NVDA
Nvidia
$5.26Tn
218.29
-0.03%
+23.21%
NVIDIA designs integrated circuits including GPUs (Hopper, Blackwell), CPUs (Grace), and DPUs. It operates a fabless model, selling these designed chips to cloud providers, OEMs, and enterprises.
AAPL
Apple
$4.85Tn
332.27
+1.75%
+44.45%
Apple's primary revenue driver is the iPhone series of smartphones, alongside other wearables like the Apple Watch and AirPods. These products are designed, manufactured, and marketed as portable computing devices for personal use.
GOOGL
Alphabet
$4.11Tn
338.50
+1.77%
+41.53%
Alphabet generates the majority of its revenue from advertising on Google Search, YouTube, and the Google Network. It provides the technology infrastructure for performance and brand ads served to users worldwide.
MSFT
Microsoft
$3.68Tn
495.63
+0.65%
-0.95%
Microsoft operates Azure, a large-scale public cloud platform providing infrastructure-as-a-service and platform-as-a-service to external customers. This is a core component of its Intelligent Cloud segment and a primary driver of its current business strategy.
AMZN
2nd
Amazon Com
$2.77Tn
256.78
+1.94%
+11.67%
Amazon Web Services (AWS) provides on-demand cloud infrastructure, including compute, storage, and database services, to startups, enterprises, and government agencies.
TSM
Taiwan Semiconductor Manufacturing
$2.25Tn
433.19
+1.15%
+66.33%
The company is a dedicated semiconductor foundry that earns revenue primarily from semiconductor wafer fabrication services. It operates physical manufacturing facilities in Taiwan, the US, China, Japan, and Germany to produce integrated circuits for customers.
SOS
Sos
$1.95Tn
0.75
+0.00%
-53.70%
The company operates a cryptocurrency mining segment that extracts digital tokens such as bitcoin, contributing $9.258 million to revenue in 2024. It also operates a supercomputing center in Wisconsin specifically for cryptocurrency mining hosting.
AVGO
Broadcom
$1.73Tn
361.99
+0.32%
-2.05%
Broadcom designs a vast array of integrated circuits, including Ethernet switching and routing silicon, RF front-end modules for smartphones, and custom ASICs/XPUs for AI and high-performance computing. The company operates a fabless-style design model for these semiconductor solutions, selling them to OEMs and hyperscalers.
META
Meta Platforms
$1.65Tn
648.03
+0.57%
-13.82%
Meta operates the 'Family of Apps' including Facebook, Instagram, Messenger, Threads, and WhatsApp, which are platforms for social interaction and user-generated content. The company's core value is derived from its large user base and network effects across these social networking services.
MU
Micron Technology
$1.10Tn
975.26
-0.22%
+596.61%
Micron owns and operates its own wafer fabrication facilities across Asia, the US, and Europe to manufacture DRAM, NAND, and NOR products. The profile explicitly mentions its operations span wafer fabrication and its competitive advantage includes its global manufacturing footprint.
AMD
Advanced Micro Devices
$842.32Bn
516.13
+2.49%
+223.51%
AMD designs a broad portfolio of integrated circuits, including EPYC server processors, Ryzen CPUs, Radeon GPUs, and Instinct AI accelerators. The company operates a fabless model, selling these designed chips and licensing its IP portfolio to customers.
INTC
Intel
$519.13Bn
102.94
+2.61%
+318.29%
Intel is an integrated design manufacturer (IDM) that owns and operates its own wafer fabrication plants to produce CPUs, GPUs, and FPGAs. The profile explicitly mentions its 'Intel Foundry' segment, which provides wafer fabrication and process technologies like Intel 18A and Intel 14A to both internal and external customers.
MA
2nd
Mastercard
$495.56Bn
569.15
+0.66%
-3.33%
The company provides 'processing and gateway' offerings that support e-commerce and secure online payments, which are core payment processing activities.
ORCL
Oracle
$454.05Bn
150.15
-1.97%
-54.27%
Oracle's core business includes the development and licensing of broad multi-module enterprise resource planning suites such as Fusion Cloud ERP and NetSuite. These products integrate finance, operations, and supply chain management for large enterprises and government agencies.
CSCO
Cisco Systems
$442.46Bn
112.13
+4.37%
+65.65%
Cisco's core business is providing networking hardware and software, specifically switching, routing, and wireless technologies such as the Catalyst 9000 switches, Nexus 9000 series, and Cisco 8000 series routers.
PLTR
Palantir Technologies
$401.84Bn
167.23
+0.83%
+1.75%
Palantir's core business is providing data integration and analytics platforms, such as Foundry and Gotham, which allow users to perform high-scale analytics and derive actionable insights from diverse data environments. The company explicitly competes in the data integration and analytics market to help organizations solve complex operational challenges.
LRCX
Lam Research
$373.16Bn
298.22
+0.07%
+177.78%
Lam Research designs and manufactures capital equipment used to fabricate semiconductors, specifically systems for deposition, etch, and cleaning processes. Its revenue is derived from the sale of these tools (e.g., SABRE, Flex, and Coronus families) and related aftermarket services to semiconductor manufacturers.
DELL
Dell Technologies
$362.97Bn
567.14
+11.99%
+355.72%
Dell's Infrastructure Solutions Group (ISG) focuses on AI-optimized servers, traditional servers, networking, and storage solutions for data centers and cloud environments. These products are explicitly described as mission-critical infrastructure for large-scale data center and cloud deployment.
AMAT
Applied Materials
$362.27Bn
456.49
+0.55%
+179.34%
Applied Materials designs, develops, and manufactures wafer fabrication tools used for patterning, transistor and interconnect formation, and metrology. These are capital equipment tools sold to semiconductor foundries and memory producers.
UNH
2nd
Unitedhealth
$343.04Bn
379.05
-2.40%
+9.31%
Optum Insight provides data analytics, technology, and managed services to health systems and life sciences companies to manage revenue cycles and meet regulatory requirements.
NFLX
Netflix
$322.29Bn
77.40
+1.83%
-37.97%
Netflix operates a streaming service that delivers TV series, films, and live programming to subscribers worldwide. Its primary revenue is generated from monthly membership fees paid for access to this streaming platform.
ARM
Arm Holdings
$280.94Bn
264.79
+4.17%
+71.16%
Arm designs microprocessors, GPUs, and systems IP which it licenses to semiconductor companies and OEMs. Its revenue model is based on upfront license fees and ongoing royalties per chip shipped, fitting the fabless/IP licensing model described in T-01.
PANW
Palo Alto Networks
$269.48Bn
330.65
-2.32%
+67.56%
Palo Alto Networks sells a comprehensive suite of cybersecurity software and services, including next-generation firewalls, Secure Access Service Edge (SASE), and the Cortex XDR/XSIAM platforms for threat detection and remediation. Its revenue is primarily derived from these security platforms and subscriptions designed to protect networks, clouds, and endpoints.
BABA
Alibaba Group Holding
$253.83Bn
109.29
+0.68%
-24.07%
Alibaba operates massive online marketplaces like Taobao and Tmall that connect buyers and sellers, generating revenue from merchant services, transaction fees, and advertising.
SAP
Sap Se
$253.54Bn
206.38
+0.17%
-20.07%
SAP SE develops and markets a suite of integrated applications covering finance, procurement, human resources, and supply chain, which are the core components of Enterprise Resource Planning (ERP) software. The profile explicitly describes its product portfolio as integrated applications for core business functions serving large enterprises and public sector organizations.
ANET
Arista Networks
$251.55Bn
199.45
+5.53%
+32.33%
Arista's primary revenue is generated from the sale of high-performance switches and routers specifically designed for AI, cloud, and data center networking solutions. The 'Core' segment focuses on high-speed Ethernet fabrics and switches used to support large-scale workloads in data centers.
TXN
Texas Instruments
$245.39Bn
268.70
+3.82%
+45.76%
Texas Instruments designs and manufactures its own semiconductors, specifically in the Analog and Embedded Processing segments. The profile explicitly highlights its 'strong foundation in manufacturing and technology' as a sustainable competitive advantage, indicating it operates its own fabrication plants.
SNDK
Sandisk
$238.47Bn
1,633.35
-3.50%
+1,837.54%
Sandisk designs and manufactures high-performance enterprise solid state drives (SSDs) and software solutions optimized for servers and cloud environments. These products are specifically deployed in server rooms and datacenters to support AI workloads and online transactions.
KLAC
Kla
$236.09Bn
180.64
+1.95%
+88.31%
KLA Corporation manufactures capital equipment used in semiconductor fabrication, specifically inspection, metrology, vacuum deposition, and etching tools. Its primary revenue is generated from the sale of these process control and process enabling tools to semiconductor manufacturers like TSMC and Samsung.
IBM
International Business Machines
$229.16Bn
243.24
+3.92%
-5.36%
IBM's primary focus is providing hybrid cloud platforms and solutions, selling software subscriptions and cloud services to help clients modernize workloads. The profile explicitly identifies hybrid cloud and AI solutions as the core of its business transformation offerings.
AXP
2nd
American Express
$219.16Bn
324.68
+1.23%
+0.41%
Through its Global Merchant and Network Services segment, the company provides merchant acquiring and transaction processing services, earning discount revenue from processing payments at the point of sale.
CRWD
CrowdStrike Holdings
$211.69Bn
206.74
-1.02%
+94.63%
CrowdStrike provides a cloud-native cybersecurity platform, the Falcon platform, which focuses on endpoint security, cloud workload protection, and threat intelligence to prevent breaches. Its revenue is primarily generated from subscriptions to these security modules.
MRVL
Marvell Technology
$207.04Bn
236.10
+4.03%
+251.86%
Marvell is a fabless semiconductor supplier that designs and sells integrated circuit products, including custom ASICs, ethernet solutions, and storage controllers. The profile explicitly states it is a 'fabless entity' that partners with external foundries for manufacturing, which aligns perfectly with the T-01 classification.
APH
2nd
Amphenol
$206.94Bn
83.92
+4.57%
-29.76%
The company designs and manufactures discrete electronic components and sensor modules, including sensors for force, gas, moisture, level, position, pressure, temperature, and vibration, which are sold as building blocks to OEMs.
CRM
Salesforce
$203.82Bn
247.65
+1.87%
+2.09%
Salesforce is described as a global leader in customer relationship management (CRM) technology, with its primary revenue coming from subscription fees for the Sales Cloud and Service Cloud. These products specifically manage sales relationships, customer service, and the revenue pipeline.
QCOM
Qualcomm
$192.34Bn
181.97
+2.88%
+14.48%
Qualcomm designs and sells integrated circuit products, specifically the Snapdragon and Qualcomm Dragonwing families, for use in mobile devices, automotive systems, and IoT equipment. It operates a fabless model, focusing on the design of high-performance low-power computing and wireless connectivity chips.
STX
Seagate Technology Holdings
$188.28Bn
830.17
-3.73%
+321.81%
Seagate designs and manufactures server and storage hardware, specifically hard disk drives (HDDs), solid state drives (SSDs), and storage subsystems for hyperscale data centers and cloud service providers.
ADI
Analog Devices
$183.54Bn
378.78
+4.85%
+52.59%
Analog Devices designs and manufactures its own integrated circuits, including data converters, power management ICs, and RF components. The profile explicitly states the company 'designs, manufactures, tests and markets' these semiconductor solutions, indicating it operates its own fabrication capabilities.
BLK
2nd
BlackRock
$167.33Bn
1,079.59
+1.60%
-4.81%
BlackRock sells risk analytics and investment data through its technology platforms, including Aladdin, eFront, and Preqin, which provide data and insights to institutional investors and wealth managers via subscriptions.
SHOP
Shopify
$166.81Bn
128.79
+1.73%
-9.43%
Shopify provides a cloud-based commerce platform that enables merchants to create and manage online stores, offering website building tools and storefront infrastructure. Its 'Subscription Solutions' revenue is derived from platform subscriptions, apps, and themes sold to these merchants.
WDC
Western Digital
$161.43Bn
447.18
-2.98%
+370.62%
Western Digital designs and manufactures high-capacity enterprise HDDs specifically for cloud data centers, hyperscale cloud service providers, and neoclouds. This segment is described as the company's largest and fastest growing, focusing on data center buildouts and tiered storage models.
SONY
Sony
$146.98Bn
23.90
+1.62%
-16.58%
Sony's Game & Network Services segment is a core business line involving the production and sale of PlayStation gaming consoles, bundled software, and first-party and third-party titles.
UBER
Uber Technologies
$146.19Bn
71.66
-1.21%
-23.94%
Uber operates a technology platform that matches consumers with drivers for ridesharing and transportation services in its Mobility segment. It also operates a marketplace for food and grocery delivery via Uber Eats and Uber Direct in its Delivery segment.
BUD
2nd
Anheuser-Busch InBev
$140.58Bn
78.22
+0.72%
+32.64%
The company operates the BEES platform, a business-to-business digital commerce service and platform that supports retailers and wholesalers in managing their operations.
NOW
ServiceNow
$137.04Bn
132.53
+1.03%
-28.25%
ServiceNow's core value proposition is the digitalization and streamlining of workflows through a cloud-based platform that integrates AI and workflow automation. The company specifically offers low-code development tools via its 'App Engine' and 'Creator' segment, allowing non-technical users to build custom applications and automate business processes.
BKNG
Booking Holdings
$130.68Bn
173.92
-0.24%
-20.92%
Booking Holdings operates a series of digital marketplaces (Booking.com, Priceline, Agoda, KAYAK) that connect consumers with travel service providers, earning commissions and listing fees. Its primary revenue model is based on facilitating commerce between buyers (travelers) and sellers (hotels, airlines, car rental companies) online.
ACN
2nd
Accenture
$122.73Bn
183.86
+3.34%
-24.69%
The Technology segment provides systems integration, application management, software engineering services, and infrastructure services. These are classic IT services where the company sells technology labor and delivery capability to build a client's digital core.
SNOW
Snowflake
$115.99Bn
329.10
-0.20%
+46.57%
Snowflake provides a cloud-based data platform that allows organizations to consolidate data into a single source of truth, featuring a storage layer for ingesting massive amounts of varied data and a compute layer for concurrent queries. Its core revenue is generated from a consumption-based model for storage, compute, and cloud services usage, which aligns with the foundational data layer described in T-36.
FTNT
Fortinet
$114.49Bn
156.07
-1.75%
+96.36%
Fortinet is a cybersecurity company that sells a broad portfolio of security technology, including firewalls (FortiGate), threat detection tools (FortiSIEM, FortiSOAR), and endpoint security (FortiEndpoint). Its revenue is driven by the sale of security appliances and subscription-based security services like FortiGuard.
PDD
PDD Holdings
$110.75Bn
77.81
-0.04%
-38.11%
PDD Holdings operates the Pinduoduo and Temu platforms, which are digital marketplaces that connect third-party merchants, manufacturers, and farmers with consumers. The company earns revenue through transaction fees from these completed sales, fitting the model of enabling commerce between buyers and sellers online.
APP
AppLovin
$108.62Bn
323.96
+3.01%
-42.88%
AppLovin builds the technology infrastructure for buying and selling digital advertising, specifically through its Axon Ads Manager and automated auctions. Its revenue model is based on campaign performance and return on advertising spend for advertisers seeking to reach global audiences.
SPOT
Spotify Technology
$108.22Bn
525.76
+0.75%
-25.33%
Spotify operates a global audio streaming subscription service providing music, podcasts, and audiobooks to users. It generates revenue through monthly Premium subscription fees and advertising sales for its Ad Supported service.
ADP
Automatic Data Processing
$106.71Bn
268.26
+0.35%
-8.25%
ADP provides a comprehensive suite of human capital management (HCM) solutions, including payroll processing, benefits administration, talent management, and workforce management. These products manage the full employee lifecycle from hire to retire for over 1.1 million clients.
MCK
2nd
Mckesson
$102.76Bn
881.36
+0.09%
+22.45%
The company provides technology-driven healthcare solutions, including electronic prior authorization, prescription price transparency, and practice management platforms like Ontada for oncology practices.
EQIX
Equinix
$102.39Bn
1,037.72
+1.36%
+32.94%
Equinix operates a global network of 280 data centers, providing colocation services where customers place their own IT equipment in private cages and secure cabinets. Its revenue is primarily derived from recurring charges for data center space and power, which matches the description of a data center operator providing physical infrastructure for third-party use.
HOOD
2nd
Robinhood Markets
$101.20Bn
112.57
-0.67%
-4.16%
Robinhood offers banking services, savings, and wealth management tools delivered through a software-native, technology-first model aimed at democratizing financial access.
ADBE
Adobe
$100.64Bn
252.23
+1.37%
-28.05%
Adobe's core business is centered on creative content production tools, specifically its Creative Cloud suite including flagship applications like Photoshop, Illustrator, Premiere Pro, and After Effects. These products are used by creative professionals and consumers to create visual, audio, and video content.
ABNB
Airbnb
$100.41Bn
170.19
+1.52%
+37.91%
Airbnb operates a global digital marketplace that connects guests (buyers) with hosts (sellers) of short-term rentals and experiences, earning revenue through service fees on completed bookings. The core business model is enabling commerce between third-party buyers and sellers online rather than owning the inventory itself.
VRT
2nd
Vertiv Holdings
$98.95Bn
257.06
+3.59%
+87.99%
The company provides racks and integrated modular systems specifically designed for deployment in server rooms and hyperscale cloud facilities.
