/top-ai-startups-2026"
      }
     ]
    },
    {
     "id": "data",
     "name": "Data and analytics",
     "metric": "Databricks reported a $7bn revenue run rate in Q2 2026, growing more than 80%, and closed $5bn at a $190bn valuation in August 2026. Snowflake's fiscal Q1 2027 product revenue was $1.334bn, up 34%. Palantir's Q2 2026 revenue was $1.935bn, up 92.8% (reported).",
     "metric_src": "https://w.media/us-5-billion-funding-round-pushes-databrick-valuation-to-us-190-billion/",
     "players": [
      {
       "e": "databricks",
       "t": "starter",
       "conf": "reported",
       "stat": "$7bn run rate (company), Q2 2026. $5bn raised at $190bn, August 2026, led by Coatue. IPO possible as early as 2027.",
       "why": "Sells the place where data and models meet, to the same buyers as the cloud.",
       "cond": "A private valuation this high needs the growth to persist.",
       "src": "https://www.thestar.com.my/tech/tech-news/2026/08/13/databricks-valued-at-190-billion-in-latest-funding-round"
      },
      {
       "e": "snowflake",
       "t": "starter",
       "conf": "reported",
       "stat": "Fiscal Q1 2027 product revenue $1.334bn, up 34%. FY2026 product revenue $4.47bn.",
       "why": "Large base of enterprise data warehouses.",
       "cond": "Databricks growing about twice as fast.",
       "src": "https://finance.yahoo.com/markets/stocks/articles/palantir-vs-snowflake-growth-stock-153045683.html"
      },
      {
       "e": "palantir",
       "t": "starter",
       "conf": "reported",
       "stat": "Q2 2026 revenue $1.935bn, up 92.8%. FY guide raised to about $8.15bn.",
       "why": "Sells deployed AI applications to governments and large operators.",
       "cond": "Valuation, and dependence on a few government buyers.",
       "src": "https://finance.yahoo.com/markets/stocks/articles/palantir-vs-snowflake-growth-stock-153045683.html"
      }
     ]
    },
    {
     "id": "devtools",
     "name": "Developer tools and observability",
     "metric": "Datadog's Q2 2026 revenue was $1.12bn, up 36%, with 33,400 customers and remaining performance obligations of $3.47bn, up 43%. GitHub Copilot is reported at 50 million users.",
     "metric_src": "https://www.sec.gov/Archives/edgar/data/0001561550/000162828026053829/ex-991x20260630x8k.htm",
     "players": [
      {
       "e": "datadog",
       "t": "starter",
       "stat": "Q2 2026 revenue $1.12bn, up 36%. Free cash flow $279m. Management attributed its guidance to lower usage from its largest customer (Quartr summary).",
       "why": "Instruments the applications that AI labs themselves run.",
       "cond": "Customer concentration in AI-native buyers.",
       "src": "https://www.sec.gov/Archives/edgar/data/0001561550/000162828026053829/ex-991x20260630x8k.htm"
      },
      {
       "e": "cisco",
       "t": "second",
       "stat": "Owns Splunk, completed 18 March 2024 for about $28bn.",
       "why": "Logs and security data from two budgets in one product.",
       "cond": "Whether a hardware seller can run a software subscription.",
       "src": "https://www.sec.gov/Archives/edgar/data/1353283/000110465923102594/tm2326347d1_ex99-1.htm"
      },
      {
       "e": "grafana",
       "t": "rookie",
       "conf": "reported",
       "stat": "Reported raising at about $9bn in early 2026, with ARR over $400m. Valuation figures vary from $6bn to $9.5bn.",
       "why": "Open-source dashboards that customers adopt before they buy.",
       "cond": "Valuation conflict, and Datadog's pricing power.",
       "src": "https://siliconangle.com/2026/02/13/grafana-labs-reportedly-raising-funding-9b-valuation/"
      }
     ]
    }
   ]
  },
  {
   "id": "security",
   "name": "Security",
   "band": "platform",
   "blurb": "Who defends the systems, and who is buying the pieces to build one platform.",
   "positions": [
    {
     "id": "platforms",
     "name": "Security platforms",
     "metric": "Palo Alto Networks' next-generation security ARR was $9.10bn at the end of fiscal 2026, up 63%, including $1.6bn from CyberArk and Chronosphere. CrowdStrike's ending ARR was about $5.84bn, up 25%. Zscaler's ARR was $3.771bn, up 25%.",
     "metric_src": "https://investors.paloaltonetworks.com/news-releases/news-release-details/palo-alto-networks-reports-fiscal-fourth-quarter-and-fiscal-10",
     "players": [
      {
       "e": "palo_alto",
       "t": "starter",
       "stat": "Fiscal Q4 2026 revenue $3.41bn, up 34%. Next-generation security ARR $9.10bn, up 63%. Targets $20bn by fiscal 2030.",
       "why": "Bought its way into identity and cloud, so customers consolidate vendors.",
       "cond": "Part of the growth is acquired, so organic growth is lower than the headline.",
       "src": "https://investors.paloaltonetworks.com/news-releases/news-release-details/palo-alto-networks-reports-fiscal-fourth-quarter-and-fiscal-10"
      },
      {
       "e": "crowdstrike",
       "t": "starter",
       "stat": "Q2 fiscal 2027 revenue $1.47bn, up 26%. Record net new ARR of $333m. Falcon Flex accounts exceed $2.29bn of ARR, up 101%.",
       "why": "One agent and one platform, sold as a flexible credit that customers spend across modules.",
       "cond": "Microsoft's bundling, and whether net new ARR keeps rising.",
       "src": "https://ir.crowdstrike.com/news-releases/news-release-details/crowdstrike-reports-second-quarter-fiscal-year-2027-financial"
      },
      {
       "e": "fortinet",
       "t": "starter",
       "conf": "reported",
       "stat": "Q2 2026 revenue $2.05bn, up 26%, and billings $2.37bn, up 33%. 2026 revenue guided to $8.02bn to $8.18bn.",
       "why": "Sells the firewall and the chip inside it, so it wins on price and performance.",
       "cond": "A firewall refresh cycle, which may not repeat.",
       "src": "https://www.theglobeandmail.com/investing/markets/stocks/PANW/pressreleases/8236351/can-fortinet-sase-momentum-propel-the-stock-to-new-highs/"
      },
      {
       "e": "zscaler",
       "t": "second",
       "stat": "Fiscal Q4 2026 ARR $3.771bn, up 25%, or 20% excluding the Red Canary purchase. Revenue $898.2m, up 25%.",
       "why": "Security delivered from the cloud as companies drop appliances.",
       "cond": "Organic growth of 20% against bigger platforms.",
       "src": "https://www.sec.gov/Archives/edgar/data/0001713683/000171368326000156/zs-07312026_991.htm"
      },
      {
       "e": "microsoft",
       "t": "second",
       "conf": "reported",
       "stat": "Reported as intensifying competitive pressure on CrowdStrike and others (secondary).",
       "why": "Bundles security into licences customers already hold.",
       "cond": "Customers preferring a specialist after a breach.",
       "src": "https://www.kucoin.com/blog/okta-crowdstrike-earnings-ai-cybersecurity-demand"
      },
      {
       "e": "island",
       "t": "rookie",
       "stat": "Raised $400m at a $6.4bn valuation, September 2026 (CNBC).",
       "why": "Makes the browser the control point for security.",
       "cond": "Displacing the endpoint and network incumbents.",
       "src": "https://www.cnbc.com/2026/09/24/island-ai-cybersecurity-funding.html"
      }
     ]
    },
    {
     "id": "cloudid",
     "name": "Cloud, identity and data security",
     "metric": "Google completed its Wiz purchase on 11 March 2026 at a price of about $29.5bn after adjustments (Alphabet 10-Q). Palo Alto Networks closed its roughly $25bn CyberArk purchase on 11 February 2026. Okta's fiscal Q2 2027 revenue was $805m, up 11%.",
     "metric_src": "https://www.sec.gov/Archives/edgar/data/0001652044/000165204426000071/goog-20260630.htm",
     "players": [
      {
       "e": "wiz",
       "t": "starter",
       "conf": "reported",
       "stat": "Closed into Google Cloud on 11 Mar 2026 at about $29.5bn. Reported at $1bn of ARR in 2025 (single trade outlet). Products stay available on AWS, Azure and Oracle Cloud.",
       "why": "The leading cloud security product across all the clouds.",
       "cond": "Customers on rival clouds trusting a Google-owned tool.",
       "src": "https://abc.xyz/investor/news/news-details/2026/Google-Completes-Acquisition-of-Wiz-2026-ta7OaU2uA0/default.aspx"
      },
      {
       "e": "cyberark",
       "t": "starter",
       "stat": "Closed into Palo Alto Networks on 11 Feb 2026 at a 26% premium, about $25bn.",
       "why": "Controls access for privileged human and machine accounts.",
       "cond": "Integrating it, and agent identity becoming a separate market.",
       "src": "https://www.paloaltonetworks.com/company/press/2026/palo-alto-networks-completes-acquisition-of-cyberark-to-secure-the-ai-era"
      },
      {
       "e": "okta",
       "t": "second",
       "stat": "Fiscal Q2 2027 revenue $805m, up 11%. New products were about 30% of bookings. Says over 90% of customers run agents in production but only 22% are confident they are controlled (company-reported).",
       "why": "Pitches identity for AI agents as the next market.",
       "cond": "Slower growth than the platform vendors, and CyberArk in Palo Alto's hands.",
       "src": "https://www.kavout.com/market-lens/is-okta-s-recent-earnings-beat-a-turning-point-for-investors"
      },
      {
       "e": "cyera",
       "t": "rookie",
       "conf": "reported",
       "stat": "Raised $600m at a $12bn valuation in June 2026, led by Evolution Equity Partners. Another source reports a $400m round paired with the Oasis purchase.",
       "why": "Finds and classifies sensitive data so AI tools do not leak it.",
       "cond": "Round size conflicts across sources.",
       "src": "https://news.crunchbase.com/cybersecurity/q3-2026-large-venture-investments-ai-defense-startups/"
      },
      {
       "e": "armis",
       "t": "rookie",
       "badge": "acquired",
       "conf": "reported",
       "stat": "ServiceNow agreed to pay $7.75bn for Armis.",
       "why": "Sees every connected device a company owns.",
       "cond": "Integration into ServiceNow's workflow products.",
       "src": "https://news.crunchbase.com/cybersecurity/q3-2026-large-venture-investments-ai-defense-startups/"
      },
      {
       "e": "sgnl",
       "t": "rookie",
       "badge": "acquired",
       "conf": "reported",
       "stat": "CrowdStrike bought the identity startup for a reported $740m.",
       "why": "Decides in real time which person or agent gets access.",
       "cond": "Price is reported, not confirmed.",
       "src": "https://news.crunchbase.com/cybersecurity/q3-2026-large-venture-investments-ai-defense-startups/"
      }
     ]
    }
   ]
  },
  {
   "id": "internet",
   "name": "Internet and consumer platforms",
   "band": "end",
   "blurb": "Where the money is collected: ads, subscriptions, commerce and games.",
   "positions": [
    {
     "id": "ads",
     "name": "Search, social and advertising",
     "metric": "Google was about 89.9% of global search referral traffic in September 2026 (StatCounter, which measures referrals and not searches). Q2 2026 advertising revenue: Google about $82bn (+14%), Meta $59.36bn (+27%), Amazon $19.8bn (+26%), YouTube $11.1bn (+12.9%) (secondary reports).",
     "metric_src": "https://www.thekeyword.co/news/big-tech-q2-2026-ad-revenue",
     "players": [
      {
       "e": "google",
       "t": "starter",
       "conf": "reported",
       "stat": "Roughly $82bn of Q2 2026 advertising revenue, up about 14%. Search near 90% of referral traffic. AI Mode in Search passed 1 billion monthly users.",
       "why": "Owns the queries, the browser and the phone's default.",
       "cond": "Chat assistants taking questions, though AI-native engines were reported under 0.1% each (single source).",
       "src": "https://www.thekeyword.co/news/big-tech-q2-2026-ad-revenue"
      },
      {
       "e": "meta",
       "t": "starter",
       "conf": "reported",
       "stat": "Q2 2026 ad revenue $59.36bn, up 27%, on 3.60 billion daily people. Impressions up 14% and price per ad up 12%.",
       "why": "Grows ad revenue far faster than its audience by showing better matches.",
       "cond": "Capital spending of $130bn to $145bn and soft third-quarter guidance.",
       "src": "https://www.thekeyword.co/news/big-tech-q2-2026-ad-revenue"
      },
      {
       "e": "amazon",
       "t": "starter",
       "conf": "reported",
       "stat": "Advertising services $19.8bn in Q2 2026, up 26%.",
       "why": "Ads placed where people are already shopping.",
       "cond": "Whether AI shopping assistants route buyers around its pages.",
       "src": "https://www.theatdb.com/news/amazon-q2-ad-revenue-up-26-as-tech-giants-profit-booms-to-626-billion-on-anthropic-investments"
      },
      {
       "e": "tiktok",
       "t": "second",
       "stat": "US joint venture closed 22 January 2026. Oracle, Silver Lake and MGX hold 15% each, existing ByteDance investors 30.1% and ByteDance 19.9%. US daily users held at about 95% of earlier levels (Sensor Tower).",
       "why": "Kept its US users through the ownership change.",
       "cond": "Whether the recommendation algorithm stays as strong under the new owners.",
       "src": "https://www.cnbc.com/2026/02/16/tiktok-us-joint-venture-user-data-no-mass-exodus-oracle-mgx-silver-lake-larry-ellison-trump.html"
      },
      {
       "e": "openai",
       "t": "second",
       "conf": "reported",
       "stat": "ChatGPT is the main consumer alternative to search. AI-native engines were reported under 0.1% of search referrals each (single source, unverified).",
       "why": "Many questions now start in a chat window.",
       "cond": "Measurement is unsettled, and no ad business at scale is verified.",
       "src": "https://colorlib.com/wp/search-engine-statistics/"
      }
     ]
    },
    {
     "id": "video",
     "name": "Video and streaming",
     "metric": "Nielsen's Gauge for July 2026: streaming was 49.0% of US TV time, with YouTube at a record 14.2%, Disney's streaming services 4.7% combined and Peacock 2.6%. In June, Netflix was 7.9% and Prime Video 4.2%.",
     "metric_src": "https://ppc.land/nielsen-gauge/",
     "players": [
      {
       "e": "google",
       "t": "starter",
       "stat": "YouTube at 14.2% of TV time in July 2026, the largest single service.",
       "why": "Free, enormous catalogue, and creators supply the content.",
       "cond": "Brand-safety and creator payments.",
       "src": "https://ppc.land/nielsen-gauge/"
      },
      {
       "e": "netflix",
       "t": "starter",
       "stat": "Q3 2026 revenue $12.87bn, up 12%. Operating margin 34.6%. 2026 ad revenue target cut to $2.7bn from about $3bn. About 1,000 jobs, or 6%, being cut.",
       "why": "Highest margins among the video services.",
       "cond": "Its share of TV time slipped to 7.9% in June, and its ad business is slower than planned.",
       "src": "https://www.sec.gov/Archives/edgar/data/0001065280/000106528026000290/ex991_q326.htm"
      },
      {
       "e": "amazon",
       "t": "second",
       "stat": "Prime Video at 4.2% of TV time in June 2026.",
       "why": "Bundled with shipping.",
       "cond": "Ad load and sports rights.",
       "src": "https://www.mediapost.com/publications/article/416087/"
      },
      {
       "e": "disney",
       "t": "second",
       "stat": "4.7% of TV time for its combined streaming services in July 2026.",
       "why": "Studios and parks feed the service.",
       "cond": "Combined figure is not Disney+ alone.",
       "src": "https://ppc.land/nielsen-gauge/"
      },
      {
       "e": "paramount",
       "t": "second",
       "conf": "reported",
       "stat": "Warner Bros. Discovery merger signed 27 Feb 2026 at $31 a share in cash. It closed on 6 October 2026 after a state attorneys general suit.",
       "why": "Combines two studios and two streaming services for scale.",
       "cond": "Integration and debt.",
       "src": "https://deadline.com/2026/10/skydance-merger-paramount-warner-bros-discovery-1237147750/"
      }
     ]
    },
    {
     "id": "commerce",
     "name": "Commerce platforms",
     "metric": "Shopify's gross merchandise volume was $115.6bn in Q2 2026, up 32%, on revenue of $3.6bn, up 34% (10-Q). Amazon's net sales were $200.6bn, up 20%.",
     "metric_src": "https://www.sec.gov/Archives/edgar/data/0001594805/000159480526000047/shop-20260630.htm",
     "players": [
      {
       "e": "amazon",
       "t": "starter",
       "stat": "Q2 2026 net sales $200.6bn, up 20%. AWS $42.2bn.",
       "why": "Logistics, Prime and ads reinforce one another.",
       "cond": "Agents shopping across sites.",
       "src": "https://ir.aboutamazon.com/news-release/news-release-details/2026/Amazon-com-Announces-Second-Quarter-Results"
      },
      {
       "e": "shopify",
       "t": "starter",
       "stat": "GMV $115.6bn in Q2 2026, up 32%. Revenue $3.6bn, up 34%. AI-attributed traffic and orders each tripled, though management says the channel is still small.",
       "why": "Powers the merchants that compete with Amazon, and is building catalogue tools for AI agents.",
       "cond": "AI agents choosing among stores.",
       "src": "https://www.sec.gov/Archives/edgar/data/0001594805/000159480526000047/shop-20260630.htm"
      }
     ]
    },
    {
     "id": "games",
     "name": "Games",
     "metric": "Tencent's domestic games revenue was RMB 47.3bn in Q2 2026, up 17%, and international games RMB 18.6bn, down 0.8%. Roblox bookings grew 8% to about $1.6bn with 123 million daily users.",
     "metric_src": "https://www.tencent.com/wp-content/uploads/2026/08/Tencent-Announces-2026-Second-Quarter-Results.pdf",
     "players": [
      {
       "e": "tencent",
       "t": "starter",
       "stat": "Total revenue RMB 204.8bn in Q2 2026, up 11%. Free cash flow turned negative as AI capital spending rose.",
       "why": "Owns the distribution through WeChat and the studios.",
       "cond": "AI spending and flat overseas games.",
       "src": "https://www.cnbc.com/2026/08/12/china-tencent-earnings-q2-2026-gaming-ai-advertising.html"
      },
      {
       "e": "roblox",
       "t": "second",
       "stat": "Q2 2026 bookings up 8% to about $1.6bn. Daily users 123 million, down from a 152 million peak in Q3 2025. Q3 outlook is for negative bookings growth.",
       "why": "User-built worlds give it content it does not pay for.",
       "cond": "Spend per hour fell among younger US and Canadian users.",
       "src": "https://www.sec.gov/Archives/edgar/data/0001315098/000162828026051059/ex991-robloxq22026earnin.htm"
      }
     ]
    }
   ]
  },
  {
   "id": "devices",
   "name": "Devices",
   "band": "end",
   "blurb": "The phones, laptops and glasses people carry, all squeezed by the same memory shortage.",
   "positions": [
    {
     "id": "phones",
     "name": "Smartphones",
     "metric": "Q2 2026 shipments of 276.3 million, down 7.4% (IDC). Samsung 62.7m and 22.7% share, Apple 55.7m and 20.2%, Xiaomi about 11.3%, OPPO 10.4%, vivo 7.6%. IDC expects 2026 shipments to fall 16.7% to just over 1bn, the steepest annual drop on record.",
     "metric_src": "https://www.biztechreports.com/news-archive/2026/8/6/global-smartphone-shipments-fall-67-in-q2-2026-as-the-memory-crisis-splits-the-market-in-two-idc-august-11-2026",
     "players": [
      {
       "e": "samsung",
       "t": "starter",
       "stat": "62.7m units and 22.7% share in Q2 2026, up about 8%.",
       "why": "Sells across every price band and makes its own memory.",
       "cond": "Memory costs are raising phone prices (IDC: average price up 27.6%).",
       "src": "https://www.biztechreports.com/news-archive/2026/8/6/global-smartphone-shipments-fall-67-in-q2-2026-as-the-memory-crisis-splits-the-market-in-two-idc-august-11-2026"
      },
      {
       "e": "apple",
       "t": "starter",
       "stat": "55.7m units and 20.2% share in Q2 2026, up about 15%. Samsung and Apple were the only top-five vendors that grew.",
       "why": "Premium buyers keep buying as prices rise.",
       "cond": "Component costs.",
       "src": "https://www.biztechreports.com/news-archive/2026/8/6/global-smartphone-shipments-fall-67-in-q2-2026-as-the-memory-crisis-splits-the-market-in-two-idc-august-11-2026"
      },
      {
       "e": "xiaomi",
       "t": "second",
       "conf": "reported",
       "stat": "About 11.2% to 11.3% share, with the steepest decline among the top vendors (down 26.3% in one IDC-based table).",
       "why": "Value-priced phones are hit hardest by memory prices.",
       "cond": "Sources differ on its exact share.",
       "src": "https://www.threads.com/@boxtobyte/post/Dax5DUqmYtL/idc-announced-smartphone-shipments-in-the-global-market-in-q-samsung-share/"
      },
      {
       "e": "oppo",
       "t": "second",
       "conf": "reported",
       "stat": "10.4% share, down 17.5% (IDC-based table).",
       "why": "Large presence in Asia.",
       "cond": "Memory costs.",
       "src": "https://www.threads.com/@boxtobyte/post/Dax5DUqmYtL/idc-announced-smartphone-shipments-in-the-global-market-in-q-samsung-share/"
      },
      {
       "e": "vivo",
       "t": "second",
       "conf": "reported",
       "stat": "7.6% share, down 19.4% (IDC-based table).",
       "why": "Large presence in Asia.",
       "cond": "Memory costs.",
       "src": "https://www.threads.com/@boxtobyte/post/Dax5DUqmYtL/idc-announced-smartphone-shipments-in-the-global-market-in-q-samsung-share/"
      }
     ]
    },
    {
     "id": "pcs",
     "name": "PCs",
     "metric": "Q2 2026 PC shipments of 68.2 million, down 4.9% (IDC). Lenovo 24.4%, HP 19.1%, Dell 13.6% and Apple 9.9%. Counterpoint puts the decline at 4%, and IDC expects the DRAM shortage to last into early 2028.",
     "metric_src": "https://www.mactrast.com/2026/07/idc-apple-the-only-major-computer-maker-to-increase-shipments-in-q2-2026/",
     "players": [
      {
       "e": "lenovo",
       "t": "starter",
       "stat": "24.4% share, shipments down 2.1% (IDC).",
       "why": "Scale and a wide range.",
       "cond": "Memory costs.",
       "src": "https://www.mactrast.com/2026/07/idc-apple-the-only-major-computer-maker-to-increase-shipments-in-q2-2026/"
      },
      {
       "e": "hp",
       "t": "starter",
       "stat": "19.1% share, shipments down 9% (IDC).",
       "why": "Commercial and consumer base.",
       "cond": "Memory costs.",
       "src": "https://www.mactrast.com/2026/07/idc-apple-the-only-major-computer-maker-to-increase-shipments-in-q2-2026/"
      },
      {
       "e": "dell",
       "t": "starter",
       "stat": "13.6% share, shipments down 5% (IDC).",
       "why": "Enterprise customers.",
       "cond": "Server business is now the bigger growth story.",
       "src": "https://www.mactrast.com/2026/07/idc-apple-the-only-major-computer-maker-to-increase-shipments-in-q2-2026/"
      },
      {
       "e": "apple",
       "t": "second",
       "stat": "6.7 million Macs and 9.9% share in Q2 2026, up about 10% (IDC), the only major maker to grow. IDC credits the MacBook Neo launch in part.",
       "why": "Rising while the rest of the market falls.",
       "cond": "Whether the new low-price Mac holds its volume as memory costs rise.",
       "src": "https://www.mactrast.com/2026/07/idc-apple-the-only-major-computer-maker-to-increase-shipments-in-q2-2026/"
      }
     ]
    },
    {
     "id": "wearables",
     "name": "Smart glasses and XR",
     "metric": "XR and smart glasses shipments grew about 35% in Q2 2026 (IDC), down from 130% in the prior quarter. Glasses are nearly 85% of XR shipments and headsets about 15%. Meta's share of smart glasses is put at 69% to 76% depending on the source.",
     "metric_src": "https://mixed-news.com/en/idc-smart-glasses-shipments-q2-2026-vr-headsets-decline/",
     "players": [
      {
       "e": "meta",
       "t": "starter",
       "conf": "reported",
       "stat": "Share of smart glasses reported at 69.2% in Q1 2026 and 76.1% in another IDC citation. Ray-Ban Display's international rollout was paused because US availability was backlogged. A $299 display-free line launched 23 June 2026.",
       "why": "Sells glasses through eyewear stores, not as a headset.",
       "cond": "Display glasses are supply constrained.",
       "src": "https://www.idc.com/resource-center/blog/smart-glasses-growth-cools-to-35-as-meta-doubles-down-on-distribution/"
      },
      {
       "e": "essilor",
       "t": "starter",
       "stat": "Sold over 7 million Ray-Ban and Oakley Meta glasses in 2025. First-half 2026 revenue from Meta glasses nearly doubled.",
       "why": "Makes the frames and owns the retail.",
       "cond": "Depends on one platform partner.",
       "src": "https://basic-tutorials.com/news/smart-glasses-are-booming-sales-of-meta-glasses-have-nearly-doubled/"
      },
      {
       "e": "google",
       "t": "second",
       "conf": "reported",
       "stat": "Google and Samsung plan Android XR glasses, starting with an audio-led model in fall 2026. No confirmed launch date or price.",
       "why": "Brings an operating system and Gemini to the category.",
       "cond": "Shipping a product people buy.",
       "src": "https://dymesty.com/blogs/articles/smart-glasses-release-calendar-2026"
      }
     ]
    }
   ]
  },
  {
   "id": "fintech",
   "name": "Fintech and payments",
   "band": "end",
   "blurb": "Who moves the money, who is replacing the bank account and who issues the digital dollar.",
   "positions": [
    {
     "id": "payments",
     "name": "Payments",
     "metric": "Visa's payments volume passed $4tn in a quarter for the first time in fiscal Q3 2026, up 10% at constant dollars, with net revenue of $11.6bn, up 14%. Mastercard's Q2 2026 gross dollar volume was $2.9tn, up 8%, with cross-border up 12%. Stripe processed $1.9tn in 2025, up 34%.",
     "metric_src": "https://www.investing.com/news/company-news/visa-q3-fy2026-slides-payments-volume-tops-4t-guidance-raised-93CH-4818318",
     "players": [
      {
       "e": "visa",
       "t": "starter",
       "stat": "Fiscal Q3 2026 net revenue $11.6bn, up 14%. Value-added services $3.8bn, up 34%. Processed transactions 71.7bn.",
       "why": "Every card payment on its network pays it a fee, and it sells extra services on top.",
       "cond": "Stablecoins and account-to-account payments routing around cards.",
       "src": "https://www.investing.com/news/company-news/visa-q3-fy2026-slides-payments-volume-tops-4t-guidance-raised-93CH-4818318"
      },
      {
       "e": "mastercard",
       "t": "starter",
       "stat": "Q2 2026 net revenue $9.3bn, up 14%. Gross dollar volume $2.9tn, up 8%. Value-added services up 20%.",
       "why": "Same network economics, with strength in cross-border.",
       "cond": "The same threat from payments that bypass cards.",
       "src": "https://www.sec.gov/Archives/edgar/data/0001141391/000114139126000081/ma06302026-exx991xearnings.htm"
      },
      {
       "e": "stripe",
       "t": "second",
       "conf": "reported",
       "stat": "$1.9tn processed in 2025, up 34%. Valued at $159bn in a February 2026 employee tender. Reported to have joined Advent in a $53.4bn proposal for PayPal.",
       "why": "The default way online businesses accept payments.",
       "cond": "The PayPal proposal is unconfirmed, and no board response was found.",
       "src": "https://techcrunch.com/2026/07/15/stripe-and-advent-reportedly-offered-to-buy-paypal-for-around-53-4b/"
      },
      {
       "e": "paypal",
       "t": "second",
       "conf": "reported",
       "stat": "Q1 2026 payment volume $464bn, up 11%. A reported $60.50 a share proposal from Stripe and Advent, about 28% above the prior close, with equity of $17bn including Block and about $50bn of bank financing.",
       "why": "Large user base and brand at a valuation that attracted a bid.",
       "cond": "Whether its board engages, and whether the deal is real.",
       "src": "https://www.cnbc.com/2026/07/15/stripe-advent-offer-to-buy-paypal-for-more-than-53-billion-reuters.html"
      },
      {
       "e": "adyen",
       "t": "second",
       "conf": "reported",
       "stat": "Q1 2026 processed volume EUR 382bn, up 21%. Net revenue up 16%, or 20% at constant currency.",
       "why": "Sells one platform to large global merchants.",
       "cond": "Stripe moving upmarket.",
       "src": "https://finance.yahoo.com/markets/stocks/articles/paypals-total-payment-volume-whats-144600397.html"
      },
      {
       "e": "block",
       "t": "second",
       "conf": "reported",
       "stat": "Named in the reported PayPal proposal as an equity partner. Market value about $37bn in one undated comparison.",
       "why": "Owns both the merchant terminal and the consumer app.",
       "cond": "No 2026 volume figure was found.",
       "src": "https://www.cnbc.com/2026/07/15/stripe-advent-offer-to-buy-paypal-for-more-than-53-billion-reuters.html"
      }
     ]
    },
    {
     "id": "neobanks",
     "name": "Digital banks and lenders",
     "metric": "Customer counts are not comparable. Nubank reports about 139 million customers (secondary). Revolut cites 68 to 80 million. Chime counts 10.4 million active members, up 20%. Public markets value listed neobanks at about 4 to 5 times revenue, against Revolut's private price near 19 times (secondary estimate).",
     "metric_src": "https://www.mobibank.fi/neobank-valuations-2026/",
     "players": [
      {
       "e": "nubank",
       "t": "starter",
       "conf": "reported",
       "stat": "About 139 million customers and $1.1bn of net income in Q2 2026 (secondary).",
       "why": "Won a large banking market with a cheap digital model.",
       "cond": "Unaudited figures from trackers.",
       "src": "https://axis-intelligence.com/neobank-statistics/"
      },
      {
       "e": "revolut",
       "t": "starter",
       "conf": "reported",
       "stat": "Reported valuation of $115bn in July 2026 from an employee share sale. Customers reported at 68 to 80 million.",
       "why": "Sells a broad bundle of accounts, trading and travel in one app.",
       "cond": "Private valuation near 19 times revenue.",
       "src": "https://www.mobibank.fi/neobank-valuations-2026/"
      },
      {
       "e": "chime",
       "t": "second",
       "stat": "Q2 2026 revenue $670m, up 27%. Active members 10.4 million, up 20%. Stock near $33 against a $27 IPO price.",
       "why": "Public and growing in the largest consumer banking market.",
       "cond": "Counts active members, not registered customers.",
       "src": "https://valueaddvc.com/blog/chime-ipo-2026-everything-we-know-about-the-neobanks-public-listing"
      },
      {
       "e": "sofi",
       "t": "second",
       "conf": "reported",
       "stat": "15.8 million members and about 24.4 million products by Q2 2026 in one source, and 14.7 million members in another.",
       "why": "Cross-sells loans, banking and investing to its members.",
       "cond": "Member counts conflict.",
       "src": "https://axis-intelligence.com/neobank-statistics/"
      }
     ]
    },
    {
     "id": "stablecoins",
     "name": "Stablecoins and crypto",
     "metric": "Stablecoin supply was about $316bn to $322bn in mid-2026 (DefiLlama-based reports). Tether held about $184bn to $190bn, around 58%, and USDC about $74bn to $79bn. The top two were 81.7% of supply. The GENIUS Act became law on 18 July 2025.",
     "metric_src": "https://transak.com/blog/stablecoin-market-cap-2026",
     "players": [
      {
       "e": "tether",
       "t": "starter",
       "conf": "reported",
       "stat": "About 58% of stablecoin supply, at roughly $184bn to $190bn.",
       "why": "First to scale and the default in trading markets.",
       "cond": "Licensing under the GENIUS Act. One source says S&P rated it weak, and its domicile is described differently across sources.",
       "src": "https://www.fool.com/research/largest-stablecoins/"
      },
      {
       "e": "circle",
       "t": "starter",
       "stat": "USDC at $73.3bn at the end of Q2 2026, up 19%. Revenue and reserve income $701m, up 7%. The reserve return rate fell 66 basis points to 3.48%.",
       "why": "The regulated US stablecoin, built to fit the new law.",
       "cond": "Its income falls when interest rates fall.",
       "src": "https://investor.circle.com/files/doc_news/2026/Aug/05/CIRCLE_Q2-2026.pdf"
      },
      {
       "e": "coinbase",
       "t": "second",
       "stat": "Q2 2026 revenue about $1.2bn, down about 19%, with a net loss of $359.5m. A record 10.3% share of crypto trading volume. Stablecoin revenue $292m.",
       "why": "The largest US venue, with a growing share while the market shrank.",
       "cond": "Trading revenue is cyclical.",
       "src": "https://www.cnbc.com/2026/07/30/coinbase-coin-earnings-q2-2026.html"
      }
     ]
    }
   ]
  }
 ],
 "entities": {
  "nvidia": {
   "name": "Nvidia",
   "description": "Sells AI chips, networking and software as complete racks.",
   "home": "silicon",
   "attributes": {
    "dominance": {
     "reason": "Estimates put Nvidia at about 70% to over 80% of AI accelerator revenue, a majority of its row.",
     "evidence": [
      {
       "url": "https://pulse2.com/nvidia-operating-income-jumps-124-to-63-7-billion-as-revenue-doubles-and-q3-outlook-hits-108-billion/",
       "trust": "sourced"
      }
     ],
     "status": "draft",
     "value": 96
    },
    "momentum": {
     "reason": "Data Center revenue was $89.0bn in the quarter to 26 Jul 2026, up 117% year on year.",
     "evidence": [
      {
       "url": "https://pulse2.com/nvidia-operating-income-jumps-124-to-63-7-billion-as-revenue-doubles-and-q3-outlook-hits-108-billion/",
       "trust": "sourced"
      }
     ],
     "status": "draft",
     "value": 97
    },
    "leverage": {
     "reason": "Sells the chips, networking and software as one working rack, and estimates put it at about 70% to over 80% of AI accelerator revenue.",
     "evidence": [
      {
       "url": "https://pulse2.com/nvidia-operating-income-jumps-124-to-63-7-billion-as-revenue-doubles-and-q3-outlook-hits-108-billion/",
       "trust": "sourced"
      }
     ],
     "status": "draft",
     "base": 58,
     "adjust": 32,
     "value": 90
    },
    "durability": {
     "reason": "Its named risks are large buyers shifting volume to in-house chips and China, where IDC has Nvidia at 34% of H1 2026 shipments.",
     "evidence": [
      {
       "url": "https://pulse2.com/nvidia-operating-income-jumps-124-to-63-7-billion-as-revenue-doubles-and-q3-outlook-hits-108-billion/",
       "trust": "sourced"
      }
     ],
     "status": "draft",
     "value": 80
    },
    "firepower": {
     "reason": "It bought $5bn of Intel stock, plans a $5bn investment in SSI and was reported close to investing about $30bn in OpenAI.",
     "evidence": [
      {
       "url": "https://the-decoder.com/nvidia-and-intel-strike-partnership-on-x86-chips-with-5-billion-investment/",
       "trust": "reported"
      },
      {
       "url": "https://en.wikipedia.org/wiki/Safe_Superintelligence_Inc.",
       "trust": "reported"
      },
      {
       "url": "https://www.bnnbloomberg.ca/business/artificial-intelligence/2026/02/20/nvidia-close-to-investing-us30-billion-in-openais-mega-funding-round-reuters-source-says/",
       "trust": "reported"
      }
     ],
     "status": "draft",
     "value": 95
    },
    "deal_heat": {
     "reason": "It licensed Groq's inference technology with Groq's founder and team joining, and agreed a July 2026 partnership with a planned $5bn investment in SSI.",
     "evidence": [
      {
       "url": "https://groq.com/newsroom/groq-and-nvidia-enter-non-exclusive-inference-technology-licensing-agreement-to-accelerate-ai-inference-at-global-scale",
       "trust": "sourced"
      },
      {
       "url": "https://en.wikipedia.org/wiki/Safe_Superintelligence_Inc.",
       "trust": "reported"
      }
     ],
     "status": "draft",
     "value": 70
    }
   },
   "ovr": 93,
   "ovr_status": "draft",
   "ovr_from": 5,
   "badges": [
    {
     "id": "kingmaker",
     "label": "Kingmaker",
     "status": "calculated",
     "reason": "Owns or backs 4 companies in the Atlas.",
     "evidence": []
    }
   ],
   "ovr_reason": "Nvidia's Data Center revenue was $89.0bn in the quarter to 26 Jul 2026, up 117%, and estimates put its share of AI accelerator revenue at about 70% to over 80%.",
   "ovr_by": "Claude (draft)",
   "ovr_updated": "2026-11-02",
   "profile": "atlas/nvidia.html",
   "initials": "NV",
   "logo": {
    "file": "logos/nvidia.svg",
    "ground": "light"
   },
   "team": "nvidia",
   "page": "company-nvidia.html"
  },
  "amd": {
   "name": "AMD",
   "description": "Designs CPUs and AI GPUs, and sells rack-scale systems.",
   "home": "silicon",
   "attributes": {
    "dominance": {
     "reason": "Holds 30.7% of x86 units in Q2 2026, a strong number two to Intel with a stated share.",
     "evidence": [
      {
       "url": "https://hothardware.com/news/amd-record-x86-market-share-cut-intels-chip-lead",
       "trust": "sourced"
      }
     ],
     "status": "draft",
     "value": 78
    },
    "momentum": {
     "reason": "Data Center segment revenue was $6.7bn in Q2 2026, up 107% year on year, and it has taken x86 share in every segment.",
     "evidence": [
      {
       "url": "https://ir.amd.com/news-events/press-releases/detail/1295/amd-reports-second-quarter-2026-financial-results",
       "trust": "sourced"
      },
      {
       "url": "https://hothardware.com/news/amd-record-x86-market-share-cut-intels-chip-lead",
       "trust": "sourced"
      }
     ],
     "status": "draft",
     "value": 95
    },
    "leverage": {
     "reason": "Its Helios racks are deployed by Anthropic, Meta, Microsoft, OpenAI and Oracle, and two labs signed multi-gigawatt supply deals.",
     "evidence": [
      {
       "url": "https://ir.amd.com/news-events/press-releases/detail/1295/amd-reports-second-quarter-2026-financial-results",
       "trust": "sourced"
      }
     ],
     "status": "draft",
     "base": 66,
     "adjust": 10,
     "value": 76
    },
    "durability": {
     "reason": "Its named risks are shipping the MI450 class in volume in the second half of 2026 and Intel's supply recovering.",
     "evidence": [
      {
       "url": "https://ir.amd.com/news-events/press-releases/detail/1295/amd-reports-second-quarter-2026-financial-results",
       "trust": "sourced"
      },
      {
       "url": "https://hothardware.com/news/amd-record-x86-market-share-cut-intels-chip-lead",
       "trust": "sourced"
      }
     ],
     "status": "draft",
     "value": 78
    },
    "firepower": {
     "reason": "The Atlas states no cash, raise, profit, debt or spending commitment for this company.",
     "evidence": [],
     "status": "draft",
     "value": null
    },
    "deal_heat": {
     "reason": "The Atlas reports no deal talks, pending deal, listing plan or stated acquisition plan for this company.",
     "evidence": [],
     "status": "draft",
     "value": null
    }
   },
   "ovr": 80,
   "ovr_status": "draft",
   "ovr_from": 4,
   "badges": [],
   "ovr_reason": "AMD reached 30.7% of x86 units in Q2 2026, or 34.1% with semi-custom and embedded, and its Data Center segment grew 107% year on year to $6.7bn.",
   "ovr_by": "Claude (draft)",
   "ovr_updated": "2026-11-02",
   "profile": "atlas/amd.html",
   "initials": "AM",
   "logo": {
    "file": "logos/amd.svg",
    "ground": "light"
   },
   "team": "microsoft_openai"
  },
  "intel": {
   "name": "Intel",
   "description": "Designs the most-used x86 CPUs and runs its own foundry.",
   "home": "silicon",
   "attributes": {
    "dominance": {
     "reason": "Ships 69.3% of x86 units in Q2 2026, a majority of its row.",
     "evidence": [
      {
       "url": "https://www.tomshardware.com/pc-components/cpus/intel-commits-to-14a-mass-production-in-2028-as-its-sales-rise-25-percent-year-over-year",
       "trust": "sourced"
      }
     ],
     "status": "draft",
     "value": 95
    },
    "momentum": {
     "reason": "Revenue rose 25% in Q2 2026 as its x86 share fell below 70% for the first time since 1995.",
     "evidence": [
      {
       "url": "https://www.tomshardware.com/pc-components/cpus/intel-commits-to-14a-mass-production-in-2028-as-its-sales-rise-25-percent-year-over-year",
       "trust": "sourced"
      }
     ],
     "status": "draft",
     "value": 70
    },
    "leverage": {
     "reason": "Still ships about seven in ten x86 chips, and Nvidia will co-develop x86 products with it.",
     "evidence": [
      {
       "url": "https://www.tomshardware.com/pc-components/cpus/intel-commits-to-14a-mass-production-in-2028-as-its-sales-rise-25-percent-year-over-year",
       "trust": "sourced"
      }
     ],
     "status": "draft",
     "base": 50,
     "adjust": 15,
     "value": 65
    },
    "durability": {
     "reason": "Its named risks are AMD taking share and 14A needing a named outside anchor customer.",
     "evidence": [
      {
       "url": "https://www.tomshardware.com/pc-components/cpus/intel-commits-to-14a-mass-production-in-2028-as-its-sales-rise-25-percent-year-over-year",
       "trust": "sourced"
      }
     ],
     "status": "draft",
     "value": 72
    },
    "firepower": {
     "reason": "Nvidia bought $5bn of Intel stock at $23.28 a share.",
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      {
       "url": "https://the-decoder.com/nvidia-and-intel-strike-partnership-on-x86-chips-with-5-billion-investment/",
       "trust": "reported"
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     ],
     "status": "draft",
     "value": 78
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    "deal_heat": {
     "reason": "The Atlas reports no deal talks, pending deal, listing plan or stated acquisition plan for this company.",
     "evidence": [],
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     "value": null
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   },
   "ovr": 81,
   "ovr_status": "draft",
   "ovr_from": 5,
   "badges": [],
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   "ovr_by": "Claude (draft)",
   "ovr_updated": "2026-11-02",
   "profile": "atlas/intel.html",
   "initials": "IN",
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    "file": "logos/intel.svg",
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   "team": "nvidia"
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   "name": "Arm",
   "description": "Licenses the instruction set most non-PC chips use, and now sells its own server chip.",
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      {
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       "trust": "sourced"
      }
     ],
     "status": "draft",
     "value": 94
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    "momentum": {
     "reason": "Q1 FY27 revenue rose 22% and data center royalties are more than doubling.",
     "evidence": [
      {
       "url": "https://futurumgroup.com/insights/arm-q1-fy-2027-data-center-royalties-strengthen-as-agi-cpu-gains-traction/",
       "trust": "sourced"
      }
     ],
     "status": "draft",
     "value": 82
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    "leverage": {
     "reason": "Collects a royalty on most chips outside PCs, and Qualcomm builds its chips under an Arm architecture licence.",
     "evidence": [
      {
       "url": "https://futurumgroup.com/insights/arm-q1-fy-2027-data-center-royalties-strengthen-as-agi-cpu-gains-traction/",
       "trust": "sourced"
      },
      {
       "url": "https://www.businesswire.com/news/home/20250930042277/en/Qualcomm-Achieves-Complete-Victory-Over-Arm-in-Litigation-Challenging-Licensing-Agreements/",
       "trust": "sourced"
      }
     ],
     "status": "draft",
     "base": 58,
     "adjust": 36,
     "value": 94
    },
    "durability": {
     "reason": "Licensees object when the licensor competes with them, RISC-V offers a way out, and a Delaware court ruled for Qualcomm.",
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      {
       "url": "https://futurumgroup.com/insights/arm-q1-fy-2027-data-center-royalties-strengthen-as-agi-cpu-gains-traction/",
       "trust": "sourced"
      },
      {
       "url": "https://www.businesswire.com/news/home/20250930042277/en/Qualcomm-Achieves-Complete-Victory-Over-Arm-in-Litigation-Challenging-Licensing-Agreements/",
       "trust": "sourced"
      }
     ],
     "status": "draft",
     "value": 72
    },
    "firepower": {
     "reason": "The Atlas states no cash, raise, profit, debt or spending commitment for this company.",
     "evidence": [],
     "status": "draft",
     "value": null
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    "deal_heat": {
     "reason": "The Atlas reports no deal talks, pending deal, listing plan or stated acquisition plan for this company.",
     "evidence": [],
     "status": "draft",
     "value": null
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   },
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   "badges": [
    {
     "id": "chokepoint",
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     "status": "draft",
     "reason": "Leverage of 94, at or above 92.",
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      {
       "url": "https://futurumgroup.com/insights/arm-q1-fy-2027-data-center-royalties-strengthen-as-agi-cpu-gains-traction/",
       "trust": "sourced"
      },
      {
       "url": "https://www.businesswire.com/news/home/20250930042277/en/Qualcomm-Achieves-Complete-Victory-Over-Arm-in-Litigation-Challenging-Licensing-Agreements/",
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      }
     ]
    }
   ],
   "ovr_reason": "Arm collects a royalty on most chips outside PCs, and its Q1 FY27 revenue was $1.29bn, up 22%, with royalties of $715m and data center royalties more than doubling.",
   "ovr_by": "Claude (draft)",
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   "profile": "atlas/arm.html",
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  },
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   "name": "Qualcomm",
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   "attributes": {
    "dominance": {
     "reason": "A second-string CPU player with no stated share, now entering data center CPUs.",
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      {
       "url": "https://www.businesswire.com/news/home/20250930042277/en/Qualcomm-Achieves-Complete-Victory-Over-Arm-in-Litigation-Challenging-Licensing-Agreements/",
