# AI ecosystem coverage register

Working coverage audit, September 10, 2026. Inclusion means relevant to measuring the boom or explaining financial exposure. It does not mean the company is overvalued. This is a coverage register, not a populated valuation database or a claim that every participant worldwide has been identified.

## Findings against the initial model

CoreWeave is absent as a named exposure and absent from the four-company historical spending series. Oracle is also absent as a named exposure. The spreadsheet names NVIDIA, Apple, Microsoft, Amazon, Alphabet, Broadcom, Meta, Micron, and Tesla, with OpenAI, Anthropic, and SpaceX/xAI as shock drivers. Its two generic infrastructure/software buckets do not establish coverage of individual businesses or their financing.

Preserve the original four-company spending series under its existing scope. An expanded series will need a separate label and reconciled historical data; do not silently change its constituents.

## Coverage structure

| Layer | Named coverage requirements | What to measure |
|---|---|---|
| Large cloud and platform buyers | Microsoft, Amazon, Alphabet, Meta; add Oracle | Company value; cash infrastructure spending; leases; debt; disclosed cloud/AI revenue and contracted obligations |
| Independent compute and hosting | CoreWeave, Nebius, IREN, Lambda, Crusoe, Nscale, Applied Digital, Core Scientific | Compute ownership versus rented capacity; capex; debt and maturities; customer concentration; remaining contracted revenue; funded versus announced capacity |
| Frontier models | OpenAI, Anthropic, SpaceX/xAI; retain Google DeepMind and Meta AI as parent-company activities | Dated equity valuations; financing received; recognized revenue versus annualized revenue; compute commitments; ownership history |
| Chips and memory | NVIDIA, AMD, Broadcom, Marvell, Micron, SK hynix, Samsung Electronics, TSMC | Company values; disclosed AI/data-center sales; fabrication and packaging capacity; customer links. TSMC is a manufacturer, not an additional sale of the same finished NVIDIA GPU |
| Servers, networking and storage systems | Dell, HPE, Supermicro, Arista, Cisco, Lenovo, Quanta/QCT | Sales, orders, margins, supplier/customer concentration; group subsidiaries under the owning entity |
| Chipmaking equipment | ASML; screen Applied Materials, Lam Research, KLA | Upstream fabrication exposure; separate from direct AI computing revenues |
| Data centers, power and cooling | Equinix, Digital Realty, Vertiv, Eaton, Schneider Electric; track Constellation, Vistra, Oklo, TerraPower energy agreements | Data-center and electrical capex, leases, power contracts, delivery dates and ownership of physical assets; distinguish operating supply from proposed future generation |
| Capital providers and projects | SoftBank Group, MGX; Apollo, BlackRock/GIP, Blackstone, Brookfield, Goldman Sachs, KKR, Jane Street; Stargate and AIP as projects/vehicles | Actual funding, commitments, outstanding credit, guarantees, collateral, project equity and recourse. Do not substitute firmwide assets under management or market capitalization for AI exposure |
| Revenue and monetization | Palantir; screen Databricks, Snowflake, Salesforce, ServiceNow, Adobe, SAP, IBM, Accenture and major application startups | Actual customer payments, separately disclosed AI revenue, margins, renewals and compute costs; AI marketing alone does not establish material financial exposure |
| Global demand and alternative supply | Alibaba, Tencent, Huawei; screen Baidu, ByteDance, DeepSeek, G42, HUMAIN and Naver | Regional spending and funding, model demand, alternative accelerators and sovereign buildout. Keep geographic totals and currencies explicit |

Entries marked “screen” are an explicit research queue: their materiality, current corporate status and suitable metric have not been fully verified in this audit. Other rows are coverage requirements supported by the source anchors below and the companion compute/labs audit; their numerical datasets still need collection. Roles can overlap, but an entity's market capitalization is counted only once within a selected basket.

## Source anchors for verified roles

These establish participation and important relationships, not an endorsement of every forecast. Product announcements demonstrate a role; they do not prove material revenue.