NET
Cloudflare
$98.76Bn
306.54
-1.44%
+36.46%
Cloudflare operates a globally distributed network of edge nodes providing content delivery (CDN), DDoS mitigation, and web application firewalls delivered as edge services. Its Application Services segment specifically focuses on protecting and accelerating internet applications via load balancing and DNS at the network edge.
GD
2nd
General Dynamics
$96.29Bn
355.91
+0.46%
+10.17%
Through GDIT, the company provides IT outsourcing, cloud computing, application development, and systems integration services to federal agencies and state customers.
MELI
Mercadolibre
$96.19Bn
1,897.37
-0.47%
-19.23%
MercadoLibre operates a leading e-commerce marketplace where third-party sellers account for most of the gross merchandise volume, earning revenue through marketplace fees and final value fees.
JCI
2nd
Johnson Controls International
$88.44Bn
146.01
+2.22%
+35.42%
Through its OpenBlue digital software platform, the company provides data-driven smart building services and solutions specifically for the construction and built environment vertical.
ICE
2nd
Intercontinental Exchange
$88.29Bn
157.38
+1.01%
-8.62%
The Mortgage Technology segment provides a digital workflow platform for the U.S. residential mortgage life cycle, including origination technology, closing solutions, and automated valuation models.
ASX
ASE Technology Holding
$87.76Bn
39.47
-0.95%
+249.29%
The company is a leading provider of semiconductor packaging and testing services, which are the core of its ASE and SPIL Group segments. It specifically provides flip-chip, substrate packaging, wafer probing, and final testing to transform bare semiconductors into finished products.
DASH
DoorDash
$87.50Bn
201.95
+0.46%
-21.55%
DoorDash operates multisided platforms (DoorDash, Wolt, and Deliveroo) that match consumers with merchants and independent delivery personnel for food, grocery, and local commerce. It generates revenue through delivery and service fees from consumers and transaction fees from merchants.
INTU
Intuit
$86.30Bn
321.57
+2.81%
-51.00%
Intuit's core business revolves around financial record-keeping and tax compliance, specifically through QuickBooks for business financial management and TurboTax for individual and professional tax preparation. These products manage financial records, tax compliance, and reporting for millions of consumers and small businesses.
EMR
2nd
Emerson Electric
$84.87Bn
152.16
+2.55%
+13.83%
Through the acquisition of National Instruments, the company provides software-connected automated test and measurement systems, modular instrumentation, and data acquisition solutions.
SLB
2nd
Slb
$83.20Bn
56.06
+0.11%
+55.59%
SLB sells standalone AI and digital platforms such as Delfi and Lumi as SaaS subscriptions, providing autonomous field operations and digital exploration capabilities to external customers.
UCL
uCloudlink
$82.55Bn
0.43
+2.38%
-83.27%
The company provides mobile data connectivity services and a platform that dynamically selects optimal networks across 167 countries, effectively providing the software-defined networking and management that moves data packets across networks. Its core business is based on proprietary cloud SIM technology and architecture to enable seamless connectivity for users and enterprises.
HPE
Hewlett Packard Enterprise
$82.45Bn
62.08
+12.42%
+154.01%
HPE's Server segment sells general-purpose and workload-optimized servers, including the ProLiant and Cray lines, as well as storage arrays like the Alletra portfolio, which are deployed in datacenters.
MCO
2nd
Moodys
$82.29Bn
475.14
+1.66%
-6.11%
The Moody's Analytics segment provides cloud-based subscription businesses for KYC workflows and AI-enabled tools that help clients comply with regulations and support regulatory reporting.
LITE
Lumentum Holdings
$82.13Bn
927.03
-0.93%
+462.25%
Lumentum sells optical and photonic chips, components, modules, and subsystems used as building blocks for cloud data centers and network equipment. These are discrete electronic components sold to OEMs like network equipment manufacturers and AI infrastructure providers.
CDNS
Cadence Design Systems
$79.69Bn
289.37
+1.55%
-14.52%
Cadence is a leader in electronic design automation (EDA), providing software and licensable semiconductor IP such as the Virtuoso custom-IC design suite and Tensilica DSPs. Its revenue model is based on software licenses, IP license fees, and maintenance contracts for tools used to design and verify integrated circuits.
DDOG
Datadog
$79.40Bn
221.21
-0.23%
+59.00%
Datadog provides a SaaS platform for infrastructure monitoring, application performance monitoring (APM), and log management. These products are specifically designed for IT operations teams to observe and maintain the health of their technology stacks, as evidenced by its competition with IT operations management vendors like SolarWinds and Dynatrace.
MSI
2nd
Motorola Solutions
$77.13Bn
466.02
+0.51%
-4.95%
The company generates significant revenue from cybersecurity offerings and services provided as part of its Software and Services segment to protect mission-critical networks.
SNPS
Synopsys
$76.14Bn
397.38
+0.05%
-9.29%
Synopsys is a global leader in electronic design automation (EDA) software and semiconductor intellectual property (IP), providing tools for IC design, verification, and manufacturing. Its revenue is primarily generated through the licensing of these EDA tools and semiconductor IP blocks.
NTES
NetEase
$73.81Bn
115.61
-0.02%
-20.68%
NetEase is primarily an online game provider that develops and operates over 100 titles across multiple genres (MMORPG, casual, shooting) and platforms (PC, mobile, console). It generates its principal revenue from the sales of in-house developed and licensed games and related value-added services.
TGT
2nd
Target
$70.80Bn
155.85
+0.06%
+70.29%
The company generates revenue from fees associated with its third-party digital marketplace, Target Plus, which connects external sellers with consumers.
NU
2nd
Nu Holdings
$70.66Bn
14.62
-2.66%
-5.74%
Nu Holdings operates 'Nu Shopping,' an integrated e-commerce marketplace within its app that connects customers to third-party retailers like Casas Bahia and earns fees from gross merchandise volume.
WBD
2nd
Warner Bros. Discovery
$70.32Bn
28.04
-0.57%
+123.60%
The company operates streaming services such as HBO Max and discovery+, generating revenue from consumer subscription fees and ad-supported tiers.
DLR
2nd
Digital Realty Trust
$69.81Bn
188.66
+1.74%
+8.49%
The company provides colocation and interconnection solutions, managing the physical compute infrastructure and power for third-party use. It offers managed infrastructure and Critical Facilities Management services to support customer workloads.
ALL
2nd
Allstate
$64.42Bn
253.61
+0.70%
+26.79%
The company operates Arity, which provides mobility intelligence services using automotive telematics information to provide insights to financial institutions and employers.
RELX
Relx
$61.47Bn
33.79
-0.09%
-27.07%
RELX's core business is providing information-based analytics and decision tools across its Risk, Scientific, and Legal segments. It sells data sets, analytics tools, and actionable insights to professional customers, which aligns with the description of turning data into dashboards and insights for business decision-makers.
MPWR
Monolithic Power Systems
$60.66Bn
1,234.46
+4.08%
+44.35%
Monolithic Power Systems is explicitly described as a fabless company that designs high-performance semiconductor-based power electronics, including DC to DC converters and power management ICs. It relies on third-party foundries for wafer fabrication, assembly, and testing, which fits the fabless model defined in T-01.
COHR
Coherent
$59.78Bn
305.28
+4.11%
+194.93%
Coherent manufactures and sells optical and optoelectronic devices, modules, and systems, including transceivers and semiconductor lasers, which serve as building blocks for other device makers. These products are sold as components to hyperscale datacenter operators, cloud providers, and telecommunications companies.
NXPI
NXP Semiconductors
$59.67Bn
236.62
+4.49%
+7.91%
NXP operates a hybrid manufacturing model that includes owning its own fabrication facilities in addition to using third-party foundries. The company leverages its own manufacturing expertise to produce microcontrollers, application processors, and radio frequency devices.
TER
Teradyne
$59.38Bn
379.72
+2.57%
+222.29%
Teradyne's primary business is the design and manufacture of automated test equipment, including wafer-level, device-package, and system-level test systems for semiconductors and complex electronics. Its Product Test segment specifically provides circuit board test and inspection systems and wireless test systems for customers in data centers, automotive, and aerospace.
KEYS
Keysight Technologies
$57.67Bn
338.72
+4.00%
+99.00%
Keysight designs and manufactures electronic test and measurement equipment, including oscilloscopes, signal analyzers, and network analyzers. These products are sold to engineers in communications, aerospace, defense, and semiconductor industries to validate and optimize electronic systems.
UMC
United Microelectronics
$57.00Bn
22.64
+2.44%
+230.99%
United Microelectronics Corporation is an independent semiconductor foundry that operates physical wafer fabrication facilities to manufacture integrated circuits. Its primary revenue is generated through the sale of wafers produced at its manufacturing facilities for fabless design companies and integrated device manufacturers.
NBIS
Nebius
$56.81Bn
224.55
-1.56%
+140.44%
Nebius provides a full stack AI cloud platform offering GPU-based compute instances, storage, and networking for AI model training and inference. It competes directly with major cloud providers like AWS, Google Cloud, and Azure, selling compute resources as a service.
GRMN
Garmin
$54.53Bn
282.69
+3.79%
+17.21%
Garmin designs and manufactures portable computing devices for personal use, specifically GPS-enabled watches, heart rate monitors, and handheld communicators sold through its Fitness and Outdoor segments.
EA
Electronic Arts
$52.84Bn
209.70
+0.00%
+19.07%
Electronic Arts develops, publishes, and operates video games across genres such as sports, racing, and action. Its revenue is derived from the sale of full game titles and live services for franchises like EA SPORTS FC.
NDAQ
2nd
Nasdaq
$51.25Bn
91.19
-0.89%
-4.89%
Nasdaq provides regulatory technology and financial crime platforms, specifically the Verafin platform for fraud detection and anti-money laundering, and the AxiomSL suite for regulatory reporting.
ALAB
Astera Labs
$50.52Bn
291.22
+2.35%
+26.41%
Astera Labs designs semiconductor-based connectivity solutions, specifically integrated circuits (ICs) such as the Aries PCIe CXL Smart DSP Retimers and Leo CXL Memory Connectivity Controllers. The company operates as a fabless designer, selling these chips and modules to hyperscalers and AI accelerator vendors.
CIEN
Ciena
$49.59Bn
349.45
+4.42%
+169.10%
Ciena designs and sells networking hardware including optical networking, routing, and switching equipment for core, metro, and data center interconnect networks. Its primary revenue comes from these networking platforms and the software that runs them, serving network operators and cloud providers.
CRWV
CoreWeave
$49.03Bn
88.99
-0.15%
-24.03%
CoreWeave is a purpose-built AI cloud provider that operates a network of data centers and sells on-demand and committed access to GPU clusters, high-performance networking, and AI-optimized storage. Its primary revenue comes from Infrastructure Services delivered as a cloud platform to research labs and enterprises.
EBAY
Ebay
$47.95Bn
107.75
+2.59%
+18.03%
eBay operates a global online marketplace that connects millions of buyers and sellers to trade a wide variety of goods, including collectibles and luxury goods. Its revenue model is based on commissions, such as final value fees and listing fees, which is the defining characteristic of a digital marketplace.
ROK
2nd
Rockwell Automation
$47.59Bn
428.54
+1.65%
+22.25%
The company provides integrated robotic systems and automation intelligence platforms, specifically mentioned through its 'Intelligent Devices' and 'Software & Control' segments that enable digital transformation of physical machines.
XYZ
Block
$47.58Bn
79.20
+0.16%
+7.39%
Block's core revenue is driven by payment processing fees from its Square segment, which provides sellers with hardware and software to accept card and bank payments. The company explicitly competes with payment processors like PayPal and Stripe.
NTRA
2nd
Natera
$47.24Bn
328.93
+0.86%
+93.73%
The company sells the Constellation cloud software platform, which is a healthcare-specific IT tool used to support the delivery and management of its diagnostic data.
AZO
2nd
Autozone
$47.02Bn
2,880.00
-0.01%
-32.28%
The company develops and sells ALLDATA, a specialized software suite for automotive diagnostic, repair, collision, and shop management specifically designed for professional technicians and repair shops.
TEAM
Atlassian
$46.75Bn
179.70
+0.07%
+3.09%
Atlassian provides a portfolio of team collaboration software and apps designed to unlock productivity at scale for software, IT, and business teams. Its core products are horizontal tools used for everyday work, project tracking, and knowledge management.
PYPL
PayPal Holdings
$46.31Bn
53.72
+0.77%
-18.16%
PayPal operates a global payments platform providing payment processing, branded checkout solutions, and gateway services for merchants. Its primary revenue is derived from fees for completing payment transactions and other payment-related services based on processed volume.
COIN
Coinbase Global
$46.23Bn
175.26
+1.73%
-44.42%
Coinbase provides the underlying infrastructure for the digital asset ecosystem, including the Base blockchain where it earns sequencer fees and the Coinbase Developer Platform for third-party onchain integration. These activities involve building the rails and tools for the digital asset economy, which is the core of its Developer segment.
MSTR
Strategy
$46.10Bn
130.97
+1.87%
-59.88%
The company develops and licenses Strategy One™, a cloud-native AI-powered business intelligence platform, and Strategy Mosaic™, a universal data layer. These products are sold to technology and line-of-business executives at large global enterprises to transform complex data into insights for decision-making.
STM
STMicroelectronics
$45.78Bn
51.51
+1.48%
+96.98%
STMicroelectronics is explicitly described as an integrated device manufacturer (IDM) that owns and operates its own manufacturing facilities to produce its semiconductor products. This model gives them full control over the semiconductor supply chain, including wafer fabrication, which aligns with the T-02 classification.
INFY
Infosys
$44.94Bn
11.08
+1.37%
-35.09%
Infosys is a global IT services firm that sells technology labor and expertise, specifically providing consulting, technology implementation, application management, and infrastructure management. Its revenue is derived from delivering these services to enterprises across various sectors, including Financial Services, Retail, and Manufacturing.
WDAY
Workday
$44.79Bn
185.70
+0.33%
-18.01%
Workday provides a broad multi-module platform that integrates financial management, spend management, and planning on a single architecture. This matches the description of ERP software as a system of record for large enterprises managing complex core operations.
ADSK
Autodesk
$44.39Bn
212.40
+0.37%
-34.40%
Autodesk provides a wide array of creative software for 3D design, modeling, animation, and rendering, including flagship products like Maya and 3ds Max. These tools are used by film artists and game developers to create visual and 3D content.
HEI
2nd
Heico
$44.15Bn
316.02
+1.20%
-0.17%
The Electronic Technologies Group manufactures a wide array of discrete electronic components, such as high-reliability passive electronic components, harsh environment connectors, and ceramic-to-metal feedthroughs sold to OEMs and industrial customers.
TRI
Thomson Reuters
$43.32Bn
97.35
+1.71%
-42.90%
The company provides AI-driven compliance workflow software, tax compliance platforms, and risk management tools through its Corporates and Tax Audit & Accounting segments. These products, such as ONESOURCE+, are specifically designed to help businesses and professionals meet legal, tax, and governance obligations.
IQV
2nd
Iqvia Holdings
$43.09Bn
261.78
+1.74%
+37.28%
The company's 'Technology & Analytics Solutions' segment provides mission-critical information technology solutions and real-world insights specifically for life science clients, utilizing healthcare-grade AI and proprietary analytics platforms.
FLEX
Flex
$42.77Bn
115.78
+7.19%
+99.45%
Flex is a contract manufacturer that provides PCBA and assembly of systems and subsystems for other brands across automotive, medical, industrial, and cloud markets. Its revenue model is based on providing design, engineering, supply chain, and manufacturing services as a partner to a diverse customer base.
VEEV
Veeva Systems
$42.44Bn
262.11
+0.37%
-4.55%
Veeva provides specialized industry cloud solutions purpose-built for the life sciences sector, including the Veeva Development Cloud for clinical and safety functions and the Veeva Quality Cloud for laboratory quality control. These products are designed specifically for pharmaceutical, biotechnology, and medical device companies to maintain compliance with global regulatory mandates.
PAYX
Paychex
$41.18Bn
115.80
+0.54%
-12.98%
Paychex provides a full suite of human capital management (HCM) technology and software, including payroll processing, HR administration, and benefits management. Its revenue is driven by a SaaS delivery model for these HR-specific tools used to manage the employee life cycle from hire to retire.
LYB
2nd
LyondellBasell Industries
$41.17Bn
63.73
-0.89%
+14.89%
The company's Technology segment earns revenue by licensing its proprietary polyolefin catalyst technology and process know-how to other producers worldwide.
TTWO
Take Two Interactive Software
$40.29Bn
215.47
-0.69%
-11.71%
Take Two Interactive is a developer and publisher of interactive entertainment, creating and distributing games for console, PC, and mobile platforms. Its revenue is primarily generated from the sale of software titles and in-game virtual items through labels like Rockstar Games, 2K, and Zynga.
MCHP
Microchip Technology
$40.29Bn
74.20
+3.66%
+14.12%
Microchip Technology is an integrated device manufacturer that develops and manufactures its own silicon, including mixed-signal microcontrollers, microprocessors, and analog products. The company explicitly provides manufacturing services such as wafer foundry and assembly and test subcontracting, indicating it owns and operates fabrication infrastructure.
LYV
2nd
Live Nation Entertainment
$40.10Bn
170.16
+0.07%
-0.43%
The company operates the Ticketmaster platform, a digital marketplace that connects buyers and sellers of tickets for its own events and third-party clients, earning revenue from service fees on primary and secondary ticketing.