       "trust": "sourced"
      }
     ],
     "status": "draft",
     "value": 68
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    "momentum": {
     "reason": "The Atlas gives no growth figure and no stated direction for this company.",
     "evidence": [],
     "status": "draft",
     "value": null
    },
    "leverage": {
     "reason": "The Atlas states no company that depends on Qualcomm.",
     "evidence": [
      {
       "url": "https://www.businesswire.com/news/home/20250930042277/en/Qualcomm-Achieves-Complete-Victory-Over-Arm-in-Litigation-Challenging-Licensing-Agreements/",
       "trust": "sourced"
      }
     ],
     "status": "draft",
     "base": 50,
     "adjust": 0,
     "value": 50
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    "durability": {
     "reason": "Faces Arm's appeal of the Nuvia licence ruling and still needs a data center customer.",
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      {
       "url": "https://www.businesswire.com/news/home/20250930042277/en/Qualcomm-Achieves-Complete-Victory-Over-Arm-in-Litigation-Challenging-Licensing-Agreements/",
       "trust": "sourced"
      }
     ],
     "status": "draft",
     "value": 72
    },
    "firepower": {
     "reason": "Agreed to buy Alphawave for about $2.4bn.",
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      {
       "url": "https://www.businesswire.com/news/home/20250930042277/en/Qualcomm-Achieves-Complete-Victory-Over-Arm-in-Litigation-Challenging-Licensing-Agreements/",
       "trust": "sourced"
      }
     ],
     "status": "draft",
     "value": 76
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    "deal_heat": {
     "reason": "Agreed to buy Alphawave for about $2.4bn to enter data center, and the Atlas does not report it closed.",
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      {
       "url": "https://www.businesswire.com/news/home/20250930042277/en/Qualcomm-Achieves-Complete-Victory-Over-Arm-in-Litigation-Challenging-Licensing-Agreements/",
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      }
     ],
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     "value": 95
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    {
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      {
       "url": "https://www.businesswire.com/news/home/20250930042277/en/Qualcomm-Achieves-Complete-Victory-Over-Arm-in-Litigation-Challenging-Licensing-Agreements/",
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      }
     ],
     "status": "draft",
     "label": "In Play"
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   "ovr_by": "Claude (draft)",
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   "profile": "atlas/qualcomm.html",
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     "reason": "Clear leader of custom accelerators, with AI semiconductor revenue of $16.7bn in the quarter to 2 Aug 2026.",
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     "status": "draft",
     "value": 92
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    "momentum": {
     "reason": "AI semiconductor revenue rose 221% year on year to $16.7bn, with a $21.7bn guide for the next quarter.",
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      {
       "url": "https://investors.broadcom.com/news-releases/news-release-details/broadcom-inc-announces-third-quarter-fiscal-year-2026-financial",
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     ],
     "status": "draft",
     "value": 98
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    "leverage": {
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      {
       "url": "https://investors.broadcom.com/news-releases/news-release-details/broadcom-inc-announces-third-quarter-fiscal-year-2026-financial",
       "trust": "sourced"
      },
      {
       "url": "https://www.kucoin.com/news/flash/broadcom-ai-chip-revenue-surges-221-in-q3-2026",
       "trust": "sourced"
      },
      {
       "url": "https://finance.yahoo.com/sectors/technology/articles/broadcom-inks-major-ai-chip-165033115.html",
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     ],
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     "base": 58,
     "adjust": 30,
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    "durability": {
     "reason": "Its named risks are customers bringing more design in-house and OpenAI's chips arriving late.",
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      {
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     ],
     "status": "draft",
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    "firepower": {
     "reason": "The Atlas states revenue for Broadcom and no cash, raise, profit or spending commitment.",
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     "value": null
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    "deal_heat": {
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     "reason": "Google was about 89.9% of global search referral traffic in September 2026, a majority of its row.",
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     "status": "draft",
     "value": 97
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    "momentum": {
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      {
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       "trust": "reported"
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     ],
     "status": "draft",
     "value": 90
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    "leverage": {
     "reason": "Anthropic can use up to 1 million TPUs and Meta is reported to have agreed a multibillion-dollar TPU deal.",
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      {
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       "trust": "sourced"
      },
      {
       "url": "https://siliconangle.com/2026/02/26/google-meta-reportedly-strike-new-multibillion-dollar-ai-chip-deal/",
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     ],
     "status": "draft",
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     "value": 80
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    "durability": {
     "reason": "Spread across search, cloud, YouTube and chips, with the named risk of chat assistants taking questions.",
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      {
       "url": "https://www.thekeyword.co/news/big-tech-q2-2026-ad-revenue",
       "trust": "reported"
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      {
       "url": "https://cryptobriefing.com/alphabet-cloud-backlog-514b-revenue-growth/",
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     ],
     "status": "draft",
     "value": 88
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    "firepower": {
     "reason": "Completed the Wiz purchase on 11 March 2026 at a headline price of $32bn, about $29.5bn after adjustments.",
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       "url": "https://www.sec.gov/Archives/edgar/data/0001652044/000165204426000071/goog-20260630.htm",
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     ],
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    "deal_heat": {
     "reason": "The Atlas reports the Wiz purchase as completed and no further deal activity.",
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     "reason": "Leads cloud infrastructure with 28% of Q2 2026 spending, and Q2 2026 net sales were $200.6bn.",
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     ],
     "status": "draft",
     "value": 90
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    "momentum": {
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       "url": "https://ir.aboutamazon.com/news-release/news-release-details/2026/Amazon-com-Announces-Second-Quarter-Results",
       "trust": "sourced"
      },
      {
       "url": "https://www.theatdb.com/news/amazon-q2-ad-revenue-up-26-as-tech-giants-profit-booms-to-626-billion-on-anthropic-investments",
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     ],
     "status": "draft",
     "value": 80
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    "leverage": {
     "reason": "AWS has the largest installed base and Amazon is Anthropic's primary training partner on Trainium.",
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      {
       "url": "https://ir.aboutamazon.com/news-release/news-release-details/2026/Amazon-com-Announces-Second-Quarter-Results",
       "trust": "sourced"
      },
      {
       "url": "https://www.maginative.com/anthropic-secures-1m-google-tpus-while-keeping-amazon-as-primary-training-partner",
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     ],
     "status": "draft",
     "base": 66,
     "adjust": 12,
     "value": 78
    },
    "durability": {
     "reason": "Spans retail, AWS and ads, with the named risk of Google and Microsoft growing faster from smaller bases.",
     "evidence": [
      {
       "url": "https://ir.aboutamazon.com/news-release/news-release-details/2026/Amazon-com-Announces-Second-Quarter-Results",
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     ],
     "status": "draft",
     "value": 86
    },
    "firepower": {
     "reason": "Committed $50bn to OpenAI's round, and AWS posted operating income of $16.6bn in Q2 2026.",
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      {
       "url": "https://news.bloomberglaw.com/tech-and-telecom-law/openai-valued-at-852-billion-after-closing-122-billion-round",
       "trust": "reported"
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      {
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     ],
     "status": "draft",
     "value": 97
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    "deal_heat": {
     "reason": "The Atlas reports no deal talks, pending deal, listing plan or stated acquisition plan for this company.",
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   },
   "ovr": 87,
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   "ovr_from": 5,
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   "ovr_reason": "Amazon held 28% of cloud infrastructure spending in Q2 2026 on Synergy's figures, and AWS sales were $42.2bn, up 37%, with operating income of $16.6bn.",
   "ovr_by": "Claude (draft)",
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   "profile": "atlas/amazon.html",
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   "team": "amazon_anthropic"
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   "name": "Marvell",
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     "reason": "Broadcom and Marvell are estimated to control about 95% of custom accelerator co-design, with Marvell the only other scaled partner.",
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      {
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     "status": "draft",
     "value": 76
    },
    "momentum": {
     "reason": "The Atlas gives no growth figure and no stated direction for this company.",
     "evidence": [],
     "status": "draft",
     "value": null
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    "leverage": {
     "reason": "The card calls it the only other scaled custom chip partner a buyer can call.",
     "evidence": [
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     ],
     "status": "draft",
     "base": 50,
     "adjust": 12,
     "value": 62
    },
    "durability": {
     "reason": "Its named risks are winning a flagship program and integrating the Celestial AI technology.",
     "evidence": [
      {
       "url": "https://alatirok.com/ai-chip-market-share-2026/",
       "trust": "reported"
      },
      {
       "url": "https://ai2.work/blog/ayar-labs-raises-500m-to-replace-copper-with-light-in-ai-chips-2026",
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     ],
     "status": "draft",
     "value": 76
    },
    "firepower": {
     "reason": "Reported to have completed a roughly $3.25bn purchase of Celestial AI.",
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      {
       "url": "https://ai2.work/blog/ayar-labs-raises-500m-to-replace-copper-with-light-in-ai-chips-2026",
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     ],
     "status": "draft",
     "value": 78
    },
    "deal_heat": {
     "reason": "The Atlas reports the Celestial AI purchase as completed and no further deal activity.",
     "evidence": [],
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   },
   "ovr": 73,
   "ovr_status": "draft",
   "ovr_from": 4,
   "badges": [],
   "ovr_reason": "Marvell and Broadcom are estimated to control about 95% of custom accelerator co-design, which makes Marvell the only other scaled partner a buyer can call.",
   "ovr_by": "Claude (draft)",
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   "profile": "atlas/marvell.html",
   "initials": "MA",
   "logo": {
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  },
  "openai": {
   "name": "OpenAI",
   "description": "Frontier model lab, now also a designer of its own accelerators.",
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   "attributes": {
    "dominance": {
     "reason": "Holds 27% of enterprise LLM API spend against Anthropic's 40%, and has the largest consumer audience.",
     "evidence": [
      {
       "url": "https://news.bloomberglaw.com/tech-and-telecom-law/openai-valued-at-852-billion-after-closing-122-billion-round",
       "trust": "reported"
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     ],
     "status": "draft",
     "value": 82
    },
    "momentum": {
     "reason": "The Atlas gives no growth figure for OpenAI's revenue or users.",
     "evidence": [],
     "status": "draft",
     "value": null
    },
    "leverage": {
     "reason": "Suppliers hold large contracts tied to it, including Oracle's $300bn five-year cloud contract and CoreWeave contracts of about $22.4bn.",
     "evidence": [
      {
       "url": "https://intuitionlabs.ai/articles/oracle-openai-300b-deal-analysis",
       "trust": "reported"
      },
      {
       "url": "https://www.nextplatform.com/cloud/2026/08/14/the-neoclouds-build-cash-hoards-faster-than-revenues/5288040",
       "trust": "reported"
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     ],
     "status": "draft",
     "base": 50,
     "adjust": 15,
     "value": 65
    },
    "durability": {
     "reason": "Its named risk is turning compute commitments into revenue, and Amazon's $35bn is contingent on an IPO or an AGI milestone.",
     "evidence": [
      {
       "url": "https://news.bloomberglaw.com/tech-and-telecom-law/openai-valued-at-852-billion-after-closing-122-billion-round",
       "trust": "reported"
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     ],
     "status": "draft",
     "value": 66
    },
    "firepower": {
     "reason": "Closed a $122bn round at an $852bn post-money valuation in March 2026.",
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      {
       "url": "https://news.bloomberglaw.com/tech-and-telecom-law/openai-valued-at-852-billion-after-closing-122-billion-round",
       "trust": "reported"
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     ],
     "status": "draft",
     "value": 99
    },
    "deal_heat": {
     "reason": "The Atlas reports a further raise in talks and no reported sale, purchase or listing plan.",
     "evidence": [],
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   },
   "ovr": 78,
   "ovr_status": "draft",
   "ovr_from": 4,
   "badges": [],
   "ovr_reason": "OpenAI closed a $122bn round at an $852bn post-money valuation in March 2026 on the largest consumer audience, and its rating rests on turning compute commitments into revenue.",
   "ovr_by": "Claude (draft)",
   "ovr_updated": "2026-11-02",
   "profile": "atlas/openai.html",
   "initials": "OP",
   "logo": {
    "file": "logos/openai.svg",
    "ground": "light"
   },
   "team": "microsoft_openai"
  },
  "huawei": {
   "name": "Huawei",
   "description": "Ascend AI chips and the leading domestic alternative in China.",
   "home": "silicon",
   "attributes": {
    "dominance": {
     "reason": "Holds 28% of China AI chip shipments in H1 2026 against Nvidia's 34%, a scaled participant in a row Nvidia leads.",
     "evidence": [
      {
       "url": "https://www.benzinga.com/markets/tech/26/10/62319484/nvidia-loses-ground-in-china-as-huaweis-ai-chip-shipments-nearly-double-capturing-28-market-share-report",
       "trust": "sourced"
      }
     ],
     "status": "draft",
     "value": 70
    },
    "momentum": {
     "reason": "Its China AI chip shipments nearly doubled in H1 2026 as Nvidia's fell 44%.",
     "evidence": [
      {
       "url": "https://www.benzinga.com/markets/tech/26/10/62319484/nvidia-loses-ground-in-china-as-huaweis-ai-chip-shipments-nearly-double-capturing-28-market-share-report",
       "trust": "sourced"
      }
     ],
     "status": "draft",
     "value": 92
    },
    "leverage": {
     "reason": "The Atlas states no company that depends on Huawei's Ascend chips.",
     "evidence": [
      {
       "url": "https://www.benzinga.com/markets/tech/26/10/62319484/nvidia-loses-ground-in-china-as-huaweis-ai-chip-shipments-nearly-double-capturing-28-market-share-report",
       "trust": "sourced"
      }
     ],
     "status": "draft",
     "base": 50,
     "adjust": 0,
     "value": 50
    },
    "durability": {
     "reason": "Its growth depends on access to enough advanced manufacturing capacity, a meaningful constraint the card names.",
     "evidence": [
      {
       "url": "https://www.benzinga.com/markets/tech/26/10/62319484/nvidia-loses-ground-in-china-as-huaweis-ai-chip-shipments-nearly-double-capturing-28-market-share-report",
       "trust": "sourced"
      }
     ],
     "status": "draft",
     "value": 70
    },
    "firepower": {
     "reason": "The Atlas states no cash, raise, profit, debt or spending commitment for this company.",
     "evidence": [],
     "status": "draft",
     "value": null
    },
    "deal_heat": {
     "reason": "The Atlas reports no deal talks, pending deal, listing plan or stated acquisition plan for this company.",
     "evidence": [],
     "status": "draft",
     "value": null
    }
   },
   "ovr": 68,
   "ovr_status": "draft",
   "ovr_from": 4,
   "badges": [],
   "ovr_reason": "Huawei took 28% of China AI chip shipments in H1 2026 (572,000 units) as its shipments nearly doubled, and growth depends on access to enough advanced manufacturing capacity.",
   "ovr_by": "Claude (draft)",
   "ovr_updated": "2026-11-02",
   "profile": "atlas/huawei.html",
   "initials": "HU",
   "logo": {
    "file": "logos/huawei.svg",
    "ground": "light"
   }
  },
  "cerebras": {
   "name": "Cerebras",
   "description": "Wafer-scale AI systems, public since May 2026.",
   "home": "silicon",
   "attributes": {
    "dominance": {
     "reason": "A practice-squad accelerator maker with no stated share, holding an OpenAI agreement valued above $20bn.",
     "evidence": [
      {
       "url": "https://techcrunch.com/2026/05/14/cerebras-raises-5-5b-kicking-off-2026s-ipo-season-with-a-bang/",
       "trust": "sourced"
      }
     ],
     "status": "draft",
     "value": 56
    },
    "momentum": {
     "reason": "The Atlas gives no growth figure and no stated direction for this company.",
     "evidence": [],
     "status": "draft",
     "value": null
    },
    "leverage": {
     "reason": "OpenAI depends on it through a multi-year agreement valued above $20bn, cited in Cerebras's S-1/A.",
     "evidence": [
      {
       "url": "https://techcrunch.com/2026/05/14/cerebras-raises-5-5b-kicking-off-2026s-ipo-season-with-a-bang/",
       "trust": "reported"
      }
     ],
     "status": "draft",
     "base": 58,
     "adjust": 4,
     "value": 62
    },
    "durability": {
     "reason": "Its named risk is turning the OpenAI commitment, valued above $20bn, into delivered capacity.",
     "evidence": [
      {
       "url": "https://techcrunch.com/2026/05/14/cerebras-raises-5-5b-kicking-off-2026s-ipo-season-with-a-bang/",
       "trust": "sourced"
      }
     ],
     "status": "draft",
     "value": 70
    },
    "firepower": {
     "reason": "Its IPO priced at $185 on 13 May 2026 and raised $5.55bn.",
     "evidence": [
      {
       "url": "https://techcrunch.com/2026/05/14/cerebras-raises-5-5b-kicking-off-2026s-ipo-season-with-a-bang/",
       "trust": "sourced"
      }
     ],
     "status": "draft",
     "value": 80
    },
    "deal_heat": {
     "reason": "The Atlas reports its IPO as completed in May 2026 and no further deal activity.",
     "evidence": [],
     "status": "draft",
     "value": null
    }
   },
   "ovr": 64,
   "ovr_status": "draft",
   "ovr_from": 4,
   "badges": [],
   "ovr_reason": "Cerebras raised $5.55bn in its May 2026 IPO and cites an OpenAI agreement valued above $20bn, so its position rests on turning that commitment into delivered capacity.",
   "ovr_by": "Claude (draft)",
   "ovr_updated": "2026-11-02",
   "profile": "atlas/cerebras.html",
   "initials": "CE",
   "logo": {
    "file": "logos/cerebras.svg",
    "ground": "light"
   },
   "team": "microsoft_openai"
  },
  "groq": {
   "name": "Groq",
   "description": "Low-latency inference chips and a cloud, partly licensed to Nvidia.",
   "home": "silicon",
   "attributes": {
    "dominance": {
     "reason": "A practice-squad inference chip maker with no stated share, whose technology Nvidia licensed in a deal reported at about $20bn.",
     "evidence": [
      {
       "url": "https://groq.com/newsroom/groq-and-nvidia-enter-non-exclusive-inference-technology-licensing-agreement-to-accelerate-ai-inference-at-global-scale",
       "trust": "sourced"
      }
     ],
     "status": "draft",
     "value": 55
    },
    "momentum": {
     "reason": "The Atlas gives no growth figure and no stated direction for this company.",
     "evidence": [],
     "status": "draft",
     "value": null
    },
    "leverage": {
     "reason": "Nvidia licenses its low-latency inference technology, which Nvidia paid for because it did not have it.",
     "evidence": [
      {
       "url": "https://groq.com/newsroom/groq-and-nvidia-enter-non-exclusive-inference-technology-licensing-agreement-to-accelerate-ai-inference-at-global-scale",
       "trust": "sourced"
      }
     ],
     "status": "draft",
     "base": 58,
     "adjust": 4,
     "value": 62
    },
    "durability": {
     "reason": "It faces a reported Justice Department review and a Delaware stockholder suit, and its founder and team joined Nvidia.",
     "evidence": [
      {
       "url": "https://groq.com/newsroom/groq-and-nvidia-enter-non-exclusive-inference-technology-licensing-agreement-to-accelerate-ai-inference-at-global-scale",
       "trust": "sourced"
      }
     ],
     "status": "draft",
     "value": 64
    },
    "firepower": {
     "reason": "The Atlas reports the value of the Nvidia licence and states no cash, raise or profit held by Groq.",
     "evidence": [],
     "status": "draft",
     "value": null
    },
    "deal_heat": {
     "reason": "The Atlas reports the Nvidia licence as done in Dec 2025 and no further deal activity.",
     "evidence": [],
     "status": "draft",
     "value": null
    }
   },
   "ovr": 60,
   "ovr_status": "draft",
   "ovr_from": 3,
   "badges": [],
   "ovr_reason": "Groq licensed its inference technology to Nvidia in a deal reported at about $20bn, which faces a reported Justice Department review and a Delaware stockholder suit.",
   "ovr_by": "Claude (draft)",
   "ovr_updated": "2026-11-02",
   "profile": "atlas/groq.html",
   "initials": "GR",
   "team": "nvidia"
  },
  "tenstorrent": {
   "name": "Tenstorrent",
   "description": "AI chips and servers from a startup led by chip architect Jim Keller.",
   "home": "silicon",
   "attributes": {
    "dominance": {
     "reason": "A practice-squad AI chip startup with no stated share or revenue.",
     "evidence": [
      {
       "url": "https://money.usnews.com/investing/news/articles/2026-10-19/ai-chip-startup-tenstorrent-more-than-doubles-its-valuation-to-6-2-billion-in-funding-round",
       "trust": "sourced"
      }
     ],
     "status": "draft",
     "value": 52
    },
    "momentum": {
     "reason": "The Atlas gives no growth figure and no stated direction for this company.",
     "evidence": [],
     "status": "draft",
     "value": null
    },
    "leverage": {
     "reason": "The Atlas states no company that depends on Tenstorrent.",
     "evidence": [
      {
       "url": "https://money.usnews.com/investing/news/articles/2026-10-19/ai-chip-startup-tenstorrent-more-than-doubles-its-valuation-to-6-2-billion-in-funding-round",
       "trust": "sourced"
      }
     ],
     "status": "draft",
     "base": 50,
     "adjust": 0,
     "value": 50
    },
    "durability": {
     "reason": "Its named risk is turning the round into Galaxy server shipments and manufacturing capacity.",
     "evidence": [
      {
       "url": "https://money.usnews.com/investing/news/articles/2026-10-19/ai-chip-startup-tenstorrent-more-than-doubles-its-valuation-to-6-2-billion-in-funding-round",
       "trust": "sourced"
      }
     ],
     "status": "draft",
     "value": 68
    },
    "firepower": {
     "reason": "Raised a $1.5bn Series E at a $6.2bn valuation on 19 Oct 2026.",
     "evidence": [
      {
       "url": "https://money.usnews.com/investing/news/articles/2026-10-19/ai-chip-startup-tenstorrent-more-than-doubles-its-valuation-to-6-2-billion-in-funding-round",
       "trust": "sourced"
      }
     ],
     "status": "draft",
     "value": 77
    },
    "deal_heat": {
     "reason": "The Atlas reports no deal talks, pending deal, listing plan or stated acquisition plan for this company.",
     "evidence": [],
     "status": "draft",
     "value": null
    }
   },
   "ovr": 57,
   "ovr_status": "draft",
   "ovr_from": 4,
   "badges": [],
   "ovr_reason": "Tenstorrent raised a $1.5bn Series E at a $6.2bn valuation on 19 Oct 2026 and now has to turn the round into Galaxy server shipments and manufacturing capacity.",
   "ovr_by": "Claude (draft)",
   "ovr_updated": "2026-11-02",
   "profile": "atlas/tenstorrent.html",
   "initials": "TE"
  },
  "etched": {
   "name": "Etched",
   "description": "Startup building chips specialised for transformer models.",
   "home": "silicon",
   "attributes": {
    "dominance": {
     "reason": "An early startup with a transformer-only chip and no stated share or revenue.",
     "evidence": [
      {
       "url": "https://www.cbinsights.com/company/etched/financials",
       "trust": "reported"
      }
     ],
     "status": "draft",
     "value": 48
    },
    "momentum": {
     "reason": "The Atlas gives no growth figure and no stated direction for this company.",
     "evidence": [],
     "status": "draft",
     "value": null
    },
    "leverage": {
     "reason": "The Atlas states no company that depends on Etched.",
     "evidence": [
      {
       "url": "https://www.cbinsights.com/company/etched/financials",
       "trust": "reported"
      }
     ],
     "status": "draft",
     "base": 50,
     "adjust": 0,
     "value": 50
    },
    "durability": {
     "reason": "Its chip is built only for transformers, so its business rests on that architecture staying dominant.",
     "evidence": [
      {
       "url": "https://www.cbinsights.com/company/etched/financials",
       "trust": "reported"
      }
     ],
     "status": "draft",
     "value": 52
    },
    "firepower": {
     "reason": "Raised a $500m Series B in January 2026 (CB Insights).",
     "evidence": [
      {
       "url": "https://www.cbinsights.com/company/etched/financials",
       "trust": "reported"
      }
     ],
     "status": "draft",
     "value": 70
    },
    "deal_heat": {
     "reason": "The Atlas reports no deal talks, pending deal, listing plan or stated acquisition plan for this company.",
     "evidence": [],
     "status": "draft",
     "value": null
    }
   },
   "ovr": 53,
   "ovr_status": "draft",
   "ovr_from": 4,
   "badges": [],
   "ovr_reason": "Etched raised a $500m Series B in January 2026 on a chip built only for transformers, so its case depends on that architecture staying dominant.",
   "ovr_by": "Claude (draft)",
   "ovr_updated": "2026-11-02",
   "profile": "atlas/etched.html",
   "initials": "ET"
  },
  "tsmc": {
   "name": "TSMC",
   "description": "Makes most of the world's leading-edge chips for others.",
   "home": "silicon",
   "attributes": {
    "dominance": {
     "reason": "Held 72.5% of top-ten foundry revenue in 2Q26, on about $40.2bn of revenue.",
     "evidence": [
      {
       "url": "https://www.trendforce.com/presscenter/news/20260909-13225.html",
       "trust": "sourced"
      }
     ],
     "status": "draft",
     "value": 98
    },
    "momentum": {
     "reason": "Revenue was about $40.2bn in 2Q26, up 12.1% on the quarter.",
     "evidence": [
      {
       "url": "https://www.trendforce.com/presscenter/news/20260909-13225.html",
       "trust": "sourced"
      }
     ],
     "status": "draft",
     "value": 74
    },
    "leverage": {
     "reason": "Makes the leading-edge chips for Nvidia, Apple and most others, and holds 72.5% of top-ten foundry revenue.",
     "evidence": [
      {
       "url": "https://www.trendforce.com/presscenter/news/20260909-13225.html",
       "trust": "sourced"
      },
      {
       "url": "https://www.taiwannews.com.tw/news/6310676",
       "trust": "reported"
      }
     ],
     "status": "draft",
     "base": 66,
     "adjust": 31,
     "value": 97
    },
    "durability": {
     "reason": "Its named risks are Taiwan concentration and whether Samsung or Intel win 2nm customers.",
     "evidence": [
      {
       "url": "https://www.trendforce.com/presscenter/news/20260909-13225.html",
       "trust": "sourced"
      }
     ],
     "status": "draft",
     "value": 72
    },
    "firepower": {
     "reason": "The Atlas states no cash, raise, profit, debt or spending commitment for this company.",
     "evidence": [],
     "status": "draft",
     "value": null
    },
    "deal_heat": {
     "reason": "The Atlas reports no deal talks, pending deal, listing plan or stated acquisition plan for this company.",
     "evidence": [],
     "status": "draft",
     "value": null
    }
   },
   "ovr": 91,
   "ovr_status": "draft",
   "ovr_from": 4,
   "badges": [
    {
     "id": "chokepoint",
     "label": "Chokepoint",
     "status": "draft",
     "reason": "Leverage of 97, at or above 92.",
     "evidence": [
      {
       "url": "https://www.trendforce.com/presscenter/news/20260909-13225.html",
       "trust": "sourced"
      },
      {
       "url": "https://www.taiwannews.com.tw/news/6310676",
       "trust": "reported"
      }
     ]
    }
   ],
   "ovr_reason": "TSMC held 72.5% of top-ten foundry revenue in 2Q26 on about $40.2bn and makes the leading-edge chips for Nvidia, Apple and most others.",
   "ovr_by": "Claude (draft)",
   "ovr_updated": "2026-11-02",
   "profile": "atlas/tsmc.html",
   "initials": "TS",
   "logo": {
    "file": "logos/tsmc.svg",
    "ground": "light"
   },
   "team": "nvidia"
  },
  "samsung": {
   "name": "Samsung",
   "description": "Memory leader and the number two foundry.",
   "home": "silicon",
   "attributes": {
    "dominance": {
     "reason": "Retook the DRAM lead in Q2 2026 with 38 to 39%, and led phones with 22.7% of shipments.",
     "evidence": [
      {
       "url": "https://counterpointresearch.com/en/insights/ai-demand-reshapes-dram-rankings-in-q2-2026",
       "trust": "sourced"
      },
      {
       "url": "https://www.biztechreports.com/news-archive/2026/8/6/global-smartphone-shipments-fall-67-in-q2-2026-as-the-memory-crisis-splits-the-market-in-two-idc-august-11-2026",
       "trust": "sourced"
      }
     ],
     "status": "draft",
     "value": 88
    },
    "momentum": {
     "reason": "Retook the DRAM lead in Q2 2026, its HBM share of about 33% is rising, and phone units grew about 8%.",
     "evidence": [
      {
       "url": "https://counterpointresearch.com/en/insights/ai-demand-reshapes-dram-rankings-in-q2-2026",
       "trust": "sourced"
      },
      {
       "url": "https://www.biztechreports.com/news-archive/2026/8/6/global-smartphone-shipments-fall-67-in-q2-2026-as-the-memory-crisis-splits-the-market-in-two-idc-august-11-2026",
       "trust": "sourced"
      }
     ],
     "status": "draft",
     "value": 86
    },
    "leverage": {
     "reason": "Holds 38% of DRAM and makes Tesla's AI6 chips under a $16.5bn contract to 2033.",
     "evidence": [
      {
       "url": "https://counterpointresearch.com/en/insights/ai-demand-reshapes-dram-rankings-in-q2-2026",
       "trust": "sourced"
      },
      {
       "url": "https://www.datacenterdynamics.com/en/news/samsung-electronics-signs-165bn-deal-with-tesla-to-manufacture-ai6-chips-at-taylor-texas-fab/",
       "trust": "reported"
      }
     ],
     "status": "draft",
     "base": 50,
     "adjust": 16,
     "value": 66
    },
    "durability": {
     "reason": "Spans memory, foundry and phones, with named risks of a contested DRAM lead and 2nm yields.",
     "evidence": [
      {
       "url": "https://counterpointresearch.com/en/insights/ai-demand-reshapes-dram-rankings-in-q2-2026",
       "trust": "sourced"
      },
      {
       "url": "https://www.datacenterdynamics.com/en/news/samsung-electronics-signs-165bn-deal-with-tesla-to-manufacture-ai6-chips-at-taylor-texas-fab/",
       "trust": "sourced"
      }
     ],
     "status": "draft",
     "value": 84
    },
    "firepower": {
     "reason": "The Atlas states that Samsung led Mistral's round and gives no amount, cash or commitment of its own.",
     "evidence": [],
     "status": "draft",
     "value": null
    },
    "deal_heat": {
     "reason": "The Atlas reports no deal talks, pending deal, listing plan or stated acquisition plan for this company.",
     "evidence": [],
     "status": "draft",
     "value": null
    }
   },
   "ovr": 82,
   "ovr_status": "draft",
   "ovr_from": 4,
   "badges": [],
   "ovr_reason": "Samsung retook the DRAM lead in Q2 2026 with 38 to 39% and has about 33% of HBM and rising, with Counterpoint and IDC ranking the memory leaders differently.",
   "ovr_by": "Claude (draft)",
   "ovr_updated": "2026-11-02",
   "profile": "atlas/samsung.html",
   "initials": "SA",
   "logo": {
    "file": "logos/samsung.svg",
    "ground": "light"
   },
   "team": "google"
  },
  "smic": {
   "name": "SMIC",
   "description": "China's largest chip foundry.",
   "home": "silicon",
   "attributes": {
    "dominance": {
     "reason": "China's largest foundry with a small stated share of 5.4% of top-ten foundry revenue in 2Q26.",
     "evidence": [
      {
       "url": "https://www.taipeitimes.com/News/biz/archives/2026/09/10/2003863979",
       "trust": "sourced"
      }
     ],
     "status": "draft",
     "value": 62
    },
    "momentum": {
     "reason": "Revenue rose about 20% on the quarter to above $3bn, and its share rose from 5.1% to 5.4%.",
     "evidence": [
      {
       "url": "https://www.taipeitimes.com/News/biz/archives/2026/09/10/2003863979",
       "trust": "sourced"
      }
     ],
     "status": "draft",
     "value": 82
    },
    "leverage": {
     "reason": "The Atlas states no company that depends on SMIC.",
     "evidence": [
      {
       "url": "https://www.taipeitimes.com/News/biz/archives/2026/09/10/2003863979",
       "trust": "sourced"
      }
     ],
     "status": "draft",
     "base": 50,
     "adjust": 0,
     "value": 50
    },
    "durability": {
     "reason": "Its named risk is equipment access under export controls.",
     "evidence": [
      {
       "url": "https://www.taipeitimes.com/News/biz/archives/2026/09/10/2003863979",
       "trust": "sourced"
      }
     ],
     "status": "draft",
     "value": 68
    },
    "firepower": {
     "reason": "The Atlas states no cash, raise, profit, debt or spending commitment for this company.",
     "evidence": [],
     "status": "draft",
     "value": null
    },
    "deal_heat": {
     "reason": "The Atlas reports no deal talks, pending deal, listing plan or stated acquisition plan for this company.",
     "evidence": [],
     "status": "draft",
     "value": null
    }
   },
   "ovr": 63,
   "ovr_status": "draft",
   "ovr_from": 4,
   "badges": [],
   "ovr_reason": "SMIC lifted its foundry share to 5.4% in 2Q26 from 5.1% as China steers domestic buyers to domestic chips, and equipment access under export controls is its main exposure.",
   "ovr_by": "Claude (draft)",
   "ovr_updated": "2026-11-02",
   "profile": "atlas/smic.html",
   "initials": "SM",
   "logo": {
    "file": "logos/smic.svg",
    "ground": "light"
   }
  },
  "intel_foundry": {
   "name": "Intel Foundry",
   "description": "Intel's contract manufacturing arm, still building outside customers.",
   "home": "silicon",
   "attributes": {
    "dominance": {
     "reason": "External revenue was $293m in Q2 2026, early for a foundry still building outside customers.",
     "evidence": [
      {
       "url": "https://www.alpha-sense.com/earnings/intc/",
       "trust": "reported"
      }
     ],
     "status": "draft",
     "value": 50
    },
    "momentum": {
     "reason": "The Atlas gives no growth figure and no stated direction for this company.",
     "evidence": [],
     "status": "draft",
     "value": null
    },
    "leverage": {
     "reason": "Tesla is reported as a 14A customer, unconfirmed, so the Atlas states no confirmed dependence.",
     "evidence": [
      {
       "url": "https://www.alpha-sense.com/earnings/intc/",
       "trust": "reported"
      }
     ],
     "status": "draft",
     "base": 50,
     "adjust": 0,
     "value": 50
    },
    "durability": {
     "reason": "It posted an operating loss of $2.1bn in Q2 2026, and customers decide on 14A between the second half of 2026 and the first half of 2027.",
     "evidence": [
      {
       "url": "https://www.alpha-sense.com/earnings/intc/",
       "trust": "reported"
      }
     ],
     "status": "draft",
     "value": 58
    },
    "firepower": {
     "reason": "It posted an operating loss of $2.1bn in Q2 2026 and has state and investor backing.",
     "evidence": [
      {
       "url": "https://www.alpha-sense.com/earnings/intc/",
       "trust": "reported"
      }
     ],
     "status": "draft",
     "value": 50
    },
    "deal_heat": {
     "reason": "The Atlas reports no deal talks, pending deal, listing plan or stated acquisition plan for this company.",
     "evidence": [],
     "status": "draft",
     "value": null
    }
   },
   "ovr": 51,
   "ovr_status": "draft",
   "ovr_from": 4,
   "badges": [],
   "ovr_reason": "Intel Foundry had $293m of external revenue and a $2.1bn operating loss in Q2 2026, and customers decide on 14A between the second half of 2026 and the first half of 2027.",
   "ovr_by": "Claude (draft)",
   "ovr_updated": "2026-11-02",
   "profile": "atlas/intel_foundry.html",
   "initials": "IF"
  },
  "umc_gf": {
   "name": "UMC and GlobalFoundries",
   "description": "Mature-node foundries serving cars, industry and communications.",
   "home": "silicon",
   "attributes": {
    "dominance": {
     "reason": "Small stated shares of top-ten foundry revenue in 2Q26, UMC 3.9% and GlobalFoundries 3.2%.",
     "evidence": [
      {
       "url": "https://www.trendforce.com/presscenter/news/20260909-13225.html",
       "trust": "sourced"
      }
     ],
     "status": "draft",
     "value": 58
    },
    "momentum": {
     "reason": "The Atlas gives no growth figure and no stated direction for this company.",
     "evidence": [],
     "status": "draft",
     "value": null
    },
    "leverage": {
     "reason": "The Atlas states no company that depends on UMC or GlobalFoundries.",
     "evidence": [
      {
       "url": "https://www.trendforce.com/presscenter/news/20260909-13225.html",
       "trust": "sourced"
      }
     ],
     "status": "draft",
     "base": 50,
     "adjust": 0,
     "value": 50
    },
    "durability": {
     "reason": "Its named risk is Chinese mature-node capacity and pricing.",
     "evidence": [
      {
       "url": "https://www.trendforce.com/presscenter/news/20260909-13225.html",
       "trust": "sourced"
      }
     ],
     "status": "draft",
     "value": 74
    },
    "firepower": {
     "reason": "The Atlas states no cash, raise, profit, debt or spending commitment for this company.",
     "evidence": [],
     "status": "draft",
     "value": null
    },
    "deal_heat": {
     "reason": "The Atlas reports no deal talks, pending deal, listing plan or stated acquisition plan for this company.",
     "evidence": [],
     "status": "draft",
     "value": null
    }
   },
   "ovr": 58,
   "ovr_status": "draft",
   "ovr_from": 3,
   "badges": [],
   "ovr_reason": "UMC and GlobalFoundries held 3.9% and 3.2% of top-ten foundry revenue in 2Q26 from mature-node capacity, which faces Chinese mature-node capacity and pricing.",
   "ovr_by": "Claude (draft)",
   "ovr_updated": "2026-11-02",
   "profile": "atlas/umc_gf.html",
   "initials": "UA"
  },
  "rapidus": {
   "name": "Rapidus",
   "description": "Japan's state-backed 2nm foundry start-up.",
   "home": "silicon",
   "attributes": {
    "dominance": {
     "reason": "Pre-revenue, with 2nm mass production targeted for 2027.",
     "evidence": [
      {
       "url": "https://www.theregister.com/2026/02/27/rapidus_funding/",
       "trust": "sourced"
      }
     ],
     "status": "draft",
     "value": 44
    },
    "momentum": {
     "reason": "The Atlas gives no growth figure and no stated direction for this company.",
     "evidence": [],
     "status": "draft",
     "value": null
    },
    "leverage": {
     "reason": "The Atlas states no company that depends on Rapidus.",
     "evidence": [
      {
       "url": "https://www.theregister.com/2026/02/27/rapidus_funding/",
       "trust": "sourced"
      }
     ],
     "status": "draft",
     "base": 50,
     "adjust": 0,
     "value": 50
    },
    "durability": {
     "reason": "It still has to reach working yields and sign paying customers before 2nm mass production in 2027.",
     "evidence": [
      {
       "url": "https://www.theregister.com/2026/02/27/rapidus_funding/",
       "trust": "sourced"
      }
     ],
     "status": "draft",
     "value": 52
    },
    "firepower": {
     "reason": "Raised about 267.6bn yen in Feb 2026, plus 150bn yen from Japan's METI in June 2026.",
     "evidence": [
      {
       "url": "https://www.theregister.com/2026/02/27/rapidus_funding/",
       "trust": "sourced"
      }
     ],
     "status": "draft",
     "value": 76
    },
    "deal_heat": {
     "reason": "The Atlas reports no deal talks, pending deal, listing plan or stated acquisition plan for this company.",
     "evidence": [],
     "status": "draft",
     "value": null
    }
   },
   "ovr": 52,
   "ovr_status": "draft",
   "ovr_from": 4,
   "badges": [],
   "ovr_reason": "Rapidus raised about 267.6bn yen in Feb 2026 plus 150bn yen from Japan's METI and targets 2nm mass production for 2027, with working yields and paying customers still to come.",
   "ovr_by": "Claude (draft)",
   "ovr_updated": "2026-11-02",
   "profile": "atlas/rapidus.html",
   "initials": "RA",
   "logo": {
    "file": "logos/rapidus.svg",
    "ground": "light"
   }
  },
  "sk_hynix": {
   "name": "SK hynix",
   "description": "Leads high-bandwidth memory, the memory stacked beside AI chips.",
   "home": "silicon",
   "attributes": {
    "dominance": {
     "reason": "Clear leader of HBM with about 50% share in Q2 2026, and 25 to 26% of DRAM.",
     "evidence": [
      {
       "url": "https://counterpointresearch.com/en/insights/ai-demand-reshapes-dram-rankings-in-q2-2026",
       "trust": "sourced"
      }
     ],
     "status": "draft",
     "value": 90
    },
    "momentum": {
     "reason": "Its HBM share fell to about 50% in Q2 2026 from 64% a year earlier, and it lost the DRAM lead to Samsung.",
     "evidence": [
      {
       "url": "https://counterpointresearch.com/en/insights/ai-demand-reshapes-dram-rankings-in-q2-2026",
       "trust": "sourced"
      },
      {
       "url": "https://counterpointresearch.com/en/insights/ai-demand-reshapes-dram-rankings-in-q2-2026",
       "trust": "reported"
      }
     ],
     "status": "draft",
     "value": 52
    },
    "leverage": {
     "reason": "Built the HBM that sits next to Nvidia's chips and still leads it with about 50% share.",
     "evidence": [
      {
       "url": "https://counterpointresearch.com/en/insights/ai-demand-reshapes-dram-rankings-in-q2-2026",
       "trust": "sourced"
      }
     ],
     "status": "draft",
     "base": 50,
     "adjust": 18,
     "value": 68
    },
    "durability": {
     "reason": "Its named risk is Samsung's HBM4 ramp, share pressure from a rival.",
     "evidence": [
      {
       "url": "https://counterpointresearch.com/en/insights/ai-demand-reshapes-dram-rankings-in-q2-2026",
       "trust": "sourced"
      }
     ],
     "status": "draft",
     "value": 80
    },
    "firepower": {
     "reason": "Priced a Nasdaq ADR offering of about $26.5bn in July 2026 (reported).",
     "evidence": [
      {
       "url": "https://counterpointresearch.com/en/insights/ai-demand-reshapes-dram-rankings-in-q2-2026",
       "trust": "sourced"
      }
     ],
     "status": "draft",
     "value": 92
    },
    "deal_heat": {
     "reason": "The Atlas reports the ADR offering as priced in July 2026 and no further deal activity.",
     "evidence": [],
     "status": "draft",
     "value": null
    }
   },
   "ovr": 80,
   "ovr_status": "draft",
   "ovr_from": 5,
   "badges": [],
   "ovr_reason": "SK hynix held about 50% of HBM in Q2 2026, down from 64% a year earlier, and still leads the memory that sits next to Nvidia's chips.",
   "ovr_by": "Claude (draft)",
   "ovr_updated": "2026-11-02",
   "profile": "atlas/sk_hynix.html",
   "initials": "SH",
   "logo": {
    "file": "logos/sk_hynix.svg",
    "ground": "light"
   }
  },
  "micron": {
   "name": "Micron",
   "description": "The US memory maker, third in DRAM and HBM.",
   "home": "silicon",
   "attributes": {
    "dominance": {
     "reason": "Third in memory with 24 to 25% of DRAM and about 18% of HBM in Q2 2026.",
     "evidence": [
      {
       "url": "https://counterpointresearch.com/en/insights/ai-demand-reshapes-dram-rankings-in-q2-2026",