- Existing four buyers: historical financial sources in [research-size-sources.md](research-size-sources.md). Existing named index companies: [State Street holdings](https://www.ssga.com/us/en/individual/etfs/state-street-spdr-sp-500-etf-trust-spy).
- Compute providers and labs: see [coverage-compute-labs.md](coverage-compute-labs.md) for dated primary sources and legal-entity caveats.
- [CoreWeave Q2 2026 results](https://investors.coreweave.com/news/news-details/2026/CoreWeave-Reports-Strong-Second-Quarter-2026-Results/default.aspx), August 11, identify a $1 billion strategic investment from Jane Street following expansion of their commercial relationship. Track investor and customer relationships separately.
- [AMD's August 2026 AI announcement](https://ir.amd.com/news-events/press-releases/detail/1294/aai-2026-amd-delivers-full-stack-compute-for-the-agentic-ai-era) identifies OpenAI and Meta collaborations.
- [TSMC 2025 annual report](https://investor.tsmc.com/static/annualReports/2025/english/index.html) discusses AI demand, manufacturing and advanced packaging.
- [SK hynix Q2 2026 results](https://news.skhynix.com/en/q2-2026-business-results/) identify AI-memory demand. [Samsung HBM4 newsroom](https://news.samsung.com/global/tag/hbm4) records its memory products and NVIDIA collaboration.
- [Marvell/NVIDIA March 2026 agreement](https://www.marvell.com/company/newsroom/nvidia-ai-ecosystem-expands-marvell-joins-forces-through-nvlink-fusion.html) covers AI connectivity. [Arista's 2026 AI fabrics announcement](https://investors.arista.com/Communications/Press-Releases-and-Events/Press-Release-Detail/2026/Arista-Introduces-Next-Generation-1-6Terabit-Portfolio-for-AI-Fabrics/default.aspx) identifies Broadcom-based interconnect products.
- [ASML 2025 report](https://www.asml.com/en/investors/annual-report/2025/strategy-and-stories) explains AI-related equipment demand. [Its financial discussion](https://www.asml.com/en/investors/annual-report/2025/financials) also identifies an investment in Mistral AI, demonstrating an upstream supplier's connection to a model company.
- [NVIDIA storage ecosystem announcement, March 16, 2026](https://nvidianews.nvidia.com/news/nvidia-launches-bluefield-4-stx-storage-architecture-with-broad-industry-adoption) names Dell, HPE, Supermicro, QCT, IBM, NetApp, VAST Data, WEKA and other partners. [NVIDIA RTX PRO server announcement](https://nvidianews.nvidia.com/_gallery/download_pdf/689a05f13d63324330fe1c23/) names Cisco, Dell, HPE, Lenovo and Supermicro.
- [Equinix AI infrastructure](https://www.equinix.com/product-solutions/ai) includes its relationship with Nebius. [Digital Realty AI solutions](https://www.digitalrealty.com/expertise/solutions/ai) covers its infrastructure role.
- [Vertiv's January 2026 infrastructure outlook](https://www.vertiv.com/en-anz/about/news-and-events/news-releases/vertiv-expects-powering-up-for-ai-digital-twins-and-adaptive-liquid-cooling-to-shape-data-center-design-and-operations/) describes power and cooling requirements. [Eaton/Trane August 17, 2026 announcement](https://www.eaton.com/us/en-us/company/news-insights/news-releases/2026/trane-technologies-and-eaton-collaborate-on-industry-first-reference-design.html) identifies electrical and thermal infrastructure collaboration. [Schneider/NVIDIA March 16, 2026 announcement](https://www.se.com/ww/en/about-us/newsroom/news/press-releases/Schneider-Electric-teams-with-NVIDIA-to-develop-validated-blueprints-to-design-simulate-build-operate-and-maintain-gigawattscale-AI-Factories-69b82397e7fa28870e0cd5a3/) covers AI factory design.
- [Constellation/Meta June 2025 agreement](https://investors.constellationenergy.com/news-releases/news-release-details/constellation-meta-sign-20-year-deal-clean-reliable-nuclear) and [Meta's January 2026 agreements](https://about.fb.com/news/2026/01/meta-nuclear-energy-projects-power-american-ai-leadership/) identify Constellation, Vistra, Oklo and TerraPower as power counterparties. Announced future generation is not current delivered power.
- [SoftBank's original Stargate announcement](https://group.softbank/en/news/press/20250122) names SoftBank, OpenAI, Oracle and MGX as initial equity funders. It is an announcement of a plan, not evidence all planned spending occurred.
- [BlackRock's March 2025 AIP announcement](https://www.blackrock.com/corporate/newsroom/media/press-releases/ai-infrastructure-partnership) identifies BlackRock/GIP, Microsoft, MGX, NVIDIA and xAI. [NVIDIA's August 2026 financing announcement](https://investor.nvidia.com/news/press-release-details/2026/NVIDIA-Partners-With-Apollo-BlackRock-Blackstone-Brookfield-Goldman-Sachs-and-KKR-to-Establish-AI-Compute-Infrastructure-Financing-Platforms-to-Mobilize-Over-500-Billion-of-Third-Party-Capital/default.aspx) names Apollo, BlackRock, Blackstone, Brookfield, Goldman Sachs and KKR. Its mobilization target is not funded debt outstanding.
- [Palantir's AIP documentation](https://www.palantir.com/docs/foundry/aip) establishes its software role. [Alibaba's August 20, 2026 results commentary](https://www.alibabagroup.com/en-US/document-2027233133950140416) discusses AI/cloud revenue and capital spending. [Tencent's 2024 results presentation, March 2025](https://static.www.tencent.com/uploads/2025/03/19/f55938d61be94cf9700a971a4db08809.pdf) establishes AI investment participation, not its current spending level. [Huawei's June 2026 announcement](https://www.huawei.com/en/news/2026/6/inspire-agenticera-agenticinfra) establishes its cloud/model infrastructure role.