CLS
Celestica
$39.86Bn
346.64
+6.58%
+41.06%
Celestica operates as an electronics manufacturing services (EMS) provider, offering contract design, electronics manufacturing, assembly, and systems integration for other brands. It explicitly competes in the contract design and manufacturing industry against other EMS providers like Flex and Jabil.
NTAP
NetApp
$39.14Bn
199.28
+8.54%
+61.32%
NetApp designs and sells physical enterprise storage hardware, specifically the All-Flash FAS (AFF) and Fabric Attached Storage (FAS) series, which are deployed in datacenters.
AXON
Axon Enterprise
$38.94Bn
479.34
+0.10%
-36.18%
Axon provides integrated hardware and software solutions for public safety, specifically focusing on data capture, storage, and analysis for law enforcement and security operations. Its software segment includes products like Axon Evidence and Axon Records, which are used for managing video evidence and ensuring compliance with legal requirements.
ROP
Roper Technologies
$38.42Bn
388.52
-0.02%
-24.30%
Roper's largest segment is Application Software (56.7% of revenue), which includes broad enterprise resource planning and operational suites like Deltek for government contractors and PowerPlan for asset-intensive industries. These products provide a single system of record for managing complex business operations across various niche markets.
KR
2nd
Kroger
$35.81Bn
58.46
+2.63%
-13.04%
Kroger operates a retail media unit that sells advertising solutions and data analytics services to external parties based on its loyalty program data.
TWLO
Twilio
$34.91Bn
227.29
-1.67%
+121.62%
Twilio provides a cloud communications platform that sells programmable APIs for messaging, voice, email, and video to developers and businesses. Its primary revenue is generated from usage-based fees for these communication services, which are delivered via its proprietary Super Network.
CHT
2nd
Chunghwa Telecom
$34.81Bn
44.87
+0.79%
-0.24%
The company is the largest IDC (Internet Data Center) services provider in Taiwan with a market share exceeding seventy percent, selling data center services to enterprise and international customers.
ERIC
Ericsson Lm Telephone
$34.76Bn
10.31
+3.00%
+28.07%
Ericsson designs and sells networking hardware including radio access, core, and transport products (antennas, base stations, controllers) used to build 2G, 3G, 4G, and 5G telecommunications networks. This aligns with the description of providing hardware and software that moves data packets across networks.
IRM
2nd
Iron Mountain
$34.27Bn
115.12
+1.95%
+18.16%
The company operates a Global Data Center segment that provides enterprise-class colocation facilities and hyperscale ready capacity, leasing power and space to customers across 31 data centers.
UI
Ubiquiti
$34.12Bn
563.79
+5.19%
-8.01%
Ubiquiti designs and sells networking hardware including wireless LAN equipment, switching and routing solutions, and wireless backhaul solutions. These products are powered by the UISP and UniFi OS software platforms to move data packets across enterprise and service provider networks.
IREN
Iren
$33.35Bn
43.83
+0.44%
+30.33%
The company generates a primary stream of revenue from bitcoin mining operations, earning block rewards and transaction fees by contributing hashrate to global mining pools. It operates large fleets of application specific integrated circuits (ASICs) to validate blockchain transactions.
JBL
Jabil
$33.34Bn
318.05
+5.03%
+48.43%
Jabil is a leading provider of electronic manufacturing services (EMS), offering design, production, and product management services. It operates a global manufacturing footprint to build electronic products under contract for customers in sectors like cloud and data center infrastructure, networking, and automotive.
P
Everpure
$32.71Bn
98.17
+4.26%
+20.97%
Everpure sells physical storage hardware systems, specifically FlashArray storage arrays and FlashBlade scale-out storage, which are deployed in datacenters. These products are designed for enterprise data storage and compete directly with server and storage hardware vendors like Dell EMC and NetApp.
RBLX
Roblox
$32.49Bn
45.48
+1.34%
-65.76%
Roblox operates an immersive gaming and creation platform where users explore and share millions of unique experiences. The company generates the majority of its revenue through the sale of Robux, a virtual currency used to access premium features and virtual items within these games.
EXPE
Expedia
$32.15Bn
280.83
+1.43%
+26.87%
Expedia operates as a global travel marketplace connecting buyers and sellers of travel services, taking commissions and fees. Its core business model involves enabling commerce between travelers and suppliers like hotels, airlines, and car rental companies via its online platforms and mobile apps.
HPQ
Hp
$32.03Bn
35.47
+8.44%
+25.16%
HP's Personal Systems segment generates significant revenue from the sale of commercial and consumer desktops, notebooks, and workstations, including their AI PC portfolio.
RMD
2nd
Resmed
$31.48Bn
218.24
-0.61%
-19.31%
The company provides a Residential Care Software segment that sells electronic health records, revenue cycle management, and workforce management tools specifically for residential care providers, embedding healthcare-specific workflows and reimbursement compliance.
BIDU
Baidu
$31.10Bn
91.40
+0.89%
-15.06%
Baidu is described as a leading AI company that provides AI cloud solutions and the ERNIE Bot. It sells AI infrastructure and platform services to enterprises and the public sector, and serves tens of millions of developers.
CRDO
Credo Technology Group Holding
$30.60Bn
162.95
+1.65%
-0.62%
Credo designs and markets integrated circuits, SerDes chiplets, and semiconductor intellectual property based on its proprietary serializer deserializer and digital signal processor technologies. The company operates as a fabless designer, selling these chips and licensing IP to customers like hyperscale data center operators and cloud infrastructure providers.
RDDT
Reddit
$30.34Bn
157.75
+1.53%
-39.45%
Reddit operates a global online platform centered on user-generated content and social interaction through communities called subreddits. Its core value is the network of users connecting over shared interests, which is the defining characteristic of the Social Media industry.
ON
On Semiconductor
$29.64Bn
76.14
+8.51%
+55.32%
On Semiconductor is an integrated device manufacturer that owns and operates its own fabrication plants, specifically citing a 'vertically integrated SiC manufacturing strategy' and 'leading edge fabrication technologies' to produce its power and sensing chips.
MDB
MongoDB
$29.18Bn
362.21
-3.12%
+8.16%
MongoDB provides a globally distributed operational database and a managed multi-cloud database-as-a-service (Atlas). Its core product is a document-based database management system used to store, move, and govern data.
GEHC
2nd
GE HealthCare Technologies
$28.88Bn
63.93
-0.48%
-15.87%
The company sells AI-enabled cloud and software solutions, including clinical decision support tools and ECG management digital solutions, which are purpose-built for healthcare clinical workflows.
TDY
2nd
Teledyne Technologies
$27.98Bn
603.53
+1.16%
+10.75%
The Instrumentation segment manufactures high-performance oscilloscopes, high-speed protocol analyzers, and generators used by design and test engineers to validate electronic designs.
ZM
Zoom Communications
$27.94Bn
95.57
+0.12%
+12.77%
Zoom's core business is a communications platform providing video conferencing (Zoom Meetings), cloud-based telephony (Zoom Phone), and persistent messaging (Zoom Team Chat). These products are sold as subscriptions to individuals and enterprises for real-time communication.
OKTA
Okta
$27.83Bn
166.50
-2.69%
+84.57%
Okta provides cloud-based identity and access management solutions, specifically offering single sign-on, multi-factor authentication, and privileged access management. Its revenue is derived from subscriptions to the Okta and Auth0 platforms which manage workforce and customer identities.
CPRT
2nd
Copart
$27.73Bn
29.95
-2.60%
-38.75%
The company operates a global online auction marketplace that connects sellers (insurance companies, dealers) with buyers (dismantlers, rebuilders), earning listing and selling fees from these digital transactions.
FISV
Fiserv
$27.43Bn
51.58
+5.42%
-60.97%
Fiserv's core business is moving money at the point of sale and processing transactions, as evidenced by its Merchant segment which provides merchant acquiring, mobile payments, and the Clover point of sale platform. It generates the majority of its revenue from processing and services fees tied to these transaction-based activities.
CTSH
Cognizant Technology Solutions
$27.12Bn
60.00
+2.88%
-13.24%
Cognizant is a professional services company that generates revenue through systems integration, application development, application maintenance, and technology consulting. Its business model is based on providing technology labor and expertise as a service to a diverse global client base.
CPNG
2nd
Coupang
$27.10Bn
15.12
+3.00%
-53.41%
The company operates 'Eats', a restaurant delivery platform that matches consumers with restaurants and manages the delivery of meals.
ZS
Zscaler
$26.83Bn
164.54
+0.65%
-42.60%
Zscaler provides a cloud-native security platform focused on protecting networks, applications, and workloads through its Zero Trust Exchange. Its core products include Zscaler Internet Access, Zscaler Private Access, and data loss prevention, all of which are designed to secure traffic and mitigate threats.
CPAY
Corpay
$26.83Bn
408.61
+0.01%
+30.30%
Corpay provides a broad suite of payment and spend management solutions, including accounts payable automation, virtual cards, and commercial card programs. Its revenue is primarily generated from transaction fees and service fees associated with these payment platforms.
VRSN
Verisign
$26.46Bn
292.71
+1.34%
+1.15%
VeriSign operates as a domain name registry for TLDs such as .com and .net, charging annual fees for registrations and renewals. The company also performs Root Zone Maintainer functions and operates global internet root servers, which are core components of the naming and hosting layer of the internet.
Q
2nd
Qnity Electronics
$26.45Bn
126.45
+2.56%
—
The company provides critical consumables used in chip fabrication, specifically CMP slurries, CMP pads, and lithographic materials. These products are consumed during the wafer processing stage and are sold to semiconductor device manufacturers and foundries.
SMCI
Super Micro Computer
$26.34Bn
40.10
+7.28%
-8.68%
Super Micro Computer designs and manufactures server systems, storage arrays, and full rack-scale solutions specifically for data centers and cloud service providers. Its primary revenue is generated from the sale of these server and storage systems, subsystems, and accessories.
GFS
Globalfoundries
$26.10Bn
46.95
+2.15%
+45.94%
GlobalFoundries operates as a pure play semiconductor foundry, generating its primary revenue by producing integrated circuits and selling wafer fabrication services to fabless design companies and integrated device manufacturers.
SYM
2nd
Symbotic
$25.44Bn
42.13
+2.51%
-13.86%
The company's core differentiator is its AI-powered software and control systems that enable autonomous robots to operate at high speeds with minimal human intervention. This software is integrated into their robotic systems to manage warehouse logistics and real-time inventory optimization.
TCOM
2nd
Trip.com
$25.35Bn
39.02
+0.83%
-47.86%
The company operates an integrated travel platform that connects users with ecosystem partners (hotels, airlines, etc.) and takes a commission or fee, functioning as a digital marketplace for travel services.
XYL
2nd
Xylem
$24.97Bn
106.94
+0.36%
-24.58%
The company sells data analytics software and digital software solutions specifically for the planning and execution of water movement and resource optimization via Xylem Vue Analytics 360.
AFRM
2nd
Affirm Holdings
$24.09Bn
71.44
+5.07%
-15.82%
The company provides point-of-sale payment solutions and a debit card, earning merchant fees when transactions are processed through its platform and receiving a share of interchange revenue.
NRG
2nd
Nrg Energy
$23.87Bn
113.50
+1.64%
-29.59%
Through its Vivint Smart Home segment, the company sells integrated home security systems, automation devices, and energy management tools. These products represent a substantive business line focused on the intelligence and control of physical home systems.
TSEM
Tower Semiconductor
$23.80Bn
211.52
+1.66%
+220.39%
Tower Semiconductor is a pure play independent specialty foundry that generates revenue by manufacturing processed wafers for customers based on their design specifications. The company operates physical wafer fabrication facilities in Israel, the United States, Japan, and Italy.
GPN
Global Payments
$23.47Bn
88.29
-0.30%
+3.77%
Global Payments provides payment processing services and merchant acceptance solutions, earning revenue primarily from fees based on a percentage of transaction value or fixed fees per transaction. Its core business is moving money at the point of sale through authorization, settlement, and funding services.
FFIV
F5
$23.40Bn
411.71
+3.32%
+23.05%
F5 provides a comprehensive security portfolio including web application and API protection, distributed denial of service (DDoS) defense, bot mitigation, and web application firewalls (WAF) across its Distributed Cloud, NGINX, and BIG-IP segments.
ROKU
Roku
$22.99Bn
154.93
+0.53%
+63.19%
Roku's core activity is providing the Roku TV operating system, which is the foundational software layer that powers its streaming devices and licensed smart TVs. The company explicitly identifies this proprietary OS as a key competitive advantage.
VLTO
2nd
Veralto
$22.98Bn
94.10
+0.71%
-13.75%
The company sells software subscriptions for traceability, packaging design, and quality management, which are purpose-built for the supply chain and production workflows of its industrial and CPG customers.
VRSK
2nd
Verisk Analytics
$22.93Bn
176.20
+0.19%
-33.82%
The company provides technology solutions for underwriting, claims management, and catastrophe modeling that transform traditional insurance workflows. These integrated solutions are sold to insurance carriers and domestic insurtech firms to improve operating efficiency.
IOT
Samsara
$22.46Bn
38.38
-0.16%
-0.95%
Samsara provides a Connected Operations Platform specifically designed for the movement and management of physical assets in logistics, transportation, and supply chain operations. The profile explicitly mentions serving logistics and transportation firms and helping them improve efficiency and safety in physical operations.
SOFI
2nd
SoFi Technologies
$22.35Bn
17.32
+0.64%
-32.13%
The company's Technology Platform segment provides a cloud-native digital and core banking platform, including a real-time payment risk platform and API-based authorization services sold to financial institutions and government entities.
SNX
Td Synnex
$21.53Bn
269.28
+5.33%
+77.51%
TD SYNNEX operates as a global distributor that sources hardware and software from over 2,500 OEMs and resells them to a network of more than 150,000 reseller customers. Its primary revenue model is purchasing technology products and reselling them to value-added resellers, system integrators, and retailers.
ENTG
Entegris
$21.43Bn
140.37
+2.16%
+76.72%
Entegris sells materials consumed during wafer fabrication, specifically chemical vapor and atomic layer deposition precursors, chemical mechanical planarization (CMP) slurries and pads, and formulated etch and clean chemicals. These products are recurring consumables tied to wafer starts, which is the defining characteristic of the Semiconductor Materials industry.
FICO
Fair Isaac
$21.29Bn
985.61
+2.61%
-35.60%
Fair Isaac provides a 'suite of software products that help businesses automate, improve and connect decisions' and operates a 'Software segment' offering analytic and decision management solutions. Its core value proposition is based on 'predictive modeling and decision analytics' sold as SaaS or on-premises to a broad range of business customers.
CRCL
2nd
Circle Internet
$21.16Bn
90.63
+0.29%
-20.28%
The company builds foundational blockchain infrastructure, including the Arc Layer-1 blockchain network, Circle Wallets for app integration, and Circle Contracts for smart contract development.
MTSI
MACOM Technology Solutions Holdings
$20.99Bn
274.90
+0.91%
+108.73%
MACOM designs and manufactures high-performance semiconductor products and operates its own compound semiconductor fabrication facilities. The company's business model includes both the design and the physical manufacturing of integrated circuits, diodes, and amplifiers.
EFX
2nd
Equifax
$19.87Bn
168.99
+0.55%
-35.06%
The Workforce Solutions segment provides HR software and services, including employment and income verification via The Work Number, I-9 onboarding, and Affordable Care Act compliance for employers.
FIS
Fidelity National Information Services
$19.67Bn
38.14
-1.01%
-43.67%
FIS provides core processing software and multi-module platforms for financial institutions, including global, regional, and community banks. These systems serve as the single system of record for banking operations, matching the ERP definition for the public and private financial sector.
RCI
2nd
Rogers Communications
$19.56Bn
36.22
+0.36%
+0.67%
Rogers provides hosted data centre solutions and network connectivity through its data centre assets to business, public sector, and carrier wholesale customers.
U
Unity Software
$19.35Bn
43.97
+4.44%
+2.02%
Unity provides a comprehensive suite of developer tools, including a real-time 3D engine, development environment, and DevOps tools, used by developers, artists, and designers to build interactive content. Its 'Create Solutions' revenue comes from licensing and subscriptions for these engine development tools and cloud services.
CDW
Cdw
$19.27Bn
153.79
+7.85%
-9.94%
CDW is a multi-brand provider that sells over 100,000 products from more than 1,000 vendor partners, including hardware like notebooks, servers, and software suites. Its core business model is the distribution and resale of other vendors' technology to business, government, and education customers.
BR
Broadridge Financial Solutions
$19.13Bn
167.77
-0.30%
-32.92%
Broadridge provides business process outsourcing and automation for the financial industry, specifically handling the full proxy materials distribution, vote tabulation, and regulatory communications. Its revenue is driven by fees for these technology-driven outsourcing services and subscription-based access to these automation platforms.
KSPI
2nd
Joint Stock Co Kaspi.kz
$19.00Bn
99.89
+2.82%
+17.64%
The company operates a Marketplace Platform that connects third-party merchants with consumers for e-Commerce, e-Grocery, and e-Cars, earning commissions on these third-party sales.
VIV
2nd
Telefonica Brasil
$18.93Bn
11.85
-0.50%
-3.19%
The company provides corporate services to business enterprises, including managed IT services and customized communication systems.
SSNC
SS&C Technologies Holdings
$18.83Bn
80.27
+1.71%
-9.26%
SS&C provides software-enabled services to automate complex business processes, specifically offering robotic process automation (RPA) through its Blue Prism acquisition and intelligent automation for front-, middle-, and back-office functions.