       "trust": "sourced"
      }
     ],
     "status": "draft",
     "value": 72
    },
    "momentum": {
     "reason": "The Atlas gives no growth figure and no stated direction for this company.",
     "evidence": [],
     "status": "draft",
     "value": null
    },
    "leverage": {
     "reason": "The Atlas states no company that depends on Micron.",
     "evidence": [
      {
       "url": "https://counterpointresearch.com/en/insights/ai-demand-reshapes-dram-rankings-in-q2-2026",
       "trust": "sourced"
      }
     ],
     "status": "draft",
     "base": 50,
     "adjust": 0,
     "value": 50
    },
    "durability": {
     "reason": "Its named risk is holding HBM share as Samsung ramps.",
     "evidence": [
      {
       "url": "https://counterpointresearch.com/en/insights/ai-demand-reshapes-dram-rankings-in-q2-2026",
       "trust": "sourced"
      }
     ],
     "status": "draft",
     "value": 80
    },
    "firepower": {
     "reason": "The Atlas states no cash, raise, profit, debt or spending commitment for this company.",
     "evidence": [],
     "status": "draft",
     "value": null
    },
    "deal_heat": {
     "reason": "The Atlas reports no deal talks, pending deal, listing plan or stated acquisition plan for this company.",
     "evidence": [],
     "status": "draft",
     "value": null
    }
   },
   "ovr": 67,
   "ovr_status": "draft",
   "ovr_from": 3,
   "badges": [],
   "ovr_reason": "Micron is the one scaled US memory maker, with 24 to 25% of DRAM and about 18% of HBM in Q2 2026, and has to hold HBM share as Samsung ramps.",
   "ovr_by": "Claude (draft)",
   "ovr_updated": "2026-11-02",
   "profile": "atlas/micron.html",
   "initials": "MI",
   "logo": {
    "file": "logos/micron.svg",
    "ground": "light"
   }
  },
  "cxmt": {
   "name": "CXMT",
   "description": "China's leading DRAM maker.",
   "home": "silicon",
   "attributes": {
    "dominance": {
     "reason": "Holds about 10% of DRAM in Q2 2026, a small stated share.",
     "evidence": [
      {
       "url": "https://counterpointresearch.com/en/insights/ai-demand-reshapes-dram-rankings-in-q2-2026",
       "trust": "sourced"
      }
     ],
     "status": "draft",
     "value": 62
    },
    "momentum": {
     "reason": "The Atlas gives no growth figure and no stated direction for this company.",
     "evidence": [],
     "status": "draft",
     "value": null
    },
    "leverage": {
     "reason": "The Atlas states no company that depends on CXMT.",
     "evidence": [
      {
       "url": "https://counterpointresearch.com/en/insights/ai-demand-reshapes-dram-rankings-in-q2-2026",
       "trust": "sourced"
      }
     ],
     "status": "draft",
     "base": 50,
     "adjust": 0,
     "value": 50
    },
    "durability": {
     "reason": "Its named risks are export controls on equipment and moving up to HBM.",
     "evidence": [
      {
       "url": "https://counterpointresearch.com/en/insights/ai-demand-reshapes-dram-rankings-in-q2-2026",
       "trust": "sourced"
      }
     ],
     "status": "draft",
     "value": 66
    },
    "firepower": {
     "reason": "The Atlas states no cash, raise, profit, debt or spending commitment for this company.",
     "evidence": [],
     "status": "draft",
     "value": null
    },
    "deal_heat": {
     "reason": "The Atlas reports no deal talks, pending deal, listing plan or stated acquisition plan for this company.",
     "evidence": [],
     "status": "draft",
     "value": null
    }
   },
   "ovr": 59,
   "ovr_status": "draft",
   "ovr_from": 3,
   "badges": [],
   "ovr_reason": "CXMT held about 10% of DRAM in Q2 2026 on Chinese demand for domestic supply, with export controls on equipment and the move up to HBM as its exposure.",
   "ovr_by": "Claude (draft)",
   "ovr_updated": "2026-11-02",
   "profile": "atlas/cxmt.html",
   "initials": "CX"
  },
  "asml": {
   "name": "ASML",
   "description": "Sole maker of the extreme ultraviolet machines that print leading-edge chips.",
   "home": "silicon",
   "attributes": {
    "dominance": {
     "reason": "The only company that makes EUV machines, so every leading-edge fab is its customer.",
     "evidence": [
      {
       "url": "https://www.nasdaq.com/articles/asml-q2-earnings-call-highlights",
       "trust": "sourced"
      }
     ],
     "status": "draft",
     "value": 99
    },
    "momentum": {
     "reason": "The Atlas gives ASML's Q2 2026 sales and full-year guide and no growth rate.",
     "evidence": [],
     "status": "draft",
     "value": null
    },
    "leverage": {
     "reason": "The sole supplier of EUV machines, so every leading-edge fab, TSMC first, depends on it.",
     "evidence": [
      {
       "url": "https://www.nasdaq.com/articles/asml-q2-earnings-call-highlights",
       "trust": "sourced"
      },
      {
       "url": "https://www.cnbc.com/2022/03/23/inside-asml-the-company-advanced-chipmakers-use-for-euv-lithography.html",
       "trust": "reported"
      }
     ],
     "status": "draft",
     "base": 58,
     "adjust": 41,
     "value": 99
    },
    "durability": {
     "reason": "Its named risks are China's share of its sales, about 14% in Q2 by one estimate, and a rival lithography method.",
     "evidence": [
      {
       "url": "https://www.nasdaq.com/articles/asml-q2-earnings-call-highlights",
       "trust": "sourced"
      }
     ],
     "status": "draft",
     "value": 84
    },
    "firepower": {
     "reason": "Invested €1.3bn in Mistral in 2025 for about 11% and became its largest shareholder.",
     "evidence": [
      {
       "url": "https://www.dutchnews.nl/2025/09/asml-confirms-e1-3-billion-investment-in-french-ai-firm",
       "trust": "reported"
      }
     ],
     "status": "draft",
     "value": 78
    },
    "deal_heat": {
     "reason": "The Atlas reports no deal talks, pending deal, listing plan or stated acquisition plan for this company.",
     "evidence": [],
     "status": "draft",
     "value": null
    }
   },
   "ovr": 94,
   "ovr_status": "draft",
   "ovr_from": 4,
   "badges": [
    {
     "id": "chokepoint",
     "label": "Chokepoint",
     "status": "draft",
     "reason": "Leverage of 99, at or above 92.",
     "evidence": [
      {
       "url": "https://www.nasdaq.com/articles/asml-q2-earnings-call-highlights",
       "trust": "sourced"
      },
      {
       "url": "https://www.cnbc.com/2022/03/23/inside-asml-the-company-advanced-chipmakers-use-for-euv-lithography.html",
       "trust": "reported"
      }
     ]
    }
   ],
   "ovr_reason": "ASML is the only company that makes EUV machines, so every leading-edge fab is its customer, and its Q2 2026 net sales were EUR 9.3bn with EUR 3.8bn from EUV systems.",
   "ovr_by": "Claude (draft)",
   "ovr_updated": "2026-11-02",
   "profile": "atlas/asml.html",
   "initials": "AS",
   "logo": {
    "file": "logos/asml.svg",
    "ground": "light"
   }
  },
  "amat": {
   "name": "Applied Materials",
   "description": "Deposition, etch and inspection tools.",
   "home": "silicon",
   "attributes": {
    "dominance": {
     "reason": "The second-largest IC equipment supplier in 2025 (TechInsights), with the broadest set of deposition and etch tools.",
     "evidence": [
      {
       "url": "https://www.techinsights.com/blog/top-ic-manufacturing-equipment-suppliers-2025",
       "trust": "sourced"
      }
     ],
     "status": "draft",
     "value": 82
    },
    "momentum": {
     "reason": "The Atlas gives no growth figure and no stated direction for this company.",
     "evidence": [],
     "status": "draft",
     "value": null
    },
    "leverage": {
     "reason": "Chipmakers buy from the broadest set of deposition and etch tools in the row, from the second-largest equipment supplier in 2025.",
     "evidence": [
      {
       "url": "https://www.techinsights.com/blog/top-ic-manufacturing-equipment-suppliers-2025",
       "trust": "sourced"
      }
     ],
     "status": "draft",
     "base": 50,
     "adjust": 12,
     "value": 62
    },
    "durability": {
     "reason": "Its named risk is export controls on China sales.",
     "evidence": [
      {
       "url": "https://www.techinsights.com/blog/top-ic-manufacturing-equipment-suppliers-2025",
       "trust": "sourced"
      }
     ],
     "status": "draft",
     "value": 74
    },
    "firepower": {
     "reason": "The Atlas states no cash, raise, profit, debt or spending commitment for this company.",
     "evidence": [],
     "status": "draft",
     "value": null
    },
    "deal_heat": {
     "reason": "The Atlas reports no deal talks, pending deal, listing plan or stated acquisition plan for this company.",
     "evidence": [],
     "status": "draft",
     "value": null
    }
   },
   "ovr": 75,
   "ovr_status": "draft",
   "ovr_from": 3,
   "badges": [],
   "ovr_reason": "Applied Materials was the second-largest IC equipment supplier in 2025 (TechInsights) with the broadest set of deposition and etch tools, and export controls on China sales are its exposure.",
   "ovr_by": "Claude (draft)",
   "ovr_updated": "2026-11-02",
   "profile": "atlas/amat.html",
   "initials": "AM",
   "logo": {
    "file": "logos/amat.svg",
    "ground": "light"
   }
  },
  "lam": {
   "name": "Lam Research",
   "description": "Etch and deposition tools, strong in memory.",
   "home": "silicon",
   "attributes": {
    "dominance": {
     "reason": "Third among IC equipment suppliers in 2025 (TechInsights), strong in etch and memory.",
     "evidence": [
      {
       "url": "https://www.techinsights.com/blog/top-ic-manufacturing-equipment-suppliers-2025",
       "trust": "sourced"
      }
     ],
     "status": "draft",
     "value": 80
    },
    "momentum": {
     "reason": "The Atlas gives no growth figure and no stated direction for this company.",
     "evidence": [],
     "status": "draft",
     "value": null
    },
    "leverage": {
     "reason": "Chipmakers rely on it for etch and memory tools as the third-largest equipment supplier in 2025.",
     "evidence": [
      {
       "url": "https://www.techinsights.com/blog/top-ic-manufacturing-equipment-suppliers-2025",
       "trust": "sourced"
      }
     ],
     "status": "draft",
     "base": 50,
     "adjust": 10,
     "value": 60
    },
    "durability": {
     "reason": "Its named risk is memory capex cycles, which it can absorb as a top-five supplier.",
     "evidence": [
      {
       "url": "https://www.techinsights.com/blog/top-ic-manufacturing-equipment-suppliers-2025",
       "trust": "sourced"
      }
     ],
     "status": "draft",
     "value": 78
    },
    "firepower": {
     "reason": "The Atlas states no cash, raise, profit, debt or spending commitment for this company.",
     "evidence": [],
     "status": "draft",
     "value": null
    },
    "deal_heat": {
     "reason": "The Atlas reports no deal talks, pending deal, listing plan or stated acquisition plan for this company.",
     "evidence": [],
     "status": "draft",
     "value": null
    }
   },
   "ovr": 74,
   "ovr_status": "draft",
   "ovr_from": 3,
   "badges": [],
   "ovr_reason": "Lam Research ranked third among chip equipment suppliers in 2025 (TechInsights), with strength in etch and in booming memory, which ties it to memory capex cycles.",
   "ovr_by": "Claude (draft)",
   "ovr_updated": "2026-11-02",
   "profile": "atlas/lam.html",
   "initials": "LR",
   "logo": {
    "file": "logos/lam.svg",
    "ground": "light"
   }
  },
  "tel": {
   "name": "Tokyo Electron",
   "description": "Coating and etch tools.",
   "home": "silicon",
   "attributes": {
    "dominance": {
     "reason": "Fourth among IC equipment suppliers in 2025 (TechInsights), and it leads in coating and developing tools.",
     "evidence": [
      {
       "url": "https://www.techinsights.com/blog/top-ic-manufacturing-equipment-suppliers-2025",
       "trust": "sourced"
      }
     ],
     "status": "draft",
     "value": 79
    },
    "momentum": {
     "reason": "The Atlas gives no growth figure and no stated direction for this company.",
     "evidence": [],
     "status": "draft",
     "value": null
    },
    "leverage": {
     "reason": "Chipmakers rely on it for coating and developing tools, where the card says it leads.",
     "evidence": [
      {
       "url": "https://www.techinsights.com/blog/top-ic-manufacturing-equipment-suppliers-2025",
       "trust": "sourced"
      }
     ],
     "status": "draft",
     "base": 50,
     "adjust": 12,
     "value": 62
    },
    "durability": {
     "reason": "Its named risk is Japan and China export policy.",
     "evidence": [
      {
       "url": "https://www.techinsights.com/blog/top-ic-manufacturing-equipment-suppliers-2025",
       "trust": "sourced"
      }
     ],
     "status": "draft",
     "value": 74
    },
    "firepower": {
     "reason": "The Atlas states no cash, raise, profit, debt or spending commitment for this company.",
     "evidence": [],
     "status": "draft",
     "value": null
    },
    "deal_heat": {
     "reason": "The Atlas reports no deal talks, pending deal, listing plan or stated acquisition plan for this company.",
     "evidence": [],
     "status": "draft",
     "value": null
    }
   },
   "ovr": 73,
   "ovr_status": "draft",
   "ovr_from": 3,
   "badges": [],
   "ovr_reason": "Tokyo Electron ranked fourth among chip equipment suppliers in 2025 (TechInsights) and leads in coating and developing tools, with Japan and China export policy as its exposure.",
   "ovr_by": "Claude (draft)",
   "ovr_updated": "2026-11-02",
   "profile": "atlas/tel.html",
   "initials": "TE",
   "logo": {
    "file": "logos/tel.svg",
    "ground": "light"
   }
  },
  "kla": {
   "name": "KLA",
   "description": "Inspection and process control tools.",
   "home": "silicon",
   "attributes": {
    "dominance": {
     "reason": "Fifth among IC equipment suppliers in 2025 (TechInsights), in inspection and process control.",
     "evidence": [
      {
       "url": "https://www.techinsights.com/blog/top-ic-manufacturing-equipment-suppliers-2025",
       "trust": "sourced"
      }
     ],
     "status": "draft",
     "value": 78
    },
    "momentum": {
     "reason": "The Atlas gives no growth figure and no stated direction for this company.",
     "evidence": [],
     "status": "draft",
     "value": null
    },
    "leverage": {
     "reason": "Chipmakers rely on its inspection and process control tools, which the card says grow with chip complexity.",
     "evidence": [
      {
       "url": "https://www.techinsights.com/blog/top-ic-manufacturing-equipment-suppliers-2025",
       "trust": "sourced"
      }
     ],
     "status": "draft",
     "base": 50,
     "adjust": 10,
     "value": 60
    },
    "durability": {
     "reason": "Its named risk is China exposure.",
     "evidence": [
      {
       "url": "https://www.techinsights.com/blog/top-ic-manufacturing-equipment-suppliers-2025",
       "trust": "sourced"
      }
     ],
     "status": "draft",
     "value": 76
    },
    "firepower": {
     "reason": "The Atlas states no cash, raise, profit, debt or spending commitment for this company.",
     "evidence": [],
     "status": "draft",
     "value": null
    },
    "deal_heat": {
     "reason": "The Atlas reports no deal talks, pending deal, listing plan or stated acquisition plan for this company.",
     "evidence": [],
     "status": "draft",
     "value": null
    }
   },
   "ovr": 73,
   "ovr_status": "draft",
   "ovr_from": 3,
   "badges": [],
   "ovr_reason": "KLA ranked fifth among chip equipment suppliers in 2025 (TechInsights), and its inspection and process control business grows with chip complexity, with China exposure named as the risk.",
   "ovr_by": "Claude (draft)",
   "ovr_updated": "2026-11-02",
   "profile": "atlas/kla.html",
   "initials": "KL",
   "logo": {
    "file": "logos/kla.svg",
    "ground": "light"
   }
  },
  "naura": {
   "name": "Naura",
   "description": "China's largest chip equipment maker.",
   "home": "silicon",
   "attributes": {
    "dominance": {
     "reason": "China's largest chip equipment maker, with a 2025 revenue forecast of 46.8 to 52.0bn yuan.",
     "evidence": [
      {
       "url": "https://tomshardware.com/tech-industry/chinese-chip-tool-makers-posted-record-2025-revenues-while-margins-slipped",
       "trust": "reported"
      }
     ],
     "status": "draft",
     "value": 66
    },
    "momentum": {
     "reason": "The Atlas gives a 2025 revenue forecast for Naura and no growth rate.",
     "evidence": [],
     "status": "draft",
     "value": null
    },
    "leverage": {
     "reason": "The Atlas states no company that depends on Naura.",
     "evidence": [
      {
       "url": "https://tomshardware.com/tech-industry/chinese-chip-tool-makers-posted-record-2025-revenues-while-margins-slipped",
       "trust": "reported"
      }
     ],
     "status": "draft",
     "base": 50,
     "adjust": 0,
     "value": 50
    },
    "durability": {
     "reason": "Its named risk is margins under price pressure from domestic rivals.",
     "evidence": [
      {
       "url": "https://tomshardware.com/tech-industry/chinese-chip-tool-makers-posted-record-2025-revenues-while-margins-slipped",
       "trust": "reported"
      }
     ],
     "status": "draft",
     "value": 76
    },
    "firepower": {
     "reason": "The Atlas states no cash, raise, profit, debt or spending commitment for this company.",
     "evidence": [],
     "status": "draft",
     "value": null
    },
    "deal_heat": {
     "reason": "The Atlas reports no deal talks, pending deal, listing plan or stated acquisition plan for this company.",
     "evidence": [],
     "status": "draft",
     "value": null
    }
   },
   "ovr": 63,
   "ovr_status": "draft",
   "ovr_from": 3,
   "badges": [],
   "ovr_reason": "Naura forecast 2025 revenue of 46.8 to 52.0bn yuan from Chinese fabs buying domestic tools, and its margins face price pressure from domestic rivals.",
   "ovr_by": "Claude (draft)",
   "ovr_updated": "2026-11-02",
   "profile": "atlas/naura.html",
   "initials": "NA"
  },
  "amec": {
   "name": "AMEC",
   "description": "Chinese etch tool maker.",
   "home": "silicon",
   "attributes": {
    "dominance": {
     "reason": "A Chinese etch tool maker with 2025 revenue of 12.4bn yuan and no stated share.",
     "evidence": [
      {
       "url": "https://tomshardware.com/tech-industry/chinese-chip-tool-makers-posted-record-2025-revenues-while-margins-slipped",
       "trust": "sourced"
      }
     ],
     "status": "draft",
     "value": 62
    },
    "momentum": {
     "reason": "2025 revenue rose 36.6% to 12.4bn yuan.",
     "evidence": [
      {
       "url": "https://tomshardware.com/tech-industry/chinese-chip-tool-makers-posted-record-2025-revenues-while-margins-slipped",
       "trust": "sourced"
      }
     ],
     "status": "draft",
     "value": 80
    },
    "leverage": {
     "reason": "The Atlas states no company that depends on AMEC.",
     "evidence": [
      {
       "url": "https://tomshardware.com/tech-industry/chinese-chip-tool-makers-posted-record-2025-revenues-while-margins-slipped",
       "trust": "sourced"
      }
     ],
     "status": "draft",
     "base": 50,
     "adjust": 0,
     "value": 50
    },
    "durability": {
     "reason": "Gross margin fell 1.9 points to 39.2% as pricing pressure among Chinese equipment vendors cuts into margins.",
     "evidence": [
      {
       "url": "https://tomshardware.com/tech-industry/chinese-chip-tool-makers-posted-record-2025-revenues-while-margins-slipped",
       "trust": "sourced"
      }
     ],
     "status": "draft",
     "value": 76
    },
    "firepower": {
     "reason": "The Atlas states no cash, raise, profit, debt or spending commitment for this company.",
     "evidence": [],
     "status": "draft",
     "value": null
    },
    "deal_heat": {
     "reason": "The Atlas reports no deal talks, pending deal, listing plan or stated acquisition plan for this company.",
     "evidence": [],
     "status": "draft",
     "value": null
    }
   },
   "ovr": 64,
   "ovr_status": "draft",
   "ovr_from": 4,
   "badges": [],
   "ovr_reason": "AMEC grew 2025 revenue 36.6% to 12.4bn yuan selling etch tools to Chinese fabs, and its gross margin fell 1.9 points to 39.2% under pricing pressure.",
   "ovr_by": "Claude (draft)",
   "ovr_updated": "2026-11-02",
   "profile": "atlas/amec.html",
   "initials": "AM"
  },
  "substrate": {
   "name": "Substrate",
   "description": "Startup building an X-ray lithography system to rival ASML.",
   "home": "silicon",
   "attributes": {
    "dominance": {
     "reason": "Pre-revenue, with production targeted for 2028 and claims unproven at scale.",
     "evidence": [
      {
       "url": "https://app.dealroom.co/news/feed/substrate-raises-100m-to-challenge-asml",
       "trust": "sourced"
      }
     ],
     "status": "draft",
     "value": 42
    },
    "momentum": {
     "reason": "The Atlas gives no growth figure and no stated direction for this company.",
     "evidence": [],
     "status": "draft",
     "value": null
    },
    "leverage": {
     "reason": "The Atlas states no company that depends on Substrate.",
     "evidence": [
      {
       "url": "https://app.dealroom.co/news/feed/substrate-raises-100m-to-challenge-asml",
       "trust": "sourced"
      }
     ],
     "status": "draft",
     "base": 50,
     "adjust": 0,
     "value": 50
    },
    "durability": {
     "reason": "It has no revenue and still needs a working tool at commercial scale.",
     "evidence": [
      {
       "url": "https://app.dealroom.co/news/feed/substrate-raises-100m-to-challenge-asml",
       "trust": "sourced"
      }
     ],
     "status": "draft",
     "value": 46
    },
    "firepower": {
     "reason": "Raised a $100m Series A at a valuation above $1bn in Oct 2025.",
     "evidence": [
      {
       "url": "https://app.dealroom.co/news/feed/substrate-raises-100m-to-challenge-asml",
       "trust": "sourced"
      }
     ],
     "status": "draft",
     "value": 66
    },
    "deal_heat": {
     "reason": "The Atlas reports no deal talks, pending deal, listing plan or stated acquisition plan for this company.",
     "evidence": [],
     "status": "draft",
     "value": null
    }
   },
   "ovr": 49,
   "ovr_status": "draft",
   "ovr_from": 4,
   "badges": [],
   "ovr_reason": "Substrate raised a $100m Series A at a valuation above $1bn in Oct 2025 and targets production in 2028, with no revenue and claims unproven at scale.",
   "ovr_by": "Claude (draft)",
   "ovr_updated": "2026-11-02",
   "profile": "atlas/substrate.html",
   "initials": "SU"
  },
  "softbank": {
   "name": "SoftBank",
   "description": "Holds about 90% of Arm.",
   "home": null,
   "profile": "atlas/softbank.html",
   "initials": "SO",
   "logo": {
    "file": "logos/softbank.svg",
    "ground": "light"
   }
  },
  "meti": {
   "name": "Japan's METI",
   "description": "Japan's industry ministry, funding Rapidus through its IPA.",
   "home": null,
   "profile": "atlas/meti.html",
   "initials": "JM"
  },
  "anthropic": {
   "name": "Anthropic",
   "description": "Frontier model lab that buys chips from Google, Amazon, Nvidia and AMD.",
   "home": "models",
   "attributes": {
    "dominance": {
     "reason": "Leads enterprise LLM API spend at about 40% in Menlo's survey, and 43.8% of US businesses pay it on Ramp's August 2026 data.",
     "evidence": [
      {
       "url": "https://www.cnbc.com/2026/08/17/anthropic-says-annualized-revenue-climbed-to-65-billion-in-july.html",
       "trust": "reported"
      }
     ],
     "status": "draft",
     "value": 90
    },
    "momentum": {
     "reason": "The Atlas gives Anthropic's $65bn run rate and no growth rate or earlier figure.",
     "evidence": [],
     "status": "draft",
     "value": null
    },
    "leverage": {
     "reason": "Coding tools such as Cursor buy its models, and Menlo estimated Anthropic at 54% of coding model spend.",
     "evidence": [
      {
       "url": "https://www.hpcwire.com/bigdatawire/this-just-in/menlo-ventures-report-enterprise-llm-spend-reaches-8-4b-as-anthropic-overtakes-openai/",
       "trust": "reported"
      }
     ],
     "status": "draft",
     "base": 58,
     "adjust": 22,
     "value": 80
    },
    "durability": {
     "reason": "Its named risks are compute supply and OpenAI and Google closing the enterprise gap.",
     "evidence": [
      {
       "url": "https://www.cnbc.com/2026/08/17/anthropic-says-annualized-revenue-climbed-to-65-billion-in-july.html",
       "trust": "reported"
      }
     ],
     "status": "draft",
     "value": 78
    },
    "firepower": {
     "reason": "Raised a $65bn Series H at a $965bn post-money valuation in May 2026 (Orrick).",
     "evidence": [
      {
       "url": "https://www.cnbc.com/2026/08/17/anthropic-says-annualized-revenue-climbed-to-65-billion-in-july.html",
       "trust": "reported"
      }
     ],
     "status": "draft",
     "value": 97
    },
    "deal_heat": {
     "reason": "It is reported to have confidentially filed for an IPO.",
     "evidence": [
      {
       "url": "https://www.cnbc.com/2026/08/17/anthropic-says-annualized-revenue-climbed-to-65-billion-in-july.html",
       "trust": "reported"
      }
     ],
     "status": "draft",
     "value": 90
    }
   },
   "ovr": 87,
   "ovr_status": "draft",
   "ovr_from": 4,
   "badges": [
    {
     "id": "in_play",
     "reason": "Anthropic is reported to have confidentially filed for an IPO.",
     "evidence": [
      {
       "url": "https://www.cnbc.com/2026/08/17/anthropic-says-annualized-revenue-climbed-to-65-billion-in-july.html",
       "trust": "reported"
      }
     ],
     "status": "draft",
     "label": "In Play"
    }
   ],
   "ovr_reason": "Anthropic led enterprise LLM API spend at about 40% in Menlo's late 2025 survey and reported run-rate revenue of $65bn at the end of July 2026, with compute supply as its exposure.",
   "ovr_by": "Claude (draft)",
   "ovr_updated": "2026-11-02",
   "profile": "atlas/anthropic.html",
   "initials": "AN",
   "logo": {
    "file": "logos/anthropic.svg",
    "ground": "light"
   },
   "team": "amazon_anthropic"
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  "meta": {
   "name": "Meta",
   "description": "Social platforms and a large AI chip buyer.",
   "home": "models",
   "attributes": {
    "dominance": {
     "reason": "Meta's share of smart glasses is put at 69% to 76% depending on the source, a majority of its row.",
     "evidence": [
      {
       "url": "https://www.idc.com/resource-center/blog/smart-glasses-growth-cools-to-35-as-meta-doubles-down-on-distribution/",
       "trust": "reported"
      }
     ],
     "status": "draft",
     "value": 95
    },
    "momentum": {
     "reason": "Q2 2026 ad revenue rose 27% to $59.36bn, faster than Google's 14%.",
     "evidence": [
      {
       "url": "https://www.thekeyword.co/news/big-tech-q2-2026-ad-revenue",
       "trust": "reported"
      }
     ],
     "status": "draft",
     "value": 82
    },
    "leverage": {
     "reason": "The Atlas shows Meta as a buyer of chips, cloud and power, and states no company that depends on it.",
     "evidence": [
      {
       "url": "https://finance.yahoo.com/markets/stocks/articles/meta-platforms-inc-meta-q2-050330313.html",
       "trust": "reported"
      }
     ],
     "status": "draft",
     "base": 58,
     "adjust": 0,
     "value": 58
    },
    "durability": {
     "reason": "Its named risks are capital spending of $130bn to $145bn and soft third-quarter guidance, after investors sold the shares.",
     "evidence": [
      {
       "url": "https://www.thekeyword.co/news/big-tech-q2-2026-ad-revenue",
       "trust": "reported"
      },
      {
       "url": "https://finance.yahoo.com/markets/stocks/articles/meta-platforms-inc-meta-q2-050330313.html",
       "trust": "reported"
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     ],
     "status": "draft",
     "value": 76
    },
    "firepower": {
     "reason": "2026 capital spending is guided to $130bn to $145bn, with Q2 2026 capex of $31.1bn.",
     "evidence": [
      {
       "url": "https://finance.yahoo.com/markets/stocks/articles/meta-platforms-inc-meta-q2-050330313.html",
       "trust": "reported"
      }
     ],
     "status": "draft",
     "value": 99
    },
    "deal_heat": {
     "reason": "The Atlas reports no deal talks, pending deal, listing plan or stated acquisition plan for this company.",
     "evidence": [],
     "status": "draft",
     "value": null
    }
   },
   "ovr": 84,
   "ovr_status": "draft",
   "ovr_from": 5,
   "badges": [],
   "ovr_reason": "Meta's Q2 2026 ad revenue was $59.36bn, up 27%, on 3.60 billion daily people, with impressions up 14% and price per ad up 12%.",
   "ovr_by": "Claude (draft)",
   "ovr_updated": "2026-11-02",
   "profile": "atlas/meta.html",
   "initials": "ME",
   "logo": {
    "file": "logos/meta.svg",
    "ground": "light"
   },
   "team": "meta"
  },
  "tesla": {
   "name": "Tesla",
   "description": "Electric vehicles, energy storage, robotaxis and its own AI chips.",
   "home": null,
   "profile": "atlas/tesla.html",
   "initials": "TE",
   "logo": {
    "file": "logos/tesla.svg",
    "ground": "light"
   }
  },
  "apple": {
   "name": "Apple",
   "description": "Designs its own chips and is TSMC's second-largest customer.",
   "home": "devices",
   "attributes": {
    "dominance": {
     "reason": "Second in phones with 20.2% of Q2 2026 shipments, a co-leader with Samsung.",
     "evidence": [
      {
       "url": "https://www.biztechreports.com/news-archive/2026/8/6/global-smartphone-shipments-fall-67-in-q2-2026-as-the-memory-crisis-splits-the-market-in-two-idc-august-11-2026",
       "trust": "sourced"
      }
     ],
     "status": "draft",
     "value": 82
    },
    "momentum": {
     "reason": "Phone units rose about 15% in a falling market and Mac units rose about 10%, the only major PC maker to grow.",
     "evidence": [
      {
       "url": "https://www.biztechreports.com/news-archive/2026/8/6/global-smartphone-shipments-fall-67-in-q2-2026-as-the-memory-crisis-splits-the-market-in-two-idc-august-11-2026",
       "trust": "sourced"
      },
      {
       "url": "https://www.mactrast.com/2026/07/idc-apple-the-only-major-computer-maker-to-increase-shipments-in-q2-2026/",
       "trust": "sourced"
      }
     ],
     "status": "draft",
     "value": 86
    },
    "leverage": {
     "reason": "The Atlas states no company that depends on Apple.",
     "evidence": [
      {
       "url": "https://www.biztechreports.com/news-archive/2026/8/6/global-smartphone-shipments-fall-67-in-q2-2026-as-the-memory-crisis-splits-the-market-in-two-idc-august-11-2026",
       "trust": "sourced"
      }
     ],
     "status": "draft",
     "base": 50,
     "adjust": 0,
     "value": 50
    },
    "durability": {
     "reason": "Spans phones and Macs, with component costs the named risk.",
     "evidence": [
      {
       "url": "https://www.biztechreports.com/news-archive/2026/8/6/global-smartphone-shipments-fall-67-in-q2-2026-as-the-memory-crisis-splits-the-market-in-two-idc-august-11-2026",
       "trust": "sourced"
      },
      {
       "url": "https://www.mactrast.com/2026/07/idc-apple-the-only-major-computer-maker-to-increase-shipments-in-q2-2026/",
       "trust": "sourced"
      }
     ],
     "status": "draft",
     "value": 86
    },
    "firepower": {
     "reason": "The Atlas states no cash, raise, profit, debt or spending commitment for this company.",
     "evidence": [],
     "status": "draft",
     "value": null
    },
    "deal_heat": {
     "reason": "The Atlas reports no deal talks, pending deal, listing plan or stated acquisition plan for this company.",
     "evidence": [],
     "status": "draft",
     "value": null
    }
   },
   "ovr": 76,
   "ovr_status": "draft",
   "ovr_from": 4,
   "badges": [],
   "ovr_reason": "Apple shipped 55.7m phones for 20.2% share in Q2 2026, up about 15%, and with Samsung was the only top-five vendor that grew.",
   "ovr_by": "Claude (draft)",
   "ovr_updated": "2026-11-02",
   "profile": "atlas/apple.html",
   "initials": "AP",
   "logo": {
    "file": "logos/apple.svg",
    "ground": "light"
   }
  },
  "celestica": {
   "name": "Celestica",
   "description": "Builds the white-box Ethernet switches many hyperscalers buy.",
   "home": "infra",
   "attributes": {
    "dominance": {
     "reason": "Led Ethernet AI back-end switch sales in 2Q26, and with Nvidia held a combined 50% share in 2025 (Dell'Oro).",
     "evidence": [
      {
       "url": "https://www.delloro.com/news/ai-back-end-networks-switch-sales-surpass-front-end-networks-for-the-first-time-in-2q2026/",
       "trust": "sourced"
      }
     ],
     "status": "draft",
     "value": 87
    },
    "momentum": {
     "reason": "The Atlas gives no growth figure and no stated direction for this company.",
     "evidence": [],
     "status": "draft",
     "value": null
    },
    "leverage": {
     "reason": "Builds the switches to the specification of the largest cloud buyers.",
     "evidence": [
      {
       "url": "https://www.delloro.com/news/ai-back-end-networks-switch-sales-surpass-front-end-networks-for-the-first-time-in-2q2026/",
       "trust": "sourced"
      }
     ],
     "status": "draft",
     "base": 50,
     "adjust": 14,
     "value": 64
    },
    "durability": {
     "reason": "Its named risk is buyers moving design in-house or to branded vendors, a meaningful concentration on large cloud buyers.",
     "evidence": [
      {
       "url": "https://www.delloro.com/news/ai-back-end-networks-switch-sales-surpass-front-end-networks-for-the-first-time-in-2q2026/",
       "trust": "sourced"
      }
     ],
     "status": "draft",
     "value": 74
    },
    "firepower": {
     "reason": "The Atlas states no cash, raise, profit, debt or spending commitment for this company.",
     "evidence": [],
     "status": "draft",
     "value": null
    },
    "deal_heat": {
     "reason": "The Atlas reports no deal talks, pending deal, listing plan or stated acquisition plan for this company.",
     "evidence": [],
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    }
   },
   "ovr": 78,
   "ovr_status": "draft",
   "ovr_from": 3,
   "badges": [],
   "ovr_reason": "Celestica led Ethernet AI back-end switch sales in 2Q26 (Dell'Oro) by building to the specification of the largest cloud buyers, who could move design in-house.",
   "ovr_by": "Claude (draft)",
   "ovr_updated": "2026-11-02",
   "profile": "atlas/celestica.html",
   "initials": "CE"
  },
  "arista": {
   "name": "Arista Networks",
   "description": "High-speed Ethernet switches for cloud and AI clusters.",
   "home": "infra",
   "attributes": {
    "dominance": {
     "reason": "Third in Ethernet AI back-end switch sales in 2Q26 (Dell'Oro), with Q2 2026 revenue of $3.04bn.",
     "evidence": [
      {
       "url": "https://www.nasdaq.com/articles/arista-networks-q2-earnings-call-highlights",
       "trust": "sourced"
      }
     ],
     "status": "draft",
     "value": 78
    },
    "momentum": {
     "reason": "Q2 2026 revenue rose 37.7% to $3.04bn.",
     "evidence": [
      {
       "url": "https://www.nasdaq.com/articles/arista-networks-q2-earnings-call-highlights",
       "trust": "sourced"
      }
     ],
     "status": "draft",
     "value": 80
    },
    "leverage": {
     "reason": "The Atlas states no company that depends on Arista.",
     "evidence": [
      {
       "url": "https://www.nasdaq.com/articles/arista-networks-q2-earnings-call-highlights",
       "trust": "sourced"
      }
     ],
     "status": "draft",
     "base": 50,
     "adjust": 0,
     "value": 50
    },
    "durability": {
     "reason": "Its named risks are deferred AI revenue timing and Cisco and Celestica competing for the same orders.",
     "evidence": [
      {
       "url": "https://www.nasdaq.com/articles/arista-networks-q2-earnings-call-highlights",
       "trust": "sourced"
      }
     ],
     "status": "draft",
     "value": 78
    },
    "firepower": {
     "reason": "The Atlas states no cash, raise, profit, debt or spending commitment for this company.",
     "evidence": [],
     "status": "draft",
     "value": null
    },
    "deal_heat": {
     "reason": "The Atlas reports no deal talks, pending deal, listing plan or stated acquisition plan for this company.",
     "evidence": [],
     "status": "draft",
     "value": null
    }
   },
   "ovr": 72,
   "ovr_status": "draft",
   "ovr_from": 4,
   "badges": [],
   "ovr_reason": "Arista's Q2 2026 revenue was $3.04bn, up 37.7%, with a 2026 outlook of about $12.6bn, and it ranked third in Ethernet AI back-end switches as Cisco gained share.",
   "ovr_by": "Claude (draft)",
   "ovr_updated": "2026-11-02",
   "profile": "atlas/arista.html",
   "initials": "AN",
   "logo": {
    "file": "logos/arista.svg",
    "ground": "light"
   },
   "page": "company-arista.html"
  },
  "cisco": {
   "name": "Cisco",
   "description": "Networking, security and, since 2024, Splunk.",
   "home": "infra",
   "attributes": {
    "dominance": {
     "reason": "Fourth in Ethernet AI back-end switch sales in 2Q26 (Dell'Oro), a scaled participant without a leading share.",
     "evidence": [
      {
       "url": "https://pulse2.com/cisco-ai-infrastructure-revenue-targets-7-5-billion-after-hyperscaler-orders-reach-9-3-billion/",
       "trust": "sourced"
      }
     ],
     "status": "draft",
     "value": 70
    },
    "momentum": {
     "reason": "Ranked fourth and gained the most share in 2Q26, with hyperscale AI orders of $9.3bn in fiscal 2026, about 4.5 times the year before.",
     "evidence": [
      {
       "url": "https://pulse2.com/cisco-ai-infrastructure-revenue-targets-7-5-billion-after-hyperscaler-orders-reach-9-3-billion/",
       "trust": "sourced"
      }
     ],
     "status": "draft",
     "value": 94
    },
    "leverage": {
     "reason": "The Atlas states no company that depends on Cisco.",
     "evidence": [
      {
       "url": "https://pulse2.com/cisco-ai-infrastructure-revenue-targets-7-5-billion-after-hyperscaler-orders-reach-9-3-billion/",
       "trust": "sourced"
      }
     ],
     "status": "draft",
     "base": 50,
     "adjust": 0,
     "value": 50
    },
    "durability": {
     "reason": "Its named risks are converting orders into shipments and running a software subscription as a hardware seller.",
     "evidence": [
      {
       "url": "https://pulse2.com/cisco-ai-infrastructure-revenue-targets-7-5-billion-after-hyperscaler-orders-reach-9-3-billion/",
       "trust": "sourced"
      },
      {
       "url": "https://www.sec.gov/Archives/edgar/data/1353283/000110465923102594/tm2326347d1_ex99-1.htm",
       "trust": "sourced"
      }
     ],
     "status": "draft",
     "value": 80
    },
    "firepower": {
     "reason": "Completed the Splunk purchase on 18 March 2024 for about $28bn.",
     "evidence": [
      {
       "url": "https://www.sec.gov/Archives/edgar/data/1353283/000110465923102594/tm2326347d1_ex99-1.htm",
       "trust": "sourced"
      }
     ],
     "status": "draft",
     "value": 88
    },
    "deal_heat": {
     "reason": "The Atlas reports no deal talks, pending deal, listing plan or stated acquisition plan for this company.",
     "evidence": [],
     "status": "draft",
     "value": null
    }
   },
   "ovr": 72,
   "ovr_status": "draft",
   "ovr_from": 5,
   "badges": [],
   "ovr_reason": "Cisco took $9.3bn of hyperscale AI orders in fiscal 2026, about 4.5 times the year before, and gained the most share in 2Q26 Ethernet AI back-end switches (Dell'Oro).",
   "ovr_by": "Claude (draft)",
   "ovr_updated": "2026-11-02",
   "profile": "atlas/cisco.html",
   "initials": "CI",
   "logo": {
    "file": "logos/cisco.svg",
    "ground": "light"
   }
  },
  "ayar": {
   "name": "Ayar Labs",
   "description": "Startup putting light-based links inside AI systems.",
   "home": "infra",
   "attributes": {
    "dominance": {
     "reason": "An early startup putting light-based links inside AI systems, with no stated share or revenue.",
     "evidence": [
      {
       "url": "https://ai2.work/blog/ayar-labs-raises-500m-to-replace-copper-with-light-in-ai-chips-2026",
       "trust": "reported"
      }
     ],
     "status": "draft",
     "value": 50
    },
    "momentum": {
     "reason": "The Atlas gives no growth figure and no stated direction for this company.",
     "evidence": [],
     "status": "draft",
     "value": null
    },
    "leverage": {
     "reason": "The Atlas states no company that depends on Ayar Labs.",
     "evidence": [
      {
       "url": "https://ai2.work/blog/ayar-labs-raises-500m-to-replace-copper-with-light-in-ai-chips-2026",
       "trust": "reported"
      }
     ],
     "status": "draft",
     "base": 50,
     "adjust": 0,
     "value": 50
    },
    "durability": {
     "reason": "It still needs volume production and a major customer.",
     "evidence": [
      {
       "url": "https://ai2.work/blog/ayar-labs-raises-500m-to-replace-copper-with-light-in-ai-chips-2026",
       "trust": "reported"
      }
     ],
     "status": "draft",
     "value": 56
    },
    "firepower": {
     "reason": "A Series E was reported at $500m in March 2026, with sources in conflict.",
     "evidence": [
      {
       "url": "https://ai2.work/blog/ayar-labs-raises-500m-to-replace-copper-with-light-in-ai-chips-2026",
       "trust": "reported"
      }
     ],
     "status": "draft",
     "value": 70
    },
    "deal_heat": {
     "reason": "The Atlas reports no deal talks, pending deal, listing plan or stated acquisition plan for this company.",
     "evidence": [],
     "status": "draft",
     "value": null
    }
   },
   "ovr": 54,
   "ovr_status": "draft",
   "ovr_from": 4,
   "badges": [],
   "ovr_reason": "Ayar Labs reported a $500m Series E in March 2026 at about $3.75bn to $3.8bn, with conflicting sources, and still needs volume production and a major customer.",
   "ovr_by": "Claude (draft)",
   "ovr_updated": "2026-11-02",
   "profile": "atlas/ayar.html",
   "initials": "AL"
  },
  "dell": {
   "name": "Dell",
   "description": "Largest server maker and a growing AI systems seller.",
   "home": "infra",
   "attributes": {
    "dominance": {
     "reason": "The largest branded server vendor with 16.5% of Q1 2026 server revenue (IDC).",
     "evidence": [
      {
       "url": "https://www.networkworld.com/article/4147841/idc-dell-leads-server-market-driven-by-ai-infrastructure-needs.html",
       "trust": "sourced"
      }
     ],
     "status": "draft",
     "value": 84
    },
    "momentum": {
     "reason": "Took $64bn of AI server orders in fiscal 2026 against $25bn shipped, and the card calls servers its bigger growth story.",
     "evidence": [
      {
       "url": "https://www.networkworld.com/article/4147841/idc-dell-leads-server-market-driven-by-ai-infrastructure-needs.html",
       "trust": "sourced"
      },
      {
       "url": "https://www.mactrast.com/2026/07/idc-apple-the-only-major-computer-maker-to-increase-shipments-in-q2-2026/",
       "trust": "sourced"
      }
     ],
     "status": "draft",
     "value": 76
    },
    "leverage": {
     "reason": "The Atlas states no company that depends on Dell.",
     "evidence": [
      {
       "url": "https://www.networkworld.com/article/4147841/idc-dell-leads-server-market-driven-by-ai-infrastructure-needs.html",
       "trust": "sourced"
      }
     ],
     "status": "draft",
     "base": 50,
     "adjust": 0,
     "value": 50
    },
    "durability": {
     "reason": "Spans servers, storage and PCs, with the named risk that DRAM, flash, CPUs and drives limit shipments.",
     "evidence": [
      {
       "url": "https://www.networkworld.com/article/4147841/idc-dell-leads-server-market-driven-by-ai-infrastructure-needs.html",
       "trust": "sourced"
      }
     ],
     "status": "draft",
     "value": 82
    },
    "firepower": {
     "reason": "The Atlas states orders and backlog for Dell and no cash, raise, profit or spending commitment.",
     "evidence": [],
     "status": "draft",
     "value": null
    },
    "deal_heat": {
     "reason": "The Atlas reports no deal talks, pending deal, listing plan or stated acquisition plan for this company.",
     "evidence": [],
     "status": "draft",
     "value": null
    }
   },
   "ovr": 75,
   "ovr_status": "draft",
   "ovr_from": 4,
   "badges": [],
   "ovr_reason": "Dell led Q1 2026 server revenue with 16.5% on $20.28bn (IDC) and took $64bn of AI server orders in fiscal 2026, with a $43bn backlog and shipments limited by component supply.",
   "ovr_by": "Claude (draft)",
   "ovr_updated": "2026-11-02",
   "profile": "atlas/dell.html",
   "initials": "DE",
   "logo": {
    "file": "logos/dell.svg",
    "ground": "light"
   }
  },
  "netapp": {
   "name": "NetApp",
   "description": "Enterprise storage and data management.",
   "home": "infra",
   "attributes": {
    "dominance": {
     "reason": "A storage starter with fiscal 2025 revenue of $6.65bn and a large enterprise installed base, in a row with no audited share figure.",
     "evidence": [
      {
       "url": "https://www.storagereview.com/best/storage-arrays",
       "trust": "sourced"
      }
     ],
     "status": "draft",
     "value": 78
    },
    "momentum": {
     "reason": "The Atlas gives no growth figure and no stated direction for this company.",
     "evidence": [],
     "status": "draft",
     "value": null
    },
    "leverage": {
     "reason": "The Atlas states no company that depends on NetApp.",
     "evidence": [
      {
       "url": "https://www.storagereview.com/best/storage-arrays",
       "trust": "sourced"
      }
     ],
     "status": "draft",
     "base": 50,
     "adjust": 0,
     "value": 50
    },
    "durability": {
     "reason": "Its named risk is whether AI workloads buy from the installed base or from specialists.",
     "evidence": [
      {
       "url": "https://www.storagereview.com/best/storage-arrays",
       "trust": "sourced"
      }
     ],
     "status": "draft",
     "value": 78
    },
    "firepower": {
     "reason": "The Atlas states no cash, raise, profit, debt or spending commitment for this company.",
     "evidence": [],
     "status": "draft",
     "value": null
    },
    "deal_heat": {
     "reason": "The Atlas reports no deal talks, pending deal, listing plan or stated acquisition plan for this company.",
     "evidence": [],
