Technology Ecosystem

Semiconductors, software, hardware, IT services, and wafer-fab equipment — the stack behind AI, cloud, and enterprise digitization.

13 stocks 5 subsectors

Covered market cap

$13360.5B
From cached fundamentals where available

Ecosystem map

Click a group to open its subsector notes.

Silicon

Semiconductors
NVDA.US, AVGO.US, AMD.US, TSM.US

Software

Software
MSFT.US, ORCL.US, CRM.US, NOW.US

Devices

Hardware
AAPL.US

Services

IT Services
ACN.US, IBM.US

Enablers

Semiconductor Equipment
AMAT.US, LRCX.US

Semiconductors

Silicon

GPUs, custom silicon, and diversified chip designers leveraged to AI training and inference.

Drivers

  • AI accelerator demand
  • Foundry capacity and process leadership
  • PC / smartphone unit cycles

Key risks

  • Customer concentration and capex pauses
  • Export controls
  • Inventory corrections
Names NVDA.USAVGO.USAMD.USTSM.US

Software

Software

Platform and application software with high incremental margins and subscription mix.

Drivers

  • Cloud consumption and seat expansion
  • AI copilot attach rates
  • Net revenue retention

Key risks

  • IT budget freezes
  • Competition from hyperscaler bundles
  • Multiple compression if growth slows
Names MSFT.USORCL.USCRM.USNOW.US

Hardware

Devices

Devices and installed-base ecosystems with services attach.

Drivers

  • Refresh cycles
  • Services mix and installed base
  • ASP and mix (pro vs mainstream)

Key risks

  • Unit cyclicality
  • China demand and geopolitics
  • Component cost swings
Names AAPL.US

IT Services

Services

Consulting and outsourcing that implement cloud and AI programs.

Drivers

  • Discretionary transformation spend
  • Bookings / book-to-bill
  • Utilization and wage inflation

Key risks

  • Deal delays in a CIO freeze
  • Onshore wage pressure
  • GenAI disruption of traditional staffing
Names ACN.USIBM.US

Semiconductor Equipment

Enablers

WFE suppliers that sell the picks and shovels of leading-edge and advanced packaging.

Drivers

  • Foundry and memory capex
  • Leading-edge node transitions
  • Advanced packaging / HBM

Key risks

  • Capex cliffs after AI buildouts
  • Export restrictions
  • Customer concentration
Names AMAT.USLRCX.US

Companies

Market cap, P/E, and EV/EBITDA come from cached fundamentals when present. Price is not fetched on this page.

Ticker Name Market cap Price P/E EV/EBITDA
NVDA.US NVIDIA Corporation 5271B — 27.6x —
AVGO.US Broadcom Inc 1728B — 46.2x —
AMD.US Advanced Micro Devices Inc 842.6B — 128.1x —
TSM.US — — — — —
MSFT.US Microsoft Corporation 3680.3B — 27.4x —
ORCL.US Oracle Corporation 432.9B — 24.0x —
CRM.US Salesforce.com Inc 203.9B — 22.7x —
NOW.US ServiceNow Inc 137B — 81.8x —
AAPL.US — — — — —
ACN.US Accenture plc 108.9B — 14.0x —
IBM.US International Business Machines 220.5B — 20.8x —
AMAT.US Applied Materials Inc 362.3B — 39.4x —
LRCX.US Lam Research Corp 373.2B — 51.8x —

Valuation framework

Starting methods by business type — refine as you add coverage.

DCF

MSFT.US, AAPL.US, NOW.US

Stable cash flows and more predictable growth.

EV/EBITDA

AVGO.US, ORCL.US, AMAT.US

Cyclical or capital-intensive names with varying leverage.

SOTP

MSFT.US, AAPL.US

Distinct units that are better valued separately.

Scenarios

Directional cases for the sector — not stock-level price targets.

Bull

Inference demand broadens beyond hyperscalers; software AI attach lifts growth and margins.

Multiple expansion
Base

AI capex stays elevated but growth decelerates; software NRR holds in the 110s.

Fair value
Bear

AI ROI disappointment cuts GPU and WFE orders; enterprise software elongation returns.

Multiple compression