TOST
Toast
$18.53Bn
32.11
+0.53%
-21.28%
Toast provides a cloud-based platform specifically for the restaurant and food and beverage retail industries, including POS terminals, kitchen display systems, and online ordering. Its core product is a vertical software suite designed around restaurant-specific workflows like dine-in, takeout, and catering.
GEN
Gen Digital
$18.13Bn
30.26
+0.97%
+3.45%
Gen Digital's primary revenue driver is its Cyber Safety Platform, which includes cybersecurity and online privacy products under the Norton and Avast brands. These offerings provide threat protection and secure navigation of the digital world for a large international consumer base.
MKSI
Mks
$18.07Bn
267.31
+2.09%
+130.44%
MKS provides critical subsystems and instruments for semiconductor manufacturing, including vacuum technologies, power generation, and laser-based systems used in wafer fabrication. The company explicitly describes itself as a provider in the wafer fabrication equipment ecosystem, selling to semiconductor capital equipment manufacturers.
RBRK
Rubrik
$17.96Bn
86.67
-2.61%
+11.27%
Rubrik provides a Zero Trust Data Security platform focused on protecting, monitoring, and recovering data from cyber attacks. Its Rubrik Security Cloud suite specifically delivers threat analytics, cyber recovery, and data security posture management to protect against ransomware and other threats.
NTNX
Nutanix
$17.82Bn
65.92
+0.76%
-14.56%
Nutanix provides a hybrid multicloud computing platform that enables customers to build and operate infrastructure across public clouds, core data centers, and edge locations. Its revenue is primarily derived from subscriptions to the Nutanix Cloud Platform, which offers compute, storage, and networking as a unified software stack.
SITM
Sitime
$16.85Bn
635.66
+5.54%
+158.85%
SiTime designs silicon-based timing products, including oscillators and clock integrated circuits, using a fabless business model. The company focuses on the design and marketing of these chips while outsourcing the actual wafer fabrication to third-party foundries.
J
2nd
Jacobs Solutions
$16.62Bn
141.87
+1.01%
-1.96%
Jacobs integrates digital capabilities and data-driven solutions into its delivery model to help clients adopt digital solutions. It competes with technology firms like Accenture and Capgemini in providing digital transformation and technical services.
ZBRA
Zebra Technologies
$16.58Bn
350.37
+1.85%
+10.87%
Zebra Technologies designs and manufactures discrete electronic components and sensor modules, specifically barcode scanners, RFID readers, and imagers, which serve as building blocks for data capture. These products are sold to OEMs and end-users across various industries for asset tracking and identification.
LSCC
Lattice Semiconductor
$16.43Bn
119.76
+4.92%
+81.40%
Lattice Semiconductor designs and sells field programmable gate array (FPGA) devices and related silicon enabling products. The company operates as a fabless designer, monetizing its programmable logic semiconductor products and licensing chip IP.
NWSA
2nd
News
$16.38Bn
29.44
+0.20%
+2.33%
The company operates Digital Real Estate Services through REA Group and Move, which provide property listing and lead generation platforms like realestate.com.au and Realtor.com.
TYL
Tyler Technologies
$16.22Bn
336.79
+0.29%
-39.21%
Tyler Technologies provides broad multi-module ERP suites for the public sector, including modules for finance, human resources, procurement, and asset management. The profile explicitly states it serves local, state, and federal government entities with back office systems of record for core governmental functions.
JLL
2nd
Jones Lang Lasalle
$15.96Bn
346.96
+1.43%
+12.97%
The company has a dedicated Software and Technology Solutions segment that sells cloud-based platforms like Building Engines and Corrigo to streamline building management and facility operations.
SMTC
Semtech
$15.61Bn
167.24
+5.10%
+170.97%
Semtech designs, develops, and manufactures high-performance analog and mixed-signal semiconductors, as well as wireless semiconductors. The profile explicitly states the company 'manufactures' these products and operates a 'fab-lite manufacturing model,' indicating it owns some fabrication capabilities.
RBA
2nd
Rb Global
$15.47Bn
83.56
+3.76%
-29.61%
The company operates digital marketplaces and online bidding platforms that connect buyers and sellers of automotive, construction, and agricultural assets, taking a commission or fee on these digital transactions.
AKAM
Akamai Technologies
$15.33Bn
106.79
-0.32%
+39.14%
Akamai operates a global edge platform with over 4,300 points of presence to provide content delivery, media streaming, and video delivery services. Its 'Delivery' segment specifically focuses on web and mobile performance optimization to reduce latency for digital content.
SOLV
2nd
Solventum
$14.89Bn
87.53
-0.17%
+18.62%
The Health Information Systems segment sells software platforms for computer-assisted physician documentation, coding automation, and revenue cycle management specifically designed for hospitals and health systems.
FN
Fabrinet
$14.86Bn
414.61
+2.72%
+14.48%
Fabrinet provides electronic manufacturing services (EMS) to OEMs, specifically focusing on optical communication components, industrial lasers, and automotive components. Its revenue model is based on providing manufacturing services to customers like NVIDIA and Cisco.
WSE
2nd
Wise
$14.84Bn
12.02
+0.75%
—
The company provides payment infrastructure via the Wise Platform, which allows banks and enterprises like Itaú and Monzo to integrate card issuance and cross-border transfer capabilities into their own offerings. It also earns interchange fees from the Wise Card spending.
DT
Dynatrace
$14.83Bn
51.07
-0.68%
+7.15%
Dynatrace provides an AI-powered observability platform for monitoring, log management, and distributed tracing to help IT operations teams manage complex digital environments. The profile specifically mentions its focus on optimizing cloud and IT operations and its competition with other observability players like Datadog and New Relic.
LOGI
Logitech International
$14.71Bn
102.70
+2.94%
-5.48%
Logitech designs and sells a broad portfolio of computer peripherals, including keyboards, mice (pointing devices), webcams, and headsets. These products are sold as add-ons and accessories that plug into computing devices, matching the T-10 definition.
BMNR
Bitmine Immersion Technologies
$14.52Bn
25.05
+3.47%
-45.07%
The company operates BTC mining operations and provides hosting and mining as a service, utilizing specialized immersion cooling infrastructure to validate blockchain transactions. It generates revenue from BTC mining and hosting services, including pool payout optimization and uptime maximization.
PTC
Ptc
$14.48Bn
130.78
+1.61%
-36.05%
PTC provides computer-aided design (CAD) and product lifecycle management (PLM) software, specifically citing Creo 3D CAD and Windchill PLM, which are used by contractors and engineering firms to design and build complex products. These tools are purpose-built for the construction and built environment of industrial products, fitting the vertical software definition for T-30.
ULS
2nd
UL Solutions
$14.39Bn
71.22
+0.17%
+4.21%
The company has a dedicated Software and Advisory segment that delivers SaaS and license-based software to help customers manage regulatory compliance, chemical management, and ESG data.
TU
2nd
Telus
$14.09Bn
9.10
+0.11%
-42.51%
Through TELUS Health, the company sells virtual care platforms, electronic medical record tools, and remote patient monitoring to healthcare providers and insurers.
IONQ
IonQ
$14.01Bn
36.76
-0.30%
-21.87%
IonQ specializes in the development and commercialization of quantum computing hardware and software, utilizing a proprietary trapped-ion architecture. It generates revenue through the sale of specialized quantum computers and cloud-based quantum computing-as-a-service (QCaaS) via platforms like AWS Braket and Azure Quantum.
CHKP
Check Point Software Technologies
$13.90Bn
131.64
+0.87%
-32.23%
Check Point sells a comprehensive cybersecurity platform including firewall appliances, endpoint protection, and email security to protect organizations from ransomware and phishing. Its revenue is driven by security subscriptions and licenses for products like Check Point Firewall and Extended Detection and Response (XDR).
RVTY
2nd
Revvity
$13.88Bn
124.40
+2.86%
+50.79%
The company sells specialized healthcare IT software, including electronic lab notebooks, clinical trial platforms, and AI-enabled analytics designed for life sciences operations and clinical workflows.
ONTO
Onto Innovation
$13.79Bn
281.19
+4.61%
+159.76%
Onto Innovation designs and manufactures capital equipment used in semiconductor fabrication, specifically metrology and inspection tools, macro defect inspection equipment, and lithography systems. These tools are sold to integrated circuit fabs and wafer producers to measure critical dimensions and device structures.
GIB
Cgi
$13.76Bn
70.22
+1.56%
-24.33%
CGI is a global provider of managed IT services, strategic IT consulting, and systems integration. Its revenue is primarily generated from technology labor and expertise delivered via fixed-price, time-and-material, and milestone-based arrangements for both public and private sector clients.
CACI
2nd
Caci International
$13.72Bn
620.72
-0.60%
+25.88%
The company generates significant revenue by selling expertise and technology labor, including custom agile software development, data analysis, and systems integration for government and commercial clients.
TRMB
Trimble
$13.45Bn
57.66
+1.44%
-28.07%
Trimble provides a comprehensive suite of construction software, including building information modeling (BIM), virtual design and construction, and project management tools like SketchUp and Trimble Connect. These products are specifically designed for architects, engineers, and contractors to manage the lifecycle of the built environment.
DUOL
Duolingo
$13.44Bn
143.68
-1.02%
-53.55%
Duolingo develops and operates digital platforms for teaching and learning, specifically offering language, math, music, and chess courses via its flagship app. It also provides the Duolingo English Test for academic and professional proficiency assessment, serving a global base of learners and educational institutions.
TTMI
Ttm Technologies
$13.32Bn
126.44
+3.35%
+161.67%
TTm Technologies is a global manufacturer of printed circuit boards (PCBs), substrates, and RF microwave microelectronic assemblies. It provides a 'one stop design engineering and manufacturing solution' to OEMs and EMS providers, which aligns directly with the Electronic Manufacturing Services (EMS) model of providing PCB assembly and system integration.
SWKS
Skyworks Solutions
$13.30Bn
88.35
+5.14%
+20.04%
Skyworks is described as a 'developer manufacturer and provider' of analog and mixed signal semiconductor products, including radio frequency front end modules and power amplifiers. Unlike fabless designers, the company is identified as a manufacturer of these integrated circuits.
BILI
Bilibili
$13.02Bn
15.54
+0.45%
-37.21%
Bilibili operates a video community platform centered on user-generated content and social interaction, where the core product is a network of users connecting over shared interests. Its business model relies heavily on community-driven engagement, memberships, and advertising targeted at its Generation Z+ user base.
HAS
2nd
Hasbro
$12.91Bn
91.54
+1.53%
+17.87%
The company operates a Digital Gaming segment that develops and publishes interactive entertainment software, including titles like MONOPOLY GO! and original games for PC and consoles.
DOCN
DigitalOcean Holdings
$12.89Bn
122.80
-6.22%
+259.17%
DigitalOcean operates a public cloud platform providing infrastructure-as-a-service (IaaS) and platform-as-a-service (PaaS), specifically selling virtual machines (Droplets), storage, and networking. Its revenue is primarily generated through usage-based fees for these cloud resources consumed by developers and small-to-medium businesses.
AVY
2nd
Avery Dennison
$12.86Bn
169.40
+0.32%
+2.83%
The Solutions Group develops and sells radio-frequency identification (RFID) inlays and tags, which are discrete electronic components used for item-level visibility and loss prevention in retail and logistics.
AUR
Aurora Innovation
$12.85Bn
6.43
+1.58%
+18.20%
Aurora develops the 'Aurora Driver,' a self-driving technology platform providing the perception, planning, and mapping software stack for Level 4 autonomous operation. Its core product is the software and hardware system that enables vehicles to navigate without human drivers across trucking, passenger mobility, and delivery markets.
AMKR
Amkor Technology
$12.83Bn
51.73
+4.44%
+108.67%
Amkor is explicitly described as an outsourced semiconductor assembly and test (OSAT) service provider. Its revenue is derived from back-end processes including wafer bump, flip-chip, 2.5D/3D stacking, and final test services for semiconductor companies.
NXT
2nd
Nextpower
$12.57Bn
82.89
+1.89%
+22.64%
The company provides the NX Navigator operations and maintenance platform and TrueCapture energy yield management solutions, which are software tools used to plan and execute the performance and operability of solar power plants.
TME
Tencent Music Entertainment
$12.56Bn
7.98
+1.14%
-68.67%
The company operates flagship applications like QQ Music, Kugou Music, and Kuwo Music, which deliver music streaming and long-form audio services (audiobooks, podcasts) to users. Revenue is generated through monthly subscription fees for these streaming services and advertising sales.
CHYM
Chime Financial
$12.50Bn
33.00
+1.01%
+37.84%
Chime is a neobank that provides digital banking, savings, and wealth management services through a software-native mobile application. It explicitly operates through bank partners rather than holding its own charter, relying on its proprietary technology platform, ChimeCore, as its core competitive advantage.
PAYP
2nd
PayPay
$12.49Bn
18.45
+1.15%
—
The company operates a massive payment processing network for millions of merchants, including Seven-Eleven and Lawson, generating revenue through transaction fees on payment processing.
GRAB
Grab Holdings
$12.48Bn
3.05
+1.33%
-44.85%
Grab operates a superapp that matches consumers with drivers and couriers for ride-hailing (GrabCar, GrabTaxi) and delivery services (GrabFood, GrabMart, GrabExpress), earning revenue through service fees and commissions.
GDDY
GoDaddy
$12.43Bn
98.04
+1.69%
-32.37%
GoDaddy's Core Platform segment, which contributes 62% of revenue, focuses on domain registration, renewals, and aftermarket domain sales. The company manages approximately 81 million domain names, positioning it as a leader in the domain registry and registrar space.
DOCU
Docusign
$12.35Bn
65.65
-0.23%
-18.18%
Docusign provides a platform for the agreement lifecycle, specifically focusing on eSignatures, contract lifecycle management, and compliance with global electronic signature standards. Its products are used by businesses to manage legal obligations, ensure secure signing, and maintain audit trails for regulatory and governance purposes.
CSGP
Costar
$12.34Bn
30.46
+3.29%
-64.70%
CoStar provides subscription-based licenses for access to property databases, market analytics, and benchmarking tools for both commercial and residential real estate. Its core products include listing marketplaces like LoopNet and Apartments.com, as well as data platforms for leasing, sales, and valuation analytics.
FIG
Figma
$12.32Bn
23.22
+4.78%
-54.52%
Figma provides a cloud-based platform for vector editing, UI design, and prototyping, which are core activities for creating visual and digital content. The profile specifically mentions its use for mobile app design, website creation, and game prototyping, fitting the description of creative software.
HUT
Hut 8
$12.15Bn
98.60
+8.83%
+218.58%
The company operates a Compute segment that generates revenue from Bitcoin mining rewards earned by American Bitcoin. This activity involves operating large fleets of ASIC compute assets to validate blockchain transactions.
DKS
2nd
Dick'S Sporting Goods
$11.99Bn
135.03
+1.42%
-40.53%
The company owns and operates GameChanger, a youth sports mobile platform that generates revenue through subscriptions and advertising for live streaming of games.
NVMI
Nova
$11.82Bn
371.81
+1.58%
+33.67%
Nova Ltd. designs and produces metrology hardware, including optical, x-ray, and SIMS tools, used by semiconductor manufacturers to monitor fabrication processes. These are capital equipment tools sold to chip makers to improve yield and process control.
MANH
Manhattan Associates
$11.77Bn
201.82
-1.56%
-4.94%
Manhattan Associates provides software specifically for supply chain execution, including warehouse management, transportation management, and demand forecasting. Its products are purpose-built for logistics providers, wholesalers, and manufacturers to optimize distribution and inventory planning.
PSKY
2nd
Paramount Skydance
$11.74Bn
10.60
+2.12%
-29.85%
The company operates a Direct-to-Consumer segment with streaming services including Paramount+, Pluto TV, and BET+, generating revenue from consumer subscriptions and digital advertising.
SRAD
Sportradar Group AG
$11.67Bn
12.91
+1.65%
-56.97%
Sportradar's core business is the collection, processing, and distribution of sports data and odds feeds to B2B customers. It provides the foundational data layer (pre-match and live odds feeds) that betting operators and media companies use to power their own applications.
ARW
Arrow Electronics
$11.61Bn
228.03
+6.84%
+79.47%
Arrow Electronics is primarily a distributor and reseller of other vendors' technology, sourcing electronic components and enterprise computing solutions for OEMs and service providers. The profile explicitly states it holds a strong position in the 'global electronics distribution industry' and generates revenue through the distribution of semiconductors, interconnects, and computing hardware.
DVA
2nd
Davita
$11.61Bn
181.48
+0.03%
+37.21%
DaVita sells a proprietary transplant software product called MedSleuth, which connects transplant candidates with care teams to improve matching and outcomes, generating revenue through software licensing.
SANM
Sanmina
$11.58Bn
216.00
+6.24%
+76.17%
Sanmina is explicitly described as a leading provider in the electronics manufacturing services (EMS) industry, providing printed circuit board assembly, high-level assembly, and test for OEMs. Its Integrated Manufacturing Solutions segment, which contributes roughly 80% of revenue, focuses on these core assembly and fulfillment activities for other brands.
GWRE
Guidewire Software
$11.56Bn
140.95
+0.66%
-44.30%
Guidewire provides a platform specifically for property and casualty insurers, offering core systems for policy administration, claims management, and billing. Its products, such as InsuranceSuite and InsuranceNow, are purpose-built for insurance workflows and regulations, fitting the definition of Insurtech.