     "status": "draft",
     "value": null
    }
   },
   "ovr": 70,
   "ovr_status": "draft",
   "ovr_from": 3,
   "badges": [],
   "ovr_reason": "NetApp reported fiscal 2025 revenue of $6.65bn from a large installed base in enterprise data, and its position depends on whether AI workloads buy from that base or from specialists.",
   "ovr_by": "Claude (draft)",
   "ovr_updated": "2026-11-02",
   "profile": "atlas/netapp.html",
   "initials": "NE",
   "logo": {
    "file": "logos/netapp.svg",
    "ground": "light"
   }
  },
  "everpure": {
   "name": "Everpure (Pure Storage)",
   "description": "Flash storage, renamed from Pure Storage.",
   "home": "infra",
   "attributes": {
    "dominance": {
     "reason": "A storage starter with fiscal 2026 revenue of $3.7bn, in a row with no audited share figure.",
     "evidence": [
      {
       "url": "https://www.storagereview.com/best/storage-arrays",
       "trust": "sourced"
      }
     ],
     "status": "draft",
     "value": 76
    },
    "momentum": {
     "reason": "The Atlas gives no growth figure and no stated direction for this company.",
     "evidence": [],
     "status": "draft",
     "value": null
    },
    "leverage": {
     "reason": "The Atlas states no company that depends on Everpure.",
     "evidence": [
      {
       "url": "https://www.storagereview.com/best/storage-arrays",
       "trust": "sourced"
      }
     ],
     "status": "draft",
     "base": 50,
     "adjust": 0,
     "value": 50
    },
    "durability": {
     "reason": "Its named risk is the price of flash as memory costs rise.",
     "evidence": [
      {
       "url": "https://www.storagereview.com/best/storage-arrays",
       "trust": "sourced"
      }
     ],
     "status": "draft",
     "value": 78
    },
    "firepower": {
     "reason": "The Atlas states that Everpure joined Wasabi's round and gives no amount, cash or profit of its own.",
     "evidence": [],
     "status": "draft",
     "value": null
    },
    "deal_heat": {
     "reason": "The Atlas reports no deal talks, pending deal, listing plan or stated acquisition plan for this company.",
     "evidence": [],
     "status": "draft",
     "value": null
    }
   },
   "ovr": 69,
   "ovr_status": "draft",
   "ovr_from": 3,
   "badges": [],
   "ovr_reason": "Everpure, formerly Pure Storage, reported $3.7bn of fiscal 2026 revenue from all-flash systems sold into AI data pipelines, and the price of flash is its exposure as memory costs rise.",
   "ovr_by": "Claude (draft)",
   "ovr_updated": "2026-11-02",
   "profile": "atlas/everpure.html",
   "initials": "EV"
  },
  "vast": {
   "name": "VAST Data",
   "description": "Storage platform for AI data, valued at $30bn in April 2026.",
   "home": "infra",
   "attributes": {
    "dominance": {
     "reason": "Second-string in AI storage with over $500m of committed recurring revenue (company-reported), in a row with no audited share figure.",
     "evidence": [
      {
       "url": "https://tech-insider.org/vast-data-1-billion-series-f-30-billion-valuation-2026/",
       "trust": "reported"
      }
     ],
     "status": "draft",
     "value": 72
    },
    "momentum": {
     "reason": "The card calls it the fastest-growing independent in AI storage.",
     "evidence": [
      {
       "url": "https://tech-insider.org/vast-data-1-billion-series-f-30-billion-valuation-2026/",
       "trust": "reported"
      }
     ],
     "status": "draft",
     "value": 84
    },
    "leverage": {
     "reason": "The Atlas states no company that depends on VAST Data.",
     "evidence": [
      {
       "url": "https://tech-insider.org/vast-data-1-billion-series-f-30-billion-valuation-2026/",
       "trust": "reported"
      }
     ],
     "status": "draft",
     "base": 50,
     "adjust": 0,
     "value": 50
    },
    "durability": {
     "reason": "Its named risk is staying ahead of Dell and Nvidia's own storage push.",
     "evidence": [
      {
       "url": "https://tech-insider.org/vast-data-1-billion-series-f-30-billion-valuation-2026/",
       "trust": "reported"
      }
     ],
     "status": "draft",
     "value": 78
    },
    "firepower": {
     "reason": "Raised $1bn at $30bn on 22 Apr 2026 and reports positive cash flow (company-reported).",
     "evidence": [
      {
       "url": "https://tech-insider.org/vast-data-1-billion-series-f-30-billion-valuation-2026/",
       "trust": "reported"
      }
     ],
     "status": "draft",
     "value": 78
    },
    "deal_heat": {
     "reason": "The Atlas reports no deal talks, pending deal, listing plan or stated acquisition plan for this company.",
     "evidence": [],
     "status": "draft",
     "value": null
    }
   },
   "ovr": 70,
   "ovr_status": "draft",
   "ovr_from": 5,
   "badges": [],
   "ovr_reason": "VAST Data, the fastest-growing independent in storage, raised $1bn at a $30bn valuation on 22 Apr 2026 and reports over $500m of committed recurring revenue.",
   "ovr_by": "Claude (draft)",
   "ovr_updated": "2026-11-02",
   "profile": "atlas/vast.html",
   "initials": "VD",
   "logo": {
    "file": "logos/vast.svg",
    "ground": "light"
   },
   "team": "nvidia"
  },
  "ddn": {
   "name": "DDN",
   "description": "Storage for the largest AI and supercomputing clusters.",
   "home": "infra",
   "attributes": {
    "dominance": {
     "reason": "Second-string in AI storage, running inside the largest clusters including xAI's Colossus by its own account.",
     "evidence": [
      {
       "url": "https://pulse2.com/ddn-ai-and-data-intelligence-solutions-company-raises-300-million-at-5-billion-valuation/amp/",
       "trust": "sourced"
      }
     ],
     "status": "draft",
     "value": 70
    },
    "momentum": {
     "reason": "The Atlas gives no growth figure and no stated direction for this company.",
     "evidence": [],
     "status": "draft",
     "value": null
    },
    "leverage": {
     "reason": "The Atlas states no company that depends on DDN beyond its own account of the clusters it runs in.",
     "evidence": [
      {
       "url": "https://pulse2.com/ddn-ai-and-data-intelligence-solutions-company-raises-300-million-at-5-billion-valuation/amp/",
       "trust": "sourced"
      }
     ],
     "status": "draft",
     "base": 50,
     "adjust": 0,
     "value": 50
    },
    "durability": {
     "reason": "Its named risk is reaching the roughly $1bn revenue projected for 2026.",
     "evidence": [
      {
       "url": "https://pulse2.com/ddn-ai-and-data-intelligence-solutions-company-raises-300-million-at-5-billion-valuation/amp/",
       "trust": "sourced"
      }
     ],
     "status": "draft",
     "value": 74
    },
    "firepower": {
     "reason": "Took $300m from Blackstone at a $5bn valuation in January 2025.",
     "evidence": [
      {
       "url": "https://pulse2.com/ddn-ai-and-data-intelligence-solutions-company-raises-300-million-at-5-billion-valuation/amp/",
       "trust": "sourced"
      }
     ],
     "status": "draft",
     "value": 68
    },
    "deal_heat": {
     "reason": "The Atlas reports no deal talks, pending deal, listing plan or stated acquisition plan for this company.",
     "evidence": [],
     "status": "draft",
     "value": null
    }
   },
   "ovr": 66,
   "ovr_status": "draft",
   "ovr_from": 4,
   "badges": [],
   "ovr_reason": "DDN took $300m from Blackstone at a $5bn valuation in January 2025, runs inside the largest clusters by its own account, and has to reach the roughly $1bn revenue projected for 2026.",
   "ovr_by": "Claude (draft)",
   "ovr_updated": "2026-11-02",
   "profile": "atlas/ddn.html",
   "initials": "DD"
  },
  "weka": {
   "name": "WEKA",
   "description": "Parallel file system for AI workloads.",
   "home": "infra",
   "attributes": {
    "dominance": {
     "reason": "Second-string in AI storage, valued above $1.6bn in an older report and working with 12 of the Fortune 50 by its account.",
     "evidence": [
      {
       "url": "https://cloudian.com/guides/ai-infrastructure/best-storage-systems-for-massive-unstructured/",
       "trust": "reported"
      }
     ],
     "status": "draft",
     "value": 64
    },
    "momentum": {
     "reason": "The Atlas gives no growth figure and no stated direction for this company.",
     "evidence": [],
     "status": "draft",
     "value": null
    },
    "leverage": {
     "reason": "The Atlas states no company that depends on WEKA.",
     "evidence": [
      {
       "url": "https://cloudian.com/guides/ai-infrastructure/best-storage-systems-for-massive-unstructured/",
       "trust": "reported"
      }
     ],
     "status": "draft",
     "base": 50,
     "adjust": 0,
     "value": 50
    },
    "durability": {
     "reason": "Its named risk is competing with better-funded rivals.",
     "evidence": [
      {
       "url": "https://cloudian.com/guides/ai-infrastructure/best-storage-systems-for-massive-unstructured/",
       "trust": "reported"
      }
     ],
     "status": "draft",
     "value": 66
    },
    "firepower": {
     "reason": "The Atlas states an older valuation for WEKA and no cash, raise or profit.",
     "evidence": [],
     "status": "draft",
     "value": null
    },
    "deal_heat": {
     "reason": "The Atlas reports no deal talks, pending deal, listing plan or stated acquisition plan for this company.",
     "evidence": [],
     "status": "draft",
     "value": null
    }
   },
   "ovr": 60,
   "ovr_status": "draft",
   "ovr_from": 3,
   "badges": [],
   "ovr_reason": "WEKA was valued above $1.6bn in an older report and says it works with 12 of the Fortune 50, and it competes with better-funded rivals.",
   "ovr_by": "Claude (draft)",
   "ovr_updated": "2026-11-02",
   "profile": "atlas/weka.html",
   "initials": "WE"
  },
  "supermicro": {
   "name": "Super Micro",
   "description": "AI server and rack builder.",
   "home": "infra",
   "attributes": {
    "dominance": {
     "reason": "Second among named server vendors with 7.6% of Q1 2026 server revenue (IDC).",
     "evidence": [
      {
       "url": "https://www.networkworld.com/article/4147841/idc-dell-leads-server-market-driven-by-ai-infrastructure-needs.html",
       "trust": "sourced"
      }
     ],
     "status": "draft",
     "value": 76
    },
    "momentum": {
     "reason": "The Atlas gives no growth figure and no stated direction for this company.",
     "evidence": [],
     "status": "draft",
     "value": null
    },
    "leverage": {
     "reason": "The Atlas states no company that depends on Super Micro.",
     "evidence": [
      {
       "url": "https://www.networkworld.com/article/4147841/idc-dell-leads-server-market-driven-by-ai-infrastructure-needs.html",
       "trust": "sourced"
      }
     ],
     "status": "draft",
     "base": 50,
     "adjust": 0,
     "value": 50
    },
    "durability": {
     "reason": "Its named risks are margins and governance questions at smaller scale.",
     "evidence": [
      {
       "url": "https://www.networkworld.com/article/4147841/idc-dell-leads-server-market-driven-by-ai-infrastructure-needs.html",
       "trust": "sourced"
      }
     ],
     "status": "draft",
     "value": 68
    },
    "firepower": {
     "reason": "The Atlas states no cash, raise, profit, debt or spending commitment for this company.",
     "evidence": [],
     "status": "draft",
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   },
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   "ovr_reason": "Super Micro held 7.6% of server revenue in Q1 2026 (IDC) by shipping new GPU systems fast, and margins and governance questions at smaller scale are its exposure.",
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   "profile": "atlas/supermicro.html",
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  },
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   "name": "Foxconn, Quanta, Wistron",
   "description": "Contract makers that build servers for the biggest buyers.",
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     "reason": "Unbranded ODM direct supply was 50.2% of server revenue in Q1 2026 (IDC), the largest block in the row.",
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      {
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       "trust": "sourced"
      }
     ],
     "status": "draft",
     "value": 90
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    "momentum": {
     "reason": "The Atlas gives no growth figure and no stated direction for this company.",
     "evidence": [],
     "status": "draft",
     "value": null
    },
    "leverage": {
     "reason": "Build servers to the buyer's design for the biggest buyers, and unbranded ODM supply was 50.2% of server revenue in Q1 2026.",
     "evidence": [
      {
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       "trust": "sourced"
      }
     ],
     "status": "draft",
     "base": 50,
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     "value": 64
    },
    "durability": {
     "reason": "Its named risks are margins and buyers designing their own racks.",
     "evidence": [
      {
       "url": "https://www.networkworld.com/article/4147841/idc-dell-leads-server-market-driven-by-ai-infrastructure-needs.html",
       "trust": "sourced"
      }
     ],
     "status": "draft",
     "value": 76
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    "firepower": {
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     "reason": "The Atlas reports no deal talks, pending deal, listing plan or stated acquisition plan for this company.",
     "evidence": [],
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   },
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   "profile": "atlas/odms.html",
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  },
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   "name": "HPE",
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      {
       "url": "https://www.networkworld.com/article/4147841/idc-dell-leads-server-market-driven-by-ai-infrastructure-needs.html",
       "trust": "sourced"
      }
     ],
     "status": "draft",
     "value": 62
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    "momentum": {
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     "status": "draft",
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    "leverage": {
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      {
       "url": "https://www.networkworld.com/article/4147841/idc-dell-leads-server-market-driven-by-ai-infrastructure-needs.html",
       "trust": "sourced"
      }
     ],
     "status": "draft",
     "base": 50,
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    "durability": {
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     "evidence": [
      {
       "url": "https://www.networkworld.com/article/4147841/idc-dell-leads-server-market-driven-by-ai-infrastructure-needs.html",
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     ],
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    "firepower": {
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     "evidence": [],
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    "deal_heat": {
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     "evidence": [],
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   "ovr_from": 3,
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   "ovr_by": "Claude (draft)",
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   "profile": "atlas/hpe.html",
   "initials": "HP",
   "logo": {
    "file": "logos/hpe.svg",
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  },
  "lenovo": {
   "name": "Lenovo",
   "description": "PCs and servers.",
   "home": "infra",
   "attributes": {
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     "reason": "The clear PC leader with 24.4% of Q2 2026 shipments (IDC).",
     "evidence": [
      {
       "url": "https://www.mactrast.com/2026/07/idc-apple-the-only-major-computer-maker-to-increase-shipments-in-q2-2026/",
       "trust": "sourced"
      }
     ],
     "status": "draft",
     "value": 88
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    "momentum": {
     "reason": "PC shipments fell 2.1% in Q2 2026, close to flat in a market down 4.9%.",
     "evidence": [
      {
       "url": "https://www.mactrast.com/2026/07/idc-apple-the-only-major-computer-maker-to-increase-shipments-in-q2-2026/",
       "trust": "sourced"
      }
     ],
     "status": "draft",
     "value": 58
    },
    "leverage": {
     "reason": "The Atlas states no company that depends on Lenovo.",
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      {
       "url": "https://www.mactrast.com/2026/07/idc-apple-the-only-major-computer-maker-to-increase-shipments-in-q2-2026/",
       "trust": "sourced"
      }
     ],
     "status": "draft",
     "base": 50,
     "adjust": 0,
     "value": 50
    },
    "durability": {
     "reason": "Its named risks are China exposure and memory costs.",
     "evidence": [
      {
       "url": "https://www.networkworld.com/article/4147841/idc-dell-leads-server-market-driven-by-ai-infrastructure-needs.html",
       "trust": "sourced"
      },
      {
       "url": "https://www.mactrast.com/2026/07/idc-apple-the-only-major-computer-maker-to-increase-shipments-in-q2-2026/",
       "trust": "sourced"
      }
     ],
     "status": "draft",
     "value": 76
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    "firepower": {
     "reason": "The Atlas states no cash, raise, profit, debt or spending commitment for this company.",
     "evidence": [],
     "status": "draft",
     "value": null
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    "deal_heat": {
     "reason": "The Atlas reports no deal talks, pending deal, listing plan or stated acquisition plan for this company.",
     "evidence": [],
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   },
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   "profile": "atlas/lenovo.html",
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   "logo": {
    "file": "logos/lenovo.svg",
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  },
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   "name": "Equinix",
   "description": "Colocation and interconnection data centers.",
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     "reason": "A data center starter with Q2 2026 revenue of $2.63bn and record annualized bookings of $424m.",
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      {
       "url": "https://investor.equinix.com/news-events/press-releases/detail/1114/equinix-reports-second-quarter-results-raises-2026",
       "trust": "sourced"
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     ],
     "status": "draft",
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    "momentum": {
     "reason": "Record annualized bookings of $424m rose 23%, and presales rose more than 50%.",
     "evidence": [
      {
       "url": "https://investor.equinix.com/news-events/press-releases/detail/1114/equinix-reports-second-quarter-results-raises-2026",
       "trust": "sourced"
      }
     ],
     "status": "draft",
     "value": 80
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    "leverage": {
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     "evidence": [
      {
       "url": "https://investor.equinix.com/news-events/press-releases/detail/1114/equinix-reports-second-quarter-results-raises-2026",
       "trust": "sourced"
      }
     ],
     "status": "draft",
     "base": 50,
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    },
    "durability": {
     "reason": "Its named risk is hyperscalers building their own campuses.",
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      {
       "url": "https://investor.equinix.com/news-events/press-releases/detail/1114/equinix-reports-second-quarter-results-raises-2026",
       "trust": "sourced"
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     ],
     "status": "draft",
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     "status": "draft",
     "value": null
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    "deal_heat": {
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     "evidence": [],
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  },
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   "name": "Digital Realty",
   "description": "Wholesale and colocation data center landlord.",
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     "reason": "A data center starter with a record $1.9bn backlog and a large wholesale footprint.",
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      {
       "url": "https://pro.stockalarm.io/quote/DLR-PJ/earnings",
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     ],
     "status": "draft",
     "value": 80
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    "momentum": {
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      {
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     ],
     "status": "draft",
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    "leverage": {
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      {
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     ],
     "status": "draft",
     "base": 50,
     "adjust": 0,
     "value": 50
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    "durability": {
     "reason": "Its named risk is power availability for new sites, against long leases.",
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      {
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     "value": null
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     "evidence": [],
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   },
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   "name": "QTS",
   "description": "Hyperscale data center operator owned by Blackstone.",
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     "reason": "A hyperscale starter with 3 GW commissioned and over 5 GW contracted by other sources' count.",
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      {
       "url": "https://www.blackstone.com/insights/article/2026-mid-year-investment-perspectives/",
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     ],
     "status": "draft",
     "value": 82
    },
    "momentum": {
     "reason": "Blackstone says QTS's leased capacity is 15 times what it was five years ago.",
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      {
       "url": "https://www.blackstone.com/insights/article/2026-mid-year-investment-perspectives/",
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     ],
     "status": "draft",
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    "leverage": {
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       "url": "https://www.blackstone.com/insights/article/2026-mid-year-investment-perspectives/",
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      }
     ],
     "status": "draft",
     "base": 50,
     "adjust": 0,
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    "durability": {
     "reason": "Owned by a firm that finances the build and the power, and its card names only a dispute over capacity measures.",
     "evidence": [
      {
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     ],
     "status": "draft",
     "value": 86
    },
    "firepower": {
     "reason": "The Atlas states Blackstone's backing and no cash, raise or commitment held by QTS.",
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     "value": null
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     "reason": "The Atlas reports no deal talks, pending deal, listing plan or stated acquisition plan for this company.",
     "evidence": [],
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   },
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   "ovr_by": "Claude (draft)",
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   "profile": "atlas/qts.html",
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   "name": "Blackstone",
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   "attributes": {},
   "ovr": null,
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   "badges": [
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     "id": "kingmaker",
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   ],
   "profile": "atlas/blackstone.html",
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  "blue_owl": {
   "name": "Blue Owl",
   "description": "Asset manager that holds 80% of Meta's Hyperion data center venture.",
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   "attributes": {
    "dominance": {
     "reason": "A second-string data center financier that holds 80% of the Hyperion joint venture with Meta.",
     "evidence": [
      {
       "url": "https://www.prnewswire.com/news-releases/meta-announces-joint-venture-with-funds-managed-by-blue-owl-capital-to-develop-hyperion-data-center-302590584.html",
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      }
     ],
     "status": "draft",
     "value": 70
    },
    "momentum": {
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     "evidence": [],
     "status": "draft",
     "value": null
    },
    "leverage": {
     "reason": "Meta leases the Hyperion campus, and the Atlas counts capital as investment, so it states no dependence.",
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       "url": "https://www.prnewswire.com/news-releases/meta-announces-joint-venture-with-funds-managed-by-blue-owl-capital-to-develop-hyperion-data-center-302590584.html",
       "trust": "sourced"
      }
     ],
     "status": "draft",
     "base": 50,
     "adjust": 0,
     "value": 50
    },
    "durability": {
     "reason": "The A+ rated $27.3bn bond reportedly traded down to 94.4 cents (single source).",
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       "trust": "sourced"
      }
     ],
     "status": "draft",
     "value": 70
    },
    "firepower": {
     "reason": "Holds 80% of the Hyperion joint venture with Meta, funded by about $27bn of development cost.",
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       "url": "https://www.prnewswire.com/news-releases/meta-announces-joint-venture-with-funds-managed-by-blue-owl-capital-to-develop-hyperion-data-center-302590584.html",
       "trust": "sourced"
      }
     ],
     "status": "draft",
     "value": 95
    },
    "deal_heat": {
     "reason": "The Atlas reports no deal talks, pending deal, listing plan or stated acquisition plan for this company.",
     "evidence": [],
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   },
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   "ovr_reason": "Blue Owl holds 80% of the Hyperion joint venture with Meta, funded by about $27bn of development cost, and Meta leases the campus and guarantees the first 16 years.",
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   "profile": "atlas/blue_owl.html",
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  },
  "apollo": {
   "name": "Apollo",
   "description": "Credit investor financing AI chips and data centers.",
   "home": "infra",
   "attributes": {
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     "reason": "A second-string financier of chips and data centers, leading what is reported as the largest private credit deal on record.",
     "evidence": [
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       "url": "https://www.bloomberg.com/news/articles/2026-07-09/apollo-s-35-billion-ai-chip-credit-deal-is-set-to-begin-trading",
       "trust": "reported"
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     ],
     "status": "draft",
     "value": 70
    },
    "momentum": {
     "reason": "The Atlas gives no growth figure and no stated direction for this company.",
     "evidence": [],
     "status": "draft",
     "value": null
    },
    "leverage": {
     "reason": "The Atlas counts its Anthropic financing as investment, so it states no dependence on Apollo.",
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       "trust": "reported"
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     ],
     "status": "draft",
     "base": 50,
     "adjust": 0,
     "value": 50
    },
    "durability": {
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      {
       "url": "https://www.bloomberg.com/news/articles/2026-07-09/apollo-s-35-billion-ai-chip-credit-deal-is-set-to-begin-trading",
       "trust": "reported"
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     ],
     "status": "draft",
     "value": 76
    },
    "firepower": {
     "reason": "Leads a reported $35bn package, with Blackstone, to buy chips for lease to Anthropic.",
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      {
       "url": "https://www.bloomberg.com/news/articles/2026-07-09/apollo-s-35-billion-ai-chip-credit-deal-is-set-to-begin-trading",
       "trust": "reported"
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     ],
     "status": "draft",
     "value": 95
    },
    "deal_heat": {
     "reason": "The Atlas reports no deal talks, pending deal, listing plan or stated acquisition plan for this company.",
     "evidence": [],
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     "value": null
    }
   },
   "ovr": 70,
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   "badges": [],
   "ovr_reason": "Apollo leads a $35bn package to buy chips for lease to Anthropic, reported as the largest private credit deal on record, which ties it to credit performance if AI demand slows.",
   "ovr_by": "Claude (draft)",
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   "profile": "atlas/apollo.html",
   "initials": "AP",
   "logo": {
    "file": "logos/apollo.svg",
    "ground": "light"
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  },
  "crusoe": {
   "name": "Crusoe",
   "description": "Builds AI data centers and rents GPU capacity.",
   "home": "infra",
   "attributes": {
    "dominance": {
     "reason": "A practice-squad builder of AI campuses with no stated share or revenue.",
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      {
       "url": "https://www.marktechpost.com/2026/08/23/best-gpu-neoclouds-2026/",
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     ],
     "status": "draft",
     "value": 56
    },
    "momentum": {
     "reason": "The Atlas gives no growth figure and no stated direction for this company.",
     "evidence": [],
     "status": "draft",
     "value": null
    },
    "leverage": {
     "reason": "The Atlas states no company that depends on Crusoe.",
     "evidence": [
      {
       "url": "https://www.marktechpost.com/2026/08/23/best-gpu-neoclouds-2026/",
       "trust": "reported"
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     ],
     "status": "draft",
     "base": 50,
     "adjust": 0,
     "value": 50
    },
    "durability": {
     "reason": "Its named risk is filling capacity at the prices its cheap-power campuses allow.",
     "evidence": [
      {
       "url": "https://www.marktechpost.com/2026/08/23/best-gpu-neoclouds-2026/",
       "trust": "reported"
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     ],
     "status": "draft",
     "value": 68
    },
    "firepower": {
     "reason": "A Series F of $3.9bn at about $30.9bn post-money is reported for Sept 2026.",
     "evidence": [
      {
       "url": "https://www.marktechpost.com/2026/08/23/best-gpu-neoclouds-2026/",
       "trust": "reported"
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     ],
     "status": "draft",
     "value": 80
    },
    "deal_heat": {
     "reason": "The Atlas reports no deal talks, pending deal, listing plan or stated acquisition plan for this company.",
     "evidence": [],
     "status": "draft",
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   },
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  },
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   "name": "GE Vernova",
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      {
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      }
     ],
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     "evidence": [],
     "status": "draft",
     "value": null
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     "reason": "Turbine slots are booked into 2030, so buyers queue for its gas turbines.",
     "evidence": [
      {
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     "evidence": [
      {
       "url": "https://www.power-eng.com/gas/turbines/data-centers-drive-record-surge-in-ge-vernova-power-equipment-orders-as-turbine-slots-tighten-through-2030/",
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      }
     ],
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   "name": "Vertiv",
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     ],
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      {
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   "profile": "atlas/vertiv.html",
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  },
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   "name": "Eaton",
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     ],
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    "momentum": {
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     ],
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    "leverage": {
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      {
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     "evidence": [
      {
       "url": "https://www.tikr.com/blog/eaton-ge-vernova-beat-ai-chip-stocks",
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     "reason": "The Atlas states no cash, raise, profit, debt or spending commitment for this company.",
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   "profile": "atlas/eaton.html",
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    "leverage": {
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      {
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     "evidence": [
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     ],
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   "profile": "atlas/bloom.html",
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  },
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   "name": "Constellation",
   "description": "Nuclear fleet owner supplying Microsoft.",
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     "reason": "A second-string power supplier that owns the nuclear plants buyers already trust.",
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      {
       "url": "https://techcrunch.com/2026/01/09/meta-signs-deals-with-three-nuclear-companies-for-6-plus-gw-of-power/",
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      }
     ],
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    "momentum": {
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    "leverage": {
     "reason": "Microsoft relies on its 20-year agreement to restart the Crane nuclear plant in 2027.",
     "evidence": [
      {
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       "trust": "sourced"
      },
      {
       "url": "https://www.nuclearnewsnetwork.com/news/nuclear-power-data-centers-explained",
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     ],
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    "durability": {
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      {
       "url": "https://techcrunch.com/2026/01/09/meta-signs-deals-with-three-nuclear-companies-for-6-plus-gw-of-power/",
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     ],
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   "profile": "atlas/constellation.html",
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   "name": "Talen",
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   "profile": "atlas/talen.html",
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    "leverage": {
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    },
    "firepower": {
     "reason": "Its IPO raised about $1bn in April 2026.",
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     ],
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    "deal_heat": {
     "reason": "The Atlas reports its IPO as completed in April 2026 and no further deal activity.",
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   },
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   "ovr_by": "Claude (draft)",
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   "name": "Oklo",
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    "leverage": {
     "reason": "The Atlas states no company that depends on Oklo.",
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       "trust": "sourced"
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     ],
     "status": "draft",
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    "durability": {
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     ],
     "status": "draft",
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    "firepower": {
     "reason": "The Atlas states a binding Meta prepayment and development funding agreement with no amount.",
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    "deal_heat": {
     "reason": "The Atlas reports no deal talks, pending deal, listing plan or stated acquisition plan for this company.",
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   "ovr_by": "Claude (draft)",
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   "name": "TerraPower",
   "description": "Sodium-cooled reactor developer backed by Meta.",
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     "reason": "Pre-revenue, with two Natrium units of up to 690 MW announced for Meta in January 2026.",
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       "url": "https://techcrunch.com/2026/01/09/meta-signs-deals-with-three-nuclear-companies-for-6-plus-gw-of-power/",
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    "leverage": {
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       "url": "https://techcrunch.com/2026/01/09/meta-signs-deals-with-three-nuclear-companies-for-6-plus-gw-of-power/",
       "trust": "sourced"
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     ],
     "status": "draft",
     "base": 50,
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    "durability": {
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       "url": "https://techcrunch.com/2026/01/09/meta-signs-deals-with-three-nuclear-companies-for-6-plus-gw-of-power/",
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     ],
     "status": "draft",
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    },
    "firepower": {
     "reason": "The Atlas states Meta's commitment to its reactors with no financial terms disclosed.",
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    "deal_heat": {
     "reason": "The Atlas reports no deal talks, pending deal, listing plan or stated acquisition plan for this company.",
     "evidence": [],
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   },
   "ovr": 50,
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   "ovr_from": 3,
   "badges": [],
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   "ovr_by": "Claude (draft)",
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   "name": "Valar Atomics",
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   "home": "infra",
   "attributes": {
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     "reason": "A nuclear startup with no stated revenue or working reactor.",
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    },
    "momentum": {
     "reason": "The Atlas gives no growth figure and no stated direction for this company.",
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    "leverage": {
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     "evidence": [
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     ],
     "status": "draft",
     "base": 50,
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     "value": 50
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    "durability": {
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     "evidence": [
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       "url": "https://finance.yahoo.com/energy/articles/vc-money-floods-u-nuclear-220000297.html",
       "trust": "reported"
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    "firepower": {
     "reason": "Raised $1bn in August 2026 (Bloomberg, as reported).",
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     ],
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    "deal_heat": {
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   },
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   "ovr_reason": "Valar raised $1bn in August 2026 (Bloomberg, as reported), and its rating depends on demonstrating a working reactor.",
   "ovr_by": "Claude (draft)",
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   "profile": "atlas/valar.html",
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   "attributes": {
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     "reason": "Holds 20% of cloud infrastructure spending in Q2 2026, second to Amazon, and sells software to customers who already pay for it.",
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      {
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      {
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     "status": "draft",
     "value": 84
    },
    "momentum": {
     "reason": "Azure grew 43% in the quarter to June 2026, and paid Microsoft 365 Copilot seats doubled from 15 million in January to over 30 million.",
     "evidence": [
      {
       "url": "https://redmondmag.com/articles/2026/07/30/microsoft-tops-90b-quarterly-revenue.aspx",
       "trust": "reported"
      },
      {
       "url": "https://techcrunch.com/2026/01/29/satya-nadella-insists-people-are-using-microsofts-copilot-ai-a-lot",
       "trust": "reported"
      }
     ],
     "status": "draft",
     "value": 86
    },
    "leverage": {
     "reason": "Microsoft was about 67% of CoreWeave's 2025 revenue, and it sells cloud into customers who already run its software.",
     "evidence": [
      {
       "url": "https://sacra.com/c/coreweave/",
       "trust": "reported"
      },
      {
       "url": "https://redmondmag.com/articles/2026/07/30/microsoft-tops-90b-quarterly-revenue.aspx",
       "trust": "reported"
      }
     ],
     "status": "draft",
     "base": 66,
     "adjust": 12,
     "value": 78
    },
    "durability": {
     "reason": "Spans cloud, software and security, with the named risk of capacity to serve its backlog.",
     "evidence": [
      {
       "url": "https://redmondmag.com/articles/2026/07/30/microsoft-tops-90b-quarterly-revenue.aspx",
       "trust": "reported"
      }
     ],
     "status": "draft",
     "value": 88
    },
    "firepower": {
     "reason": "Agreed to pay Nebius about $17.4bn through 2031 for dedicated GPU capacity, rising to about $19.4bn if it buys more.",
     "evidence": [
      {
       "url": "https://www.sec.gov/Archives/edgar/data/1513845/000110465925110025/tm2530771-1_424b5.htm",
       "trust": "sourced"
      }
     ],
     "status": "draft",
     "value": 90
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    "deal_heat": {
     "reason": "The Atlas reports no deal talks, pending deal, listing plan or stated acquisition plan for this company.",
     "evidence": [],
     "status": "draft",
     "value": null
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   },
   "ovr": 84,
   "ovr_status": "draft",
   "ovr_from": 5,
   "badges": [],
   "ovr_reason": "Microsoft held 20% of cloud infrastructure spending in Q2 2026 on Synergy's figures, with Azure and other cloud services up 43% and a commercial backlog reported at $678bn.",
   "ovr_by": "Claude (draft)",
   "ovr_updated": "2026-11-02",
   "profile": "atlas/microsoft.html",
   "initials": "MI",
   "logo": {
    "file": "logos/microsoft.svg",
    "ground": "light"
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   "team": "microsoft_openai"
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   "name": "Williams",
   "description": "Pipeline company building behind-the-meter gas power for data centers.",
   "home": null,
   "profile": "atlas/williams.html",
   "initials": "WI",
   "logo": {
    "file": "logos/williams.svg",
    "ground": "light"
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  },
  "elementl": {
   "name": "Elementl Power",
   "description": "Nuclear developer that agreed to supply Google.",
   "home": null,
   "profile": "atlas/elementl.html",
   "initials": "EP",
   "team": "google"
  },
  "oracle": {
   "name": "Oracle",
   "description": "Databases, business applications and a fast-growing AI cloud.",
   "home": "cloud",
   "attributes": {
    "dominance": {
     "reason": "A second-string cloud with $664bn of remaining performance obligations and the largest AI contracts signed.",
     "evidence": [
      {
       "url": "https://www.oracle.com/news/announcement/q1fy27-earnings-release-2026-09-10/",
       "trust": "sourced"
      }
     ],
     "status": "draft",
     "value": 76
    },
    "momentum": {
     "reason": "Cloud infrastructure revenue rose 121% to $7.4bn in the quarter to August 2026.",
     "evidence": [
      {
       "url": "https://www.oracle.com/news/announcement/q1fy27-earnings-release-2026-09-10/",
       "trust": "sourced"
      }
     ],
     "status": "draft",
     "value": 96
    },
    "leverage": {
     "reason": "OpenAI relies on its $300bn, five-year cloud contract starting in 2027 and assuming about 4.5 GW.",
     "evidence": [
      {
       "url": "https://intuitionlabs.ai/articles/oracle-openai-300b-deal-analysis",
       "trust": "reported"
      }
     ],
     "status": "draft",
     "base": 58,
     "adjust": 10,
     "value": 68
    },
    "durability": {
     "reason": "Pre-earnings estimates put OpenAI at about half of the backlog (analyst estimate), and free cash flow was negative $5bn.",
     "evidence": [
      {
       "url": "https://www.oracle.com/news/announcement/q1fy27-earnings-release-2026-09-10/",
       "trust": "sourced"
      }
     ],
     "status": "draft",
     "value": 58
    },
    "firepower": {
     "reason": "The Atlas states negative free cash flow of $5bn for Oracle and no cash, raise or funding commitment.",