## Additional named screening queue

Keep these visible rather than silently assuming the universe ends at large US stocks:

- Alternative accelerators and design: Intel, Arm, Cerebras, Groq, Tenstorrent, Qualcomm; semiconductor design tools Cadence and Synopsys. Check ownership and licensing/acquisition arrangements before treating a business as independently investable.
- Storage and optics: NetApp, VAST Data, WEKA, DDN, Coherent, Lumentum, Fabrinet, Seagate and Sandisk; verify corporate actions and financially material AI exposure.
- Additional model/application businesses: Mistral AI, Cohere, AI21, Perplexity, Anysphere/Cursor, Scale AI, Hugging Face, Together AI and Fireworks AI. Track the legal entity and ownership rather than counting each product as a company.
- Private data-center and construction groups: QTS, Vantage, CyrusOne, Aligned, STACK, Switch, NTT Global Data Centers, AirTrunk and other major regional operators. Verify current controlling owners, fund vehicles, joint ventures and announced-versus-completed acquisitions.
- Electrical and generation suppliers: GE Vernova, Siemens Energy, ABB, Trane, GE/Hitachi nuclear businesses, NextEra, Talen and Bloom Energy. Only include documented AI-related contracts, projects or material demand exposure in exposure totals.
- Sovereign and regional capital: G42, HUMAIN/PIF, Mubadala, Temasek and relevant project vehicles. Capture direct participation, not the sovereign fund's entire portfolio value.
- Bank lending and capital markets: JPMorgan, Morgan Stanley, Citi and other named arrangers/lenders when filings or transaction documents identify them. Underwriting a loan does not imply retaining its entire exposure.

## Rules that make the list usable

Ownership corrections from the [compute/labs source audit](coverage-compute-labs.md): SpaceX's June 2026 quarterly filing reports its IPO and consolidation of xAI, which includes X. Do not add separate SpaceX, xAI and X valuations. Core Scientific's proposed merger with CoreWeave terminated in October 2025, so those remain separate entities. The same SpaceX filing describes its Cursor acquisition as pending; verify subsequent closing before assigning Anysphere/Cursor to a consolidated owner. Add Fluidstack, Moonshot, Zhipu and MiniMax to the explicit screening queue.

1. Record each legal entity once, with parent, subsidiaries, brands, former names, ticker/exchange where verified, domicile and ownership effective dates. Maintain project/contract IDs separately.
2. Treat public market value, private transaction value, cash spending, debt and multi-year commitments as separate measures. Store valuation dates and pre-/post-money definitions. Never sum those columns into a bubble total.
3. Each relationship records payer, payee, investor/borrower, amount, currency, period, instrument, source and whether it is announced, signed, funded, drawn, delivered or cancelled.
4. For each company record source-verified role, numerical coverage status and missing periods separately. “Included in the map” must not imply “included in the spending total.”
5. Keep baseline-comparable incumbents separate from later entrants and corporate restructurings. No 2022 public market value is not a zero. Do not divide by a fabricated launch-date value for a subsequently listed company.
6. Select headline universes by metric: compute-owner expenditure; public equity values; private valuations; financing exposure; customer revenue. Suppliers belong in the overall map but their sales are not additional buyer capex.
7. Track cross-holdings. A gross sum of company equity values may embed holdings in other tracked companies. Label it gross or produce a separately reconciled look-through total, never silently deduct an investment using an incompatible valuation date.
8. Coverage expansion is triggered by a material disclosed investment, financing, contract, revenue stream or critical supply dependency. Record the inclusion reason; company size or use of the word AI alone is insufficient.

## What this audit completes and what remains

This replaces unnamed catch-all coverage with named layers, distinguishes financial roles, and identifies important omissions including CoreWeave and Oracle. It does not populate all companies' historical financial series or finish ownership/materiality checks for the explicit screening queue. The original spreadsheet remains unchanged. Before publishing an expanded size total, reconcile the selected entities, dates, currencies, accounting measures and corporate actions, and disclose the resulting coverage limits.