CART
Maplebear
$11.36Bn
48.73
+3.15%
+3.70%
Maplebear operates a marketplace where consumers shop from a variety of retailers for delivery or pickup, collecting marketplace fees from retailers for each order processed. This core model connects buyers (consumers) and sellers (retailers) of physical goods, which is the defining characteristic of a digital marketplace.
JKHY
Jack Henry & Associates
$11.30Bn
161.12
-0.19%
+1.27%
Jack Henry provides core processing systems and digital banking platforms specifically for community and regional banks and credit unions. Its business model centers on providing the technology-first infrastructure (core platforms) that enables these financial institutions to operate.
HUBS
Hubspot
$11.19Bn
225.35
+0.79%
-53.93%
HubSpot's core product is a 'Smart CRM' and a customer platform designed to help businesses manage sales, teams, and business processes. The company specifically targets mid-market B2B firms to manage the sales relationship and revenue pipeline via its Sales and CRM hubs.
GNRC
2nd
Generac Holdings
$11.04Bn
187.18
+3.03%
+1.17%
Generac generates recurring software subscription revenue from energy management and monitoring platforms such as ecobee, Blue Pillar, Ageto, and Mobile Link, which automate home and industrial energy processes.
HII
2nd
Huntington Ingalls Industries
$11.02Bn
279.58
-0.75%
+2.81%
Through its Mission Technologies segment, the company provides integrated technology solutions, C5ISR platforms, and cyber capabilities, which align with the systems integration and technology consulting described in IT Services.
LFUS
Littelfuse
$10.98Bn
432.30
+4.57%
+63.76%
Littelfuse designs and manufactures discrete electronic components such as fuses, switches, varistors, and sensors sold as building blocks to OEMs and distributors. These products, including ESD suppressors and gas discharge tubes, are sold to customers like Arrow Electronics and Digi Key for use in larger systems.
CGNX
2nd
Cognex
$10.80Bn
64.22
+4.10%
+42.87%
The company's core technology is machine vision, and it sells vision software that captures and analyzes visual information to enable machines to interpret images and 3D spatial data. This capability is a primary component of its product offering used across multiple industrial verticals.
PINS
Pinterest
$10.77Bn
19.04
+1.38%
-45.54%
Pinterest operates a platform for social interaction and user-generated content where users find ideas and save them to boards. Its core value is the network of 619 million monthly active users connecting with content from creators, brands, and other users.
ALGN
2nd
Align Technology
$10.75Bn
150.82
+0.07%
+10.97%
The company sells and licenses exocad CAD/CAM software to dental laboratories and clinics for treatment planning and digital model fabrication. This software is purpose-built for healthcare/dental workflows and regulations, qualifying as Healthcare IT.
FROG
JFrog
$10.73Bn
87.18
-1.66%
+74.74%
JFrog provides a unified platform for the software supply chain, specifically targeting developers, DevOps, and SRE professionals. Its core product, JFrog Artifactory, serves as a system of record for software artifacts and packages, which is a fundamental developer tool for managing the build and delivery pipeline.
TEM
2nd
Tempus AI
$10.34Bn
59.01
+0.46%
-33.53%
The company develops and licenses software tools like Hub Lens and Notebooks, as well as AI applications for clinical trial matching and algorithmic diagnostics, specifically designed for the biopharma and healthcare research workflows.
QRVO
Qorvo
$10.29Bn
116.65
+3.82%
+33.06%
Qorvo designs, develops, and manufactures its own semiconductor products, including radio frequency components and power management solutions. The profile explicitly states that the company 'manufactures and markets its products,' indicating it operates its own fabrication capabilities rather than following a purely fabless model.
HSIC
2nd
Henry Schein
$9.89Bn
88.36
+1.21%
+31.08%
The Global Technology segment develops and distributes practice management software and e-services specifically for healthcare providers, competing with systems like Eaglesoft and Epic Systems.
SAIL
SailPoint
$9.84Bn
17.24
-2.27%
-12.97%
SailPoint provides an identity security platform that manages digital identities for employees, non-employees, machines, and AI agents. Its core products, Identity Security Cloud and IdentityIQ, focus on identity governance, visibility into resource access, and automating identity policies.
SIRI
2nd
Sirius Xm Holdings
$9.82Bn
29.15
+0.93%
+22.43%
The company operates Pandora, which provides ad-supported and premium music streaming services to millions of monthly active users and subscribers.
SNAP
Snap
$9.80Bn
5.68
+2.71%
-19.43%
Snap's flagship product is Snapchat, a platform for social interaction and user-generated content where the core value is the network of users connecting via visual messaging. The company generates significant revenue from advertising and subscriptions tied to this social network.
KLAR
2nd
Klarna
$9.75Bn
13.82
+0.00%
-67.66%
Klarna operates a payment processing business where merchants pay fees for the use of its payment solutions, including 'Pay in Full' and integration with digital wallets like Apple Pay and Google Pay.
MTCH
Match
$9.75Bn
42.39
+1.36%
+11.85%
Match Group operates a global portfolio of social interaction platforms including Tinder, Hinge, and Match, where the core product is a network of users connecting with each other. Its revenue is derived from user subscriptions for premium features and advertising, which is the characteristic model for social media and networking platforms.
PAYC
Paycom Software
$9.70Bn
218.98
+1.32%
-3.26%
Paycom provides a cloud-based human capital management (HCM) solution that manages the full employee lifecycle, including payroll, talent acquisition, and HR functions. The company's revenue is generated through subscription fees for these HR-specific applications.
VIAV
Viavi Solutions
$9.57Bn
38.75
+3.61%
+216.07%
Viavi Solutions sells a broad portfolio of test, monitoring, and assurance instruments and software used to build and optimize telecom and datacom networks. Its Network and Service Enablement segment specifically provides test equipment for wireless, wireline, cloud, and avionics applications to customers like AT&T, Cisco, and Nokia.
AYI
2nd
Acuity Inc. (De)
$9.55Bn
319.00
+0.93%
-3.42%
The company provides the Atrius data platform and cloud applications for building performance and spatial intelligence, which are software tools used for managing the built environment.
SIMO
Silicon Motion Technology
$9.55Bn
284.48
+7.25%
+239.88%
Silicon Motion designs and markets NAND flash controllers, including SSD, eMMC, and UFS controllers, without owning its own fabrication plants. Its revenue is primarily derived from selling these designed integrated circuits to NAND flash manufacturers, module makers, and OEMs.
GLXY
2nd
Galaxy Digital
$9.54Bn
24.40
+1.12%
-6.44%
The company is developing the Helios campus, a hyperscale data center facility, and earns lease income from long-term agreements with cloud hyperscalers like CoreWeave.
APTV
2nd
Aptiv
$9.49Bn
45.53
-0.37%
-45.62%
The company provides advanced software, intelligent sensors, and high performance compute platforms specifically designed to enable automated vehicle safety and user experience.
RMBS
Rambus
$9.43Bn
86.97
+1.90%
+12.79%
Rambus designs and sells memory interface chips, such as registering clock drivers and power management ICs, using a fabless model. It sells these chips to memory module makers, OEMs, and hyperscalers.
BSY
Bentley Systems
$9.35Bn
30.97
-0.10%
-41.18%
Bentley Systems provides software for the design, construction, and operation of global infrastructure, including roads, rail, bridges, and tunnels. Its products are specifically sold to professionals in engineering, architecture, and construction for project and asset lifecycle management.
TTEK
2nd
Tetra Tech
$9.34Bn
36.49
+2.18%
+2.33%
The company sells the Tetra Tech Delta technology suite as software subscriptions, which provides digital solutions for managing water and environmental infrastructure workflows.
BAH
2nd
Booz Allen Hamilton Holding
$9.13Bn
75.89
+0.30%
-25.96%
The company provides substantive technology services including systems integration, software development, and digital transformation. These activities are delivered as services to clients like the U.S. Navy and the National Security Agency.
VICR
2nd
Vicor
$9.09Bn
197.91
+11.15%
+295.11%
Vicor leverages proprietary semiconductor circuitry and packaging to create power conversion modules sold as building blocks to OEMs and ODMs for use in server motherboards and other electronic devices.
IDCC
InterDigital
$9.04Bn
350.13
+1.07%
+17.39%
InterDigital designs foundational wireless and video technologies and licenses this intellectual property to manufacturers of smartphones, tablets, and IoT devices. Its revenue model is based on fixed-fee and variable royalty agreements for patented innovations, which aligns with the fabless/licensable chip architecture and IP model described in T-01.
FORM
Formfactor
$8.98Bn
114.95
+2.52%
+290.46%
FormFactor designs and manufactures electronic test and measurement instrumentation, specifically probe cards, probe stations, and cryogenic systems. These products are sold to semiconductor companies and research institutions to provide critical electrical and optical information from integrated circuits.
OSCR
2nd
Oscar Health
$8.96Bn
32.77
+0.71%
+68.66%
The company sells the +Oscar platform to external providers and payors, offering products like Campaign Builder for population identification, care management workflows, and integration with electronic health record systems.
TXG
2nd
10x Genomics
$8.94Bn
68.59
+3.33%
+425.19%
The company has a dedicated Software segment providing the Cell Ranger pipeline, Loupe Browser, and Xenium Explorer, which are purpose-built for processing and visualizing single cell and spatial biological data.
AAOI
Applied Optoelectronics
$8.89Bn
105.36
+2.00%
+292.40%
The company designs and manufactures fiber-optic networking products, including optical transceivers, transmitters, and nodes, used to move data packets across data centers, CATV, and telecom networks. Its primary revenue comes from selling this networking hardware to hyperscale data center operators like Microsoft and Oracle, as well as CATV MSOs.
ESTC
Elastic
$8.76Bn
83.38
-0.17%
-6.38%
Elastic's core offering is the Elasticsearch engine, which serves as a scalable document store and search engine for transforming large volumes of data into insights. The company sells this as a foundational data layer via Elastic Cloud and self-managed software, fitting the description of data infrastructure that stores and transforms data before it reaches the application layer.
KTOS
2nd
Kratos Defense & Security Solutions
$8.76Bn
46.69
-0.62%
-28.89%
Kratos designs and builds unmanned aerial drone systems, including tactical drones like Valkyrie, Thanatos, and Apollo, and provides the associated command and control systems.
WULF
Terawulf
$8.35Bn
16.74
+3.72%
+58.67%
TeraWulf owns and operates physical data center campuses, such as Lake Mariner and Abernathy, providing liquid-cooled high-density compute infrastructure for hyperscale and enterprise tenants. It generates revenue through long-term hosting arrangements and data center leases for high-performance computing (HPC) workloads.
AVT
Avnet
$8.18Bn
99.63
+7.16%
+84.71%
Avnet is a global distributor that purchases electronic components, semiconductors, and computers from manufacturers under franchised agreements and resells them to OEMs and other customers. Its primary revenue model is the resale of other vendors' technology, which is the core definition of Technology Distribution.
RIOT
Riot Platforms
$8.12Bn
21.47
+2.48%
+30.91%
The company is principally engaged in Bitcoin Mining, generating primary revenue from the sale of bitcoin mined through the acquisition and deployment of specialized mining hardware at large-scale facilities in Texas and Kentucky.
PCOR
Procore Technologies
$8.09Bn
53.27
+0.09%
-24.55%
Procore provides a comprehensive construction management platform specifically for owners, general contractors, and specialty contractors. Its products, such as Estimating, Bid Management, and Project Management, are purpose-built for the construction vertical's unique workflows and project lifecycles.
MOB
2nd
Mobilicom
$8.00Bn
4.79
-2.64%
-23.97%
The company designs and builds unmanned aerial vehicles (drones) hardware and software, including handheld controllers (mini-Controller PRO) and drone-specific cloud management software (CONTROLiT).
HQY
2nd
Healthequity
$7.98Bn
96.26
+1.81%
+5.19%
The company generates a primary revenue stream from interchange fees derived from merchant fees on payments made using its physical and virtual payment cards.
DBX
Dropbox
$7.81Bn
35.56
+1.46%
+15.79%
Dropbox provides a horizontal workplace productivity and collaboration suite used for file sharing, storage, and content collaboration. Its core revenue comes from subscriptions for tools that teams use for everyday work, including productivity features like DocSend and Sign.
GTLB
Gitlab
$7.81Bn
46.99
-0.66%
-4.12%
GitLab provides a DevSecOps platform that includes source control, CI/CD pipelines, and tools for planning, building, and testing software. Its primary users are professional software engineers and DevOps teams who use the platform to manage the software development lifecycle.
FIGR
2nd
Figure Technology Solutions
$7.80Bn
34.87
-4.65%
+12.09%
Figure sells its proprietary Loan Origination System and Figure Connect to financial institution partners, earning ecosystem and technology fees for providing the software platform used to originate loans.
CAE
2nd
Cae
$7.72Bn
23.98
+1.27%
-8.93%
CAE sells airline operations digital solutions, specifically flight management and crew management tools, which are software products for the supply chain and logistics of flight operations.
BZ
Kanzhun
$7.65Bn
16.44
+0.18%
-33.06%
Kanzhun operates the BOSS Zhipin platform, which manages the recruitment lifecycle by connecting job seekers with enterprise users. Its core functionality includes job posting, resume exchange, and AI-driven job matching, which are central to human capital management and applicant tracking.
YMM
Full Truck Alliance
$7.61Bn
8.15
+0.00%
-39.13%
Full Truck Alliance operates a digital freight platform that connects shippers with truckers, acting as a digital marketplace for logistics services. It generates revenue through freight listing membership fees and brokerage service fees for matching buyers (shippers) and sellers (truckers) of freight capacity.
APLD
Applied Digital
$7.61Bn
26.42
+2.48%
+53.78%
Applied Digital owns and operates physical data center facilities, providing energized infrastructure and rack space to third-party customers. Its revenue is derived from hosting services for crypto mining and high-performance computing (HPC) workloads, specifically leasing power-dense space in facilities like those in Ellendale and Jamestown, North Dakota.
PCTY
Paylocity Holding
$7.55Bn
141.66
-0.84%
-16.30%
Paylocity provides a comprehensive human capital management (HCM) platform covering the full employee lifecycle, including recruitment, onboarding, benefits administration, and performance management. Its core revenue is driven by subscriptions for these HR-centric modules used by approximately 41,650 organizations.
ZG
Zillow
$7.47Bn
33.23
+4.23%
-61.25%
Zillow operates an online residential real estate marketplace providing listing and property data, home valuation models (Zestimate), and transaction management tools. Its revenue is driven by advertising sales to real estate professionals and rental marketplace services for landlords and property managers.
RAL
Ralliant
$7.44Bn
67.28
+3.97%
+56.76%
Ralliant's Test and Measurement segment generates revenue from the sale of precision instruments including oscilloscopes, probes, source measuring units, and semiconductor test systems. These products are sold to engineers, scientists, and technicians for the purpose of measurement and analysis.
APPF
Appfolio
$7.38Bn
208.48
+1.32%
-24.66%
AppFolio provides a cloud-based software platform specifically for property management companies to manage residential, commercial, affordable, and student properties. The product embeds industry-specific workflows such as leasing, maintenance, and rent collection, which are core to the property industry.
SLAB
Silicon Laboratories
$7.35Bn
220.33
+0.54%
+66.64%
Silicon Laboratories is explicitly described as a fabless semiconductor firm that designs and sells wireless microcontrollers, system on chip (SoC) products, and mixed-signal integrated circuits. It does not own fabrication plants, fitting the fabless model described in T-01.
CWAN
Clearwater Analytics Holdings
$7.30Bn
24.56
+0.00%
+12.20%
Clearwater Analytics provides a cloud-native platform centered on investment accounting, reconciliation, and financial reporting for institutional clients. The company's 'Clearwater Core Platform' specifically delivers multi-asset class and multi-currency accounting capabilities to manage a company's financial records of invested assets.
LUMN
2nd
Lumen Technologies
$7.15Bn
6.94
+1.76%
+13.03%
The company sells managed security services and cybersecurity offerings as part of its Business segment's 'Grow' category.
HNGE
2nd
Hinge Health
$7.10Bn
88.50
+0.35%
+57.59%
The company operates a proprietary technology platform featuring AI-driven motion tracking and a digital musculoskeletal platform designed specifically for clinical workflows and healthcare delivery.
MSA
2nd
MSA Safety
$7.04Bn
182.30
+0.56%
+7.66%
The company provides the MSA+ ecosystem, which generates recurring revenue through monitoring and data analytics services for its safety equipment.
FOUR
Shift4 Payments
$7.00Bn
45.03
+4.48%
-48.20%
Shift4's primary revenue is generated through processing fees charged as a percentage of transaction volume for its omni-channel card acceptance and processing solutions. The company provides merchant acquiring services and a proprietary gateway for credit, debit, and mobile wallet payments.
CIFR
Cipher Digital
$6.98Bn
16.85
+5.71%
+69.01%
Cipher Digital owns and operates physical data center facilities and leases this capacity to hyperscaler and high performance computing tenants, specifically naming Amazon Web Services and Fluidstack (backed by Google) as customers.
CAI
2nd
Caris Life Sciences
$6.88Bn
24.34
+1.25%
-27.13%
The company operates a 'Caris Strategic Data' segment that licenses deidentified multimodal clinico-genomic datasets to pharmaceutical companies for clinical trial design and translational research. This involves providing a life sciences data platform purpose-built for healthcare and drug discovery.