     "evidence": [],
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     "value": null
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    "deal_heat": {
     "reason": "The Atlas reports no deal talks, pending deal, listing plan or stated acquisition plan for this company.",
     "evidence": [],
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     "value": null
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   },
   "ovr": 74,
   "ovr_status": "draft",
   "ovr_from": 4,
   "badges": [
    {
     "id": "single_customer_risk",
     "reason": "Pre-earnings estimates put OpenAI at about half of Oracle's backlog (analyst estimate).",
     "evidence": [
      {
       "url": "https://www.oracle.com/news/announcement/q1fy27-earnings-release-2026-09-10/",
       "trust": "sourced"
      }
     ],
     "status": "draft",
     "label": "Single-Customer Risk"
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   "ovr_reason": "Oracle's cloud infrastructure revenue was $7.4bn in the quarter to August 2026, up 121%, and an analyst estimate puts OpenAI at about half of its $664bn of remaining performance obligations.",
   "ovr_by": "Claude (draft)",
   "ovr_updated": "2026-11-02",
   "profile": "atlas/oracle.html",
   "initials": "OR",
   "logo": {
    "file": "logos/oracle.svg",
    "ground": "light"
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   "team": "microsoft_openai"
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   "name": "Alibaba Cloud",
   "description": "China's largest cloud provider.",
   "home": "cloud",
   "attributes": {
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     "reason": "Leads China's cloud market, a second-string player in a global row Amazon, Microsoft and Google lead.",
     "evidence": [
      {
       "url": "https://www.businessday.co.za/world/international-companies/2026-08-20-alibaba-misses-profit-target-as-capex-climbs-75-in-ai-push/",
       "trust": "sourced"
      }
     ],
     "status": "draft",
     "value": 74
    },
    "momentum": {
     "reason": "AI cloud and compute revenue rose 45% to 48.44bn yuan in the June 2026 quarter.",
     "evidence": [
      {
       "url": "https://www.businessday.co.za/world/international-companies/2026-08-20-alibaba-misses-profit-target-as-capex-climbs-75-in-ai-push/",
       "trust": "sourced"
      }
     ],
     "status": "draft",
     "value": 80
    },
    "leverage": {
     "reason": "The Atlas states no company that depends on Alibaba Cloud.",
     "evidence": [
      {
       "url": "https://www.businessday.co.za/world/international-companies/2026-08-20-alibaba-misses-profit-target-as-capex-climbs-75-in-ai-push/",
       "trust": "sourced"
      }
     ],
     "status": "draft",
     "base": 50,
     "adjust": 0,
     "value": 50
    },
    "durability": {
     "reason": "Its named risks are access to enough AI chips, and Huawei and Tencent.",
     "evidence": [
      {
       "url": "https://www.businessday.co.za/world/international-companies/2026-08-20-alibaba-misses-profit-target-as-capex-climbs-75-in-ai-push/",
       "trust": "sourced"
      }
     ],
     "status": "draft",
     "value": 72
    },
    "firepower": {
     "reason": "Capital spending rose 75% to 67.68bn yuan in the June 2026 quarter (reported).",
     "evidence": [
      {
       "url": "https://www.businessday.co.za/world/international-companies/2026-08-20-alibaba-misses-profit-target-as-capex-climbs-75-in-ai-push/",
       "trust": "sourced"
      }
     ],
     "status": "draft",
     "value": 84
    },
    "deal_heat": {
     "reason": "The Atlas reports no deal talks, pending deal, listing plan or stated acquisition plan for this company.",
     "evidence": [],
     "status": "draft",
     "value": null
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   },
   "ovr": 71,
   "ovr_status": "draft",
   "ovr_from": 5,
   "badges": [],
   "ovr_reason": "Alibaba's AI cloud and compute revenue was 48.44bn yuan in the June 2026 quarter, up 45%, and it leads China with access to enough AI chips as its exposure.",
   "ovr_by": "Claude (draft)",
   "ovr_updated": "2026-11-02",
   "profile": "atlas/alibaba.html",
   "initials": "AC",
   "logo": {
    "file": "logos/alibaba.svg",
    "ground": "light"
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  "coreweave": {
   "name": "CoreWeave",
   "description": "GPU cloud that rents Nvidia capacity to the biggest AI buyers.",
   "home": "cloud",
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    "dominance": {
     "reason": "Leads the neocloud row with Q2 2026 revenue of $2.575bn and a backlog of about $104bn.",
     "evidence": [
      {
       "url": "https://investors.coreweave.com/news/news-details/2026/CoreWeave-Reports-Strong-Second-Quarter-2026-Results/default.aspx",
       "trust": "sourced"
      }
     ],
     "status": "draft",
     "value": 90
    },
    "momentum": {
     "reason": "Q2 2026 revenue of $2.575bn was more than double a year earlier.",
     "evidence": [
      {
       "url": "https://investors.coreweave.com/news/news-details/2026/CoreWeave-Reports-Strong-Second-Quarter-2026-Results/default.aspx",
       "trust": "sourced"
      }
     ],
     "status": "draft",
     "value": 96
    },
    "leverage": {
     "reason": "Rents GPUs by the contract to Meta, OpenAI and Microsoft, buyers that cannot build fast enough.",
     "evidence": [
      {
       "url": "https://investors.coreweave.com/news/news-details/2026/CoreWeave-Reports-Strong-Second-Quarter-2026-Results/default.aspx",
       "trust": "sourced"
      },
      {
       "url": "https://www.datacenterdynamics.com/en/news/meta-signs-21bn-ai-infrastructure-contract-with-coreweave/",
       "trust": "reported"
      },
      {
       "url": "https://www.nextplatform.com/cloud/2026/08/14/the-neoclouds-build-cash-hoards-faster-than-revenues/5288040",
       "trust": "reported"
      }
     ],
     "status": "draft",
     "base": 66,
     "adjust": 12,
     "value": 78
    },
    "durability": {
     "reason": "Microsoft was about 67% of its 2025 revenue, and net interest expense was $640m.",
     "evidence": [
      {
       "url": "https://investors.coreweave.com/news/news-details/2026/CoreWeave-Reports-Strong-Second-Quarter-2026-Results/default.aspx",
       "trust": "sourced"
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     ],
     "status": "draft",
     "value": 56
    },
    "firepower": {
     "reason": "The Atlas states CoreWeave's interest bill and backlog and no cash, raise or spending commitment.",
     "evidence": [],
     "status": "draft",
     "value": null
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    "deal_heat": {
     "reason": "The Atlas reports no deal talks, pending deal, listing plan or stated acquisition plan for this company.",
     "evidence": [],
     "status": "draft",
     "value": null
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   },
   "ovr": 83,
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   "ovr_from": 4,
   "badges": [
    {
     "id": "single_customer_risk",
     "reason": "Microsoft was about 67% of CoreWeave's 2025 revenue.",
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      {
       "url": "https://investors.coreweave.com/news/news-details/2026/CoreWeave-Reports-Strong-Second-Quarter-2026-Results/default.aspx",
       "trust": "sourced"
      },
      {
       "url": "https://sacra.com/c/coreweave/",
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     ],
     "status": "draft",
     "label": "Single-Customer Risk"
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   ],
   "ovr_reason": "CoreWeave's Q2 2026 revenue was $2.575bn with a backlog of about $104bn, and Microsoft was about 67% of its 2025 revenue beside a $640m net interest bill.",
   "ovr_by": "Claude (draft)",
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   "profile": "atlas/coreweave.html",
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   "logo": {
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    "ground": "light"
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   "team": "microsoft_openai"
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   "name": "Nebius",
   "description": "GPU cloud with long contracts from Microsoft and Meta.",
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   "attributes": {
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     "reason": "Second-string neocloud with Q2 revenue of about $582m and long contracts from Microsoft and Meta.",
     "evidence": [
      {
       "url": "https://www.nextplatform.com/cloud/2026/08/14/the-neoclouds-build-cash-hoards-faster-than-revenues/5288040",
       "trust": "reported"
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     ],
     "status": "draft",
     "value": 72
    },
    "momentum": {
     "reason": "The Atlas gives no growth figure and no stated direction for this company.",
     "evidence": [],
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     "value": null
    },
    "leverage": {
     "reason": "Microsoft agreed to pay up to $17.4bn through 2031 and Meta agreed $12bn of dedicated compute over five years.",
     "evidence": [
      {
       "url": "https://www.nextplatform.com/cloud/2026/08/14/the-neoclouds-build-cash-hoards-faster-than-revenues/5288040",
       "trust": "reported"
      }
     ],
     "status": "draft",
     "base": 66,
     "adjust": 4,
     "value": 70
    },
    "durability": {
     "reason": "It leans on convertible debt and customer prepayments, and its long contracts come from the two biggest platform buyers.",
     "evidence": [
      {
       "url": "https://www.nextplatform.com/cloud/2026/08/14/the-neoclouds-build-cash-hoards-faster-than-revenues/5288040",
       "trust": "reported"
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     ],
     "status": "draft",
     "value": 64
    },
    "firepower": {
     "reason": "The Atlas states that Nebius uses convertible debt and gives no amount, cash or raise.",
     "evidence": [],
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     "value": null
    },
    "deal_heat": {
     "reason": "The Atlas reports no deal talks, pending deal, listing plan or stated acquisition plan for this company.",
     "evidence": [],
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    }
   },
   "ovr": 70,
   "ovr_status": "draft",
   "ovr_from": 3,
   "badges": [],
   "ovr_reason": "Nebius reported Q2 revenue of about $582m, with Microsoft agreeing to pay up to $17.4bn through 2031 and Meta $12bn over five years, and leans on convertible debt for funding.",
   "ovr_by": "Claude (draft)",
   "ovr_updated": "2026-11-02",
   "profile": "atlas/nebius.html",
   "initials": "NE",
   "logo": {
    "file": "logos/nebius.svg",
    "ground": "light"
   },
   "team": "microsoft_openai"
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   "name": "Lambda",
   "description": "GPU cloud preparing for a 2027 listing.",
   "home": "cloud",
   "attributes": {
    "dominance": {
     "reason": "Second-string GPU cloud with a long record serving researchers and no stated share.",
     "evidence": [
      {
       "url": "https://www.marktechpost.com/2026/08/23/best-gpu-neoclouds-2026/",
       "trust": "reported"
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     ],
     "status": "draft",
     "value": 66
    },
    "momentum": {
     "reason": "The Atlas gives no growth figure and no stated direction for this company.",
     "evidence": [],
     "status": "draft",
     "value": null
    },
    "leverage": {
     "reason": "The Atlas states no company that depends on Lambda.",
     "evidence": [
      {
       "url": "https://www.marktechpost.com/2026/08/23/best-gpu-neoclouds-2026/",
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      }
     ],
     "status": "draft",
     "base": 50,
     "adjust": 0,
     "value": 50
    },
    "durability": {
     "reason": "Its named risk is winning a flagship contract as large as CoreWeave's.",
     "evidence": [
      {
       "url": "https://www.marktechpost.com/2026/08/23/best-gpu-neoclouds-2026/",
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     ],
     "status": "draft",
     "value": 70
    },
    "firepower": {
     "reason": "Raised a Series E of more than $1.5bn in November 2025 and a $1bn credit facility in May 2026.",
     "evidence": [
      {
       "url": "https://www.marktechpost.com/2026/08/23/best-gpu-neoclouds-2026/",
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     ],
     "status": "draft",
     "value": 80
    },
    "deal_heat": {
     "reason": "TechCrunch reports it plans to raise up to $4bn before a 2027 IPO.",
     "evidence": [
      {
       "url": "https://www.marktechpost.com/2026/08/23/best-gpu-neoclouds-2026/",
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     ],
     "status": "draft",
     "value": 80
    }
   },
   "ovr": 65,
   "ovr_status": "draft",
   "ovr_from": 4,
   "badges": [
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     "id": "in_play",
     "reason": "TechCrunch reports that Lambda plans to raise up to $4bn before a 2027 IPO.",
     "evidence": [
      {
       "url": "https://www.marktechpost.com/2026/08/23/best-gpu-neoclouds-2026/",
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     ],
     "status": "draft",
     "label": "In Play"
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   ],
   "ovr_reason": "Lambda raised a Series E of more than $1.5bn in November 2025 and a $1bn credit facility in May 2026, and has yet to win a flagship contract as large as CoreWeave's.",
   "ovr_by": "Claude (draft)",
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   "profile": "atlas/lambda.html",
   "initials": "LA"
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  "fireworks": {
   "name": "Fireworks AI",
   "description": "Serves open models to developers at scale.",
   "home": "cloud",
   "attributes": {
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     "reason": "A practice-squad inference cloud with annualized revenue reported above $1bn.",
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     ],
     "status": "draft",
     "value": 60
    },
    "momentum": {
     "reason": "The Atlas gives no growth figure and no stated direction for this company.",
     "evidence": [],
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    },
    "leverage": {
     "reason": "The Atlas states no company that depends on Fireworks AI.",
     "evidence": [
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     ],
     "status": "draft",
     "base": 50,
     "adjust": 0,
     "value": 50
    },
    "durability": {
     "reason": "Its named risks are frontier labs' models staying closed and pricing falling.",
     "evidence": [
      {
       "url": "https://valueaddvc.com/pulse/company/fireworks",
       "trust": "reported"
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     ],
     "status": "draft",
     "value": 70
    },
    "firepower": {
     "reason": "Raised a $1.505bn Series D at a $17.5bn valuation in July 2026.",
     "evidence": [
      {
       "url": "https://valueaddvc.com/pulse/company/fireworks",
       "trust": "reported"
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     ],
     "status": "draft",
     "value": 78
    },
    "deal_heat": {
     "reason": "The Atlas reports no deal talks, pending deal, listing plan or stated acquisition plan for this company.",
     "evidence": [],
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    }
   },
   "ovr": 62,
   "ovr_status": "draft",
   "ovr_from": 4,
   "badges": [],
   "ovr_reason": "Fireworks raised a $1.505bn Series D at a $17.5bn valuation in July 2026, with annualized revenue reported above $1bn from serving open models to developers.",
   "ovr_by": "Claude (draft)",
   "ovr_updated": "2026-11-02",
   "profile": "atlas/fireworks.html",
   "initials": "FA"
  },
  "together": {
   "name": "Together AI",
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   "home": "cloud",
   "attributes": {
    "dominance": {
     "reason": "A practice-squad cloud for open models with no stated share or revenue.",
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      {
       "url": "https://valueaddvc.com/pulse/company/together",
       "trust": "reported"
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     ],
     "status": "draft",
     "value": 55
    },
    "momentum": {
     "reason": "The Atlas gives no growth figure and no stated direction for this company.",
     "evidence": [],
     "status": "draft",
     "value": null
    },
    "leverage": {
     "reason": "The Atlas states no company that depends on Together AI.",
     "evidence": [
      {
       "url": "https://valueaddvc.com/pulse/company/together",
       "trust": "reported"
      }
     ],
     "status": "draft",
     "base": 50,
     "adjust": 0,
     "value": 50
    },
    "durability": {
     "reason": "Its named risk is competing with the hyperscalers' own model services.",
     "evidence": [
      {
       "url": "https://valueaddvc.com/pulse/company/together",
       "trust": "reported"
      }
     ],
     "status": "draft",
     "value": 68
    },
    "firepower": {
     "reason": "Raised an $800m Series C at an $8.3bn valuation on 1 July 2026.",
     "evidence": [
      {
       "url": "https://valueaddvc.com/pulse/company/together",
       "trust": "reported"
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     ],
     "status": "draft",
     "value": 72
    },
    "deal_heat": {
     "reason": "The Atlas reports no deal talks, pending deal, listing plan or stated acquisition plan for this company.",
     "evidence": [],
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     "value": null
    }
   },
   "ovr": 58,
   "ovr_status": "draft",
   "ovr_from": 4,
   "badges": [],
   "ovr_reason": "Together AI raised an $800m Series C at an $8.3bn valuation on 1 July 2026 and competes with the hyperscalers' own model services.",
   "ovr_by": "Claude (draft)",
   "ovr_updated": "2026-11-02",
   "profile": "atlas/together.html",
   "initials": "TA",
   "logo": {
    "file": "logos/together.svg",
    "ground": "light"
   }
  },
  "baseten": {
   "name": "Baseten",
   "description": "Inference platform for companies deploying their own models.",
   "home": "cloud",
   "attributes": {
    "dominance": {
     "reason": "A practice-squad inference platform with no stated share or revenue.",
     "evidence": [
      {
       "url": "https://newmarketpitch.com/blogs/news/ai-infrastructure-inference-startup",
       "trust": "reported"
      }
     ],
     "status": "draft",
     "value": 52
    },
    "momentum": {
     "reason": "The Atlas gives no growth figure and no stated direction for this company.",
     "evidence": [],
     "status": "draft",
     "value": null
    },
    "leverage": {
     "reason": "The Atlas states no company that depends on Baseten.",
     "evidence": [
      {
       "url": "https://newmarketpitch.com/blogs/news/ai-infrastructure-inference-startup",
       "trust": "reported"
      }
     ],
     "status": "draft",
     "base": 50,
     "adjust": 0,
     "value": 50
    },
    "durability": {
     "reason": "Its funding details are unverified, the one risk its card names.",
     "evidence": [
      {
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      {
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      {
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     ],
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      {
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      {
       "url": "https://newmarketpitch.com/blogs/news/ai-infrastructure-inference-startup",
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   "profile": "atlas/modal.html",
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  },
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      }
     ],
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    "leverage": {
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      {
       "url": "https://www.foley.com/news/2026/01/foley-guides-wasabi-technologies-in-70m-equity-funding-round/",
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     ],
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    "durability": {
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      {
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       "trust": "sourced"
      }
     ],
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    "firepower": {
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      {
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   "profile": "atlas/wasabi.html",
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  },
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      {
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     ],
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     "value": 50
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     "reason": "Grok usage and revenue, about $500m annualized (reported), are small against the compute it is buying.",
     "evidence": [
      {
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   "profile": "atlas/xai.html",
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  },
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  },
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   "name": "DeepSeek",
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      {
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     ],
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     ],
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     "base": 50,
     "adjust": 0,
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    "durability": {
     "reason": "Its named risks are export controls and Chinese compute supply.",
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      {
       "url": "https://www.usecarly.com/blog/llm-market-share/",
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     ],
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    },
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   "profile": "atlas/deepseek.html",
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  },
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   "name": "Mistral AI",
   "description": "European model lab, with ASML as its largest shareholder.",
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     "reason": "Second-string lab selling sovereign AI to European governments and companies, with no stated share.",
     "evidence": [
      {
       "url": "https://techcrunch.com/2026/09/08/mistral-raises-e3b-as-sovereign-ai-becomes-big-business/",
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     ],
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    "momentum": {
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    "leverage": {
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     ],
     "status": "draft",
     "base": 50,
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     "value": 50
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    "durability": {
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      {
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     ],
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    },
    "firepower": {
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      {
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    "deal_heat": {
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   },
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   "profile": "atlas/mistral.html",
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  },
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   "name": "Thinking Machines Lab",
   "description": "Startup founded by former OpenAI chief technology officer Mira Murati.",
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     "reason": "An early lab with no stated product, share or revenue.",
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      {
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     ],
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      {
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   "ovr_by": "Claude (draft)",
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   "profile": "atlas/thinking_machines.html",
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  "ssi": {
   "name": "Safe Superintelligence",
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      {
       "url": "https://valueaddvc.com/blog/safe-superintelligence-valuation-2026-32-billion-zero-revenue-and-ilya-sutskevers-7-billion-bet",
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     ],
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     ],
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       "trust": "reported"
      },
      {
       "url": "https://en.wikipedia.org/wiki/Safe_Superintelligence_Inc.",
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     ],
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   },
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   "ovr_by": "Claude (draft)",
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   "profile": "atlas/ssi.html",
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     "reason": "Owns the coding workflow developers sit in all day, with annualized revenue reported at $3bn by May 2026.",
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      {
       "url": "https://dealroom.co/news/138472-cursor-hits-50b-valuation-in-quick-re-raise/",
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    "leverage": {
     "reason": "The Atlas states no company that depends on Cursor.",
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      {
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     ],
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    "durability": {
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      {
       "url": "https://dealroom.co/news/138472-cursor-hits-50b-valuation-in-quick-re-raise/",
       "trust": "reported"
      },
      {
       "url": "https://www.hpcwire.com/bigdatawire/this-just-in/menlo-ventures-report-enterprise-llm-spend-reaches-8-4b-as-anthropic-overtakes-openai/",
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     ],
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    "firepower": {
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    "deal_heat": {
     "reason": "SpaceX is reported to be buying it in an all-stock deal worth $60bn, from a single source.",
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      {
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     ],
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   },
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   "badges": [
    {
     "id": "in_play",
     "reason": "SpaceX is reported to be buying Cursor in an all-stock deal worth $60bn (single source).",
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      {
       "url": "https://dealroom.co/news/138472-cursor-hits-50b-valuation-in-quick-re-raise/",
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     ],
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     "label": "In Play"
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   ],
   "ovr_reason": "Cursor's annualized revenue was reported at $3bn by May 2026 on a $29.3bn last priced round, and it depends on models it buys from the labs.",
   "ovr_by": "Claude (draft)",
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   "profile": "atlas/cursor.html",
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   "team": "amazon_anthropic"
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  "perplexity": {
   "name": "Perplexity",
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   "home": "models",
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     "reason": "A practice-squad answer engine with about $450m of annualized revenue (Sept 2025) and no model of its own.",
     "evidence": [
      {
       "url": "https://valueaddvc.com/blog/safe-superintelligence-valuation-2026-32-billion-zero-revenue-and-ilya-sutskevers-7-billion-bet",
       "trust": "reported"
      }
     ],
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    },
    "momentum": {
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     "evidence": [
      {
       "url": "https://valueaddvc.com/blog/safe-superintelligence-valuation-2026-32-billion-zero-revenue-and-ilya-sutskevers-7-billion-bet",
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     ],
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    },
    "leverage": {
     "reason": "The Atlas states no company that depends on Perplexity.",
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      {
       "url": "https://valueaddvc.com/blog/safe-superintelligence-valuation-2026-32-billion-zero-revenue-and-ilya-sutskevers-7-billion-bet",
       "trust": "reported"
      }
     ],
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     "base": 50,
     "adjust": 0,
     "value": 50
    },
    "durability": {
     "reason": "It buys models from the labs it competes with, and no 2026 round is confirmed.",
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      {
       "url": "https://valueaddvc.com/blog/safe-superintelligence-valuation-2026-32-billion-zero-revenue-and-ilya-sutskevers-7-billion-bet",
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     ],
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    },
    "firepower": {
     "reason": "The Atlas states no confirmed 2026 round, cash or profit for Perplexity.",
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    },
    "deal_heat": {
     "reason": "The Atlas reports no deal talks, pending deal, listing plan or stated acquisition plan for this company.",
     "evidence": [],
     "status": "draft",
     "value": null
    }
   },
   "ovr": 59,
   "ovr_status": "draft",
   "ovr_from": 4,
   "badges": [],
   "ovr_reason": "Perplexity was valued at about $20bn with about $450m of annualized revenue in Sept 2025, and it buys models from the labs it competes with.",
   "ovr_by": "Claude (draft)",
   "ovr_updated": "2026-11-02",
   "profile": "atlas/perplexity.html",
   "initials": "PE",
   "logo": {
    "file": "logos/perplexity.svg",
    "ground": "light"
   }
  },
  "salesforce": {
   "name": "Salesforce",
   "description": "Customer relationship software and the Agentforce agent platform.",
   "home": "software",
   "attributes": {
    "dominance": {
     "reason": "An apps starter that owns the customer data agents work from, with Agentforce ARR past $1.5bn.",
     "evidence": [
      {
       "url": "https://valueaddvc.com/pulse/salesforce-agentforce-1-5-billion-arr-benioff-2026",
       "trust": "reported"
      }
     ],
     "status": "draft",
     "value": 84
    },
    "momentum": {
     "reason": "Agentforce ARR passed $1.5bn in Q2 FY27, up more than 240% (reported), from $800m at the end of FY26.",
     "evidence": [
      {
       "url": "https://valueaddvc.com/pulse/salesforce-agentforce-1-5-billion-arr-benioff-2026",
       "trust": "reported"
      }
     ],
     "status": "draft",
     "value": 88
    },
    "leverage": {
     "reason": "Owns the customer data that agents work from.",
     "evidence": [
      {
       "url": "https://valueaddvc.com/pulse/salesforce-agentforce-1-5-billion-arr-benioff-2026",
       "trust": "reported"
      }
     ],
     "status": "draft",
     "base": 50,
     "adjust": 8,
     "value": 58
    },
    "durability": {
     "reason": "Agentic pricing at about $0.10 an action has to replace seat revenue.",
     "evidence": [
      {
       "url": "https://valueaddvc.com/pulse/salesforce-agentforce-1-5-billion-arr-benioff-2026",
       "trust": "reported"
      }
     ],
     "status": "draft",
     "value": 76
    },
    "firepower": {
     "reason": "The Atlas states no cash, raise, profit, debt or spending commitment for this company.",
     "evidence": [],
     "status": "draft",
     "value": null
    },
    "deal_heat": {
     "reason": "The Atlas reports no deal talks, pending deal, listing plan or stated acquisition plan for this company.",
     "evidence": [],
     "status": "draft",
     "value": null
    }
   },
   "ovr": 77,
   "ovr_status": "draft",
   "ovr_from": 4,
   "badges": [],
   "ovr_reason": "Salesforce's Agentforce ARR passed $1.5bn in Q2 FY27, up more than 240%, and agentic pricing at about $0.10 an action has to replace seat revenue.",
   "ovr_by": "Claude (draft)",
   "ovr_updated": "2026-11-02",
   "profile": "atlas/salesforce.html",
   "initials": "SA",
   "logo": {
    "file": "logos/salesforce.svg",
    "ground": "light"
   }
  },
  "servicenow": {
   "name": "ServiceNow",
   "description": "Workflow software for IT and the enterprise.",
   "home": "software",
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    "dominance": {
     "reason": "An apps starter with Q2 2026 subscription revenue of $3,877m, sitting across IT, HR and customer workflows.",
     "evidence": [
      {
       "url": "https://www.sec.gov/Archives/edgar/data/1373715/000137371526000072/erq2fy26.htm",
       "trust": "sourced"
      }
     ],
     "status": "draft",
     "value": 82
    },
    "momentum": {
     "reason": "Q2 2026 subscription revenue rose 24.5% and current remaining performance obligations rose 21%.",
     "evidence": [
      {
       "url": "https://www.sec.gov/Archives/edgar/data/1373715/000137371526000072/erq2fy26.htm",
       "trust": "sourced"
      }
     ],
     "status": "draft",
     "value": 80
    },
    "leverage": {
     "reason": "Sits across the IT, HR and customer workflows that agents need to act inside.",
     "evidence": [
      {
       "url": "https://www.sec.gov/Archives/edgar/data/1373715/000137371526000072/erq2fy26.htm",
       "trust": "sourced"
      }
     ],
     "status": "draft",
     "base": 50,
     "adjust": 10,
     "value": 60
    },
    "durability": {
     "reason": "Its named risk is margins under AI cost pressure.",
     "evidence": [
      {
       "url": "https://www.sec.gov/Archives/edgar/data/1373715/000137371526000072/erq2fy26.htm",
       "trust": "sourced"
      }
     ],
     "status": "draft",
     "value": 80
    },
    "firepower": {
     "reason": "Agreed to buy Armis for about $7.75bn in cash and Veza for about $1.25bn in cash.",
     "evidence": [
      {
       "url": "https://www.sec.gov/Archives/edgar/data/1373715/000137371526000007/now-20251231.htm",
       "trust": "sourced"
      }
     ],
     "status": "draft",
     "value": 84
    },
    "deal_heat": {
     "reason": "Agreed in December 2025 to buy Armis for about $7.75bn in cash, with closing expected in the second half of 2026.",
     "evidence": [
      {
       "url": "https://www.sec.gov/Archives/edgar/data/1373715/000137371526000007/now-20251231.htm",
       "trust": "sourced"
      }
     ],
     "status": "draft",
     "value": 95
    }
   },
   "ovr": 77,
   "ovr_status": "draft",
   "ovr_from": 5,
   "badges": [
    {
     "id": "in_play",
     "reason": "Agreed in December 2025 to buy Armis for about $7.75bn in cash, with closing expected in the second half of 2026.",
     "evidence": [
      {
       "url": "https://www.sec.gov/Archives/edgar/data/1373715/000137371526000007/now-20251231.htm",
       "trust": "sourced"
      }
     ],
     "status": "draft",
     "label": "In Play"
    }
   ],
   "ovr_reason": "ServiceNow's Q2 2026 subscription revenue was $3,877m, up 24.5%, with current remaining performance obligations of $13.20bn, up 21%, across IT, HR and customer workflows.",
   "ovr_by": "Claude (draft)",
   "ovr_updated": "2026-11-02",
   "profile": "atlas/servicenow.html",
   "initials": "SE",
   "logo": {
    "file": "logos/servicenow.svg",
    "ground": "light"
   }
  },
  "sap": {
   "name": "SAP",
   "description": "The largest enterprise resource planning vendor.",
   "home": "software",
   "attributes": {
    "dominance": {
     "reason": "The largest enterprise resource planning vendor, running the finance and supply chain systems that are hardest to replace.",
     "evidence": [
      {
       "url": "https://www.prnewswire.com/news-releases/sap-quarterly-statement-q2-2026-302833633.html",
       "trust": "sourced"
      }
     ],
     "status": "draft",
     "value": 84
    },
    "momentum": {
     "reason": "Q2 2026 cloud revenue rose 24% at constant currency to EUR 6.3bn, and current cloud backlog rose 27%.",
     "evidence": [
      {
       "url": "https://www.prnewswire.com/news-releases/sap-quarterly-statement-q2-2026-302833633.html",
       "trust": "sourced"
      }
     ],
     "status": "draft",
     "value": 80
    },
    "leverage": {
     "reason": "Customers run their finance and supply chain systems on SAP, which the card calls the hardest to replace.",
     "evidence": [
      {
       "url": "https://www.prnewswire.com/news-releases/sap-quarterly-statement-q2-2026-302833633.html",
       "trust": "sourced"
      }
     ],
     "status": "draft",
     "base": 50,
     "adjust": 14,
     "value": 64
    },
    "durability": {
     "reason": "Its named risk is the profit outlook it lowered after acquisitions.",
     "evidence": [
      {
       "url": "https://www.prnewswire.com/news-releases/sap-quarterly-statement-q2-2026-302833633.html",
       "trust": "sourced"
      }
     ],
     "status": "draft",
     "value": 82
    },
    "firepower": {
     "reason": "The Atlas states no cash, raise, profit, debt or spending commitment for this company.",
     "evidence": [],
     "status": "draft",
     "value": null
    },
    "deal_heat": {
     "reason": "The Atlas reports no deal talks, pending deal, listing plan or stated acquisition plan for this company.",
     "evidence": [],
     "status": "draft",
     "value": null
    }
   },
   "ovr": 78,
   "ovr_status": "draft",
   "ovr_from": 4,
   "badges": [],
   "ovr_reason": "SAP's Q2 2026 cloud revenue was EUR 6.3bn, up 24% at constant currency, with a current cloud backlog of EUR 22.9bn, up 27%, in systems that are hardest to replace.",
   "ovr_by": "Claude (draft)",
   "ovr_updated": "2026-11-02",
   "profile": "atlas/sap.html",
   "initials": "SA",
   "logo": {
    "file": "logos/sap.svg",
    "ground": "light"
   }
  },
  "workday": {
   "name": "Workday",
   "description": "HR and finance software, reported in talks to be taken private.",
   "home": "software",
   "attributes": {
    "dominance": {
     "reason": "A second-string apps vendor holding HR and payroll data for large employers, with fiscal Q2 2027 subscription revenue of $2.471bn.",
     "evidence": [
      {
       "url": "https://www.rte.ie/news/business/2026/0814/1587833-silver-lake-reportedly-in-talks-to-buy-workday/",
       "trust": "sourced"
      }
     ],
     "status": "draft",
     "value": 72
    },
    "momentum": {
     "reason": "Fiscal Q2 2027 subscription revenue rose 13.9% and total subscription backlog rose 8%.",
     "evidence": [
      {
       "url": "https://www.rte.ie/news/business/2026/0814/1587833-silver-lake-reportedly-in-talks-to-buy-workday/",
       "trust": "sourced"
      }
     ],
     "status": "draft",
     "value": 70
    },
    "leverage": {
     "reason": "The Atlas states no company that depends on Workday.",
     "evidence": [
      {
       "url": "https://www.rte.ie/news/business/2026/0814/1587833-silver-lake-reportedly-in-talks-to-buy-workday/",
       "trust": "sourced"
      }
     ],
     "status": "draft",
     "base": 50,
     "adjust": 0,
     "value": 50
    },
    "durability": {
     "reason": "Its named risks are slower backlog growth and whether the private equity talks lead to a deal.",
     "evidence": [
      {
       "url": "https://www.rte.ie/news/business/2026/0814/1587833-silver-lake-reportedly-in-talks-to-buy-workday/",
       "trust": "sourced"
      }
     ],
     "status": "draft",
     "value": 70
    },
    "firepower": {
     "reason": "The Atlas states no cash, raise, profit, debt or spending commitment for this company.",
     "evidence": [],
     "status": "draft",
     "value": null
    },
    "deal_heat": {
     "reason": "Silver Lake is reportedly in talks to take it private at a valuation above $51bn, with no deal signed.",
     "evidence": [
      {
       "url": "https://www.rte.ie/news/business/2026/0814/1587833-silver-lake-reportedly-in-talks-to-buy-workday/",
       "trust": "sourced"
      }
     ],
     "status": "draft",
     "value": 90
    }
   },
   "ovr": 66,
   "ovr_status": "draft",
   "ovr_from": 4,
   "badges": [
    {
     "id": "in_play",
     "reason": "Silver Lake is reportedly in talks to take Workday private at a valuation above $51bn, with no deal signed.",
     "evidence": [
      {
       "url": "https://www.rte.ie/news/business/2026/0814/1587833-silver-lake-reportedly-in-talks-to-buy-workday/",
       "trust": "sourced"
      }
     ],
     "status": "draft",
     "label": "In Play"
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   ],
   "ovr_reason": "Workday's fiscal Q2 2027 subscription revenue was $2.471bn, up 13.9%, with total subscription backlog up 8% and Silver Lake reportedly in talks to take it private.",
   "ovr_by": "Claude (draft)",
   "ovr_updated": "2026-11-02",
   "profile": "atlas/workday.html",
   "initials": "WO",
   "logo": {
    "file": "logos/workday.svg",
    "ground": "light"
   }
  },
  "snowflake": {
   "name": "Snowflake",
   "description": "Cloud data platform sold on consumption.",
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   "attributes": {
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     "reason": "A data starter with FY2026 product revenue of $4.47bn and a large base of enterprise data warehouses.",
     "evidence": [
      {
       "url": "https://finance.yahoo.com/markets/stocks/articles/palantir-vs-snowflake-growth-stock-153045683.html",
       "trust": "reported"
      }
     ],
     "status": "draft",
     "value": 80
    },
    "momentum": {
     "reason": "Fiscal Q1 2027 product revenue rose 34% to $1.334bn.",
     "evidence": [
      {
       "url": "https://finance.yahoo.com/markets/stocks/articles/palantir-vs-snowflake-growth-stock-153045683.html",
       "trust": "reported"
      }
     ],
     "status": "draft",
     "value": 78
    },
    "leverage": {
     "reason": "The Atlas states no company that depends on Snowflake.",
     "evidence": [
      {
       "url": "https://finance.yahoo.com/markets/stocks/articles/palantir-vs-snowflake-growth-stock-153045683.html",
       "trust": "reported"
      }
     ],
     "status": "draft",
     "base": 50,
     "adjust": 0,
     "value": 50
    },
    "durability": {
     "reason": "Its named risk is Databricks growing about twice as fast.",
     "evidence": [
      {
       "url": "https://finance.yahoo.com/markets/stocks/articles/palantir-vs-snowflake-growth-stock-153045683.html",
       "trust": "reported"
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     ],
     "status": "draft",
     "value": 76
    },
    "firepower": {
     "reason": "The Atlas states no cash, raise, profit, debt or spending commitment for this company.",
     "evidence": [],
     "status": "draft",
     "value": null
    },
    "deal_heat": {
     "reason": "The Atlas reports no deal talks, pending deal, listing plan or stated acquisition plan for this company.",
     "evidence": [],
     "status": "draft",
     "value": null
    }
   },
   "ovr": 72,
   "ovr_status": "draft",
   "ovr_from": 4,
   "badges": [],
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   "ovr_by": "Claude (draft)",
   "ovr_updated": "2026-11-02",
   "profile": "atlas/snowflake.html",
   "initials": "SN",
   "logo": {
    "file": "logos/snowflake.svg",
    "ground": "light"
   }
  },
  "databricks": {
   "name": "Databricks",
   "description": "Data and AI platform valued at $190bn in August 2026.",
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   "attributes": {
    "dominance": {
     "reason": "Leads its row with a $7bn revenue run rate in Q2 2026 (company).",
     "evidence": [
      {
       "url": "https://www.thestar.com.my/tech/tech-news/2026/08/13/databricks-valued-at-190-billion-in-latest-funding-round",
       "trust": "reported"
      }
     ],
     "status": "draft",
     "value": 90
    },
    "momentum": {
     "reason": "Its $7bn revenue run rate was growing more than 80% in Q2 2026.",
     "evidence": [
      {
       "url": "https://www.thestar.com.my/tech/tech-news/2026/08/13/databricks-valued-at-190-billion-in-latest-funding-round",
       "trust": "reported"
      }
     ],
     "status": "draft",
     "value": 92
    },
    "leverage": {
     "reason": "The Atlas states no company that depends on Databricks.",
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      {
       "url": "https://www.thestar.com.my/tech/tech-news/2026/08/13/databricks-valued-at-190-billion-in-latest-funding-round",
       "trust": "reported"
      }
     ],
     "status": "draft",
     "base": 50,
     "adjust": 0,
     "value": 50
    },
    "durability": {
     "reason": "Its named risk is that a private valuation this high needs the growth to persist.",
     "evidence": [
      {
       "url": "https://www.thestar.com.my/tech/tech-news/2026/08/13/databricks-valued-at-190-billion-in-latest-funding-round",
       "trust": "reported"
      }
     ],
     "status": "draft",
     "value": 84
    },
    "firepower": {
     "reason": "Raised $5bn at $190bn in August 2026, led by Coatue.",
     "evidence": [
      {
       "url": "https://www.thestar.com.my/tech/tech-news/2026/08/13/databricks-valued-at-190-billion-in-latest-funding-round",
       "trust": "reported"
      }
     ],
     "status": "draft",
     "value": 82
    },
    "deal_heat": {
     "reason": "An IPO is possible as early as 2027.",
     "evidence": [
      {
       "url": "https://www.thestar.com.my/tech/tech-news/2026/08/13/databricks-valued-at-190-billion-in-latest-funding-round",
       "trust": "reported"
      }
     ],
     "status": "draft",
     "value": 76
    }
   },
   "ovr": 81,
   "ovr_status": "draft",
   "ovr_from": 5,
   "badges": [],
   "ovr_reason": "Databricks reported a $7bn revenue run rate in Q2 2026, growing more than 80%, and closed $5bn at a $190bn valuation in August 2026.",
   "ovr_by": "Claude (draft)",
   "ovr_updated": "2026-11-02",
   "profile": "atlas/databricks.html",
   "initials": "DA",
   "logo": {
    "file": "logos/databricks.svg",
    "ground": "light"
   }
  },
  "palantir": {
   "name": "Palantir",
   "description": "Data and AI software for governments and large companies.",
   "home": "software",
   "attributes": {
    "dominance": {
     "reason": "A data starter with Q2 2026 revenue of $1.935bn and a full-year guide of about $8.15bn.",
     "evidence": [
      {
       "url": "https://finance.yahoo.com/markets/stocks/articles/palantir-vs-snowflake-growth-stock-153045683.html",
       "trust": "reported"
      }
     ],
     "status": "draft",
     "value": 82
    },
    "momentum": {
     "reason": "Q2 2026 revenue rose 92.8% to $1.935bn.",
     "evidence": [
      {
       "url": "https://finance.yahoo.com/markets/stocks/articles/palantir-vs-snowflake-growth-stock-153045683.html",
       "trust": "reported"
      }
     ],
     "status": "draft",
     "value": 93
    },
    "leverage": {
     "reason": "The Atlas states no company that depends on Palantir.",
     "evidence": [
      {
       "url": "https://finance.yahoo.com/markets/stocks/articles/palantir-vs-snowflake-growth-stock-153045683.html",
       "trust": "reported"
      }
     ],
     "status": "draft",
     "base": 50,
     "adjust": 0,
     "value": 50
    },
    "durability": {
     "reason": "Its named risks are its valuation and dependence on a few government buyers.",
     "evidence": [
      {
       "url": "https://finance.yahoo.com/markets/stocks/articles/palantir-vs-snowflake-growth-stock-153045683.html",
       "trust": "reported"
      }
     ],
     "status": "draft",
     "value": 70
    },
    "firepower": {
     "reason": "The Atlas states no cash, raise, profit, debt or spending commitment for this company.",
     "evidence": [],
     "status": "draft",
     "value": null
    },
    "deal_heat": {
     "reason": "The Atlas reports no deal talks, pending deal, listing plan or stated acquisition plan for this company.",
     "evidence": [],
     "status": "draft",
     "value": null
    }
   },
   "ovr": 74,
   "ovr_status": "draft",
   "ovr_from": 4,
   "badges": [],
   "ovr_reason": "Palantir's Q2 2026 revenue was $1.935bn, up 92.8%, with its FY guide raised to about $8.15bn and dependence on a few government buyers as its exposure.",
   "ovr_by": "Claude (draft)",
   "ovr_updated": "2026-11-02",
   "profile": "atlas/palantir.html",
   "initials": "PA",
   "logo": {
    "file": "logos/palantir.svg",
    "ground": "light"
   }
  },
  "datadog": {
   "name": "Datadog",
   "description": "Monitoring and observability for cloud applications.",
   "home": "software",
   "attributes": {
    "dominance": {
     "reason": "Leads its row with Q2 2026 revenue of $1.12bn and 33,400 customers.",
     "evidence": [
      {
       "url": "https://www.sec.gov/Archives/edgar/data/0001561550/000162828026053829/ex-991x20260630x8k.htm",
       "trust": "sourced"
      }
     ],
     "status": "draft",
     "value": 84
    },
    "momentum": {
     "reason": "Q2 2026 revenue rose 36% to $1.12bn, and remaining performance obligations rose 43%.",
     "evidence": [
      {
       "url": "https://www.sec.gov/Archives/edgar/data/0001561550/000162828026053829/ex-991x20260630x8k.htm",
       "trust": "sourced"
      }
     ],
     "status": "draft",
     "value": 80
    },
    "leverage": {
     "reason": "The Atlas states no company that depends on Datadog.",
     "evidence": [
      {
       "url": "https://www.sec.gov/Archives/edgar/data/0001561550/000162828026053829/ex-991x20260630x8k.htm",
       "trust": "sourced"
      }
     ],
     "status": "draft",
     "base": 50,
     "adjust": 0,
     "value": 50
    },
    "durability": {
     "reason": "Management attributed its guidance to lower usage from its largest customer, and it is concentrated in AI-native buyers.",
     "evidence": [
      {
       "url": "https://www.sec.gov/Archives/edgar/data/0001561550/000162828026053829/ex-991x20260630x8k.htm",
       "trust": "sourced"
      }
     ],
     "status": "draft",
     "value": 70
    },
    "firepower": {
     "reason": "Free cash flow was $279m in Q2 2026.",
     "evidence": [
      {
       "url": "https://www.sec.gov/Archives/edgar/data/0001561550/000162828026053829/ex-991x20260630x8k.htm",
       "trust": "sourced"
      }
     ],
     "status": "draft",
     "value": 70
    },
    "deal_heat": {
     "reason": "The Atlas reports no deal talks, pending deal, listing plan or stated acquisition plan for this company.",
     "evidence": [],
     "status": "draft",
     "value": null
    }
   },
   "ovr": 73,
   "ovr_status": "draft",
   "ovr_from": 5,
   "badges": [],
   "ovr_reason": "Datadog's Q2 2026 revenue was $1.12bn, up 36%, with remaining performance obligations of $3.47bn, up 43%, and customer concentration in AI-native buyers as its exposure.",
   "ovr_by": "Claude (draft)",
   "ovr_updated": "2026-11-02",
   "profile": "atlas/datadog.html",
   "initials": "DA",
   "logo": {
    "file": "logos/datadog.svg",
    "ground": "light"
   }
  },
  "grafana": {
   "name": "Grafana Labs",
   "description": "Open-source observability, reported near a $9bn valuation.",
   "home": "software",
   "attributes": {
    "dominance": {
     "reason": "A practice-squad observability vendor with ARR over $400m (reported).",
     "evidence": [
      {
       "url": "https://siliconangle.com/2026/02/13/grafana-labs-reportedly-raising-funding-9b-valuation/",
       "trust": "reported"
      }
     ],
     "status": "draft",
     "value": 60
    },
    "momentum": {
     "reason": "The Atlas gives no growth figure and no stated direction for this company.",
     "evidence": [],
     "status": "draft",
     "value": null
    },
    "leverage": {
     "reason": "The Atlas states no company that depends on Grafana Labs.",
     "evidence": [
      {
       "url": "https://siliconangle.com/2026/02/13/grafana-labs-reportedly-raising-funding-9b-valuation/",
       "trust": "reported"
      }
     ],
     "status": "draft",
     "base": 50,
     "adjust": 0,
     "value": 50
    },
    "durability": {
     "reason": "Its named risks are a valuation conflict and Datadog's pricing power.",
     "evidence": [
      {
       "url": "https://siliconangle.com/2026/02/13/grafana-labs-reportedly-raising-funding-9b-valuation/",
       "trust": "reported"
      }
     ],
     "status": "draft",
     "value": 70
    },
    "firepower": {
     "reason": "The Atlas reports Grafana raising at about $9bn and gives no raise amount or cash.",
     "evidence": [],
     "status": "draft",
     "value": null
    },
    "deal_heat": {
     "reason": "The Atlas reports no deal talks, pending deal, listing plan or stated acquisition plan for this company.",
     "evidence": [],
     "status": "draft",
     "value": null
    }
   },
   "ovr": 59,
   "ovr_status": "draft",
   "ovr_from": 3,
   "badges": [],
   "ovr_reason": "Grafana Labs was reported raising at about $9bn in early 2026 with ARR over $400m, and valuation figures vary from $6bn to $9.5bn.",
   "ovr_by": "Claude (draft)",
   "ovr_updated": "2026-11-02",
   "profile": "atlas/grafana.html",
   "initials": "GL",
   "logo": {
    "file": "logos/grafana.svg",
    "ground": "light"
   }
  },
  "sierra": {
   "name": "Sierra",
   "description": "Customer service agents, valued above $15bn.",
   "home": "software",
   "attributes": {
    "dominance": {
     "reason": "A practice-squad agent vendor with ARR estimates of $150m to $200m.",
     "evidence": [
      {
       "url": "https://newmarketpitch.com/blogs/news/conversational-ai-top-startups-valuation",
       "trust": "reported"
      }
     ],
     "status": "draft",
     "value": 58
    },
    "momentum": {
     "reason": "The Atlas gives no growth figure and no stated direction for this company.",
     "evidence": [],
     "status": "draft",
     "value": null
    },
    "leverage": {
     "reason": "The Atlas states no company that depends on Sierra.",
     "evidence": [
      {
       "url": "https://newmarketpitch.com/blogs/news/conversational-ai-top-startups-valuation",
       "trust": "reported"
      }
     ],
     "status": "draft",
     "base": 50,
     "adjust": 0,
     "value": 50
    },
    "durability": {
     "reason": "It competes with Salesforce and ServiceNow, which now sell the same agents.",
     "evidence": [
      {
       "url": "https://newmarketpitch.com/blogs/news/conversational-ai-top-startups-valuation",
       "trust": "reported"
      }
     ],
     "status": "draft",
     "value": 66
    },
    "firepower": {
     "reason": "Raised $950m at a valuation above $15bn in May 2026.",
     "evidence": [
      {
       "url": "https://newmarketpitch.com/blogs/news/conversational-ai-top-startups-valuation",
       "trust": "reported"
      }
     ],
     "status": "draft",
     "value": 72
    },
    "deal_heat": {
     "reason": "The Atlas reports no deal talks, pending deal, listing plan or stated acquisition plan for this company.",
     "evidence": [],
     "status": "draft",
     "value": null
    }
   },
   "ovr": 59,
   "ovr_status": "draft",
   "ovr_from": 4,
   "badges": [],
   "ovr_reason": "Sierra raised $950m at a valuation above $15bn in May 2026 on ARR estimates of $150m to $200m, and competes with Salesforce and ServiceNow selling the same agents.",
   "ovr_by": "Claude (draft)",
   "ovr_updated": "2026-11-02",
   "profile": "atlas/sierra.html",
   "initials": "SI"
  },
  "harvey": {
   "name": "Harvey",
   "description": "AI for law firms.",
   "home": "software",
   "attributes": {
    "dominance": {
     "reason": "A practice-squad vertical tool for law firms with no stated share or revenue.",
     "evidence": [
      {
       "url": "https://radarkit.ai/blog/100-hottest-ai-startups-to-watch/",
       "trust": "reported"
      }
     ],
     "status": "draft",
     "value": 54
    },
    "momentum": {
     "reason": "The Atlas gives no growth figure and no stated direction for this company.",
     "evidence": [],
     "status": "draft",
     "value": null
    },
    "leverage": {
     "reason": "The Atlas states no company that depends on Harvey.",
     "evidence": [
      {
       "url": "https://radarkit.ai/blog/100-hottest-ai-startups-to-watch/",
       "trust": "reported"
      }
     ],
     "status": "draft",
     "base": 50,
     "adjust": 0,
     "value": 50
    },
    "durability": {
     "reason": "Its named risk is frontier labs selling the same capability directly.",
     "evidence": [
      {
       "url": "https://radarkit.ai/blog/100-hottest-ai-startups-to-watch/",
       "trust": "reported"
      }
     ],
     "status": "draft",
     "value": 64
    },
    "firepower": {
     "reason": "Raised $200m in March 2026 at an $11bn valuation.",
     "evidence": [
      {
       "url": "https://radarkit.ai/blog/100-hottest-ai-startups-to-watch/",
       "trust": "reported"
      }
     ],
     "status": "draft",
     "value": 66
    },
    "deal_heat": {
     "reason": "The Atlas reports no deal talks, pending deal, listing plan or stated acquisition plan for this company.",
     "evidence": [],
     "status": "draft",
     "value": null
    }
   },
   "ovr": 56,
   "ovr_status": "draft",
   "ovr_from": 4,
   "badges": [],
   "ovr_reason": "Harvey raised $200m in March 2026 at an $11bn valuation as a vertical tool for law firms, with frontier labs selling the same capability directly as its exposure.",
   "ovr_by": "Claude (draft)",
   "ovr_updated": "2026-11-02",
   "profile": "atlas/harvey.html",
   "initials": "HA",
   "logo": {
    "file": "logos/harvey.svg",
    "ground": "light"
   }
  },
  "decagon": {
   "name": "Decagon",
   "description": "Customer support agents.",
   "home": "software",
   "attributes": {
    "dominance": {
     "reason": "A practice-squad support agent vendor with no stated share or revenue.",
     "evidence": [
      {
       "url": "https://newmarketpitch.com/blogs/news/conversational-ai-top-startups-valuation",
       "trust": "reported"
      }
     ],
     "status": "draft",
     "value": 52
    },
    "momentum": {
     "reason": "The Atlas gives no growth figure and no stated direction for this company.",
     "evidence": [],
     "status": "draft",
     "value": null
    },
    "leverage": {
     "reason": "The Atlas states no company that depends on Decagon.",
     "evidence": [
      {
       "url": "https://newmarketpitch.com/blogs/news/conversational-ai-top-startups-valuation",
       "trust": "reported"
      }
     ],
     "status": "draft",
     "base": 50,
     "adjust": 0,
     "value": 50
    },
    "durability": {
     "reason": "Its named risks are Sierra and the incumbents.",
     "evidence": [
      {
       "url": "https://newmarketpitch.com/blogs/news/conversational-ai-top-startups-valuation",
       "trust": "reported"
      }
     ],
     "status": "draft",
     "value": 64
    },
    "firepower": {
     "reason": "Raised a $250m Series D at a $4.5bn valuation in January 2026.",
     "evidence": [
      {
       "url": "https://newmarketpitch.com/blogs/news/conversational-ai-top-startups-valuation",
       "trust": "reported"
      }
     ],
     "status": "draft",
     "value": 66
    },
    "deal_heat": {
     "reason": "The Atlas reports no deal talks, pending deal, listing plan or stated acquisition plan for this company.",
     "evidence": [],
     "status": "draft",
     "value": null
    }
   },
   "ovr": 55,
   "ovr_status": "draft",
   "ovr_from": 4,
   "badges": [],
   "ovr_reason": "Decagon raised a $250m Series D at a $4.5bn valuation in January 2026 selling support agents on resolution rates, against Sierra and the incumbents.",
   "ovr_by": "Claude (draft)",
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   "profile": "atlas/decagon.html",
   "initials": "DE"
  },
  "glean": {
   "name": "Glean",
   "description": "Work search and agents across company apps.",
   "home": "software",
   "attributes": {
    "dominance": {
     "reason": "A practice-squad work search vendor with $300m of ARR announced in May 2026.",
     "evidence": [
      {
       "url": "https://aibusinessweekly.net/p/top-ai-startups-2026",
       "trust": "reported"
      }
     ],
     "status": "draft",
     "value": 58
    },
    "momentum": {
     "reason": "The Atlas gives no growth figure and no stated direction for this company.",
     "evidence": [],
     "status": "draft",
     "value": null
    },
    "leverage": {
     "reason": "The Atlas states no company that depends on Glean.",
     "evidence": [
      {
       "url": "https://aibusinessweekly.net/p/top-ai-startups-2026",
       "trust": "reported"
      }
     ],
     "status": "draft",
     "base": 50,
     "adjust": 0,
     "value": 50
    },
    "durability": {
     "reason": "Its named risk is Microsoft and Google bundling the same search.",
     "evidence": [
      {
       "url": "https://aibusinessweekly.net/p/top-ai-startups-2026",
       "trust": "reported"
      }
     ],
     "status": "draft",
     "value": 64
    },
    "firepower": {
     "reason": "Its last priced round was $150m at $7.2bn in June 2025.",
     "evidence": [
      {
       "url": "https://aibusinessweekly.net/p/top-ai-startups-2026",
       "trust": "reported"
      }
     ],
     "status": "draft",
     "value": 65
    },
    "deal_heat": {
     "reason": "The Atlas reports no deal talks, pending deal, listing plan or stated acquisition plan for this company.",
     "evidence": [],
     "status": "draft",
     "value": null
    }
   },
   "ovr": 58,
   "ovr_status": "draft",
   "ovr_from": 4,
   "badges": [],
   "ovr_reason": "Glean announced $300m of ARR in May 2026 after a last priced round of $150m at $7.2bn, and Microsoft and Google bundle the same search.",
   "ovr_by": "Claude (draft)",
   "ovr_updated": "2026-11-02",
   "profile": "atlas/glean.html",
   "initials": "GL",
   "logo": {
    "file": "logos/glean.svg",
    "ground": "light"
   }
  },
  "elevenlabs": {
   "name": "ElevenLabs",
   "description": "Voice AI.",
   "home": "software",
   "attributes": {
    "dominance": {
     "reason": "A practice-squad voice AI vendor with no stated share or revenue.",
     "evidence": [
      {
       "url": "https://aibusinessweekly.net/p/top-ai-startups-2026",
       "trust": "reported"
      }
     ],
     "status": "draft",
     "value": 56
    },
    "momentum": {
     "reason": "The Atlas gives no growth figure and no stated direction for this company.",
     "evidence": [],
     "status": "draft",
     "value": null
    },
    "leverage": {
     "reason": "The Atlas states no company that depends on ElevenLabs.",
     "evidence": [
      {
       "url": "https://aibusinessweekly.net/p/top-ai-startups-2026",
       "trust": "reported"
      }
     ],
     "status": "draft",
     "base": 50,
     "adjust": 0,
     "value": 50
    },
    "durability": {
     "reason": "Its named risk is the labs shipping native voice models.",
     "evidence": [
      {
       "url": "https://aibusinessweekly.net/p/top-ai-startups-2026",
       "trust": "reported"
      }
     ],
     "status": "draft",
     "value": 64
    },
    "firepower": {
     "reason": "Raised a $500m Series D at an $11bn valuation in February 2026.",
     "evidence": [
      {
       "url": "https://aibusinessweekly.net/p/top-ai-startups-2026",
       "trust": "reported"
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     ],
     "status": "draft",
     "value": 70
    },
    "deal_heat": {
     "reason": "The Atlas reports no deal talks, pending deal, listing plan or stated acquisition plan for this company.",
     "evidence": [],
     "status": "draft",
     "value": null
    }
   },
   "ovr": 58,
   "ovr_status": "draft",
   "ovr_from": 4,
   "badges": [],
   "ovr_reason": "ElevenLabs raised a $500m Series D at an $11bn valuation in February 2026, with a later tender reported at $22bn, and the labs are shipping native voice models.",
   "ovr_by": "Claude (draft)",
   "ovr_updated": "2026-11-02",
   "profile": "atlas/elevenlabs.html",
   "initials": "EL",
   "logo": {
    "file": "logos/elevenlabs.svg",
    "ground": "light"
   }
  },
  "silver_lake": {
   "name": "Silver Lake",
   "description": "Technology buyout firm.",
   "home": null,
   "profile": "atlas/silver_lake.html",
   "initials": "SL",
   "logo": {
    "file": "logos/silver_lake.svg",
    "ground": "light"
   }
  },
  "palo_alto": {
   "name": "Palo Alto Networks",
   "description": "Firewalls, cloud and now identity security, built by acquisition.",
   "home": "security",
   "attributes": {
    "dominance": {
     "reason": "Leads security platforms with next-generation security ARR of $9.10bn, against CrowdStrike's $5.84bn.",
     "evidence": [
      {
       "url": "https://investors.paloaltonetworks.com/news-releases/news-release-details/palo-alto-networks-reports-fiscal-fourth-quarter-and-fiscal-10",
       "trust": "sourced"
      }
     ],
     "status": "draft",
     "value": 90
    },
    "momentum": {
     "reason": "Next-generation security ARR rose 63% and fiscal Q4 2026 revenue rose 34%, with part of the growth acquired.",
     "evidence": [
      {
       "url": "https://investors.paloaltonetworks.com/news-releases/news-release-details/palo-alto-networks-reports-fiscal-fourth-quarter-and-fiscal-10",
       "trust": "sourced"
      }
     ],
     "status": "draft",
     "value": 84
    },
    "leverage": {
     "reason": "The Atlas states no company that depends on Palo Alto Networks.",
     "evidence": [
      {
       "url": "https://investors.paloaltonetworks.com/news-releases/news-release-details/palo-alto-networks-reports-fiscal-fourth-quarter-and-fiscal-10",
       "trust": "sourced"
      }
     ],
     "status": "draft",
     "base": 50,
     "adjust": 0,
     "value": 50
    },
    "durability": {
     "reason": "Its named risk is that part of the growth is acquired, so organic growth is lower than the headline.",
     "evidence": [
      {
       "url": "https://investors.paloaltonetworks.com/news-releases/news-release-details/palo-alto-networks-reports-fiscal-fourth-quarter-and-fiscal-10",
       "trust": "sourced"
      }
     ],
     "status": "draft",
     "value": 84
    },
    "firepower": {
     "reason": "Completed the CyberArk purchase on 11 February 2026 for about $25bn, paying $45 in cash plus 2.2005 Palo Alto shares for each CyberArk share.",
     "evidence": [
      {
       "url": "https://www.paloaltonetworks.com/company/press/2026/palo-alto-networks-completes-acquisition-of-cyberark-to-secure-the-ai-era",
       "trust": "sourced"
      }
     ],
     "status": "draft",
     "value": 95
    },
    "deal_heat": {
     "reason": "The Atlas reports the CyberArk purchase as completed and no further deal activity.",
     "evidence": [],
     "status": "draft",
     "value": null
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   },
   "ovr": 81,
   "ovr_status": "draft",
   "ovr_from": 5,
   "badges": [],
   "ovr_reason": "Palo Alto Networks' next-generation security ARR was $9.10bn at the end of fiscal 2026, up 63%, with part of that growth acquired, so organic growth is lower than the headline.",
   "ovr_by": "Claude (draft)",
   "ovr_updated": "2026-11-02",
   "profile": "atlas/palo_alto.html",
   "initials": "PA",
   "logo": {
    "file": "logos/palo_alto.svg",
    "ground": "light"
   }
  },
  "crowdstrike": {
   "name": "CrowdStrike",
   "description": "Endpoint and cloud security sold as one platform.",
   "home": "security",
   "attributes": {
    "dominance": {
     "reason": "Second to Palo Alto in security platforms, with ending ARR of about $5.84bn.",
     "evidence": [
      {
       "url": "https://ir.crowdstrike.com/news-releases/news-release-details/crowdstrike-reports-second-quarter-fiscal-year-2027-financial",
       "trust": "sourced"
      }
     ],
     "status": "draft",
     "value": 80
    },
    "momentum": {
     "reason": "Q2 fiscal 2027 revenue rose 26%, net new ARR hit a record $333m, and Falcon Flex ARR rose 101%.",
     "evidence": [
      {
       "url": "https://ir.crowdstrike.com/news-releases/news-release-details/crowdstrike-reports-second-quarter-fiscal-year-2027-financial",
       "trust": "sourced"
      }
     ],
     "status": "draft",
     "value": 82
    },
    "leverage": {
     "reason": "The Atlas states no company that depends on CrowdStrike.",
     "evidence": [
      {
       "url": "https://ir.crowdstrike.com/news-releases/news-release-details/crowdstrike-reports-second-quarter-fiscal-year-2027-financial",
       "trust": "sourced"
      }
     ],
     "status": "draft",
     "base": 50,
     "adjust": 0,
     "value": 50
    },
    "durability": {
     "reason": "Its named risks are Microsoft's bundling and whether net new ARR keeps rising.",
     "evidence": [
      {
       "url": "https://ir.crowdstrike.com/news-releases/news-release-details/crowdstrike-reports-second-quarter-fiscal-year-2027-financial",
       "trust": "sourced"
      }
     ],
     "status": "draft",
     "value": 80
    },
    "firepower": {
     "reason": "Agreed in January 2026 to buy SGNL for nearly $740m, per its CEO.",
     "evidence": [
      {
       "url": "https://cyberscoop.com/crowdstrike-sngl-deal-740-million/",
       "trust": "reported"
      }
     ],
     "status": "draft",
     "value": 68
    },
    "deal_heat": {
     "reason": "The Atlas reports the SGNL purchase as done and no further deal activity.",
     "evidence": [],
     "status": "draft",
     "value": null
    }
   },
   "ovr": 73,
   "ovr_status": "draft",
   "ovr_from": 5,
   "badges": [],
   "ovr_reason": "CrowdStrike's Q2 fiscal 2027 revenue was $1.47bn, up 26%, with record net new ARR of $333m and Falcon Flex accounts above $2.29bn of ARR, up 101%.",
   "ovr_by": "Claude (draft)",
   "ovr_updated": "2026-11-02",
   "profile": "atlas/crowdstrike.html",
   "initials": "CR",
   "logo": {
    "file": "logos/crowdstrike.svg",
    "ground": "light"
   }
  },
  "fortinet": {
   "name": "Fortinet",
   "description": "Firewalls and secure networking.",
   "home": "security",
   "attributes": {
    "dominance": {
     "reason": "A security starter with Q2 2026 revenue of $2.05bn and a 2026 guide of $8.02bn to $8.18bn.",
     "evidence": [
      {
       "url": "https://www.theglobeandmail.com/investing/markets/stocks/PANW/pressreleases/8236351/can-fortinet-sase-momentum-propel-the-stock-to-new-highs/",
       "trust": "reported"
      }
     ],
     "status": "draft",
     "value": 80
    },
    "momentum": {
     "reason": "Q2 2026 revenue rose 26% to $2.05bn and billings rose 33%.",
     "evidence": [
      {
       "url": "https://www.theglobeandmail.com/investing/markets/stocks/PANW/pressreleases/8236351/can-fortinet-sase-momentum-propel-the-stock-to-new-highs/",
       "trust": "reported"
      }
     ],
     "status": "draft",
     "value": 80
    },
    "leverage": {
     "reason": "The Atlas states no company that depends on Fortinet.",
     "evidence": [
      {
       "url": "https://www.theglobeandmail.com/investing/markets/stocks/PANW/pressreleases/8236351/can-fortinet-sase-momentum-propel-the-stock-to-new-highs/",
       "trust": "reported"
      }
     ],
     "status": "draft",
     "base": 50,
     "adjust": 0,
     "value": 50
    },
    "durability": {
     "reason": "Its named risk is a firewall refresh cycle, which may not repeat.",
     "evidence": [
      {
       "url": "https://www.theglobeandmail.com/investing/markets/stocks/PANW/pressreleases/8236351/can-fortinet-sase-momentum-propel-the-stock-to-new-highs/",
       "trust": "reported"
      }
     ],
     "status": "draft",
     "value": 78
    },
    "firepower": {
     "reason": "The Atlas states no cash, raise, profit, debt or spending commitment for this company.",
     "evidence": [],
     "status": "draft",
     "value": null
    },
    "deal_heat": {
     "reason": "The Atlas reports no deal talks, pending deal, listing plan or stated acquisition plan for this company.",
     "evidence": [],
     "status": "draft",
     "value": null
    }
   },
   "ovr": 73,
   "ovr_status": "draft",
   "ovr_from": 4,
   "badges": [],
   "ovr_reason": "Fortinet's Q2 2026 revenue was $2.05bn, up 26%, with billings of $2.37bn, up 33%, and its exposure is a firewall refresh cycle, which may not repeat.",
   "ovr_by": "Claude (draft)",
   "ovr_updated": "2026-11-02",
   "profile": "atlas/fortinet.html",
   "initials": "FO",
   "logo": {
    "file": "logos/fortinet.svg",
    "ground": "light"
   }
  },
  "zscaler": {
   "name": "Zscaler",
   "description": "Security delivered from the cloud.",
   "home": "security",
   "attributes": {
    "dominance": {
     "reason": "Second-string in security platforms with ARR of $3.771bn.",
     "evidence": [
      {
       "url": "https://www.sec.gov/Archives/edgar/data/0001713683/000171368326000156/zs-07312026_991.htm",
       "trust": "sourced"
      }
     ],
     "status": "draft",
     "value": 74
    },
    "momentum": {
     "reason": "Fiscal Q4 2026 ARR rose 25%, or 20% excluding the Red Canary purchase.",
     "evidence": [
      {
       "url": "https://www.sec.gov/Archives/edgar/data/0001713683/000171368326000156/zs-07312026_991.htm",
       "trust": "sourced"
      }
     ],
     "status": "draft",
     "value": 78
    },
    "leverage": {
     "reason": "The Atlas states no company that depends on Zscaler.",
     "evidence": [
      {
       "url": "https://www.sec.gov/Archives/edgar/data/0001713683/000171368326000156/zs-07312026_991.htm",
       "trust": "sourced"
      }
     ],
     "status": "draft",
     "base": 50,
     "adjust": 0,
     "value": 50
    },
    "durability": {
     "reason": "Its named risk is organic growth of 20% against bigger platforms.",
     "evidence": [
      {
       "url": "https://www.sec.gov/Archives/edgar/data/0001713683/000171368326000156/zs-07312026_991.htm",
       "trust": "sourced"
      }
     ],
     "status": "draft",
     "value": 78
    },
    "firepower": {
     "reason": "The Atlas states no cash, raise, profit, debt or spending commitment for this company.",
     "evidence": [],
     "status": "draft",
     "value": null
    },
    "deal_heat": {
     "reason": "The Atlas reports no deal talks, pending deal, listing plan or stated acquisition plan for this company.",
     "evidence": [],
     "status": "draft",
     "value": null
    }
   },
   "ovr": 69,
   "ovr_status": "draft",
   "ovr_from": 4,
   "badges": [],
   "ovr_reason": "Zscaler's fiscal Q4 2026 ARR was $3.771bn, up 25%, or 20% excluding the Red Canary purchase, with organic growth of 20% set against bigger platforms.",
   "ovr_by": "Claude (draft)",
   "ovr_updated": "2026-11-02",
   "profile": "atlas/zscaler.html",
   "initials": "ZS"
  },
  "okta": {
   "name": "Okta",
   "description": "Identity for people, and now for AI agents.",
   "home": "security",
   "attributes": {
    "dominance": {
     "reason": "Second-string in identity with fiscal Q2 2027 revenue of $805m.",
     "evidence": [
      {
       "url": "https://www.kavout.com/market-lens/is-okta-s-recent-earnings-beat-a-turning-point-for-investors",
       "trust": "sourced"
      }
     ],
     "status": "draft",
     "value": 70
    },
    "momentum": {
     "reason": "Fiscal Q2 2027 revenue rose 11% to $805m, and new products were about 30% of bookings.",
     "evidence": [
      {
       "url": "https://www.kavout.com/market-lens/is-okta-s-recent-earnings-beat-a-turning-point-for-investors",
       "trust": "sourced"
      }
     ],
     "status": "draft",
     "value": 70
    },
    "leverage": {
     "reason": "The Atlas states no company that depends on Okta.",
     "evidence": [
      {
       "url": "https://www.kavout.com/market-lens/is-okta-s-recent-earnings-beat-a-turning-point-for-investors",
       "trust": "sourced"
      }
     ],
     "status": "draft",
     "base": 50,
     "adjust": 0,
     "value": 50
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    "durability": {
     "reason": "Its named risks are slower growth than the platform vendors and CyberArk in Palo Alto's hands.",
     "evidence": [
      {
       "url": "https://www.kavout.com/market-lens/is-okta-s-recent-earnings-beat-a-turning-point-for-investors",
       "trust": "sourced"
      }
     ],
     "status": "draft",
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    "firepower": {
     "reason": "The Atlas states no cash, raise, profit, debt or spending commitment for this company.",
     "evidence": [],
     "status": "draft",
     "value": null
    },
    "deal_heat": {
     "reason": "The Atlas reports no deal talks, pending deal, listing plan or stated acquisition plan for this company.",
     "evidence": [],
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   },
   "ovr": 66,
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   "ovr_from": 4,
   "badges": [],
   "ovr_reason": "Okta's fiscal Q2 2027 revenue was $805m, up 11%, with new products about 30% of bookings, and it grows slower than the platform vendors.",
   "ovr_by": "Claude (draft)",
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   "profile": "atlas/okta.html",
   "initials": "OK",
   "logo": {
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    "ground": "light"
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  },
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   "name": "Wiz",
   "description": "Cloud security, owned by Google since March 2026.",
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     "reason": "The leading cloud security product across all the clouds, reported at $1bn of ARR in 2025 (single trade outlet).",
     "evidence": [
      {
       "url": "https://abc.xyz/investor/news/news-details/2026/Google-Completes-Acquisition-of-Wiz-2026-ta7OaU2uA0/default.aspx",
       "trust": "reported"
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     ],
     "status": "draft",
     "value": 88
    },
    "momentum": {
     "reason": "The Atlas gives no growth figure and no stated direction for this company.",
     "evidence": [],
     "status": "draft",
     "value": null
    },
    "leverage": {
     "reason": "The Atlas states no company that depends on Wiz.",
     "evidence": [
      {
       "url": "https://abc.xyz/investor/news/news-details/2026/Google-Completes-Acquisition-of-Wiz-2026-ta7OaU2uA0/default.aspx",
       "trust": "reported"
      }
     ],
     "status": "draft",
     "base": 50,
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     "value": 50
    },
    "durability": {
     "reason": "Now owned by Google, its named risk is customers on rival clouds trusting a Google-owned tool.",
     "evidence": [
      {
       "url": "https://abc.xyz/investor/news/news-details/2026/Google-Completes-Acquisition-of-Wiz-2026-ta7OaU2uA0/default.aspx",
       "trust": "reported"
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     ],
     "status": "draft",
     "value": 82
    },
    "firepower": {
     "reason": "The Atlas states Google's purchase price and no cash, raise or commitment held by Wiz.",
     "evidence": [],
     "status": "draft",
     "value": null
    },
    "deal_heat": {
     "reason": "The Atlas reports Google's purchase of Wiz as completed on 11 Mar 2026.",
     "evidence": [],
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     "value": null
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   },
   "ovr": 76,
   "ovr_status": "draft",
   "ovr_from": 3,
   "badges": [],
   "ovr_reason": "Wiz closed into Google Cloud on 11 Mar 2026 at about $29.5bn as the leading cloud security product across all the clouds, reported at $1bn of ARR in 2025.",
   "ovr_by": "Claude (draft)",
   "ovr_updated": "2026-11-02",
   "profile": "atlas/wiz.html",
   "initials": "WI",
   "logo": {
    "file": "logos/wiz.svg",
    "ground": "light"
   },
   "team": "google"
  },
  "cyberark": {
   "name": "CyberArk",
   "description": "Privileged access and identity security, bought by Palo Alto.",
   "home": "security",
   "attributes": {
    "dominance": {
     "reason": "A starter in identity security that controls access for privileged human and machine accounts.",
     "evidence": [
      {
       "url": "https://www.paloaltonetworks.com/company/press/2026/palo-alto-networks-completes-acquisition-of-cyberark-to-secure-the-ai-era",
       "trust": "sourced"
      }
     ],
     "status": "draft",
     "value": 84
    },
    "momentum": {
     "reason": "The Atlas gives no growth figure and no stated direction for this company.",
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     "status": "draft",
     "value": null
    },
    "leverage": {
     "reason": "The Atlas states no company that depends on CyberArk.",
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      {
       "url": "https://www.paloaltonetworks.com/company/press/2026/palo-alto-networks-completes-acquisition-of-cyberark-to-secure-the-ai-era",
       "trust": "sourced"
      }
     ],
     "status": "draft",
     "base": 50,
     "adjust": 0,
     "value": 50
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    "durability": {
     "reason": "Its named risks are integration into Palo Alto Networks and agent identity becoming a separate market.",
     "evidence": [
      {
       "url": "https://www.paloaltonetworks.com/company/press/2026/palo-alto-networks-completes-acquisition-of-cyberark-to-secure-the-ai-era",
       "trust": "sourced"
      }
     ],
     "status": "draft",
     "value": 78
    },
    "firepower": {
     "reason": "The Atlas states Palo Alto's purchase price and no cash, raise or commitment held by CyberArk.",
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     "value": null
    },
    "deal_heat": {
     "reason": "The Atlas reports Palo Alto's purchase of CyberArk as closed on 11 Feb 2026.",
     "evidence": [],
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     "value": null
    }
   },
   "ovr": 73,
   "ovr_status": "draft",
   "ovr_from": 3,
   "badges": [],
   "ovr_reason": "CyberArk closed into Palo Alto Networks on 11 Feb 2026 at a 26% premium, about $25bn, for control of privileged human and machine accounts.",
   "ovr_by": "Claude (draft)",
   "ovr_updated": "2026-11-02",
   "profile": "atlas/cyberark.html",
   "initials": "CY",
   "logo": {
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    "ground": "light"
   }
  },
  "island": {
   "name": "Island",
   "description": "Enterprise browser startup valued at $6.4bn.",
   "home": "security",
   "attributes": {
    "dominance": {
     "reason": "A practice-squad enterprise browser startup with no stated share or revenue.",
     "evidence": [
      {
       "url": "https://www.cnbc.com/2026/09/24/island-ai-cybersecurity-funding.html",
       "trust": "sourced"
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     ],
     "status": "draft",
     "value": 54
    },
    "momentum": {
     "reason": "The Atlas gives no growth figure and no stated direction for this company.",
     "evidence": [],
     "status": "draft",
     "value": null
    },
    "leverage": {
     "reason": "The Atlas states no company that depends on Island.",
     "evidence": [
      {
       "url": "https://www.cnbc.com/2026/09/24/island-ai-cybersecurity-funding.html",
       "trust": "sourced"
      }
     ],
     "status": "draft",
     "base": 50,
     "adjust": 0,
     "value": 50
    },
    "durability": {
     "reason": "Its named risk is displacing the endpoint and network incumbents.",
     "evidence": [
      {
       "url": "https://www.cnbc.com/2026/09/24/island-ai-cybersecurity-funding.html",
       "trust": "sourced"
      }
     ],
     "status": "draft",
     "value": 64
    },
    "firepower": {
     "reason": "Raised $400m at a $6.4bn valuation in September 2026 (CNBC).",
     "evidence": [
      {
       "url": "https://www.cnbc.com/2026/09/24/island-ai-cybersecurity-funding.html",
       "trust": "sourced"
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     ],
     "status": "draft",
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    },
    "deal_heat": {
     "reason": "The Atlas reports no deal talks, pending deal, listing plan or stated acquisition plan for this company.",
     "evidence": [],
     "status": "draft",
     "value": null
    }
   },
   "ovr": 56,
   "ovr_status": "draft",
   "ovr_from": 4,
   "badges": [],
   "ovr_reason": "Island raised $400m at a $6.4bn valuation in September 2026 (CNBC) to make the browser the control point for security, and has to displace endpoint and network incumbents.",
   "ovr_by": "Claude (draft)",
   "ovr_updated": "2026-11-02",
   "profile": "atlas/island.html",
   "initials": "IS"
  },
  "cyera": {
   "name": "Cyera",
   "description": "Data security startup valued at $12bn.",
   "home": "security",
   "attributes": {
    "dominance": {
     "reason": "A practice-squad data security startup with no stated share or revenue.",
     "evidence": [
      {
       "url": "https://news.crunchbase.com/cybersecurity/q3-2026-large-venture-investments-ai-defense-startups/",
       "trust": "reported"
      }
     ],
     "status": "draft",
     "value": 54
    },
    "momentum": {
     "reason": "The Atlas gives no growth figure and no stated direction for this company.",
     "evidence": [],
     "status": "draft",
     "value": null
    },
    "leverage": {
     "reason": "The Atlas states no company that depends on Cyera.",
     "evidence": [
      {
       "url": "https://news.crunchbase.com/cybersecurity/q3-2026-large-venture-investments-ai-defense-startups/",
       "trust": "reported"
      }
     ],
     "status": "draft",
     "base": 50,
     "adjust": 0,
     "value": 50
    },
    "durability": {
     "reason": "A practice-squad startup whose card names only a conflict over its round size.",
     "evidence": [
      {
       "url": "https://news.crunchbase.com/cybersecurity/q3-2026-large-venture-investments-ai-defense-startups/",
       "trust": "reported"
      }
     ],
     "status": "draft",
     "value": 66
    },
    "firepower": {
     "reason": "Raised $600m at a $12bn valuation in June 2026, and another source reports a $400m round.",
     "evidence": [
      {
       "url": "https://news.crunchbase.com/cybersecurity/q3-2026-large-venture-investments-ai-defense-startups/",
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     ],
     "status": "draft",
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    },
    "deal_heat": {
     "reason": "The Atlas reports no deal talks, pending deal, listing plan or stated acquisition plan for this company.",
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   },
   "ovr": 57,
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   "ovr_from": 4,
   "badges": [],
   "ovr_reason": "Cyera raised $600m at a $12bn valuation in June 2026, led by Evolution Equity Partners, and round size conflicts across sources.",
   "ovr_by": "Claude (draft)",
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   "profile": "atlas/cyera.html",
   "initials": "CY"
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  "armis": {
   "name": "Armis",
   "description": "Connected-device security, bought by ServiceNow.",
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   "attributes": {
    "dominance": {
     "reason": "A practice-squad device security company with no stated share or revenue.",
     "evidence": [
      {
       "url": "https://news.crunchbase.com/cybersecurity/q3-2026-large-venture-investments-ai-defense-startups/",
       "trust": "reported"
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     ],
     "status": "draft",
     "value": 56
    },
    "momentum": {
     "reason": "The Atlas gives no growth figure and no stated direction for this company.",
     "evidence": [],
     "status": "draft",
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    },
    "leverage": {
     "reason": "The Atlas states no company that depends on Armis.",
     "evidence": [
      {
       "url": "https://news.crunchbase.com/cybersecurity/q3-2026-large-venture-investments-ai-defense-startups/",
       "trust": "reported"
      }
     ],
     "status": "draft",
     "base": 50,
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     "value": 50
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    "durability": {
     "reason": "ServiceNow agreed to buy it for about $7.75bn in cash, and the Atlas reports closing as expected in the second half of 2026.",
     "evidence": [
      {
       "url": "https://www.sec.gov/Archives/edgar/data/1373715/000137371526000007/now-20251231.htm",
       "trust": "sourced"
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     ],
     "status": "draft",
     "value": 60
    },
    "firepower": {
     "reason": "The Atlas states ServiceNow's price for Armis and no cash, raise or commitment held by Armis.",
     "evidence": [],
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     "value": null
    },
    "deal_heat": {
     "reason": "ServiceNow agreed in December 2025 to buy it for about $7.75bn in cash, with closing expected in the second half of 2026.",
     "evidence": [
      {
       "url": "https://www.sec.gov/Archives/edgar/data/1373715/000137371526000007/now-20251231.htm",
       "trust": "sourced"
      }
     ],
     "status": "draft",
     "value": 95
    }
   },
   "ovr": 55,
   "ovr_status": "draft",
   "ovr_from": 3,
   "badges": [
    {
     "id": "in_play",
     "reason": "ServiceNow agreed in December 2025 to buy Armis for about $7.75bn in cash, with closing expected in the second half of 2026.",
     "evidence": [
      {
       "url": "https://www.sec.gov/Archives/edgar/data/1373715/000137371526000007/now-20251231.htm",
       "trust": "sourced"
      }
     ],
     "status": "draft",
     "label": "In Play"
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   ],
   "ovr_reason": "ServiceNow agreed to pay $7.75bn for Armis, which sees every connected device a company owns, and the rating rests on integration into ServiceNow's workflow products.",
   "ovr_by": "Claude (draft)",
   "ovr_updated": "2026-11-02",
   "profile": "atlas/armis.html",
   "initials": "AR"
  },
  "veza": {
   "name": "Veza",
   "description": "Access governance, bought by ServiceNow.",
   "home": null,
   "profile": "atlas/veza.html",
   "initials": "VE"
  },
  "sgnl": {
   "name": "SGNL",
   "description": "Identity startup bought by CrowdStrike.",
   "home": "security",
   "attributes": {
    "dominance": {
     "reason": "A small identity startup with no stated share or revenue.",
     "evidence": [
      {
       "url": "https://news.crunchbase.com/cybersecurity/q3-2026-large-venture-investments-ai-defense-startups/",
       "trust": "reported"
      }
     ],
     "status": "draft",
     "value": 48
    },
    "momentum": {
     "reason": "The Atlas gives no growth figure and no stated direction for this company.",
     "evidence": [],
     "status": "draft",
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    },
    "leverage": {
     "reason": "The Atlas states no company that depends on SGNL.",
     "evidence": [
      {
       "url": "https://news.crunchbase.com/cybersecurity/q3-2026-large-venture-investments-ai-defense-startups/",
       "trust": "reported"
      }
     ],
     "status": "draft",
     "base": 50,
     "adjust": 0,
     "value": 50
    },
    "durability": {
     "reason": "Now owned by CrowdStrike, which bought it for a reported $740m, and its card names only the unconfirmed price.",
     "evidence": [
      {
       "url": "https://news.crunchbase.com/cybersecurity/q3-2026-large-venture-investments-ai-defense-startups/",
       "trust": "reported"
      }
     ],
     "status": "draft",
     "value": 76
    },
    "firepower": {
     "reason": "The Atlas states CrowdStrike's price for SGNL and no cash, raise or commitment held by SGNL.",
     "evidence": [],
     "status": "draft",
     "value": null
    },
    "deal_heat": {
     "reason": "The Atlas reports CrowdStrike's purchase of SGNL as done.",
     "evidence": [],
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     "value": null
    }
   },
   "ovr": 54,
   "ovr_status": "draft",
   "ovr_from": 3,
   "badges": [],
   "ovr_reason": "CrowdStrike bought SGNL, the identity startup that decides in real time which person or agent gets access, for a reported $740m that is unconfirmed.",
   "ovr_by": "Claude (draft)",
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   "profile": "atlas/sgnl.html",