ZETA
Zeta Global Holdings
$6.85Bn
30.21
-1.18%
+45.52%
Zeta Global provides the Zeta Marketing Platform, which includes marketing automation, an Email Service Provider, and a CDP+ customer data platform. These tools are sold to enterprise marketing organizations to execute omnichannel engagement across email, social media, and web.
S
SentinelOne
$6.83Bn
19.75
-0.40%
+10.71%
SentinelOne sells the Singularity Platform, which is an AI-powered cybersecurity platform providing threat prevention, detection, and response across endpoints and cloud workloads. The company's core revenue comes from subscriptions to security modules like Singularity Core, Control, and Complete.
PLXS
Plexus
$6.81Bn
255.34
+3.40%
+85.53%
Plexus is a contract manufacturer that provides design, manufacturing, and supply chain services for other brands, specifically focusing on low-volume, high-mix electronic products. The profile explicitly states it does not manufacture its own proprietary products but acts as a contract partner for customers in the Aerospace, Defense, Healthcare, and Industrial sectors.
CAMT
Camtek
$6.78Bn
147.97
+2.58%
+75.92%
Camtek develops and manufactures high-end inspection and metrology equipment, such as the Eagle, Hawk, and MicroProf families, used in semiconductor fabrication. These systems are capital equipment used by semiconductor manufacturers to inspect integrated circuit features and measure wafer characteristics.
ALGM
Allegro Microsystems
$6.77Bn
36.31
+2.95%
+19.01%
Allegro Microsystems is a fabless designer and marketer of sensor integrated circuits and application-specific power integrated circuits. It sells these designed chips, such as Hall effect and tunnel magnetoresistance sensors, to automotive and industrial OEMs.
MXL
Maxlinear
$6.76Bn
74.57
+7.54%
+364.90%
MaxLinear is explicitly described as a fabless integrated circuit design company that designs communications systems-on-chip (SoCs). It generates revenue by selling these designed chips, such as 4G/5G base-station transceivers and broadband modems, to OEMs and ODMs without owning its own fabrication plants.
MBLY
Mobileye Global
$6.75Bn
8.25
+0.49%
-40.56%
Mobileye develops the software stack for autonomous vehicles, including perception and planning platforms like Responsibility Sensitive Safety and SuperVision. Its core business is enabling vehicles to navigate autonomously for automotive OEMs and robotaxi fleet operators.
TTD
Trade Desk
$6.73Bn
14.34
+2.65%
-68.92%
Trade Desk operates a demand-side platform (DSP) that provides the technology infrastructure for buying, targeting, and measuring digital advertising. Its revenue is primarily derived from platform fees based on a percentage of client spend by advertising agencies and brands.
ETSY
Etsy
$6.72Bn
72.80
+1.68%
+25.91%
Etsy operates two-sided online marketplaces, including the Etsy marketplace for creative goods and the Depop marketplace for fashion resale, connecting independent sellers with buyers. The company generates revenue through transaction fees, listing fees, and commissions without holding physical inventory.
DOX
Amdocs
$6.66Bn
61.42
+1.92%
-26.79%
Amdocs provides software and services for communications and media companies to automate network operations and manage 5G and fiber rollouts. Specifically, it sells the Amdocs Intelligent Networking Suite and provides network operations services to telecommunications and cable operators.
WEX
Wex
$6.57Bn
191.50
+0.74%
+8.71%
WEX operates a global commerce platform that processes hundreds of billions of dollars in transactions, earning revenue from transaction processing fees in its Mobility segment and net interchange on open loop virtual card transactions in its Corporate Payments segment.
DSGX
Descartes Systems
$6.54Bn
76.04
+6.62%
-28.18%
Descartes provides a comprehensive suite of software for planning and executing the movement of goods, including routing, transportation management, and ecommerce shipping and fulfillment. Its products specifically serve logistics service providers, freight forwarders, and customs brokers to manage the 'book to bill' and 'purchase order to dock' processes.
BLDR
2nd
Builders FirstSource
$6.50Bn
60.43
+2.44%
-58.77%
Through its Paradigm subsidiary, the company sells software products providing drafting, estimating, quoting, and virtual home design services specifically for the homebuilding and construction vertical.
INGM
Ingram Micro Holding
$6.49Bn
27.56
+4.55%
+33.46%
Ingram Micro is a global IT distributor that resells hardware, software, and cloud solutions from approximately 1,500 vendor partners, including Apple, HP, and Microsoft, to a network of 165,000 reseller customers. Its primary revenue is generated from the distribution of these third-party products rather than designing its own branded technology.
GDS
GDS Holdings
$6.36Bn
30.82
-0.77%
-19.95%
GDS Holdings designs, builds, and operates high-performance data centers, providing colocation and managed services. Its revenue is generated from leasing net floor area and power capacity to hyperscale cloud providers and large internet companies.
NPO
2nd
Enpro
$6.36Bn
300.45
+2.27%
+35.93%
Through its Advanced Surface Technologies segment, specifically LeanTeq and Technetics Semi, the company provides cleaning, coating, refurbishment, and wafer processing sub-systems for semiconductor equipment manufacturers like Applied Materials and ASML.
ARBK
Argo Blockchain
$6.30Bn
2.88
-0.35%
-94.67%
Argo Blockchain operates a fleet of approximately 21,200 ASIC-based mining machines to validate blockchain transactions and earn block subsidies and transaction fees. Its primary revenue is generated from the sale of mined Bitcoin and other cryptocurrencies.
GLBE
Global-E Online
$6.29Bn
37.18
+1.86%
+1.45%
Global-E provides a technology platform that enables merchants to sell to shoppers across borders, offering localized pricing, payment options, and integrated systems to manage international sales. This matches the description of e-commerce software that provides storefront infrastructure and cross-border localization services to merchants.
PATH
UiPath
$6.27Bn
13.74
-1.01%
+18.35%
UiPath provides a robotic process automation (RPA) and business process automation platform that allows non-technical business users to automate workflows using low-code tools and drag-and-drop interfaces. The company's core revenue comes from subscriptions to its Automation Cloud and perpetual licenses for software that orchestrates enterprise processes.
QBTS
D-Wave Quantum
$6.25Bn
16.80
+0.84%
+4.74%
D-Wave Quantum develops and sells quantum computing hardware (superconducting annealing and gate model systems) and provides cloud access to these systems via its Leap quantum cloud service. The company's core business is defined by its proprietary superconducting quantum processors and quantum computing as a service (QCaaS).
RSI
2nd
Rush Street Interactive
$6.13Bn
26.43
+0.34%
+25.44%
The company operates a proprietary online gaming platform that enables it to act as a B2B supplier, providing retail sports betting services and technology to land-based partners like casinos and Native American tribes in exchange for commissions.
EPAM
EPAM Systems
$6.08Bn
117.92
+2.95%
-22.98%
EPAM is a global provider of digital engineering and technology services, specializing in custom software development, product engineering, and cloud transformation. Its revenue is derived from providing technology labor and expertise to global enterprises and startups through a global delivery platform.
DLB
Dolby Laboratories
$6.08Bn
64.50
+2.95%
-10.55%
Dolby generates 93% of its revenue by licensing technology, brands, and patents, specifically audio codecs like DD+, AC-4, Dolby Atmos, and Dolby Vision, as well as essential patents for standards like HEVC and AVC. This matches the T-05 description of licensing chip architecture IP and collecting royalties on licensed processor architectures and IP blocks.
DXF
2nd
Eason Technology
$6.07Bn
0.45
-4.26%
-91.46%
The company develops and sells cybersecurity solutions, including application-level security products for digital asset and intellectual property protection, and provides security strategy consulting for enterprises.
NTSK
Netskope
$6.00Bn
14.70
-2.65%
-34.64%
Netskope provides a comprehensive security platform including Cloud Access Security Broker (CASB), Data Loss Prevention (DLP), Next-Gen Secure Web Gateway (SWG), and Zero Trust Network Access (ZTNA) to protect data and stop threats.
PL
Planet Labs PBC
$5.98Bn
16.45
-1.44%
+70.11%
Planet Labs sells AI-ready data products that apply computer vision and machine learning to detect changes on the planet's surface. Its core revenue comes from subscriptions to a cloud-native platform providing data feeds and analytics tools for interpreting imagery.
PEGA
Pegasystems
$5.96Bn
36.24
+1.46%
-35.80%
Pegasystems provides a core platform for business process automation, including low-code application development platforms and robotic process automation (RPA). Its Pega Platform is specifically designed to help organizations automate workflows and streamline mission-critical business processes.
CRUS
Cirrus Logic
$5.95Bn
118.79
+1.98%
+5.43%
Cirrus Logic designs mixed-signal integrated circuits, including amplifiers, codecs, and power management ICs, and operates under a fabless model by using third-party foundries like TSMC and GlobalFoundries for wafer fabrication.
RDNT
2nd
RadNet
$5.94Bn
75.49
+1.63%
+5.85%
The company's Digital Health segment sells RIS, PACS, and AI-based image analysis tools (such as DeepHealth OS) to hospitals and imaging centers. These products are purpose-built for medical image storage, retrieval, and clinical interpretation workflows.
NICE
Nice
$5.93Bn
98.18
+0.14%
-30.87%
The company's primary business is its CXone AI platform, which orchestrates voice, digital, and self-service interactions for contact centers. It competes directly in the contact center as a service (CCaaS) market against rivals like Five9 and Genesys.
G
2nd
Genpact
$5.90Bn
35.13
+2.06%
-18.92%
The company provides 'Technology Services' and 'Advanced Technology Solutions' including Data and AI, as well as digital transformation engagements and systems integration for its clients.
LYFT
Lyft
$5.80Bn
15.32
+2.00%
-19.20%
Lyft operates a mobility platform that matches riders with drivers for on-demand rideshare, taxi, and chauffeur services, earning revenue from service fees and commissions. The company's core activity is facilitating transportation by matching supply and demand in real time via its mobile application.
RNG
RingCentral
$5.77Bn
68.86
-0.28%
+120.28%
RingCentral's core business is providing cloud-based communications and collaboration solutions, specifically Unified Communications as a Service (UCaaS), video conferencing, and messaging. These services are sold as a communication channel to enterprises and small to medium size businesses.
M
2nd
Macy's
$5.77Bn
22.08
+7.76%
+29.58%
The company operates Macy's Media Network, a retail media business that sells advertising technology and space to brand partners to advertise on its platforms.
CORZ
Core Scientific
$5.73Bn
17.94
+3.28%
+15.37%
Core Scientific owns and operates physical data center facilities providing high-density colocation services, power, and cooling for AI, HPC, and digital asset mining customers. Its revenue is derived from leasing customer power capacity and providing the physical infrastructure required for these power-intensive workloads.
YOU
Clear Secure
$5.69Bn
42.23
-1.15%
+13.25%
Clear Secure's core product is a proprietary identity network that uses biometric data, document verification, and device signals to confirm user identity. This is sold both as a consumer subscription (CLEAR+) and as a B2B platform (CLEAR1) for identity verification, KYC compliance, and employee onboarding.
OTEX
Open Text
$5.58Bn
23.06
+1.99%
-34.32%
OpenText's largest revenue contributor (40%) is the Content Cloud, which provides content management, records management, archiving, and collaboration tools for managing unstructured data. These are horizontal productivity and knowledge base tools used by organizations to manage the lifecycle of their information.
NAVN
Navan
$5.46Bn
21.02
+3.75%
—
Navan provides an expense management platform that automates the capture, categorization, and reporting of business spending, including month-end reconciliation. Its products, such as Navan Connect and the core expense segment, are used by finance teams to manage a company's own financial records and spend visibility.
SAIC
Science Applications International
$5.46Bn
129.90
+0.89%
+25.98%
The company is described as a 'pure play technology service provider' that generates revenue through systems integration, custom software development, and IT modernization. It sells technology labor and expertise via cost-reimbursement and time-and-materials contracts to the US government.
PI
Impinj
$5.40Bn
176.82
+2.93%
-6.94%
Impinj designs and sells silicon radios and integrated circuits, specifically endpoint ICs (M730, M750, M830, M850 series) and reader ICs, using a fabless model with TSMC for wafer fabrication.
CVLT
Commvault Systems
$5.39Bn
130.07
-1.13%
-28.11%
Commvault specializes in cyber resiliency and data protection, specifically offering tools to safeguard data against ransomware and cyber threats. Its 'Cyber Recovery' package includes threat scanning, data validation, and cyber deception capabilities to remediate risks in backup data.
EXLS
ExlService Holdings
$5.35Bn
35.26
+1.85%
-17.44%
ExlService primarily sells technology labor and expertise as a service, providing custom AI model development, data modernization, and technology-enabled managed services. Its revenue model is based on master services agreements and statements of work for digital transformation and integrated operations across multiple industries.
BLSH
Bullish
$5.31Bn
35.18
+3.78%
-33.14%
Bullish operates the Bullish Exchange, a platform for trading digital assets and cryptocurrencies, and provides blockchain-related data and indices. Its core business model revolves around building the rails and tools for the digital asset ecosystem, including trading fees and API subscriptions for market data.
ACIW
Aci Worldwide
$5.27Bn
52.09
+0.23%
+2.88%
Aci Worldwide provides software for the authentication, authorization, switching, settlement, and reconciliation of digital payments for banks, merchants, and billers. Its core products, such as the ACI Payments Orchestration Platform, are designed specifically to move money at the point of sale and across payment rails.
NIQ
NIQ Global Intelligence
$5.26Bn
17.83
+0.96%
-2.03%
NIQ provides a cloud-based AI powered technology platform that delivers granular, store-level analytics and omnichannel insights to brands and retailers. Its Intelligence and Activation segments generate revenue from subscriptions for measuring market share, tracking sales volume, and providing predictive insights and custom reports.
QLYS
Qualys
$5.21Bn
150.28
-6.99%
+10.79%
Qualys provides a cloud-based platform for cybersecurity, specifically focusing on vulnerability management, cyber risk quantification, and remediation. Its products are designed to protect endpoints, cloud containers, and mobile environments from attack, placing it squarely in the cybersecurity software category.
VRNS
Varonis Systems
$5.18Bn
45.12
-0.84%
-21.11%
Varonis provides a data security platform designed to protect enterprise data across cloud, SaaS, and on-premises environments. Its core products focus on detecting threats, flagging anomalous behavior indicative of ransomware or insider threats, and reducing the attack surface through automated response.
VSNT
2nd
Versant Media
$5.18Bn
37.19
-0.46%
—
Versant operates digital marketplaces such as Fandango for movie ticketing and GolfNow for tee time bookings, earning transaction-based fees from connecting consumers with service providers.
HIMX
Himax Technologies
$5.14Bn
14.73
+6.89%
+74.11%
Himax is explicitly described as a fabless semiconductor company that designs and markets integrated circuits (ICs), including display drivers, timing controllers, and touch controller ICs. It generates revenue by selling these designed chips to panel manufacturers and OEMs without owning its own fabrication plants.
RGTI
Rigetti Computing
$5.10Bn
15.27
+0.73%
-8.51%
Rigetti designs and builds quantum computers based on superconducting qubits and sells access to these systems via its Rigetti Quantum Cloud Services platform. The company's core business is the development of quantum processing units (QPUs) and the software stack required to operate them.
VEON
2nd
Veon
$5.02Bn
67.87
-1.87%
+26.55%
VEON operates streaming entertainment platforms and digital content services, specifically mentioning products like Tamasha and Kyivstar TV.
IRDM
2nd
Iridium Communications
$5.01Bn
47.30
+0.57%
+157.21%
The company derives income from the sale of satellite handsets, modems, and related equipment to distribution partners and end users.
AIR
2nd
Aar
$5.00Bn
125.43
+0.76%
+69.39%
Through its Trax product, AAR provides a cloud-based electronic enterprise resource platform (ERP) specifically for the MRO industry, which automates workflows and manages core enterprise operations.
JG
Aurora Mobile
$4.99Bn
6.33
-2.62%
-37.64%
Aurora Mobile provides a comprehensive suite of developer services delivered through software development kits (SDKs), including push notifications, instant messaging, and one-click verification. Its primary revenue comes from subscription fees for these developer tools, such as JPush VIP and JMessage VIP, serving approximately 786,900 mobile app developers.
PAGS
2nd
PagSeguro Digital
$4.97Bn
10.12
-0.20%
+9.52%
The company is a major payment processor in Brazil, earning significant revenue from merchant discount rates on card transactions and providing POS systems for in-person payments.
SOGP
Sound
$4.95Bn
11.86
-0.08%
-38.83%
The company's primary revenue stream (98.5%) comes from its Online Audio Business, which operates platforms for voice live streaming, multi-user voice interaction, and social entertainment. This business model, based on user-generated content and monetization via virtual gifts and in-app purchases, aligns with the social interaction and creator monetization described in T-47.
PSN
2nd
Parsons
$4.90Bn
45.76
-0.26%
-38.79%
The company is a leading federal systems integrator, providing integrated solutions that combine software, hardware, and engineering expertise for government agencies including NASA and the Department of Energy.
NSIT
Insight Enterprises
$4.88Bn
165.37
+6.09%
+31.58%
Insight Enterprises primarily operates as a solutions integrator and value-added reseller, with product sales of hardware and software accounting for approximately 79% of its 2025 net sales. The company explicitly states that it purchases and resells products from over 6,000 technology partners, including major manufacturers like Microsoft, Dell, Cisco, HP, and Lenovo.
KVYO
Klaviyo
$4.85Bn
16.34
+1.30%
-47.58%
Klaviyo provides a marketing automation platform that enables personalized marketing across email, text messaging, WhatsApp, and push notifications. Its revenue is driven by subscriptions based on the volume of messages sent and the number of active consumer profiles, which is the core model for marketing software.
BULL
2nd
Webull
$4.83Bn
9.22
-0.86%
-32.21%
Webull is a technology-first, software-native brokerage that competes with other neobrokers like Robinhood, emphasizing a mobile-first interface and integrated AI tools as its core competitive advantage.
ENPH
2nd
Enphase Energy
$4.80Bn
36.35
-1.38%
-2.60%
The company offers the Solargraf design and proposal platform, which is software specifically for the planning and design of solar installations for contractors and installers.
XMTR
Xometry
$4.78Bn
86.11
+1.48%
+70.08%
Xometry operates a global online manufacturing marketplace that connects buyers with suppliers of custom manufacturing services, earning revenue primarily from fees on marketplace orders. This matches the model of a digital marketplace enabling commerce between buyers and sellers online.
BDC
2nd
Belden
$4.78Bn
122.22
+6.03%
-8.44%
The company provides networking hardware and software-defined networking capabilities, including matrix switching systems and rugged network infrastructure for industrial Ethernet and 5G applications. These products move data packets across enterprise and industrial networks.
MLMC
FrankSpeech Network
$4.77Bn
0.81
+0.00%
-57.59%
FrankSpeech Network operates an online movie channel and a 24-hour streaming internet TV station. Its revenue model is based on subscriptions for premium access, pay-per-view video on demand, and advertising income from free streaming content.
AMTM
2nd
Amentum Holdings
$4.75Bn
19.46
-0.46%
-18.13%
Through its Digital Solutions segment, Amentum provides next-generation information technology, software engineering services, and digital transformation initiatives to federal and commercial clients.
VSH
Vishay Intertechnology
$4.69Bn
33.22
+6.13%
+117.27%
Vishay manufactures a vast portfolio of discrete electronic components, including resistors, inductors, and capacitors, which are sold as building blocks to OEMs and EMS providers. These products, such as wire wound power shunts and tantalum capacitors, fit the definition of discrete components and sensor modules sold to other device makers.
HAE
2nd
Haemonetics
$4.67Bn
102.69
+1.53%
+92.02%
Haemonetics sells donor management software and supporting software solutions specifically designed for the workflows and operational needs of plasma collection centers.
ACMR
ACM Research
$4.66Bn
72.00
-0.54%
+139.20%
ACM Research manufactures capital equipment used in semiconductor fabrication, specifically specialized wet cleaning tools like the Tahoe system and ECP furnaces. Its revenue is derived from the sale and service of these processing tools to foundry, logic, and memory chip makers.
BOX
Box
$4.63Bn
33.73
-1.14%
+2.21%
Box provides a cloud-based Intelligent Content Management platform used for storing content, collaboration, and file sharing. The profile specifically mentions its competition with Microsoft OneDrive, Google Drive, and Dropbox in the file sync and share arena, which are core productivity and collaboration tools.
MOGU
Mogu
$4.61Bn
1.88
+1.62%
-24.80%
MOGU operates an online fashion and lifestyle platform that connects merchants, influencers, and consumers, taking commissions on sales. The company's core business model is enabling commerce between buyers and sellers via the Mogujie app and website.
DOCS
Doximity
$4.60Bn
25.58
+3.44%
-62.93%
Doximity provides a technology platform purpose-built for healthcare professionals, featuring HIPAA-compliant communication tools, on-call scheduling via AMiON, and AI-powered clinical tools like Doximity GPT. These products are designed specifically for clinical workflows and healthcare regulations, serving hospitals and health systems.
TTAN
ServiceTitan
$4.60Bn
54.68
-2.37%
-53.29%
ServiceTitan provides a purpose-built software platform specifically for tradespeople such as plumbers, roofers, and HVAC technicians to manage field service, estimating, and job costing. The product embeds industry-specific workflows for the built environment and construction trades, making it a vertical software solution for this sector.
PAY
Paymentus Holdings
$4.59Bn
36.41
+0.28%
+3.53%
Paymentus provides a cloud-based bill payment technology platform and generates revenue primarily from transaction fees on payments processed for billers and financial institutions. Its core business is moving money at the point of payment across an omni-channel infrastructure including web, mobile, and API integrations.
MARA
MARA Holdings
$4.58Bn
11.98
+4.81%
-24.46%
The company's primary revenue is generated from Bitcoin mining, operating a fleet of approximately 490,000 mining rigs to earn block subsidies and transaction fees. This activity is the core of its Bitcoin Mining segment and its main operational output.
NNI
2nd
Nelnet
$4.57Bn
126.70
+0.65%
+3.30%
The FACTS division provides tuition management, financial needs assessment, and financial management software specifically for nearly 12,000 K12 schools, embedding education-specific financial workflows.
MMYT
MakeMyTrip
$4.53Bn
50.09
+2.06%
-50.26%
MakeMyTrip operates as a digital marketplace connecting buyers (travelers) with sellers (airlines, hotels, bus operators) and earns revenue through commissions and service fees on bookings. Its core business model is enabling commerce between third-party travel suppliers and consumers via its platforms.
KLIC
Kulicke & Soffa Industries
$4.51Bn
86.13
+3.81%
+126.84%
Kulicke & Soffa designs and manufactures capital equipment used in semiconductor assembly, specifically ball bonders, wedge bonders, and wafer level bonding equipment. These are high-value tools sold to integrated device manufacturers and OSAT providers for the fabrication and assembly of semiconductor devices.
WAY
Waystar Holding
$4.50Bn
23.47
+1.78%
-42.05%
Waystar provides software purpose-built for healthcare organizations to manage revenue cycle operations, including eligibility checks, prior authorizations, and claims submission. The platform is designed specifically for healthcare providers, payers, and patients, embedding industry-specific workflows for reimbursement and billing accuracy.
BB
Blackberry
$4.50Bn
7.67
+1.32%
+98.19%
BlackBerry's QNX division develops real-time operating systems, hypervisors, and software development platforms specifically for embedded systems in automotive, medical devices, and robotics. These products are tightly coupled to specialized hardware and are embedded in over 275 million vehicles.
VNT
2nd
Vontier
$4.39Bn
32.19
+2.98%
-25.54%
The company sells point of sale and payment solutions, convenience retail operating platforms, and workflow automation software specifically tailored for convenience store and retail fueling operators.
DLO
dLocal
$4.38Bn
14.86
-0.40%
+8.55%
dLocal provides payment infrastructure and a unified API for merchants to process cross-border and local transactions. Its revenue is primarily generated from processing fees, foreign exchange service fees, and installment fees charged per transaction.
DIOD
Diodes
$4.36Bn
95.01
+3.65%
+74.91%
Diodes Incorporated operates a hybrid manufacturing model that includes internal wafer fabrication facilities. The company designs and manufactures its own semiconductor products, including analog, power, and logic devices, making it an integrated device manufacturer.
NP
2nd
Neptune Insurance Holdings
$4.36Bn
31.62
+1.61%
—
The company's core differentiator is its technology-first approach, specifically its AI underwriting engine 'Triton' and policy management system 'Poseidon'. These proprietary machine learning models enable risk-based pricing and instant digital quoting, transforming traditional insurance workflows.
BILL
BILL Holdings
$4.35Bn
47.25
-0.78%
-10.73%
BILL Holdings provides a financial operations platform for SMBs to manage payables, receivables, and spend and expense activities. The platform specifically enables businesses to create and process invoices and synchronize this financial data with their accounting systems.
OPLN
Openlane
$4.34Bn
35.31
+1.52%
+19.21%
Openlane operates digital marketplaces in the US, Canada, and Europe that connect automotive manufacturers, dealers, and fleet operators to facilitate wholesale used vehicle transactions. The company generates revenue through buy and sell fees charged to these participants for enabling commerce between buyers and sellers online.
HTFL
2nd
Heartflow
$4.33Bn
49.88
+9.65%
+50.38%
The company operates a scalable cloud-based platform that integrates into physician workflows and utilizes a proprietary database of 110 million annotated CCTA images. This technology platform is purpose-built for cardiovascular clinical workflows and medical data standards.
ARX
2nd
Accelerant Holdings
$4.30Bn
19.84
+0.00%
+0.97%
The company operates a data-driven risk exchange and proprietary technology platform that provides high-fidelity data and analytics to reduce information asymmetry in the underwriting process.
AXTI
Axt
$4.25Bn
64.77
+0.11%
+1,810.62%
AXT produces and sells semiconductor substrates (wafers) made from indium phosphide, gallium arsenide, and germanium, which are consumables consumed in the chip fabrication process. These products, along with the company's raw materials, are sold to manufacturers that apply epitaxial layers to create finished semiconductors.
RUM
Rum
$4.24Bn
7.17
-2.58%
-0.42%
Rumble operates a video sharing platform (Rumble.com) and a community support site (Locals.com) where the core product is a network of users and creators connecting with each other. Revenue is generated through advertising, subscriptions, and user tips within this social ecosystem.
WIX
Wix.com
$4.21Bn
76.58
+1.40%
-53.32%
Wix operates as an ICANN-accredited registrar and provides domain hosting services as a core part of its platform. Its revenue model includes standalone domain registration fees and hosting subscriptions that put user sites on the internet.
BWIN
2nd
Baldwin Insurance
$4.13Bn
29.65
+0.88%
-2.37%
The company operates the MSI platform, which manufactures and distributes proprietary technology-enabled insurance solutions to internal risk advisors and external distribution partners.
ITRI
2nd
Itron
$4.10Bn
93.55
+0.00%
-22.37%
Itron sells supply chain and infrastructure software for the utility vertical, including distributed energy resource management (DERMS) and AMI operations software used to plan and execute the movement of resources.
JOYY
Joyy
$4.06Bn
77.26
+3.25%
+22.71%
The company's core business and largest revenue driver (72% from virtual tips) is its portfolio of social entertainment platforms, including Bigo Live, imo, Likee, and Hago, which connect a global user base of 272.1 million monthly active users.
CCC
CCC Intelligent Solutions Holdings
$4.05Bn
6.89
+0.58%
-29.12%
CCC provides a SaaS and AI platform specifically for the insurance economy, offering products for claims workflow, total loss, subrogation, and casualty solutions. These products are purpose-built for the insurance industry's specific workflows and regulations, serving over 300 insurers including top U.S. auto and disability carriers.
DAVE
Dave
$4.01Bn
350.71
-2.13%
+63.69%
Dave operates as a neobank providing a mobile-first financial services platform, including checking accounts and financial management tools. Its competitive advantage is its technology-first, software-native model, which differentiates it from traditional banks like Bank of America and JPMorgan Chase.
SEZL
Sezzle
$4.00Bn
118.87
+0.39%
+33.41%
Sezzle operates a digital shopping and payments platform that provides point-of-sale credit via its Sezzle Platform, earning revenue through merchant processing fees based on a percentage of gross merchandise volume. Its core business is moving money at the point of sale through its pay-in-four and other installment products.
LOPE
2nd
Grand Canyon Education
$3.97Bn
151.20
-0.01%
-27.83%
The company develops and provides proprietary education technology platforms, specifically the Halo learning management system and Mosaic AI tools, which are purpose-built for the higher education vertical.
SYNA
Synaptics
$3.95Bn
101.03
+8.09%
+41.42%
Synaptics operates a fabless semiconductor model, designing custom silicon including the Astra AI processors and Veros wireless portfolio. It generates revenue primarily through the sale of these designed semiconductor solutions to OEMs.
KFY
2nd
Korn Ferry
$3.94Bn
77.62
-0.70%
+6.74%
Korn Ferry sells the Korn Ferry Talent Suite, a proprietary digital platform providing assessment tools and compensation benchmarks via subscription and license models, generating $363.5 million in revenue.
WK
Workiva
$3.89Bn
71.89
+0.66%
-8.35%
Workiva provides a platform for governance, risk, and compliance (GRC), specifically delivering capabilities for internal audit, internal controls, and risk management to help organizations meet obligations like SOX. Its core value proposition centers on trust, transparency, and accountability through regulatory and statutory reporting.
EQPT
2nd
EquipmentShare.com
$3.87Bn
18.02
+2.27%
—
The company sells subscription services and data analytics via its proprietary T3 technology platform, which is purpose-built for the construction industry to connect assets, materials, and people on jobsites.
OLED
Universal Display Corp \Pa\
$3.86Bn
83.56
+2.96%
-39.08%
Universal Display Corporation develops and sells proprietary OLED emitter and host materials, such as UniversalPHOLED, which are consumables used by device manufacturers in the production of OLED displays and lighting. This matches the description of supplying materials and consumables consumed in the fabrication of electronic components.
GPGI
2nd
Gpgi
$3.86Bn
13.31
+3.18%
-30.75%
CompoSecure offers the Arculus platform, which provides three-factor authentication, high-value transaction authorization, and digital asset security, matching the description of managing digital identity and access.
ONDS
2nd
Ondas
$3.83Bn
7.23
-0.28%
+30.04%
The company designs and builds autonomous aerial platforms, such as the Optimus system for persistent surveillance, and provides the associated command and control software.
TLX
2nd
Telix Pharmaceuticals
$3.82Bn
11.29
-5.13%
+16.51%
The MedTech segment develops AI-powered imaging tools and digital platforms specifically designed to support treatment planning and patient selection within healthcare workflows.
QTWO
Q2 Holdings
$3.80Bn
60.92
+1.04%
-26.35%
Q2 provides a unified cloud-based digital banking platform that enables financial institutions and FinTechs to deliver banking services to retail, SMB, and commercial customers. Its core revenue comes from subscriptions for this digital banking platform and its Helix banking-as-a-service platform.
GCT
2nd
GigaCloud Technology
$3.73Bn
51.87
+0.14%
+83.81%
The company operates the GigaCloud Marketplace, a B2B platform that connects manufacturers in Asia with resellers in the US, Europe, and Japan, earning service revenues from platform commissions and fees.
FSLY
Fastly
$3.68Bn
23.16
+1.98%
+214.67%
Fastly operates a global network of Points of Presence to provide content delivery network (CDN) capabilities, edge compute services, and DDoS mitigation at the network edge. Its revenue is primarily derived from subscription and usage fees for these edge cloud platform offerings.
ACVA
ACV Auctions
$3.65Bn
10.41
+44.18%
-0.19%
ACV Auctions operates a digital marketplace that connects wholesale buyers and sellers of used vehicles, generating revenue primarily from transaction fees on this platform. The company facilitates commerce between dealers, fleet operators, and financial institutions, which is the core definition of a digital marketplace.
FA
First Advantage
$3.64Bn
21.22
+3.92%
+34.64%
First Advantage provides identity solutions, including identity verification, criminal background screening, and digital biometric identity verification. Its core product is managing and verifying digital and legal identities for employers to manage risk across the employee lifecycle.
DAO
Youdao
$3.53Bn
14.44
-2.83%
+62.25%
Youdao provides online learning services, tuition-based courses like Youdao Lingshi and China University MOOC, and language practice tools for learners of all ages. Its revenue model includes tuition fees for online courses and subscription fees for dictionary and AI-based learning tools.
FLY
2nd
Firefly Aerospace
$3.51Bn
21.13
+1.10%
-50.60%
Through its acquisition of SciTec, the company sells standalone software and data processing solutions for missile warning, intelligence, surveillance, reconnaissance, and space domain awareness.
CLSK
Cleanspark
$3.51Bn
13.67
+6.80%
+36.29%
CleanSpark's principal revenue-generating activity is bitcoin mining, where it operates a fleet of roughly 241,934 mining machines to earn rewards in the form of newly issued coins and transaction fees. The company explicitly identifies its Bitcoin Mining segment as a core part of its operations, delivering a hashrate of about 45.6 exahash per second.
ACLS
Axcelis Technologies
$3.50Bn
113.43
+0.11%
+31.35%
Axcelis Technologies manufactures ion implantation equipment, which is a capital tool used in the fabrication of semiconductor chips. The company generates revenue from the sale of these systems and provides aftermarket support, including spare parts and equipment upgrades, to semiconductor manufacturers.
LIF
Life360
$3.47Bn
42.68
+2.69%
-55.35%
Life360 operates a technology platform providing AI-driven safety capabilities such as advanced crash detection and location-based insights. It sells these capabilities as a standalone subscription service to millions of users via its mobile application.
GENI
Genius Sports
$3.46Bn
6.82
+1.34%
-45.70%
Genius Sports' core business is providing live sports data feeds, data capture, and analytics solutions to leagues and sportsbooks. Its revenue is driven by the delivery of real-time data and the proprietary GeniusIQ platform, which functions as data infrastructure for the sports betting and media ecosystems.
NATL
NCR Atleos
$3.44Bn
46.64
+0.84%
+20.24%
NCR Atleos provides the core infrastructure for moving money at the point of service through ATMs and interactive teller machines. It generates significant revenue from transaction-based fees, including surcharge charges paid by cardholders and interchange fees paid by financial institutions.
ARLP
2nd
Alliance Resource Partners
$3.41Bn
26.53
-1.27%
+17.70%
Through its investment in Bitiki, the company mines bitcoin and hosts third-party crypto-miners for a fee.
MGNI
Magnite
$3.41Bn
23.77
+0.93%
-0.50%
Magnite operates a sell-side advertising platform (SSP) and programmatic CTV marketplace that provides the technology infrastructure for buying and selling digital advertising inventory. Its revenue is derived from fees tied to advertising spend, CPMs per impression, and platform fees for facilitating automated transactions between publishers and advertisers.