   "initials": "SG"
  },
  "tiktok": {
   "name": "TikTok US",
   "description": "US short-video app, run since January 2026 by a joint venture.",
   "home": "internet",
   "attributes": {
    "dominance": {
     "reason": "A second-string ad platform whose US daily users held at about 95% of earlier levels through the ownership change.",
     "evidence": [
      {
       "url": "https://www.cnbc.com/2026/02/16/tiktok-us-joint-venture-user-data-no-mass-exodus-oracle-mgx-silver-lake-larry-ellison-trump.html",
       "trust": "sourced"
      }
     ],
     "status": "draft",
     "value": 70
    },
    "momentum": {
     "reason": "US daily users held at about 95% of earlier levels after the joint venture closed (Sensor Tower).",
     "evidence": [
      {
       "url": "https://www.cnbc.com/2026/02/16/tiktok-us-joint-venture-user-data-no-mass-exodus-oracle-mgx-silver-lake-larry-ellison-trump.html",
       "trust": "sourced"
      }
     ],
     "status": "draft",
     "value": 56
    },
    "leverage": {
     "reason": "The Atlas states no company that depends on TikTok US.",
     "evidence": [
      {
       "url": "https://www.cnbc.com/2026/02/16/tiktok-us-joint-venture-user-data-no-mass-exodus-oracle-mgx-silver-lake-larry-ellison-trump.html",
       "trust": "sourced"
      }
     ],
     "status": "draft",
     "base": 50,
     "adjust": 0,
     "value": 50
    },
    "durability": {
     "reason": "Its named risk is whether the recommendation algorithm stays as strong under the new owners.",
     "evidence": [
      {
       "url": "https://www.cnbc.com/2026/02/16/tiktok-us-joint-venture-user-data-no-mass-exodus-oracle-mgx-silver-lake-larry-ellison-trump.html",
       "trust": "sourced"
      }
     ],
     "status": "draft",
     "value": 68
    },
    "firepower": {
     "reason": "The Atlas states no cash, raise, profit, debt or spending commitment for this company.",
     "evidence": [],
     "status": "draft",
     "value": null
    },
    "deal_heat": {
     "reason": "The Atlas reports the US joint venture as closed on 22 January 2026 and no further deal activity.",
     "evidence": [],
     "status": "draft",
     "value": null
    }
   },
   "ovr": 63,
   "ovr_status": "draft",
   "ovr_from": 4,
   "badges": [],
   "ovr_reason": "The TikTok US joint venture closed on 22 January 2026 with US daily users held at about 95% of earlier levels (Sensor Tower), and depends on the algorithm staying as strong.",
   "ovr_by": "Claude (draft)",
   "ovr_updated": "2026-11-02",
   "profile": "atlas/tiktok.html",
   "initials": "TU",
   "logo": {
    "file": "logos/tiktok.svg",
    "ground": "light"
   }
  },
  "bytedance": {
   "name": "ByteDance",
   "description": "TikTok's parent, retaining 19.9% of the US venture.",
   "home": null,
   "profile": "atlas/bytedance.html",
   "initials": "BY",
   "logo": {
    "file": "logos/bytedance.svg",
    "ground": "light"
   }
  },
  "mgx": {
   "name": "MGX",
   "description": "Abu Dhabi investment firm in AI infrastructure.",
   "home": null,
   "attributes": {},
   "ovr": null,
   "ovr_status": null,
   "ovr_from": 0,
   "badges": [
    {
     "id": "kingmaker",
     "label": "Kingmaker",
     "status": "calculated",
     "reason": "Owns or backs 3 companies in the Atlas.",
     "evidence": []
    }
   ],
   "profile": "atlas/mgx.html",
   "initials": "MG"
  },
  "netflix": {
   "name": "Netflix",
   "description": "Subscription and ad-supported streaming.",
   "home": "internet",
   "attributes": {
    "dominance": {
     "reason": "Took 7.9% of US TV time in June, second among streaming services to YouTube's 14.2%.",
     "evidence": [
      {
       "url": "https://www.sec.gov/Archives/edgar/data/0001065280/000106528026000290/ex991_q326.htm",
       "trust": "sourced"
      },
      {
       "url": "https://ppc.land/nielsen-gauge/",
       "trust": "reported"
      }
     ],
     "status": "draft",
     "value": 78
    },
    "momentum": {
     "reason": "Q3 2026 revenue rose 12%, and its share of TV time slipped to 7.9% in June.",
     "evidence": [
      {
       "url": "https://www.sec.gov/Archives/edgar/data/0001065280/000106528026000290/ex991_q326.htm",
       "trust": "sourced"
      }
     ],
     "status": "draft",
     "value": 62
    },
    "leverage": {
     "reason": "The Atlas states no company that depends on Netflix.",
     "evidence": [
      {
       "url": "https://www.sec.gov/Archives/edgar/data/0001065280/000106528026000290/ex991_q326.htm",
       "trust": "sourced"
      }
     ],
     "status": "draft",
     "base": 50,
     "adjust": 0,
     "value": 50
    },
    "durability": {
     "reason": "Its share of TV time slipped, its ad business is slower than planned, and it is cutting about 1,000 jobs.",
     "evidence": [
      {
       "url": "https://www.sec.gov/Archives/edgar/data/0001065280/000106528026000290/ex991_q326.htm",
       "trust": "sourced"
      }
     ],
     "status": "draft",
     "value": 76
    },
    "firepower": {
     "reason": "Q3 2026 revenue was $12.87bn at an operating margin of 34.6%, the highest among the video services.",
     "evidence": [
      {
       "url": "https://www.sec.gov/Archives/edgar/data/0001065280/000106528026000290/ex991_q326.htm",
       "trust": "sourced"
      }
     ],
     "status": "draft",
     "value": 80
    },
    "deal_heat": {
     "reason": "The Atlas reports no deal talks, pending deal, listing plan or stated acquisition plan for this company.",
     "evidence": [],
     "status": "draft",
     "value": null
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   },
   "ovr": 70,
   "ovr_status": "draft",
   "ovr_from": 5,
   "badges": [],
   "ovr_reason": "Netflix's Q3 2026 revenue was $12.87bn, up 12%, at a 34.6% operating margin, and its 2026 ad revenue target was cut to $2.7bn.",
   "ovr_by": "Claude (draft)",
   "ovr_updated": "2026-11-02",
   "profile": "atlas/netflix.html",
   "initials": "NE",
   "logo": {
    "file": "logos/netflix.svg",
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  },
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   "name": "Paramount Skydance",
   "description": "Combined with Warner Bros. Discovery on 6 October 2026.",
   "home": "internet",
   "attributes": {
    "dominance": {
     "reason": "A second-string video player that combined two studios and two streaming services on 6 October 2026.",
     "evidence": [
      {
       "url": "https://deadline.com/2026/10/skydance-merger-paramount-warner-bros-discovery-1237147750/",
       "trust": "reported"
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     ],
     "status": "draft",
     "value": 70
    },
    "momentum": {
     "reason": "The Atlas gives no growth figure and no stated direction for this company.",
     "evidence": [],
     "status": "draft",
     "value": null
    },
    "leverage": {
     "reason": "The Atlas states no company that depends on Paramount Skydance.",
     "evidence": [
      {
       "url": "https://deadline.com/2026/10/skydance-merger-paramount-warner-bros-discovery-1237147750/",
       "trust": "reported"
      }
     ],
     "status": "draft",
     "base": 50,
     "adjust": 0,
     "value": 50
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    "durability": {
     "reason": "Its named risks are integrating the two studios and two streaming services, and the debt.",
     "evidence": [
      {
       "url": "https://deadline.com/2026/10/skydance-merger-paramount-warner-bros-discovery-1237147750/",
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     ],
     "status": "draft",
     "value": 64
    },
    "firepower": {
     "reason": "The Atlas states a $31 a share cash price and no total, cash or raise for Paramount Skydance.",
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     "status": "draft",
     "value": null
    },
    "deal_heat": {
     "reason": "The Atlas reports its merger as closed on 6 October 2026 and no further deal activity.",
     "evidence": [],
     "status": "draft",
     "value": null
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   },
   "ovr": 63,
   "ovr_status": "draft",
   "ovr_from": 3,
   "badges": [],
   "ovr_reason": "Paramount Skydance's merger, signed 27 Feb 2026 at $31 a share in cash, closed on 6 October 2026 and combines two studios and two streaming services, with integration and debt ahead.",
   "ovr_by": "Claude (draft)",
   "ovr_updated": "2026-11-02",
   "profile": "atlas/paramount.html",
   "initials": "PS",
   "logo": {
    "file": "logos/paramount.svg",
    "ground": "light"
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  },
  "disney": {
   "name": "Disney",
   "description": "Streaming, studios and parks.",
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   "attributes": {
    "dominance": {
     "reason": "Its combined streaming services took 4.7% of US TV time in July 2026.",
     "evidence": [
      {
       "url": "https://ppc.land/nielsen-gauge/",
       "trust": "sourced"
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     ],
     "status": "draft",
     "value": 66
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    "momentum": {
     "reason": "The Atlas gives no growth figure and no stated direction for this company.",
     "evidence": [],
     "status": "draft",
     "value": null
    },
    "leverage": {
     "reason": "The Atlas states no company that depends on Disney.",
     "evidence": [
      {
       "url": "https://ppc.land/nielsen-gauge/",
       "trust": "sourced"
      }
     ],
     "status": "draft",
     "base": 50,
     "adjust": 0,
     "value": 50
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    "durability": {
     "reason": "Studios and parks feed the service, and its card names only that the figure combines several services.",
     "evidence": [
      {
       "url": "https://ppc.land/nielsen-gauge/",
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      }
     ],
     "status": "draft",
     "value": 82
    },
    "firepower": {
     "reason": "The Atlas states no cash, raise, profit, debt or spending commitment for this company.",
     "evidence": [],
     "status": "draft",
     "value": null
    },
    "deal_heat": {
     "reason": "The Atlas reports no deal talks, pending deal, listing plan or stated acquisition plan for this company.",
     "evidence": [],
     "status": "draft",
     "value": null
    }
   },
   "ovr": 64,
   "ovr_status": "draft",
   "ovr_from": 3,
   "badges": [],
   "ovr_reason": "Disney's combined streaming services were 4.7% of US TV time in July 2026, a combined figure covering more than Disney+ alone, with its studios and parks feeding the service.",
   "ovr_by": "Claude (draft)",
   "ovr_updated": "2026-11-02",
   "profile": "atlas/disney.html",
   "initials": "DI",
   "logo": {
    "file": "logos/disney.svg",
    "ground": "light"
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  },
  "shopify": {
   "name": "Shopify",
   "description": "Commerce software for merchants outside Amazon.",
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   "attributes": {
    "dominance": {
     "reason": "A commerce starter with Q2 2026 gross merchandise volume of $115.6bn.",
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      {
       "url": "https://www.sec.gov/Archives/edgar/data/0001594805/000159480526000047/shop-20260630.htm",
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     ],
     "status": "draft",
     "value": 82
    },
    "momentum": {
     "reason": "Q2 2026 GMV rose 32% to $115.6bn and revenue rose 34% to $3.6bn.",
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      {
       "url": "https://www.sec.gov/Archives/edgar/data/0001594805/000159480526000047/shop-20260630.htm",
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      }
     ],
     "status": "draft",
     "value": 80
    },
    "leverage": {
     "reason": "Powers the merchants that compete with Amazon, with $115.6bn of GMV in Q2 2026.",
     "evidence": [
      {
       "url": "https://www.sec.gov/Archives/edgar/data/0001594805/000159480526000047/shop-20260630.htm",
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      }
     ],
     "status": "draft",
     "base": 50,
     "adjust": 14,
     "value": 64
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    "durability": {
     "reason": "Its named risk is AI agents choosing among stores.",
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      {
       "url": "https://www.sec.gov/Archives/edgar/data/0001594805/000159480526000047/shop-20260630.htm",
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     ],
     "status": "draft",
     "value": 80
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    "firepower": {
     "reason": "The Atlas states no cash, raise, profit, debt or spending commitment for this company.",
     "evidence": [],
     "status": "draft",
     "value": null
    },
    "deal_heat": {
     "reason": "The Atlas reports no deal talks, pending deal, listing plan or stated acquisition plan for this company.",
     "evidence": [],
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   },
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   "ovr_from": 4,
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   "ovr_reason": "Shopify's GMV was $115.6bn in Q2 2026, up 32%, on revenue of $3.6bn, up 34%, powering the merchants that compete with Amazon.",
   "ovr_by": "Claude (draft)",
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   "profile": "atlas/shopify.html",
   "initials": "SH",
   "logo": {
    "file": "logos/shopify.svg",
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   "team": "microsoft_openai"
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  "tencent": {
   "name": "Tencent",
   "description": "WeChat, games and ads in China.",
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   "attributes": {
    "dominance": {
     "reason": "Leads games with domestic games revenue of RMB 47.3bn in Q2 2026, and owns the distribution through WeChat.",
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      {
       "url": "https://www.cnbc.com/2026/08/12/china-tencent-earnings-q2-2026-gaming-ai-advertising.html",
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     ],
     "status": "draft",
     "value": 88
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    "momentum": {
     "reason": "Total revenue rose 11% to RMB 204.8bn in Q2 2026, and domestic games rose 17%.",
     "evidence": [
      {
       "url": "https://www.cnbc.com/2026/08/12/china-tencent-earnings-q2-2026-gaming-ai-advertising.html",
       "trust": "sourced"
      }
     ],
     "status": "draft",
     "value": 70
    },
    "leverage": {
     "reason": "Owns the distribution through WeChat as well as the studios.",
     "evidence": [
      {
       "url": "https://www.cnbc.com/2026/08/12/china-tencent-earnings-q2-2026-gaming-ai-advertising.html",
       "trust": "sourced"
      }
     ],
     "status": "draft",
     "base": 50,
     "adjust": 10,
     "value": 60
    },
    "durability": {
     "reason": "Its named risks are AI spending, with free cash flow turned negative, and flat overseas games.",
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      {
       "url": "https://www.cnbc.com/2026/08/12/china-tencent-earnings-q2-2026-gaming-ai-advertising.html",
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      }
     ],
     "status": "draft",
     "value": 80
    },
    "firepower": {
     "reason": "The Atlas states that Tencent's free cash flow turned negative and gives no amount, cash or commitment.",
     "evidence": [],
     "status": "draft",
     "value": null
    },
    "deal_heat": {
     "reason": "The Atlas reports no deal talks, pending deal, listing plan or stated acquisition plan for this company.",
     "evidence": [],
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   },
   "ovr": 78,
   "ovr_status": "draft",
   "ovr_from": 4,
   "badges": [],
   "ovr_reason": "Tencent's Q2 2026 revenue was RMB 204.8bn, up 11%, and its domestic games revenue was RMB 47.3bn, up 17%, with free cash flow turning negative as AI spending rose.",
   "ovr_by": "Claude (draft)",
   "ovr_updated": "2026-11-02",
   "profile": "atlas/tencent.html",
   "initials": "TE",
   "logo": {
    "file": "logos/tencent.svg",
    "ground": "light"
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  },
  "roblox": {
   "name": "Roblox",
   "description": "User-built game platform.",
   "home": "internet",
   "attributes": {
    "dominance": {
     "reason": "A second-string games platform with 123 million daily users and Q2 2026 bookings of about $1.6bn.",
     "evidence": [
      {
       "url": "https://www.sec.gov/Archives/edgar/data/0001315098/000162828026051059/ex991-robloxq22026earnin.htm",
       "trust": "sourced"
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     ],
     "status": "draft",
     "value": 70
    },
    "momentum": {
     "reason": "Daily users fell to 123 million from a 152 million peak, and the Q3 outlook is for negative bookings growth.",
     "evidence": [
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       "url": "https://www.sec.gov/Archives/edgar/data/0001315098/000162828026051059/ex991-robloxq22026earnin.htm",
       "trust": "sourced"
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     ],
     "status": "draft",
     "value": 52
    },
    "leverage": {
     "reason": "The Atlas states no company that depends on Roblox.",
     "evidence": [
      {
       "url": "https://www.sec.gov/Archives/edgar/data/0001315098/000162828026051059/ex991-robloxq22026earnin.htm",
       "trust": "sourced"
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     ],
     "status": "draft",
     "base": 50,
     "adjust": 0,
     "value": 50
    },
    "durability": {
     "reason": "Spend per hour fell among younger US and Canadian users.",
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      {
       "url": "https://www.sec.gov/Archives/edgar/data/0001315098/000162828026051059/ex991-robloxq22026earnin.htm",
       "trust": "sourced"
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     ],
     "status": "draft",
     "value": 70
    },
    "firepower": {
     "reason": "The Atlas states no cash, raise, profit, debt or spending commitment for this company.",
     "evidence": [],
     "status": "draft",
     "value": null
    },
    "deal_heat": {
     "reason": "The Atlas reports no deal talks, pending deal, listing plan or stated acquisition plan for this company.",
     "evidence": [],
     "status": "draft",
     "value": null
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   },
   "ovr": 63,
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   "ovr_from": 4,
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   "ovr_reason": "Roblox's Q2 2026 bookings grew 8% to about $1.6bn, and daily users were 123 million, down from a 152 million peak, with a Q3 outlook for negative bookings growth.",
   "ovr_by": "Claude (draft)",
   "ovr_updated": "2026-11-02",
   "profile": "atlas/roblox.html",
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  },
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   "name": "Xiaomi",
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     "reason": "A scaled phone maker with about 11.2% to 11.3% of shipments in Q2 2026.",
     "evidence": [
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     ],
     "status": "draft",
     "value": 68
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    "momentum": {
     "reason": "Its shipments fell 26.3% in one IDC-based table, the steepest decline among the top vendors.",
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       "url": "https://www.threads.com/@boxtobyte/post/Dax5DUqmYtL/idc-announced-smartphone-shipments-in-the-global-market-in-q-samsung-share/",
       "trust": "reported"
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     ],
     "status": "draft",
     "value": 44
    },
    "leverage": {
     "reason": "The Atlas states no company that depends on Xiaomi.",
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      {
       "url": "https://www.threads.com/@boxtobyte/post/Dax5DUqmYtL/idc-announced-smartphone-shipments-in-the-global-market-in-q-samsung-share/",
       "trust": "reported"
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     ],
     "status": "draft",
     "base": 50,
     "adjust": 0,
     "value": 50
    },
    "durability": {
     "reason": "Its value-priced phones are hit hardest by memory prices.",
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       "url": "https://www.threads.com/@boxtobyte/post/Dax5DUqmYtL/idc-announced-smartphone-shipments-in-the-global-market-in-q-samsung-share/",
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      }
     ],
     "status": "draft",
     "value": 70
    },
    "firepower": {
     "reason": "The Atlas states no cash, raise, profit, debt or spending commitment for this company.",
     "evidence": [],
     "status": "draft",
     "value": null
    },
    "deal_heat": {
     "reason": "The Atlas reports no deal talks, pending deal, listing plan or stated acquisition plan for this company.",
     "evidence": [],
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     "value": null
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   },
   "ovr": 61,
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   "ovr_from": 4,
   "badges": [],
   "ovr_reason": "Xiaomi held about 11.2% to 11.3% of phone shipments in Q2 2026 with the steepest decline among the top vendors, as memory prices hit value-priced phones hardest.",
   "ovr_by": "Claude (draft)",
   "ovr_updated": "2026-11-02",
   "profile": "atlas/xiaomi.html",
   "initials": "XI",
   "logo": {
    "file": "logos/xiaomi.svg",
    "ground": "light"
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  },
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   "name": "OPPO",
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     "reason": "A scaled phone maker with 10.4% of Q2 2026 shipments.",
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       "url": "https://www.threads.com/@boxtobyte/post/Dax5DUqmYtL/idc-announced-smartphone-shipments-in-the-global-market-in-q-samsung-share/",
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     ],
     "status": "draft",
     "value": 66
    },
    "momentum": {
     "reason": "Its shipments fell 17.5% in an IDC-based table.",
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     ],
     "status": "draft",
     "value": 46
    },
    "leverage": {
     "reason": "The Atlas states no company that depends on OPPO.",
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       "url": "https://www.threads.com/@boxtobyte/post/Dax5DUqmYtL/idc-announced-smartphone-shipments-in-the-global-market-in-q-samsung-share/",
       "trust": "reported"
      }
     ],
     "status": "draft",
     "base": 50,
     "adjust": 0,
     "value": 50
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    "durability": {
     "reason": "Its named risk is memory costs.",
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     ],
     "status": "draft",
     "value": 72
    },
    "firepower": {
     "reason": "The Atlas states no cash, raise, profit, debt or spending commitment for this company.",
     "evidence": [],
     "status": "draft",
     "value": null
    },
    "deal_heat": {
     "reason": "The Atlas reports no deal talks, pending deal, listing plan or stated acquisition plan for this company.",
     "evidence": [],
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   },
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   "ovr_status": "draft",
   "ovr_from": 4,
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   "profile": "atlas/oppo.html",
   "initials": "OP",
   "logo": {
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    "ground": "light"
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  },
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   "name": "vivo",
   "description": "Smartphones.",
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   "attributes": {
    "dominance": {
     "reason": "A phone maker with a small stated share of 7.6% of Q2 2026 shipments.",
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       "url": "https://www.threads.com/@boxtobyte/post/Dax5DUqmYtL/idc-announced-smartphone-shipments-in-the-global-market-in-q-samsung-share/",
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     ],
     "status": "draft",
     "value": 62
    },
    "momentum": {
     "reason": "Its shipments fell 19.4% in an IDC-based table.",
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       "url": "https://www.threads.com/@boxtobyte/post/Dax5DUqmYtL/idc-announced-smartphone-shipments-in-the-global-market-in-q-samsung-share/",
       "trust": "reported"
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     ],
     "status": "draft",
     "value": 46
    },
    "leverage": {
     "reason": "The Atlas states no company that depends on vivo.",
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       "url": "https://www.threads.com/@boxtobyte/post/Dax5DUqmYtL/idc-announced-smartphone-shipments-in-the-global-market-in-q-samsung-share/",
       "trust": "reported"
      }
     ],
     "status": "draft",
     "base": 50,
     "adjust": 0,
     "value": 50
    },
    "durability": {
     "reason": "Its named risk is memory costs.",
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       "url": "https://www.threads.com/@boxtobyte/post/Dax5DUqmYtL/idc-announced-smartphone-shipments-in-the-global-market-in-q-samsung-share/",
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     ],
     "status": "draft",
     "value": 72
    },
    "firepower": {
     "reason": "The Atlas states no cash, raise, profit, debt or spending commitment for this company.",
     "evidence": [],
     "status": "draft",
     "value": null
    },
    "deal_heat": {
     "reason": "The Atlas reports no deal talks, pending deal, listing plan or stated acquisition plan for this company.",
     "evidence": [],
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    }
   },
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   "ovr_status": "draft",
   "ovr_from": 4,
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   "profile": "atlas/vivo.html",
   "initials": "VI",
   "logo": {
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  },
  "hp": {
   "name": "HP",
   "description": "PCs and printers.",
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   "attributes": {
    "dominance": {
     "reason": "Second in PCs with 19.1% of Q2 2026 shipments (IDC).",
     "evidence": [
      {
       "url": "https://www.mactrast.com/2026/07/idc-apple-the-only-major-computer-maker-to-increase-shipments-in-q2-2026/",
       "trust": "sourced"
      }
     ],
     "status": "draft",
     "value": 80
    },
    "momentum": {
     "reason": "Its PC shipments fell 9% in Q2 2026, faster than the market's 4.9% decline.",
     "evidence": [
      {
       "url": "https://www.mactrast.com/2026/07/idc-apple-the-only-major-computer-maker-to-increase-shipments-in-q2-2026/",
       "trust": "sourced"
      }
     ],
     "status": "draft",
     "value": 50
    },
    "leverage": {
     "reason": "The Atlas states no company that depends on HP.",
     "evidence": [
      {
       "url": "https://www.mactrast.com/2026/07/idc-apple-the-only-major-computer-maker-to-increase-shipments-in-q2-2026/",
       "trust": "sourced"
      }
     ],
     "status": "draft",
     "base": 50,
     "adjust": 0,
     "value": 50
    },
    "durability": {
     "reason": "Its named risk is memory costs, against a commercial and consumer base.",
     "evidence": [
      {
       "url": "https://www.mactrast.com/2026/07/idc-apple-the-only-major-computer-maker-to-increase-shipments-in-q2-2026/",
       "trust": "sourced"
      }
     ],
     "status": "draft",
     "value": 78
    },
    "firepower": {
     "reason": "The Atlas states no cash, raise, profit, debt or spending commitment for this company.",
     "evidence": [],
     "status": "draft",
     "value": null
    },
    "deal_heat": {
     "reason": "The Atlas reports no deal talks, pending deal, listing plan or stated acquisition plan for this company.",
     "evidence": [],
     "status": "draft",
     "value": null
    }
   },
   "ovr": 68,
   "ovr_status": "draft",
   "ovr_from": 4,
   "badges": [],
   "ovr_reason": "HP held 19.1% of Q2 2026 PC shipments (IDC), second to Lenovo, with its shipments down 9% as memory costs rise.",
   "ovr_by": "Claude (draft)",
   "ovr_updated": "2026-11-02",
   "profile": "atlas/hp.html",
   "initials": "HP",
   "logo": {
    "file": "logos/hp.svg",
    "ground": "light"
   }
  },
  "essilor": {
   "name": "EssilorLuxottica",
   "description": "Eyewear maker that builds Meta's Ray-Ban and Oakley glasses.",
   "home": "devices",
   "attributes": {
    "dominance": {
     "reason": "A wearables starter that makes the frames, owns the retail and sold over 7 million Ray-Ban and Oakley Meta glasses in 2025.",
     "evidence": [
      {
       "url": "https://basic-tutorials.com/news/smart-glasses-are-booming-sales-of-meta-glasses-have-nearly-doubled/",
       "trust": "sourced"
      }
     ],
     "status": "draft",
     "value": 82
    },
    "momentum": {
     "reason": "First-half 2026 revenue from Meta glasses nearly doubled.",
     "evidence": [
      {
       "url": "https://basic-tutorials.com/news/smart-glasses-are-booming-sales-of-meta-glasses-have-nearly-doubled/",
       "trust": "sourced"
      }
     ],
     "status": "draft",
     "value": 90
    },
    "leverage": {
     "reason": "Builds and sells the Ray-Ban and Oakley Meta glasses, over 7 million in 2025.",
     "evidence": [
      {
       "url": "https://basic-tutorials.com/news/smart-glasses-are-booming-sales-of-meta-glasses-have-nearly-doubled/",
       "trust": "sourced"
      },
      {
       "url": "https://basic-tutorials.com/news/smart-glasses-are-booming-sales-of-meta-glasses-have-nearly-doubled/",
       "trust": "reported"
      }
     ],
     "status": "draft",
     "base": 50,
     "adjust": 12,
     "value": 62
    },
    "durability": {
     "reason": "Its named risk is that it depends on one platform partner.",
     "evidence": [
      {
       "url": "https://basic-tutorials.com/news/smart-glasses-are-booming-sales-of-meta-glasses-have-nearly-doubled/",
       "trust": "sourced"
      }
     ],
     "status": "draft",
     "value": 66
    },
    "firepower": {
     "reason": "The Atlas states no cash, raise, profit, debt or spending commitment for this company.",
     "evidence": [],
     "status": "draft",
     "value": null
    },
    "deal_heat": {
     "reason": "The Atlas reports no deal talks, pending deal, listing plan or stated acquisition plan for this company.",
     "evidence": [],
     "status": "draft",
     "value": null
    }
   },
   "ovr": 76,
   "ovr_status": "draft",
   "ovr_from": 4,
   "badges": [],
   "ovr_reason": "EssilorLuxottica sold over 7 million Ray-Ban and Oakley Meta glasses in 2025 and its first-half 2026 revenue from Meta glasses nearly doubled, with dependence on one platform partner.",
   "ovr_by": "Claude (draft)",
   "ovr_updated": "2026-11-02",
   "profile": "atlas/essilor.html",
   "initials": "ES",
   "logo": {
    "file": "logos/essilor.svg",
    "ground": "light"
   },
   "team": "meta"
  },
  "visa": {
   "name": "Visa",
   "description": "Card network moving payments between banks, merchants and cardholders.",
   "home": "fintech",
   "attributes": {
    "dominance": {
     "reason": "The clear payments leader, with payments volume above $4tn in a quarter for the first time in fiscal Q3 2026.",
     "evidence": [
      {
       "url": "https://www.investing.com/news/company-news/visa-q3-fy2026-slides-payments-volume-tops-4t-guidance-raised-93CH-4818318",
       "trust": "sourced"
      }
     ],
     "status": "draft",
     "value": 92
    },
    "momentum": {
     "reason": "Fiscal Q3 2026 net revenue rose 14% to $11.6bn.",
     "evidence": [
      {
       "url": "https://www.investing.com/news/company-news/visa-q3-fy2026-slides-payments-volume-tops-4t-guidance-raised-93CH-4818318",
       "trust": "sourced"
      }
     ],
     "status": "draft",
     "value": 72
    },
    "leverage": {
     "reason": "Every card payment on its network between banks, merchants and cardholders pays it a fee, across 71.7bn processed transactions.",
     "evidence": [
      {
       "url": "https://www.investing.com/news/company-news/visa-q3-fy2026-slides-payments-volume-tops-4t-guidance-raised-93CH-4818318",
       "trust": "sourced"
      }
     ],
     "status": "draft",
     "base": 50,
     "adjust": 30,
     "value": 80
    },
    "durability": {
     "reason": "Its named risk is stablecoins and account-to-account payments routing around cards.",
     "evidence": [
      {
       "url": "https://www.investing.com/news/company-news/visa-q3-fy2026-slides-payments-volume-tops-4t-guidance-raised-93CH-4818318",
       "trust": "sourced"
      }
     ],
     "status": "draft",
     "value": 84
    },
    "firepower": {
     "reason": "The Atlas states no cash, raise, profit, debt or spending commitment for this company.",
     "evidence": [],
     "status": "draft",
     "value": null
    },
    "deal_heat": {
     "reason": "The Atlas reports no deal talks, pending deal, listing plan or stated acquisition plan for this company.",
     "evidence": [],
     "status": "draft",
     "value": null
    }
   },
   "ovr": 85,
   "ovr_status": "draft",
   "ovr_from": 4,
   "badges": [],
   "ovr_reason": "Visa's payments volume passed $4tn in a quarter for the first time in fiscal Q3 2026, and net revenue was $11.6bn, up 14%, from a fee on every card payment.",
   "ovr_by": "Claude (draft)",
   "ovr_updated": "2026-11-02",
   "profile": "atlas/visa.html",
   "initials": "VI",
   "logo": {
    "file": "logos/visa.svg",
    "ground": "light"
   }
  },
  "mastercard": {
   "name": "Mastercard",
   "description": "Card network and the second-largest payments network.",
   "home": "fintech",
   "attributes": {
    "dominance": {
     "reason": "The second-largest payments network, with Q2 2026 gross dollar volume of $2.9tn.",
     "evidence": [
      {
       "url": "https://www.sec.gov/Archives/edgar/data/0001141391/000114139126000081/ma06302026-exx991xearnings.htm",
       "trust": "sourced"
      }
     ],
     "status": "draft",
     "value": 82
    },
    "momentum": {
     "reason": "Q2 2026 net revenue rose 14% to $9.3bn and gross dollar volume rose 8%.",
     "evidence": [
      {
       "url": "https://www.sec.gov/Archives/edgar/data/0001141391/000114139126000081/ma06302026-exx991xearnings.htm",
       "trust": "sourced"
      }
     ],
     "status": "draft",
     "value": 72
    },
    "leverage": {
     "reason": "Runs the same network economics as Visa, with banks and merchants paying it on each card payment, and strength in cross-border.",
     "evidence": [
      {
       "url": "https://www.sec.gov/Archives/edgar/data/0001141391/000114139126000081/ma06302026-exx991xearnings.htm",
       "trust": "sourced"
      }
     ],
     "status": "draft",
     "base": 50,
     "adjust": 26,
     "value": 76
    },
    "durability": {
     "reason": "Its named risk is payments that bypass cards.",
     "evidence": [
      {
       "url": "https://www.sec.gov/Archives/edgar/data/0001141391/000114139126000081/ma06302026-exx991xearnings.htm",
       "trust": "sourced"
      }
     ],
     "status": "draft",
     "value": 84
    },
    "firepower": {
     "reason": "The Atlas states no cash, raise, profit, debt or spending commitment for this company.",
     "evidence": [],
     "status": "draft",
     "value": null
    },
    "deal_heat": {
     "reason": "The Atlas reports no deal talks, pending deal, listing plan or stated acquisition plan for this company.",
     "evidence": [],
     "status": "draft",
     "value": null
    }
   },
   "ovr": 79,
   "ovr_status": "draft",
   "ovr_from": 4,
   "badges": [],
   "ovr_reason": "Mastercard's Q2 2026 net revenue was $9.3bn, up 14%, on gross dollar volume of $2.9tn, up 8%, with value-added services up 20%.",
   "ovr_by": "Claude (draft)",
   "ovr_updated": "2026-11-02",
   "profile": "atlas/mastercard.html",
   "initials": "MA",
   "logo": {
    "file": "logos/mastercard.svg",
    "ground": "light"
   }
  },
  "paypal": {
   "name": "PayPal",
   "description": "Online wallet and checkout, subject to a reported takeover proposal.",
   "home": "fintech",
   "attributes": {
    "dominance": {
     "reason": "A second-string payments player with Q1 2026 payment volume of $464bn.",
     "evidence": [
      {
       "url": "https://www.cnbc.com/2026/07/15/stripe-advent-offer-to-buy-paypal-for-more-than-53-billion-reuters.html",
       "trust": "reported"
      }
     ],
     "status": "draft",
     "value": 70
    },
    "momentum": {
     "reason": "Q1 2026 payment volume rose 11% to $464bn.",
     "evidence": [
      {
       "url": "https://www.cnbc.com/2026/07/15/stripe-advent-offer-to-buy-paypal-for-more-than-53-billion-reuters.html",
       "trust": "reported"
      }
     ],
     "status": "draft",
     "value": 70
    },
    "leverage": {
     "reason": "The Atlas states no company that depends on PayPal.",
     "evidence": [
      {
       "url": "https://www.cnbc.com/2026/07/15/stripe-advent-offer-to-buy-paypal-for-more-than-53-billion-reuters.html",
       "trust": "reported"
      }
     ],
     "status": "draft",
     "base": 50,
     "adjust": 0,
     "value": 50
    },
    "durability": {
     "reason": "Its named risks are whether its board engages with the reported proposal and whether the deal is real.",
     "evidence": [
      {
       "url": "https://www.cnbc.com/2026/07/15/stripe-advent-offer-to-buy-paypal-for-more-than-53-billion-reuters.html",
       "trust": "reported"
      }
     ],
     "status": "draft",
     "value": 70
    },
    "firepower": {
     "reason": "The Atlas states the bidders' equity and bank financing and no cash or commitment held by PayPal.",
     "evidence": [],
     "status": "draft",
     "value": null
    },
    "deal_heat": {
     "reason": "Stripe and Advent reportedly proposed $60.50 a share, about 28% above the prior close.",
     "evidence": [
      {
       "url": "https://www.cnbc.com/2026/07/15/stripe-advent-offer-to-buy-paypal-for-more-than-53-billion-reuters.html",
       "trust": "reported"
      }
     ],
     "status": "draft",
     "value": 90
    }
   },
   "ovr": 65,
   "ovr_status": "draft",
   "ovr_from": 4,
   "badges": [
    {
     "id": "in_play",
     "reason": "Stripe and Advent reportedly proposed to buy PayPal at $60.50 a share, about 28% above the prior close.",
     "evidence": [
      {
       "url": "https://www.cnbc.com/2026/07/15/stripe-advent-offer-to-buy-paypal-for-more-than-53-billion-reuters.html",
       "trust": "reported"
      }
     ],
     "status": "draft",
     "label": "In Play"
    }
   ],
   "ovr_reason": "PayPal's Q1 2026 payment volume was $464bn, up 11%, and a reported $60.50 a share proposal from Stripe and Advent depends on whether its board engages.",
   "ovr_by": "Claude (draft)",
   "ovr_updated": "2026-11-02",
   "profile": "atlas/paypal.html",
   "initials": "PA",
   "logo": {
    "file": "logos/paypal.svg",
    "ground": "light"
   }
  },
  "stripe": {
   "name": "Stripe",
   "description": "Payments infrastructure for online businesses.",
   "home": "fintech",
   "attributes": {
    "dominance": {
     "reason": "The default way online businesses accept payments, with $1.9tn processed in 2025.",
     "evidence": [
      {
       "url": "https://techcrunch.com/2026/07/15/stripe-and-advent-reportedly-offered-to-buy-paypal-for-around-53-4b/",
       "trust": "reported"
      }
     ],
     "status": "draft",
     "value": 78
    },
    "momentum": {
     "reason": "Processed $1.9tn in 2025, up 34%.",
     "evidence": [
      {
       "url": "https://techcrunch.com/2026/07/15/stripe-and-advent-reportedly-offered-to-buy-paypal-for-around-53-4b/",
       "trust": "reported"
      }
     ],
     "status": "draft",
     "value": 82
    },
    "leverage": {
     "reason": "The card calls it the default way online businesses accept payments.",
     "evidence": [
      {
       "url": "https://techcrunch.com/2026/07/15/stripe-and-advent-reportedly-offered-to-buy-paypal-for-around-53-4b/",
       "trust": "reported"
      }
     ],
     "status": "draft",
     "base": 50,
     "adjust": 10,
     "value": 60
    },
    "durability": {
     "reason": "Its card names only the unconfirmed PayPal proposal as an open question.",
     "evidence": [
      {
       "url": "https://techcrunch.com/2026/07/15/stripe-and-advent-reportedly-offered-to-buy-paypal-for-around-53-4b/",
       "trust": "reported"
      }
     ],
     "status": "draft",
     "value": 82
    },
    "firepower": {
     "reason": "Reported to have joined Advent in a $53.4bn proposal for PayPal.",
     "evidence": [
      {
       "url": "https://techcrunch.com/2026/07/15/stripe-and-advent-reportedly-offered-to-buy-paypal-for-around-53-4b/",
       "trust": "reported"
      }
     ],
     "status": "draft",
     "value": 85
    },
    "deal_heat": {
     "reason": "Reported to have joined Advent in a $53.4bn proposal for PayPal, with no board response found.",
     "evidence": [
      {
       "url": "https://techcrunch.com/2026/07/15/stripe-and-advent-reportedly-offered-to-buy-paypal-for-around-53-4b/",
       "trust": "reported"
      }
     ],
     "status": "draft",
     "value": 88
    }
   },
   "ovr": 76,
   "ovr_status": "draft",
   "ovr_from": 5,
   "badges": [
    {
     "id": "in_play",
     "reason": "Stripe is reported to have joined Advent in a $53.4bn proposal for PayPal.",
     "evidence": [
      {
       "url": "https://techcrunch.com/2026/07/15/stripe-and-advent-reportedly-offered-to-buy-paypal-for-around-53-4b/",
       "trust": "reported"
      }
     ],
     "status": "draft",
     "label": "In Play"
    }
   ],
   "ovr_reason": "Stripe processed $1.9tn in 2025, up 34%, as the default way online businesses accept payments, and was valued at $159bn in a February 2026 employee tender.",
   "ovr_by": "Claude (draft)",
   "ovr_updated": "2026-11-02",
   "profile": "atlas/stripe.html",
   "initials": "ST",
   "logo": {
    "file": "logos/stripe.svg",
    "ground": "light"
   }
  },
  "adyen": {
   "name": "Adyen",
   "description": "Payments platform for large merchants.",
   "home": "fintech",
   "attributes": {
    "dominance": {
     "reason": "A second-string payments platform with Q1 2026 processed volume of EUR 382bn.",
     "evidence": [
      {
       "url": "https://finance.yahoo.com/markets/stocks/articles/paypals-total-payment-volume-whats-144600397.html",
       "trust": "reported"
      }
     ],
     "status": "draft",
     "value": 72
    },
    "momentum": {
     "reason": "Q1 2026 processed volume rose 21% to EUR 382bn, and net revenue rose 16%, or 20% at constant currency.",
     "evidence": [
      {
       "url": "https://finance.yahoo.com/markets/stocks/articles/paypals-total-payment-volume-whats-144600397.html",
       "trust": "reported"
      }
     ],
     "status": "draft",
     "value": 78
    },
    "leverage": {
     "reason": "The Atlas states no company that depends on Adyen.",
     "evidence": [
      {
       "url": "https://finance.yahoo.com/markets/stocks/articles/paypals-total-payment-volume-whats-144600397.html",
       "trust": "reported"
      }
     ],
     "status": "draft",
     "base": 50,
     "adjust": 0,
     "value": 50
    },
    "durability": {
     "reason": "Its named risk is Stripe moving upmarket.",
     "evidence": [
      {
       "url": "https://finance.yahoo.com/markets/stocks/articles/paypals-total-payment-volume-whats-144600397.html",
       "trust": "reported"
      }
     ],
     "status": "draft",
     "value": 80
    },
    "firepower": {
     "reason": "The Atlas states no cash, raise, profit, debt or spending commitment for this company.",
     "evidence": [],
     "status": "draft",
     "value": null
    },
    "deal_heat": {
     "reason": "The Atlas reports no deal talks, pending deal, listing plan or stated acquisition plan for this company.",
     "evidence": [],
     "status": "draft",
     "value": null
    }
   },
   "ovr": 69,
   "ovr_status": "draft",
   "ovr_from": 4,
   "badges": [],
   "ovr_reason": "Adyen's Q1 2026 processed volume was EUR 382bn, up 21%, with net revenue up 16%, or 20% at constant currency, from one platform sold to large global merchants.",
   "ovr_by": "Claude (draft)",
   "ovr_updated": "2026-11-02",
   "profile": "atlas/adyen.html",
   "initials": "AD",
   "logo": {
    "file": "logos/adyen.svg",
    "ground": "light"
   }
  },
  "block": {
   "name": "Block",
   "description": "Square merchant payments and Cash App.",
   "home": "fintech",
   "attributes": {
    "dominance": {
     "reason": "A second-string payments player that owns both the merchant terminal and the consumer app, with no 2026 volume figure.",
     "evidence": [
      {
       "url": "https://www.cnbc.com/2026/07/15/stripe-advent-offer-to-buy-paypal-for-more-than-53-billion-reuters.html",
       "trust": "reported"
      }
     ],
     "status": "draft",
     "value": 66
    },
    "momentum": {
     "reason": "The Atlas gives no 2026 volume or growth figure for Block.",
     "evidence": [],
     "status": "draft",
     "value": null
    },
    "leverage": {
     "reason": "The Atlas states no company that depends on Block.",
     "evidence": [
      {
       "url": "https://www.cnbc.com/2026/07/15/stripe-advent-offer-to-buy-paypal-for-more-than-53-billion-reuters.html",
       "trust": "reported"
      }
     ],
     "status": "draft",
     "base": 50,
     "adjust": 0,
     "value": 50
    },
    "durability": {
     "reason": "Owns both the merchant terminal and the consumer app, and its card names no business risk.",
     "evidence": [
      {
       "url": "https://www.cnbc.com/2026/07/15/stripe-advent-offer-to-buy-paypal-for-more-than-53-billion-reuters.html",
       "trust": "reported"
      }
     ],
     "status": "draft",
     "value": 78
    },
    "firepower": {
     "reason": "The Atlas names Block as an equity partner in the PayPal proposal and gives no amount of its own.",
     "evidence": [],
     "status": "draft",
     "value": null
    },
    "deal_heat": {
     "reason": "Named as an equity partner in the reported PayPal proposal.",
     "evidence": [
      {
       "url": "https://www.cnbc.com/2026/07/15/stripe-advent-offer-to-buy-paypal-for-more-than-53-billion-reuters.html",
       "trust": "reported"
      }
     ],
     "status": "draft",
     "value": 85
    }
   },
   "ovr": 63,
   "ovr_status": "draft",
   "ovr_from": 3,
   "badges": [
    {
     "id": "in_play",
     "reason": "Block is named as an equity partner in the reported proposal to buy PayPal.",
     "evidence": [
      {
       "url": "https://www.cnbc.com/2026/07/15/stripe-advent-offer-to-buy-paypal-for-more-than-53-billion-reuters.html",
       "trust": "reported"
      }
     ],
     "status": "draft",
     "label": "In Play"
    }
   ],
   "ovr_reason": "Block owns both the merchant terminal and the consumer app and was named as an equity partner in the reported PayPal proposal, with no 2026 volume figure found.",
   "ovr_by": "Claude (draft)",
   "ovr_updated": "2026-11-02",
   "profile": "atlas/block.html",
   "initials": "BL"
  },
  "nubank": {
   "name": "Nubank",
   "description": "Latin American digital bank.",
   "home": "fintech",
   "attributes": {
    "dominance": {
     "reason": "The neobank leader with about 139 million customers (secondary).",
     "evidence": [
      {
       "url": "https://axis-intelligence.com/neobank-statistics/",
       "trust": "reported"
      }
     ],
     "status": "draft",
     "value": 88
    },
    "momentum": {
     "reason": "The Atlas gives no growth figure and no stated direction for this company.",
     "evidence": [],
     "status": "draft",
     "value": null
    },
    "leverage": {
     "reason": "The Atlas states no company that depends on Nubank.",
     "evidence": [
      {
       "url": "https://axis-intelligence.com/neobank-statistics/",
       "trust": "reported"
      }
     ],
     "status": "draft",
     "base": 50,
     "adjust": 0,
     "value": 50
    },
    "durability": {
     "reason": "Its card names only that its figures are unaudited tracker numbers.",
     "evidence": [
      {
       "url": "https://axis-intelligence.com/neobank-statistics/",
       "trust": "reported"
      }
     ],
     "status": "draft",
     "value": 84
    },
    "firepower": {
     "reason": "Reported $1.1bn of net income in Q2 2026 (secondary).",
     "evidence": [
      {
       "url": "https://axis-intelligence.com/neobank-statistics/",
       "trust": "reported"
      }
     ],
     "status": "draft",
     "value": 86
    },
    "deal_heat": {
     "reason": "The Atlas reports no deal talks, pending deal, listing plan or stated acquisition plan for this company.",
     "evidence": [],
     "status": "draft",
     "value": null
    }
   },
   "ovr": 78,
   "ovr_status": "draft",
   "ovr_from": 4,
   "badges": [],
   "ovr_reason": "Nubank reports about 139 million customers and $1.1bn of net income in Q2 2026 (secondary), from a cheap digital model, with those figures unaudited.",
   "ovr_by": "Claude (draft)",
   "ovr_updated": "2026-11-02",
   "profile": "atlas/nubank.html",
   "initials": "NU",
   "logo": {
    "file": "logos/nubank.svg",
    "ground": "light"
   }
  },
  "revolut": {
   "name": "Revolut",
   "description": "UK-based global digital bank.",
   "home": "fintech",
   "attributes": {
    "dominance": {
     "reason": "A neobank starter with 68 to 80 million customers reported and a $115bn valuation.",
     "evidence": [
      {
       "url": "https://www.mobibank.fi/neobank-valuations-2026/",
       "trust": "reported"
      }
     ],
     "status": "draft",
     "value": 80
    },
    "momentum": {
     "reason": "The Atlas gives no growth figure and no stated direction for this company.",
     "evidence": [],
     "status": "draft",
     "value": null
    },
    "leverage": {
     "reason": "The Atlas states no company that depends on Revolut.",
     "evidence": [
      {
       "url": "https://www.mobibank.fi/neobank-valuations-2026/",
       "trust": "reported"
      }
     ],
     "status": "draft",
     "base": 50,
     "adjust": 0,
     "value": 50
    },
    "durability": {
     "reason": "Its named risk is a private valuation near 19 times revenue.",
     "evidence": [
      {
       "url": "https://www.mobibank.fi/neobank-valuations-2026/",
       "trust": "reported"
      }
     ],
     "status": "draft",
     "value": 78
    },
    "firepower": {
     "reason": "The Atlas states a valuation from an employee share sale and no cash, raise or profit for Revolut.",
     "evidence": [],
     "status": "draft",
     "value": null
    },
    "deal_heat": {
     "reason": "The Atlas reports no deal talks, pending deal, listing plan or stated acquisition plan for this company.",
     "evidence": [],
     "status": "draft",
     "value": null
    }
   },
   "ovr": 71,
   "ovr_status": "draft",
   "ovr_from": 3,
   "badges": [],
   "ovr_reason": "Revolut's reported valuation was $115bn in July 2026 from an employee share sale, with 68 to 80 million customers and a private price near 19 times revenue.",
   "ovr_by": "Claude (draft)",
   "ovr_updated": "2026-11-02",
   "profile": "atlas/revolut.html",
   "initials": "RE",
   "logo": {
    "file": "logos/revolut.svg",
    "ground": "light"
   }
  },
  "chime": {
   "name": "Chime",
   "description": "US neobank, public since 2026.",
   "home": "fintech",
   "attributes": {
    "dominance": {
     "reason": "A second-string neobank with 10.4 million active members.",
     "evidence": [
      {
       "url": "https://valueaddvc.com/blog/chime-ipo-2026-everything-we-know-about-the-neobanks-public-listing",
       "trust": "sourced"
      }
     ],
     "status": "draft",
     "value": 64
    },
    "momentum": {
     "reason": "Q2 2026 revenue rose 27% to $670m and active members rose 20%.",
     "evidence": [
      {
       "url": "https://valueaddvc.com/blog/chime-ipo-2026-everything-we-know-about-the-neobanks-public-listing",
       "trust": "sourced"
      }
     ],
     "status": "draft",
     "value": 80
    },
    "leverage": {
     "reason": "The Atlas states no company that depends on Chime.",
     "evidence": [
      {
       "url": "https://valueaddvc.com/blog/chime-ipo-2026-everything-we-know-about-the-neobanks-public-listing",
       "trust": "sourced"
      }
     ],
     "status": "draft",
     "base": 50,
     "adjust": 0,
     "value": 50
    },
    "durability": {
     "reason": "Public and growing, with its card naming only that it counts active members.",
     "evidence": [
      {
       "url": "https://valueaddvc.com/blog/chime-ipo-2026-everything-we-know-about-the-neobanks-public-listing",
       "trust": "sourced"
      }
     ],
     "status": "draft",
     "value": 78
    },
    "firepower": {
     "reason": "The Atlas states no cash, raise, profit, debt or spending commitment for this company.",
     "evidence": [],
     "status": "draft",
     "value": null
    },
    "deal_heat": {
     "reason": "The Atlas reports Chime as already public and no further deal activity.",
     "evidence": [],
     "status": "draft",
     "value": null
    }
   },
   "ovr": 65,
   "ovr_status": "draft",
   "ovr_from": 4,
   "badges": [],
   "ovr_reason": "Chime's Q2 2026 revenue was $670m, up 27%, with 10.4 million active members, up 20%, in the largest consumer banking market.",
   "ovr_by": "Claude (draft)",
   "ovr_updated": "2026-11-02",
   "profile": "atlas/chime.html",
   "initials": "CH",
   "logo": {
    "file": "logos/chime.svg",
    "ground": "light"
   }
  },
  "sofi": {
   "name": "SoFi",
   "description": "US digital lender and bank.",
   "home": "fintech",
   "attributes": {
    "dominance": {
     "reason": "A second-string neobank with 15.8 million members in one source and 14.7 million in another.",
     "evidence": [
      {
       "url": "https://axis-intelligence.com/neobank-statistics/",
       "trust": "reported"
      }
     ],
     "status": "draft",
     "value": 64
    },
    "momentum": {
     "reason": "The Atlas gives no growth figure and no stated direction for this company.",
     "evidence": [],
     "status": "draft",
     "value": null
    },
    "leverage": {
     "reason": "The Atlas states no company that depends on SoFi.",
     "evidence": [
      {
       "url": "https://axis-intelligence.com/neobank-statistics/",
       "trust": "reported"
      }
     ],
     "status": "draft",
     "base": 50,
     "adjust": 0,
     "value": 50
    },
    "durability": {
     "reason": "Cross-sells loans, banking and investing, and its card names only conflicting member counts.",
     "evidence": [
      {
       "url": "https://axis-intelligence.com/neobank-statistics/",
       "trust": "reported"
      }
     ],
     "status": "draft",
     "value": 76
    },
    "firepower": {
     "reason": "The Atlas states no cash, raise, profit, debt or spending commitment for this company.",
     "evidence": [],
     "status": "draft",
     "value": null
    },
    "deal_heat": {
     "reason": "The Atlas reports no deal talks, pending deal, listing plan or stated acquisition plan for this company.",
     "evidence": [],
     "status": "draft",
     "value": null
    }
   },
   "ovr": 62,
   "ovr_status": "draft",
   "ovr_from": 3,
   "badges": [],
   "ovr_reason": "SoFi reported 15.8 million members and about 24.4 million products by Q2 2026 in one source and 14.7 million members in another, so its member counts conflict.",
   "ovr_by": "Claude (draft)",
   "ovr_updated": "2026-11-02",
   "profile": "atlas/sofi.html",
   "initials": "SO",
   "logo": {
    "file": "logos/sofi.svg",
    "ground": "light"
   }
  },
  "tether": {
   "name": "Tether",
   "description": "Issuer of USDT, the largest stablecoin.",
   "home": "fintech",
   "attributes": {
    "dominance": {
     "reason": "Holds about 58% of stablecoin supply, at roughly $184bn to $190bn.",
     "evidence": [
      {
       "url": "https://www.fool.com/research/largest-stablecoins/",
       "trust": "reported"
      }
     ],
     "status": "draft",
     "value": 94
    },
    "momentum": {
     "reason": "The Atlas gives no growth figure and no stated direction for this company.",
     "evidence": [],
     "status": "draft",
     "value": null
    },
    "leverage": {
     "reason": "First to scale and the default in trading markets, holding about 58% of stablecoin supply.",
     "evidence": [
      {
       "url": "https://www.fool.com/research/largest-stablecoins/",
       "trust": "reported"
      }
     ],
     "status": "draft",
     "base": 50,
     "adjust": 20,
     "value": 70
    },
    "durability": {
     "reason": "Its named risks are licensing under the GENIUS Act and one source saying S&P rated it weak.",
     "evidence": [
      {
       "url": "https://www.fool.com/research/largest-stablecoins/",
       "trust": "reported"
      }
     ],
     "status": "draft",
     "value": 66
    },
    "firepower": {
     "reason": "The Atlas states no cash, raise, profit, debt or spending commitment for this company.",
     "evidence": [],
     "status": "draft",
     "value": null
    },
    "deal_heat": {
     "reason": "The Atlas reports no deal talks, pending deal, listing plan or stated acquisition plan for this company.",
     "evidence": [],
     "status": "draft",
     "value": null
    }
   },
   "ovr": 82,
   "ovr_status": "draft",
   "ovr_from": 3,
   "badges": [],
   "ovr_reason": "Tether holds about 58% of stablecoin supply, at roughly $184bn to $190bn, and faces licensing under the GENIUS Act.",
   "ovr_by": "Claude (draft)",
   "ovr_updated": "2026-11-02",
   "profile": "atlas/tether.html",
   "initials": "TE",
   "logo": {
    "file": "logos/tether.svg",
    "ground": "light"
   }
  },
  "circle": {
   "name": "Circle",
   "description": "Issuer of USDC, the second-largest stablecoin.",
   "home": "fintech",
   "attributes": {
    "dominance": {
     "reason": "Issues USDC, second to Tether, at $73.3bn at the end of Q2 2026.",
     "evidence": [
      {
       "url": "https://investor.circle.com/files/doc_news/2026/Aug/05/CIRCLE_Q2-2026.pdf",
       "trust": "sourced"
      }
     ],
     "status": "draft",
     "value": 82
    },
    "momentum": {
     "reason": "USDC rose 19% to $73.3bn in Q2 2026, and revenue and reserve income rose 7%.",
     "evidence": [
      {
       "url": "https://investor.circle.com/files/doc_news/2026/Aug/05/CIRCLE_Q2-2026.pdf",
       "trust": "sourced"
      }
     ],
     "status": "draft",
     "value": 72
    },
    "leverage": {
     "reason": "The Atlas states no company that depends on Circle.",
     "evidence": [
      {
       "url": "https://investor.circle.com/files/doc_news/2026/Aug/05/CIRCLE_Q2-2026.pdf",
       "trust": "sourced"
      }
     ],
     "status": "draft",
     "base": 50,
     "adjust": 0,
     "value": 50
    },
    "durability": {
     "reason": "Its income falls when interest rates fall, and the reserve return rate fell 66 basis points to 3.48%.",
     "evidence": [
      {
       "url": "https://investor.circle.com/files/doc_news/2026/Aug/05/CIRCLE_Q2-2026.pdf",
       "trust": "sourced"
      }
     ],
     "status": "draft",
     "value": 72
    },
    "firepower": {
     "reason": "The Atlas states no cash, raise, profit, debt or spending commitment for this company.",
     "evidence": [],
     "status": "draft",
     "value": null
    },
    "deal_heat": {
     "reason": "The Atlas reports no deal talks, pending deal, listing plan or stated acquisition plan for this company.",
     "evidence": [],
     "status": "draft",
     "value": null
    }
   },
   "ovr": 72,
   "ovr_status": "draft",
   "ovr_from": 4,
   "badges": [],
   "ovr_reason": "Circle's USDC stood at $73.3bn at the end of Q2 2026, up 19%, and its reserve return rate fell 66 basis points to 3.48%, so its income falls when rates fall.",
   "ovr_by": "Claude (draft)",
   "ovr_updated": "2026-11-02",
   "profile": "atlas/circle.html",
   "initials": "CI",
   "logo": {
    "file": "logos/circle.svg",
    "ground": "light"
   }
  },
  "coinbase": {
   "name": "Coinbase",
   "description": "The largest US crypto exchange.",
   "home": "fintech",
   "attributes": {
    "dominance": {
     "reason": "The largest US crypto exchange, with a record 10.3% share of crypto trading volume.",
     "evidence": [
      {
       "url": "https://www.cnbc.com/2026/07/30/coinbase-coin-earnings-q2-2026.html",
       "trust": "sourced"
      }
     ],
     "status": "draft",
     "value": 70
    },
    "momentum": {
     "reason": "Q2 2026 revenue fell about 19% to about $1.2bn as its share of trading volume reached a record 10.3%.",
     "evidence": [
      {
       "url": "https://www.cnbc.com/2026/07/30/coinbase-coin-earnings-q2-2026.html",
       "trust": "sourced"
      }
     ],
     "status": "draft",
     "value": 58
    },
    "leverage": {
     "reason": "The Atlas states no company that depends on Coinbase.",
     "evidence": [
      {
       "url": "https://www.cnbc.com/2026/07/30/coinbase-coin-earnings-q2-2026.html",
       "trust": "sourced"
      }
     ],
     "status": "draft",
     "base": 50,
     "adjust": 0,
     "value": 50
    },
    "durability": {
     "reason": "Trading revenue is cyclical, and it posted a net loss of $359.5m in Q2 2026.",
     "evidence": [
      {
       "url": "https://www.cnbc.com/2026/07/30/coinbase-coin-earnings-q2-2026.html",
       "trust": "sourced"
      }
     ],
     "status": "draft",
     "value": 70
    },
    "firepower": {
     "reason": "The Atlas states a net loss of $359.5m for Coinbase and no cash, raise or funding need.",
     "evidence": [],
     "status": "draft",
     "value": null
    },
    "deal_heat": {
     "reason": "The Atlas reports no deal talks, pending deal, listing plan or stated acquisition plan for this company.",
     "evidence": [],
     "status": "draft",
     "value": null
    }
   },
   "ovr": 64,
   "ovr_status": "draft",
   "ovr_from": 4,
   "badges": [],
   "ovr_reason": "Coinbase reached a record 10.3% share of crypto trading volume in Q2 2026 on revenue of about $1.2bn, down about 19%, with a net loss of $359.5m.",
   "ovr_by": "Claude (draft)",
   "ovr_updated": "2026-11-02",
   "profile": "atlas/coinbase.html",
   "initials": "CO",
   "logo": {
    "file": "logos/coinbase.svg",
    "ground": "light"
   }
  }
 },
 "teams": [
  {
   "id": "microsoft_openai",
   "name": "Microsoft and OpenAI",
   "captains": [
    "microsoft",
    "openai"
   ],
   "ovr": 81,
   "ovr_status": "draft",
   "members": [
    "microsoft",
    "openai",
    "coreweave",
    "amd",
    "shopify",
    "oracle",
    "nebius",
    "constellation",
    "cerebras"
   ]
  },
  {
   "id": "google",
   "name": "Google",
   "captains": [
    "google"
   ],
   "ovr": 86,
   "ovr_status": "draft",
   "members": [
    "google",
    "broadcom",
    "samsung",
    "wiz",
    "elementl"
   ]
  },
  {
   "id": "nvidia",
   "name": "Nvidia",
   "captains": [
    "nvidia"
   ],
   "ovr": 83,
   "ovr_status": "draft",
   "members": [
    "nvidia",
    "tsmc",
    "intel",
    "vast",
    "groq",
    "ssi"
   ]
  },
  {
   "id": "amazon_anthropic",
   "name": "Amazon and Anthropic",
   "captains": [
    "amazon",
    "anthropic"
   ],
   "ovr": 75,
   "ovr_status": "draft",
   "members": [
    "amazon",
    "anthropic",
    "cursor",
    "x_energy",
    "talen"
   ]
  },
  {
   "id": "meta",
   "name": "Meta",
   "captains": [
    "meta"
   ],
   "ovr": 68,
   "ovr_status": "draft",
   "members": [
    "meta",
    "essilor",
    "terrapower",
    "oklo"
   ]
  }
 ],
 "edges": [
  {
   "a": "tsmc",
   "b": "nvidia",
   "type": "supply",
   "text": "Makes Nvidia's chips. Nvidia was about 19% of TSMC's 2025 revenue, up from 12%.",
   "src": "https://www.taiwannews.com.tw/news/6310676",
   "date": "2026-01",
   "conf": "reported",
   "group": "allies",
   "added": "2026-10-23"
  },
  {
   "a": "tsmc",
   "b": "apple",
   "type": "supply",
   "text": "Makes Apple's chips. Apple fell from 22% to 17% of TSMC's revenue in 2025.",
   "src": "https://www.taiwannews.com.tw/news/6310676",
   "date": "2026-01",
   "conf": "reported",
   "group": "allies",
   "added": "2026-10-23"
  },
  {
   "a": "amd",
   "b": "openai",
   "type": "supply",
   "text": "6 GW Instinct supply agreement with a warrant for up to 160 million AMD shares.",
   "src": "https://ir.amd.com/news-events/press-releases/detail/1260/amd-and-openai-announce-strategic-partnership-to-deploy-6-gigawatts-of-amd-gpus",
   "date": "2025-10",
   "conf": "sourced",
   "group": "allies",
   "added": "2026-10-23"
  },
  {
   "a": "broadcom",
   "b": "openai",
   "type": "alliance",
   "text": "Co-develop and deploy 10 GW of OpenAI-designed accelerators under a signed term sheet.",
   "src": "https://openai.com/index/openai-and-broadcom-announce-strategic-collaboration/",
   "date": "2025-10",
   "conf": "sourced",
   "group": "allies",
   "added": "2026-10-23"
  },
  {
   "a": "nvidia",
   "b": "openai",
   "type": "investment",
   "text": "A 10 GW and up to $100bn letter of intent never became definitive. Reuters reported in February 2026 that Nvidia was close to investing about $30bn in OpenAI's round instead, a figure not yet final.",
   "src": "https://www.bnnbloomberg.ca/business/artificial-intelligence/2026/02/20/nvidia-close-to-investing-us30-billion-in-openais-mega-funding-round-reuters-source-says/",
   "date": "2026-02",
   "conf": "reported",
   "group": "backers",
   "added": "2026-10-23"
  },
  {
   "a": "nvidia",
   "b": "groq",
   "type": "license",
   "text": "Non-exclusive licence of Groq's inference technology, with its founder and team joining Nvidia.",
   "src": "https://groq.com/newsroom/groq-and-nvidia-enter-non-exclusive-inference-technology-licensing-agreement-to-accelerate-ai-inference-at-global-scale",
   "date": "2025-12",
   "conf": "sourced",
   "group": "allies",
   "added": "2026-10-23"
  },
  {
   "a": "nvidia",
   "b": "intel",
   "type": "investment",
   "text": "Bought $5bn of Intel stock at $23.28 a share and agreed to co-develop x86 products.",
   "src": "https://the-decoder.com/nvidia-and-intel-strike-partnership-on-x86-chips-with-5-billion-investment/",
   "date": "2025-09",
   "conf": "reported",
   "group": "backers",
   "added": "2026-10-23"
  },
  {
   "a": "intel",
   "b": "amd",
   "type": "rivalry",
   "text": "x86 share: Intel 69.3% and AMD 30.7% in Q2 2026.",
   "src": "https://shattered.io/amd-cpu-market-share-record-2026-intel-31-year-low/",
   "date": "2026-Q2",
   "conf": "reported",
   "group": "rivals",
   "added": "2026-10-23"
  },
  {
   "a": "nvidia",
   "b": "amd",
   "type": "rivalry",
   "text": "Merchant AI accelerators, with AMD winning multi-gigawatt supply deals.",
   "src": "https://ir.amd.com/news-events/press-releases/detail/1295/amd-reports-second-quarter-2026-financial-results",
   "date": "2026-Q2",
   "conf": "sourced",
   "group": "rivals",
   "added": "2026-10-23"
  },
  {
   "a": "nvidia",
   "b": "huawei",
   "type": "rivalry",
   "text": "China AI chips: Nvidia 34% and Huawei 28% of H1 2026 shipments.",
   "src": "https://www.benzinga.com/markets/tech/26/10/62319484/nvidia-loses-ground-in-china-as-huaweis-ai-chip-shipments-nearly-double-capturing-28-market-share-report",
   "date": "2026-H1",
   "conf": "reported",
   "group": "rivals",
   "added": "2026-10-23"
  },
  {
   "a": "google",
   "b": "anthropic",
   "type": "supply",
   "text": "Up to 1 million TPUs, with well over a gigawatt online in 2026. Anthropic also keeps using Trainium and Nvidia.",
   "src": "https://www.maginative.com/anthropic-secures-1m-google-tpus-while-keeping-amazon-as-primary-training-partner",
   "date": "2025-10",
   "conf": "reported",
   "group": "allies",
   "added": "2026-10-23"
  },
  {
   "a": "google",
   "b": "meta",
   "type": "supply",
   "text": "Reported multibillion-dollar TPU deal to diversify away from Nvidia.",
   "src": "https://siliconangle.com/2026/02/26/google-meta-reportedly-strike-new-multibillion-dollar-ai-chip-deal/",
   "date": "2026-02",
   "conf": "reported",
   "group": "allies",
   "added": "2026-10-23"
  },
  {
   "a": "broadcom",
   "b": "google",
   "type": "supply",
   "text": "Builds Google's custom TPUs. Broadcom's CEO said Ironwood TPUs shipped in high volume to Google and Anthropic, and a long-term agreement covers future generations.",
   "src": "https://finance.yahoo.com/sectors/technology/articles/broadcom-inks-major-ai-chip-165033115.html",
   "date": "2026-Q3",
   "conf": "reported",
   "group": "allies",
   "added": "2026-10-23"
  },
  {
   "a": "amazon",
   "b": "anthropic",
   "type": "supply",
   "text": "Anthropic's primary training partner on Trainium.",
   "src": "https://www.maginative.com/anthropic-secures-1m-google-tpus-while-keeping-amazon-as-primary-training-partner",
   "date": "2025-10",
   "conf": "reported",
   "group": "allies",
   "added": "2026-10-23"
  },
  {
   "a": "amd",
   "b": "anthropic",
   "type": "supply",
   "text": "Up to 2 GW of MI450 GPUs in Helios racks.",
   "src": "https://ir.amd.com/news-events/press-releases/detail/1295/amd-reports-second-quarter-2026-financial-results",
   "date": "2026-Q2",
   "conf": "sourced",
   "group": "allies",
   "added": "2026-10-23"
  },
  {
   "a": "arm",
   "b": "qualcomm",
   "type": "rivalry",
   "text": "Licence litigation over Nuvia cores. A Delaware court ruled for Qualcomm in Sept 2025 and Arm said it would appeal.",
   "src": "https://www.businesswire.com/news/home/20250930042277/en/Qualcomm-Achieves-Complete-Victory-Over-Arm-in-Litigation-Challenging-Licensing-Agreements/",
   "date": "2025-09",
   "conf": "sourced",
   "group": "rivals",
   "added": "2026-10-23"
  },
  {
   "a": "qualcomm",
   "b": "arm",
   "type": "license",
   "text": "Builds its chips under an Arm architecture licence.",
   "src": "https://www.businesswire.com/news/home/20250930042277/en/Qualcomm-Achieves-Complete-Victory-Over-Arm-in-Litigation-Challenging-Licensing-Agreements/",
   "date": "2025-09",
   "conf": "sourced",
   "group": "allies",
   "added": "2026-10-23"
  },
  {
   "a": "softbank",
   "b": "arm",
   "type": "ownership",
   "text": "Retained about 90% of Arm after its 2023 listing.",
   "src": "https://www.eenewseurope.com/en/arm-to-hit-nasdaq-with-us54-5-billion-valuation/",
   "date": "2023-09",
   "conf": "reported",
   "group": "backers",
   "added": "2026-10-23"
  },
  {
   "a": "tesla",
   "b": "samsung",
   "type": "supply",
   "text": "$16.5bn AI6 chip contract at Taylor, Texas, to 2033.",
   "src": "https://www.datacenterdynamics.com/en/news/samsung-electronics-signs-165bn-deal-with-tesla-to-manufacture-ai6-chips-at-taylor-texas-fab/",
   "date": "2025-07",
   "conf": "reported",
   "group": "allies",
   "added": "2026-10-23"
  },
  {
   "a": "tesla",
   "b": "intel_foundry",
   "type": "supply",
   "text": "Reported as a customer for the 14A process, unconfirmed.",
   "src": "https://finance.yahoo.com/technology/articles/intel-intc-lands-major-customer-151209880.html",
   "date": "2026",
   "conf": "reported",
   "group": "allies",
   "added": "2026-10-23"
  },
  {
   "a": "meti",
   "b": "rapidus",
   "type": "investment",
   "text": "About 100bn yen in Feb 2026 and a further 150bn yen in June 2026 through the IPA.",
   "src": "https://www.design-reuse.com/news/202530620-rapidus-completes-150-billion-yen-funding-round-from-japan-government/",
   "date": "2026-06",
   "conf": "reported",
   "group": "backers",
   "added": "2026-10-23"
  },
  {
   "a": "cerebras",
   "b": "openai",
   "type": "supply",
   "text": "Multi-year agreement valued above $20bn, cited in Cerebras's S-1/A.",
   "src": "https://techcrunch.com/2026/05/14/cerebras-raises-5-5b-kicking-off-2026s-ipo-season-with-a-bang/",
   "date": "2025-12",
   "conf": "reported",
   "group": "allies",
   "added": "2026-10-23"
  },
  {
   "a": "asml",
   "b": "tsmc",
   "type": "supply",
   "text": "ASML is the sole supplier of EUV machines, and TSMC is the largest buyer of leading-edge tools.",
   "src": "https://www.cnbc.com/2022/03/23/inside-asml-the-company-advanced-chipmakers-use-for-euv-lithography.html",
   "date": "2022-03",
   "conf": "reported",
   "group": "allies",
   "added": "2026-10-23"
  },
  {
   "a": "substrate",
   "b": "asml",
   "type": "rivalry",
   "text": "Aims to replace EUV lithography with an X-ray system by 2028.",
   "src": "https://app.dealroom.co/news/feed/substrate-raises-100m-to-challenge-asml",
   "date": "2025-10",
   "conf": "reported",
   "group": "rivals",
   "added": "2026-10-23"
  },
  {
   "a": "samsung",
   "b": "sk_hynix",
   "type": "rivalry",
   "text": "DRAM leadership flipped to Samsung in Q2 2026 on Counterpoint's data. IDC still shows SK hynix first for 2025.",
   "src": "https://counterpointresearch.com/en/insights/ai-demand-reshapes-dram-rankings-in-q2-2026",
   "date": "2026-Q2",
   "conf": "reported",
   "group": "rivals",
   "added": "2026-10-23"
  },
  {
   "a": "blackstone",
   "b": "ddn",
   "type": "investment",
   "text": "$300m minority investment at a $5bn valuation.",
   "src": "https://pulse2.com/ddn-ai-and-data-intelligence-solutions-company-raises-300-million-at-5-billion-valuation/amp/",
   "date": "2025-01",
   "conf": "sourced",
   "group": "backers",
   "added": "2026-10-23"
  },
  {
   "a": "blackstone",
   "b": "qts",
   "type": "ownership",
   "text": "Blackstone owns QTS and says its leased capacity has grown 15 times in five years.",
   "src": "https://www.blackstone.com/insights/article/2026-mid-year-investment-perspectives/",
   "date": "2026-mid",
   "conf": "sourced",
   "group": "backers",
   "added": "2026-10-23"
  },
  {
   "a": "blue_owl",
   "b": "meta",
   "type": "investment",
   "text": "Blue Owl funds hold 80% of the Hyperion joint venture and Meta 20%. Meta leases the campus and guarantees the first 16 years.",
   "src": "https://www.prnewswire.com/news-releases/meta-announces-joint-venture-with-funds-managed-by-blue-owl-capital-to-develop-hyperion-data-center-302590584.html",
   "date": "2025",
   "conf": "sourced",
   "group": "backers",
   "added": "2026-10-23"
  },
  {
   "a": "apollo",
   "b": "anthropic",
   "type": "investment",
   "text": "Leads a reported $35bn package, with Blackstone, to buy chips for lease to Anthropic.",
   "src": "https://www.bloomberg.com/news/articles/2026-07-09/apollo-s-35-billion-ai-chip-credit-deal-is-set-to-begin-trading",
   "date": "2026-07",
   "conf": "reported",
   "group": "backers",
   "added": "2026-10-23"
  },
  {
   "a": "nvidia",
   "b": "vast",
   "type": "investment",
   "text": "Reported as a backer of VAST Data's April 2026 round.",
   "src": "https://tech-insider.org/vast-data-1-billion-series-f-30-billion-valuation-2026/",
   "date": "2026-04",
   "conf": "reported",
   "group": "backers",
   "added": "2026-10-23"
  },
  {
   "a": "dell",
   "b": "vast",
   "type": "rivalry",
   "text": "Dell's Lightning file system is positioned against VAST, DDN and WEKA.",
   "src": "https://www.storagereview.com/best/storage-arrays",
   "date": "2026-04",
   "conf": "reported",
   "group": "rivals",
   "added": "2026-10-23"
  },
  {
   "a": "nvidia",
   "b": "arista",
   "type": "rivalry",
   "text": "Second and third in Ethernet AI back-end switch sales, 2Q26.",
   "src": "https://www.delloro.com/news/ai-back-end-networks-switch-sales-surpass-front-end-networks-for-the-first-time-in-2q2026/",
   "date": "2026-Q2",
   "conf": "sourced",
   "group": "rivals",
   "added": "2026-10-23"
  },
  {
   "a": "cisco",
   "b": "arista",
   "type": "rivalry",
   "text": "Cisco ranked fourth in 2Q26 and gained the most share against Arista's third.",
   "src": "https://www.delloro.com/news/ai-back-end-networks-switch-sales-surpass-front-end-networks-for-the-first-time-in-2q2026/",
   "date": "2026-Q2",
   "conf": "sourced",
   "group": "rivals",
   "added": "2026-10-23"
  },
  {
   "a": "dell",
   "b": "supermicro",
   "type": "rivalry",
   "text": "First and second in server revenue, Q1 2026 (IDC).",
   "src": "https://www.networkworld.com/article/4147841/idc-dell-leads-server-market-driven-by-ai-infrastructure-needs.html",
   "date": "2026-Q1",
   "conf": "reported",
   "group": "rivals",
   "added": "2026-10-23"
  },
  {
   "a": "marvell",
   "b": "ayar",
   "type": "rivalry",
   "text": "Both sell light-based interconnect, Marvell through its reported Celestial AI purchase.",
   "src": "https://ai2.work/blog/ayar-labs-raises-500m-to-replace-copper-with-light-in-ai-chips-2026",
   "date": "2026",
   "conf": "reported",
   "group": "rivals",
   "added": "2026-10-23"
  },
  {
   "a": "microsoft",
   "b": "constellation",
   "type": "supply",
   "text": "20-year agreement to restart the Crane nuclear plant in 2027.",
   "src": "https://www.nuclearnewsnetwork.com/news/nuclear-power-data-centers-explained",
   "date": "2024-09",
   "conf": "reported",
   "group": "allies",
   "added": "2026-10-23"
  },
  {
   "a": "meta",
   "b": "oklo",
   "type": "investment",
   "text": "Part of Meta's January 2026 nuclear deals. Meta backs Oklo's Ohio campus, targeted as early as 2030, with no financial terms disclosed.",
   "src": "https://techcrunch.com/2026/01/09/meta-signs-deals-with-three-nuclear-companies-for-6-plus-gw-of-power/",
   "date": "2026-01",
   "conf": "reported",
   "group": "backers",
   "added": "2026-10-23"
  },
  {
   "a": "meta",
   "b": "terrapower",
   "type": "supply",
   "text": "The first two TerraPower reactors for Meta would provide 690 MW, with rights to six more units. Part of Meta's 6-plus GW of nuclear deals, with no financial terms disclosed.",
   "src": "https://techcrunch.com/2026/01/09/meta-signs-deals-with-three-nuclear-companies-for-6-plus-gw-of-power/",
   "date": "2026-01",
   "conf": "sourced",
   "group": "allies",
   "added": "2026-10-23"
  },
  {
   "a": "amazon",
   "b": "x_energy",
   "type": "supply",
   "text": "Deal that could reach up to 5 GW of nuclear power by 2039.",
   "src": "https://techcrunch.com/2026/04/24/nuclear-startup-x-energy-raises-1b-in-data-center-driven-ipo/",
   "date": "2026-04",
   "conf": "reported",
   "group": "allies",
   "added": "2026-10-23"
  },
  {
   "a": "amazon",
   "b": "talen",
   "type": "supply",
   "text": "Susquehanna arrangement covering up to 1,920 MW.",
   "src": "https://www.nuclearnewsnetwork.com/news/nuclear-power-data-centers-explained",
   "date": "2025",
   "conf": "reported",
   "group": "allies",
   "added": "2026-10-23"
  },
  {
   "a": "google",
   "b": "elementl",
   "type": "supply",
   "text": "Agreed in January 2026 to procure up to 1,800 MW of advanced nuclear power from Elementl Power.",
   "src": "https://enkiai.com/sustainability-initiatives/data-center/google-nuclear-2026-1800-mw-elementl-power-deal/",
   "date": "2026-01",
   "conf": "reported",
   "group": "allies",
   "added": "2026-10-23"
  },
  {
   "a": "blackstone",
   "b": "williams",
   "type": "investment",
   "text": "Committed $5.34bn with Apollo and KKR for a 49% stake in five Williams power projects serving data centers.",
   "src": "https://www.datacenterdynamics.com/en/news/blackstone-invests-534bn-in-williams-behind-the-meter-natural-gas-power-projects-for-the-data-center-sector/",
   "date": "2026",
   "conf": "reported",
   "group": "backers",
   "added": "2026-10-23"
  },
  {
   "a": "everpure",
   "b": "wasabi",
   "type": "investment",
   "text": "Participated in Wasabi's $70m round, January 2026.",
   "src": "https://www.foley.com/news/2026/01/foley-guides-wasabi-technologies-in-70m-equity-funding-round/",
   "date": "2026-01",
   "conf": "sourced",
   "group": "backers",
   "added": "2026-10-23"
  },
  {
   "a": "amazon",
   "b": "anthropic",
   "type": "investment",
   "text": "Amazon's Q2 2026 net income included $53.4bn of non-operating gains, mainly from its Anthropic investments.",
   "src": "https://ir.aboutamazon.com/news-release/news-release-details/2026/Amazon-com-Announces-Second-Quarter-Results",
   "date": "2026-07",
   "conf": "sourced",
   "group": "backers",
   "added": "2026-10-23"
  },
  {
   "a": "microsoft",
   "b": "anthropic",
   "type": "investment",
   "text": "Microsoft's results included a $3.2bn gain tied to its Anthropic investment.",
   "src": "https://aa.com.tr/en/science-technology/microsoft-beats-quarterly-revenue-estimates-as-azure-growth-accelerates/4013210",
   "date": "2026-07",
   "conf": "reported",
   "group": "backers",
   "added": "2026-10-23"
  },
  {
   "a": "oracle",
   "b": "openai",
   "type": "supply",
   "text": "$300bn, five-year cloud contract starting in 2027 and assuming about 4.5 GW.",
   "src": "https://intuitionlabs.ai/articles/oracle-openai-300b-deal-analysis",
   "date": "2025-09",
   "conf": "reported",
   "group": "allies",
   "added": "2026-10-23"
  },
  {
   "a": "coreweave",
   "b": "meta",
   "type": "supply",
   "text": "About $21bn of AI cloud capacity through December 2032, on top of a $14.2bn agreement from September 2025.",
   "src": "https://www.datacenterdynamics.com/en/news/meta-signs-21bn-ai-infrastructure-contract-with-coreweave/",
   "date": "2026-04",
   "conf": "reported",
   "group": "allies",
   "added": "2026-10-23"
  },
  {
   "a": "coreweave",
   "b": "openai",
   "type": "supply",
   "text": "Contracts with OpenAI total about $22.4bn.",
   "src": "https://www.nextplatform.com/cloud/2026/08/14/the-neoclouds-build-cash-hoards-faster-than-revenues/5288040",
   "date": "2026",
   "conf": "reported",
   "group": "allies",
   "added": "2026-10-23"
  },
  {
   "a": "coreweave",
   "b": "microsoft",
   "type": "dependency",
   "text": "Microsoft was about 67% of CoreWeave's 2025 revenue.",
   "src": "https://sacra.com/c/coreweave/",
   "date": "2026",
   "conf": "reported",
   "group": "allies",
   "added": "2026-10-23"
  },
  {
   "a": "nebius",
   "b": "microsoft",
   "type": "supply",
   "text": "About $17.4bn through 2031 for dedicated GPU capacity, rising to about $19.4bn if Microsoft buys more, subject to delivery of the promised capacity.",
   "src": "https://www.sec.gov/Archives/edgar/data/1513845/000110465925110025/tm2530771-1_424b5.htm",
   "date": "2025-09",
   "conf": "sourced",
   "group": "allies",
   "added": "2026-10-23"
  },
  {
   "a": "nebius",
   "b": "meta",
   "type": "supply",
   "text": "$12bn of dedicated compute over five years from early 2027, with up to $15bn more.",
   "src": "https://www.nasdaq.com/articles/nebius-has-40-billion-customer-commitments-most-it-comes-2-customers",
   "date": "2026",
   "conf": "reported",
   "group": "allies",
   "added": "2026-10-23"
  },
  {
   "a": "amazon",
   "b": "microsoft",
   "type": "rivalry",
   "text": "Synergy's Q2 2026 split: Amazon 28%, Microsoft 20%, Google 15%.",
   "src": "https://shattered.io/aws-falls-28-percent-google-cloud-record-15-2026/",
   "date": "2026-Q2",
   "conf": "reported",
   "group": "rivals",
   "added": "2026-10-23"
  },
  {
   "a": "google",
   "b": "microsoft",
   "type": "rivalry",
   "text": "Google's cloud grew 82% against Azure's 43% in the latest quarter (secondary reports).",
   "src": "https://cryptobriefing.com/google-cloud-82-percent-growth-aws-azure/",
   "date": "2026-Q2",
   "conf": "reported",
   "group": "rivals",
   "added": "2026-10-23"
  },
  {
   "a": "nvidia",
   "b": "coreweave",
   "type": "supply",
   "text": "CoreWeave rents Nvidia systems and is among the first to run Vera Rubin NVL72 racks in production.",
   "src": "https://investors.coreweave.com/news/news-details/2026/CoreWeave-Delivers-NVIDIA-Vera-Rubin-NVL72-Performance-at-Production-Scale-Starting-With-Cognition/default.aspx",
   "date": "2026-08",
   "conf": "reported",
   "group": "allies",
   "added": "2026-10-23"
  },
  {
   "a": "amazon",
   "b": "openai",
   "type": "investment",
   "text": "Committed $50bn to OpenAI's round. About $35bn is contingent on an IPO or an AGI milestone.",
   "src": "https://news.bloomberglaw.com/tech-and-telecom-law/openai-valued-at-852-billion-after-closing-122-billion-round",
   "date": "2026-03",
   "conf": "reported",
   "group": "backers",
   "added": "2026-10-23"
  },
  {
   "a": "softbank",
   "b": "openai",
   "type": "investment",
   "text": "Committed $30bn to the $122bn round.",
   "src": "https://news.bloomberglaw.com/tech-and-telecom-law/openai-valued-at-852-billion-after-closing-122-billion-round",
   "date": "2026-03",
   "conf": "reported",
   "group": "backers",
   "added": "2026-10-23"
  },
  {
   "a": "microsoft",
   "b": "openai",
   "type": "investment",
   "text": "Participated in the 2026 round, amount undisclosed. Large Azure and Oracle commitments sit alongside it.",
   "src": "https://finance.yahoo.com/markets/stocks/articles/openai-closes-122bn-funding-round-093126735.html",
   "date": "2026-03",
   "conf": "reported",
   "group": "backers",
   "added": "2026-10-23"
  },
  {
   "a": "spacex",
   "b": "xai",
   "type": "ownership",
   "text": "Bought xAI in an all-stock deal that closed on 2 Feb 2026. xAI is now the SpaceXAI division.",
   "src": "https://en.wikipedia.org/wiki/SpaceXAI",
   "date": "2026-02",
   "conf": "reported",
   "group": "backers",
   "added": "2026-10-23"
  },
  {
   "a": "asml",
   "b": "mistral",
   "type": "investment",
   "text": "Invested €1.3bn in 2025 for about 11% and became its largest shareholder.",
   "src": "https://www.dutchnews.nl/2025/09/asml-confirms-e1-3-billion-investment-in-french-ai-firm",
   "date": "2025-09",
   "conf": "reported",
   "group": "backers",
   "added": "2026-10-23"
  },
  {
   "a": "samsung",
   "b": "mistral",
   "type": "investment",
   "text": "Led Mistral's €3bn Series D with Scaleup Europe and PSG Equity.",
   "src": "https://techcrunch.com/2026/09/08/mistral-raises-e3b-as-sovereign-ai-becomes-big-business/",
   "date": "2026-09",
   "conf": "reported",
   "group": "backers",
   "added": "2026-10-23"
  },
  {
   "a": "nvidia",
   "b": "ssi",
   "type": "investment",
   "text": "July 2026 partnership with a planned $5bn investment.",
   "src": "https://en.wikipedia.org/wiki/Safe_Superintelligence_Inc.",
   "date": "2026-07",
   "conf": "reported",
   "group": "backers",
   "added": "2026-10-23"
  },
  {
   "a": "anthropic",
   "b": "openai",
   "type": "rivalry",
   "text": "Menlo's late 2025 survey put Anthropic at 40% of enterprise API spend and OpenAI at 27%.",
   "src": "https://www.hpcwire.com/bigdatawire/this-just-in/menlo-ventures-report-enterprise-llm-spend-reaches-8-4b-as-anthropic-overtakes-openai/",
   "date": "2025-12",
   "conf": "reported",
   "group": "rivals",
   "added": "2026-10-23"
  },
  {
   "a": "google",
   "b": "openai",
   "type": "rivalry",
   "text": "Gemini passed 950 million monthly users in July 2026, closing on ChatGPT's consumer lead.",
   "src": "https://www.forbes.com/sites/tylerroush/2026/07/22/950-million-people-now-use-gemini-each-month-as-alphabet-posts-earnings-beat/",
   "date": "2026-07",
   "conf": "reported",
   "group": "rivals",
   "added": "2026-10-23"
  },
  {
   "a": "cursor",
   "b": "anthropic",
   "type": "dependency",
   "text": "Coding tools buy frontier models, and Menlo estimated Anthropic at 54% of coding model spend.",
   "src": "https://www.hpcwire.com/bigdatawire/this-just-in/menlo-ventures-report-enterprise-llm-spend-reaches-8-4b-as-anthropic-overtakes-openai/",
   "date": "2025-12",
   "conf": "reported",
   "group": "allies",
   "added": "2026-10-23"
  },
  {
   "a": "deepseek",
   "b": "openai",
   "type": "rivalry",
   "text": "Open-weight models taking developer request share on OpenRouter.",
   "src": "https://www.usecarly.com/blog/llm-market-share/",
   "date": "2026-09",
   "conf": "reported",
   "group": "rivals",
   "added": "2026-10-23"
  },
  {
   "a": "databricks",
   "b": "snowflake",
   "type": "rivalry",
   "text": "Databricks at $190bn private against Snowflake's public value, and growing faster.",
   "src": "https://valueaddvc.com/blog/databricks-vs-snowflake-in-2026-which-data-platform-wins-for-your-ai-stack",
   "date": "2026",
   "conf": "reported",
   "group": "rivals",
   "added": "2026-10-23"
  },
  {
   "a": "oracle",
   "b": "sap",
   "type": "rivalry",
   "text": "Cloud applications: Oracle's SaaS grew 10% against SAP's cloud growth of 24%.",
   "src": "https://www.prnewswire.com/news-releases/sap-quarterly-statement-q2-2026-302833633.html",
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   "text": "Completed 11 March 2026. The headline price was $32bn, about $29.5bn after adjustments per Alphabet's filing. Wiz stays available on AWS, Azure and Oracle Cloud.",
   "src": "https://www.sec.gov/Archives/edgar/data/0001652044/000165204426000071/goog-20260630.htm",
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   "text": "Completed 11 February 2026. CyberArk holders received $45 in cash plus 2.2005 Palo Alto shares each, about $25bn in all.",
   "src": "https://www.paloaltonetworks.com/company/press/2026/palo-alto-networks-completes-acquisition-of-cyberark-to-secure-the-ai-era",
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   "conf": "sourced",
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   "added": "2026-10-23"
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   "a": "servicenow",
   "b": "armis",
   "type": "ownership",
   "text": "Agreed in December 2025 to buy Armis for about $7.75bn in cash. Closing was expected in the second half of 2026.",
   "src": "https://www.sec.gov/Archives/edgar/data/1373715/000137371526000007/now-20251231.htm",
   "date": "2026",
   "conf": "sourced",
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   "a": "servicenow",
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   "type": "ownership",
   "text": "Agreed in December 2025 to buy Veza for about $1.25bn in cash per its 10-K. Press reports had put the price near $1bn.",
   "src": "https://www.sec.gov/Archives/edgar/data/1373715/000137371526000007/now-20251231.htm",
   "date": "2026",
   "conf": "sourced",
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   "a": "crowdstrike",
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   "type": "ownership",
   "text": "Agreed in January 2026 to buy SGNL for nearly $740m, per CrowdStrike's CEO. The announcement gave no terms.",
   "src": "https://cyberscoop.com/crowdstrike-sngl-deal-740-million/",
   "date": "2026",
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   "b": "crowdstrike",
   "type": "rivalry",
   "text": "Both sell a security platform to the same buyers. PANW's next-generation ARR is $9.10bn against CrowdStrike's $5.84bn.",
   "src": "https://investors.paloaltonetworks.com/news-releases/news-release-details/palo-alto-networks-reports-fiscal-fourth-quarter-and-fiscal-10",
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   "src": "https://www.kucoin.com/blog/okta-crowdstrike-earnings-ai-cybersecurity-demand",
   "date": "2026",
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   "text": "Holds 15% of the US venture that closed in January 2026.",
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   "text": "Holds 15% of the US venture.",
   "src": "https://www.npr.org/2026/01/22/nx-s1-5685456/tiktok-finalizes-deal-to-form-new-american-entity",
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   "text": "Holds 15% of the US venture.",
   "src": "https://www.npr.org/2026/01/22/nx-s1-5685456/tiktok-finalizes-deal-to-form-new-american-entity",
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   "text": "YouTube was the top streaming service in US TV time in July 2026 at 14.2%, ahead of Netflix.",
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   "text": "Shopify says it works with OpenAI, Google, Meta and Microsoft on agentic commerce protocols (earnings-call commentary).",
   "src": "https://www.digitalapplied.com/blog/shopify-q2-2026-results-ai-orders-agentic-commerce",
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   "b": "meta",
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   "src": "https://dymesty.com/blogs/articles/smart-glasses-release-calendar-2026",
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   "src": "https://www.idc.com/resource-center/press-releases/2q26-mpt-top5/",
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   "src": "https://www.mactrast.com/2026/07/idc-apple-the-only-major-computer-maker-to-increase-shipments-in-q2-2026/",
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