LRN
2nd
Stride
$3.40Bn
81.99
+0.56%
-48.11%
The company operates a comprehensive digital platform and learning management systems used to deliver its curriculum and instructional services. It sells these technology systems as part of its 'school-as-a-service' model and as stand-alone educational products.
UCTT
Ultra Clean Holdings
$3.35Bn
74.04
+4.09%
+190.13%
The company designs and manufactures production tools, components, modules, and subsystems—specifically chemical, gas, and fluid delivery systems—for the semiconductor capital equipment market. These products are sold to semiconductor OEMs like Applied Materials and Lam Research, which are the primary buyers of fab capital equipment.
TENB
Tenable Holdings
$3.32Bn
30.11
-5.99%
-1.41%
Tenable provides exposure management and vulnerability management solutions designed to identify and reduce cybersecurity risks across IT infrastructure and cloud environments. Its core products, such as Nessus and Tenable Security Center, are used to protect organizations from attacks by managing their attack surfaces.
LPL
LG Display
$3.31Bn
3.31
+5.41%
-23.56%
LG Display manufactures and sells display panels (LCD and OLED) which are discrete electronic components sold as building blocks to OEMs and brand owners. These panels are integrated into finished products like televisions, smartphones, and notebooks, matching the description of selling parts to OEMs rather than finished consumer devices.
STNE
2nd
StoneCo
$3.17Bn
10.10
-1.94%
-42.68%
The company operates as a merchant acquirer, generating significant revenue from transaction fees on card and Pix transactions, as well as providing tap-on-phone and split payment solutions.
KN
Knowles
$3.16Bn
36.97
+4.44%
+71.71%
Knowles designs and manufactures discrete electronic components, specifically high-performance capacitors, radio frequency (RF) filters, microphones, and balanced armature speakers. These are sold as building blocks to original equipment manufacturers (OEMs) in the medtech, defense, and industrial sectors.
AMPL
Amplitude
$3.14Bn
12.59
+1.04%
+12.51%
Amplitude provides an AI-powered analytics platform that analyzes behavioral data to deliver real-time actionable insights and dashboards. Its core value proposition is turning user interaction events stored in its proprietary Behavioral Graph into insights for business decision-makers to improve engagement and retention.
KYIV
2nd
Kyivstar
$3.14Bn
13.61
-1.87%
+25.32%
The company operates Uklon, a ride-hailing platform that matches consumers with drivers for transportation and delivery services.
FRSH
Freshworks
$3.12Bn
11.89
+0.17%
-8.54%
Freshworks provides a comprehensive suite of customer experience (CX) tools, specifically Freshsales for sales CRM and Freshdesk for ticketing and case management. These products are designed to manage the sales relationship, customer support, and the revenue pipeline for its clients.
PTRN
2nd
Pattern
$3.12Bn
20.05
+0.96%
+28.28%
The company provides software as a service (SaaS) tools to its brand partners to help them scale their presence and optimize advertising, pricing, and forecasting on marketplaces.
AEHR
Aehr Test Systems
$3.08Bn
94.69
+0.94%
+256.38%
Aehr Test Systems manufactures capital equipment used to test, burn-in, and stabilize semiconductors, specifically through its FOX-XP, FOX-NP, and FOX-CP platforms. These systems are sold as hardware tools to semiconductor manufacturers and contract assemblers to ensure the reliability of chips like silicon carbide and gallium nitride.
TNET
2nd
Trinet
$3.04Bn
66.07
-0.20%
-2.84%
The company provides an ASO (Administrative Services Only) segment that delivers a software-as-a-service platform for payroll processing, benefits management, and compliance support, which are core HR software functions.
NVTS
Navitas Semiconductor
$3.04Bn
11.63
+4.30%
+106.21%
Navitas designs gallium nitride (GaN) power integrated circuits and silicon carbide (SiC) devices but operates as a fabless product design house. The company explicitly contracts the manufacturing of its chips and packaging to partner suppliers like GlobalFoundries and X-Fab.
ARCB
2nd
Arcbest
$3.01Bn
134.86
-0.08%
+83.91%
ArcBest sells standalone technology-based solutions, including custom-built software and analytics platforms, to customers seeking supply chain visibility and optimization.
NCTY
The9
$3.01Bn
4.18
+11.76%
-58.86%
The company develops and publishes online games and operates the the9bit gaming platform. It generates revenue from publishing licenses, game sales, and in-app purchases for titles such as Glory All Stars and Ultraman Hero Beyond Time.
CXT
2nd
Crane NXT
$3.00Bn
52.05
+3.36%
-14.45%
The company develops and sells image recognition software built on advanced algorithms to authenticate products, providing computer vision capabilities as a core part of its security and authentication portfolio.
AMBA
Ambarella
$3.00Bn
67.86
-0.01%
-18.38%
Ambarella designs low-power system-on-a-chip (SoC) semiconductors, including AI inference SoCs and the proprietary CVflow deep learning neural network processor. The company operates as a fabless designer, selling these chips to original design manufacturers (ODMs) and original equipment manufacturers (OEMs).
SPSC
Sps Commerce
$2.99Bn
82.68
+7.06%
-26.41%
Sps Commerce provides cloud-based supply chain management solutions specifically for the movement of goods, including electronic data interchange (EDI) for purchase orders, invoices, and shipping notices. Its products, such as the Sps Commerce Fulfillment suite, are purpose-built for the logistics and supply chain vertical, serving retailers, suppliers, and logistics partners.
MMS
2nd
Maximus
$2.98Bn
56.93
+0.69%
-36.81%
The company provides technology modernization projects, system implementation, and managed IT services, including cloud infrastructure and AI-driven analytics, to federal and state government agencies.
KC
Kingsoft Cloud Holdings
$2.97Bn
9.96
+0.61%
-37.28%
Kingsoft Cloud operates a public cloud platform providing on-demand infrastructure-as-a-service (IaaS) and platform-as-a-service (PaaS), including elastic computing, cloud storage, and cloud networking. Its revenue is primarily derived from third-party customer payments for these scalable IT infrastructure resources.
INFQ
Infleqtion
$2.95Bn
13.12
+1.16%
—
Infleqtion's core business is the development of quantum technology, specifically neutral atom quantum computing (Sqale system) and quantum sensing. They sell quantum hardware, cloud-based quantum computing as a service, and quantum-specific software.
AGYS
Agilysys
$2.95Bn
104.49
-0.93%
-3.38%
Agilysys provides software solutions specifically for hospitality venues, including point of sale, property management, and inventory systems for hotels, resorts, casinos, and restaurants. Its customer base consists of entities like Caesars Entertainment, MGM, and various hotel and restaurant groups.
ADEA
Adeia
$2.95Bn
26.71
+1.52%
+76.77%
Adeia creates and licenses semiconductor intellectual property, including fundamental technologies for hybrid bonding and advanced processing nodes, to customers like Micron, Samsung, and SK Hynix. Its revenue model is based on licensing fees for this semiconductor IP, which aligns directly with the T-05 description of licensing processor architectures and IP blocks.
POWI
Power Integrations
$2.92Bn
52.28
+5.21%
+17.54%
Power Integrations designs and markets analog and mixed signal integrated circuits, including gate drivers and motor drivers, using proprietary silicon and gallium nitride technologies. The company operates as a fabless designer selling these chips to OEMs and power supply producers.
EXTR
Extreme Networks
$2.91Bn
22.20
+4.82%
-0.72%
Extreme Networks designs, develops, and manufactures wired, wireless, and software-defined wide area network (SD-WAN) infrastructure equipment. Its core revenue comes from the sale of this networking hardware and the associated software subscriptions used to move data packets across enterprise networks.
PONY
Pony AI
$2.88Bn
6.64
+0.15%
-56.43%
Pony AI develops the full software stack for autonomous vehicles, including its proprietary 'Virtual Driver' technology and 'PonyWorld' world model training system. This software enables its robotaxi and robotruck fleets to navigate without human drivers, which is the core of its business.
COHU
Cohu
$2.87Bn
57.08
+4.29%
+173.11%
Cohu manufactures capital equipment used in semiconductor fabrication and testing, specifically test automation systems, inspection and metrology tools, and automated test equipment for RF and power management. These products are sold to integrated device manufacturers and OSAT providers to optimize manufacturing yield and productivity.
KD
Kyndryl Holdings
$2.86Bn
13.15
+3.62%
-59.82%
Kyndryl is the world's largest IT infrastructure services provider, generating revenue through advisory, implementation, and managed services. It sells technology labor and expertise to design, build, and manage complex information systems for thousands of enterprise customers.
INTA
Intapp
$2.85Bn
37.23
-2.13%
-16.34%
Intapp provides a core client relationship management platform, specifically through its DealCloud module, designed for professional services firms to manage relationships and drive growth.
BTDR
Bitdeer Technologies
$2.82Bn
11.96
+3.73%
-12.32%
The company's largest revenue stream comes from its self-mining business, which mines Bitcoin and other cryptocurrencies for its own account, generating $396.0 million in 2025. It operates large fleets of proprietary SEALMINER ASIC rigs across ten global data centers to earn block rewards.
CLBT
Cellebrite DI
$2.80Bn
11.23
-0.80%
-34.63%
Cellebrite provides digital investigative and intelligence software used for malware analysis, cyber operations, and extracting data from encrypted devices. Its products are used by law enforcement and intelligence agencies to combat cybercrime and counter-terrorism, fitting the description of cybersecurity and threat intelligence software.
BHE
Benchmark Electronics
$2.80Bn
77.90
+5.27%
+94.22%
Benchmark Electronics provides electronic manufacturing services (EMS), including printed circuit board assembly, subsystem and system integration, and complex electromechanical assembly for other brands. It operates as a contract manufacturer for OEMs in markets such as advanced computing, medical, and semiconductor capital equipment.
VECO
Veeco Instruments
$2.74Bn
44.83
+2.12%
+77.69%
Veeco designs and manufactures capital equipment used to fabricate semiconductors, specifically laser annealing, ion beam deposition, and MOCVD systems. Its revenue is derived from the sale of these tools, as well as parts and upgrades for its installed base of equipment.
NTCT
Netscout Systems
$2.72Bn
38.05
+1.63%
+47.48%
Netscout provides network performance management tools and application performance monitoring, which are core components of IT operations software. Its products help customers monitor performance and convert network traffic into metadata for visibility, serving the specific buyer (IT operations teams) described in T-37.
BRZE
Braze
$2.72Bn
23.94
-1.32%
-20.41%
Braze sells a customer engagement platform used by marketers to execute cross-channel orchestration, email, SMS, and push notifications. Its revenue is derived from subscriptions tied to the volume of messages sent and monthly active users, which aligns with the marketing software model.
ALRM
Alarm.com Holdings
$2.71Bn
55.36
+0.34%
-2.12%
Alarm.com provides a cloud-based platform for security, video surveillance, and active shooter detection. Its core revenue comes from SaaS and license fees for these security services delivered to residential and commercial property owners via service provider partners.
HSAI
Hesai
$2.70Bn
17.31
-0.52%
-37.60%
Hesai designs and manufactures LiDAR products and sensor modules, such as the AT, ET, and Pandar series, which are sold as building blocks to automobile manufacturers, Tier 1 suppliers, and robotics firms. These products are discrete electronic components (sensors) used by OEMs to enable 3D perception and spatial intelligence.
EEFT
Euronet Worldwide
$2.70Bn
72.18
+2.05%
-19.72%
Euronet operates a vast network of ATMs and POS terminals to facilitate real-time financial transactions and electronic payment processing. It generates significant revenue from transaction-based fees for cash withdrawals, merchant acquiring, and payment processing solutions.
AVPT
AvePoint
$2.68Bn
12.66
-0.94%
-21.32%
AvePoint provides an IT operations platform focused on data protection, resilience, and operationalizing data at scale. Its products serve IT operations and development operations teams to manage data across cloud ecosystems, specifically addressing business continuity and digital sprawl.
GRND
Grindr
$2.66Bn
15.29
-0.59%
-4.50%
Grindr operates a global social networking service where the core product is a network of users connecting with each other for dating, friendship, and networking. The company generates revenue through user subscriptions for premium features and advertising from third parties targeting its user base.
PENG
Penguin Solutions
$2.62Bn
51.16
+5.22%
+99.53%
The company's largest segment, Advanced Computing, sells high performance computing (HPC) platforms, AI solutions, and fault tolerant systems for data centers and cloud environments under brands like Penguin Computing and Stratus.
DGII
Digi International
$2.62Bn
69.03
+0.38%
+102.14%
Digi International sells enterprise and industrial routers, console servers, and infrastructure management equipment used to move data packets across networks. These products, along with their managed network as a service solutions (Ventus), fit the description of networking hardware and software-defined networking.
CARG
CarGurus
$2.60Bn
34.42
+3.36%
-2.77%
CarGurus operates online marketplaces in the US, Canada, and the UK that connect car shoppers with a network of dealers to buy and sell vehicles. Its core business model involves enabling commerce between buyers and sellers online, which is the defining characteristic of a digital marketplace.
TDC
Teradata
$2.59Bn
27.84
+1.75%
+32.32%
Teradata provides a data and analytics platform that manages massive data volumes and complex data estates, specifically offering tools like ClearScape Analytics and QueryGrid. Its core product is a foundational data layer for enterprises to store, manage, and transform data for AI and analytics workloads.
CDNA
2nd
CareDx
$2.59Bn
50.26
+0.48%
+277.04%
CareDx sells healthcare-specific software platforms such as Ottr Organ, Ottr Cellular, and XynQAPI, which are designed for transplant waitlist management, care coordination, and quality reporting within transplant centers.
PRVA
2nd
Privia Health
$2.58Bn
20.42
+0.25%
-10.87%
The company develops and operates the Privia Platform, a proprietary healthcare IT solution that integrates data analytics, revenue cycle management, and payer alignment tools specifically designed for clinical workflows and healthcare regulations.
PPLI
People
$2.58Bn
37.51
-0.08%
+4.37%
IAC operates several digital marketplaces, most notably Care.com, which connects families with caregivers and generates revenue through subscription fees and transaction-based payments. The company's core strategy is building platforms that connect consumers with services and opportunities across multiple verticals.
BELFA
Bel Fuse
$2.57Bn
208.72
+3.27%
+76.88%
Bel Fuse designs and manufactures discrete electronic components sold as building blocks to OEMs, specifically AC/DC power supplies, DC/DC converters, fuses, Polymeric PTC devices, and power inductors. These products are sold into a wide array of markets including servers, medical, and automotive, fitting the description of a company selling parts to other device makers.
LIFE
2nd
Ethos Technologies
$2.57Bn
40.25
+3.60%
—
The company develops and operates a proprietary Remote Monitoring Platform that integrates wearable device data, analytics, and reporting for clinicians. This software is purpose-built for healthcare workflows and clinical data visualization.
CLOV
2nd
Clover Health Investments
$2.55Bn
4.82
+2.34%
+53.50%
Through its Counterpart Health subsidiary, the company sells the Clover Assistant platform as a SaaS offering to external payors and providers. This software is purpose-built for healthcare delivery, specifically for managing chronic diseases and care management for Medicare populations.
WGS
2nd
GeneDx Holdings
$2.54Bn
85.26
+1.55%
-30.79%
The company sells cloud-based analysis services and variant interpretation pipelines to biopharma and research organizations. These products are purpose-built for life sciences operations and genomic data analysis, fitting the definition of healthcare-specific IT platforms.
NN
Nextnav
$2.54Bn
15.18
+2.36%
-11.23%
Nextnav provides terrestrial-based positioning, navigation, and timing (PNT) solutions and is integrating 5G New Radio capabilities to combine location functions with broadband data capacity. Its revenue comes from service contracts with wireless carriers like AT&T and Verizon to embed these capabilities into their networks.
ETOR
2nd
eToro
$2.53Bn
30.35
+1.10%
-28.81%
eToro offers a technology-first, software-native experience including the eToro Money service for deposits and withdrawals, and a social networking layer for copy trading that differentiates it from traditional brokers.
BUSE
2nd
First Busey
$2.53Bn
30.44
+0.20%
+23.54%
Through its FirsTech subsidiary, the company sells technology-enabled payment processing solutions, including mobile text-based bill payment and electronic payment routing, to business clients.
SOUN
Soundhound Ai
$2.52Bn
6.26
-0.32%
-55.44%
SoundHound AI provides a standalone AI platform (Houndify and Amelia) that allows external developers and businesses to build, train, and deploy conversational AI and agentic AI. Its revenue model includes royalties and subscriptions for these AI capabilities, which are sold as a platform for others to integrate into their own products.
ATHM
Autohome
$2.51Bn
21.67
-0.09%
-24.49%
Autohome operates digital marketplaces (autohome.com.cn, che168.com) that connect buyers and sellers of new and used vehicles, earning commissions on transactions. This is a core part of its 'Online Marketplace and Other Services' segment.
APPN
Appian
$2.50Bn
34.76
+2.03%
+12.02%
Appian provides a process automation platform that enables organizations to design, automate, and optimize critical business processes. Its core offering is a low-code platform used by enterprises and governments to build internal tools and automate workflows.
UPST
Upstart Holdings
$2.49Bn
25.59
+1.95%
-58.85%
Upstart operates an AI-driven lending marketplace that uses proprietary AI models to underwrite personal, auto, and home equity loans. Its revenue is generated from platform and referral fees paid by lending partners and institutional investors, rather than from holding the loans on its own balance sheet.
XTLB
2nd
Xtl Biopharmaceuticals
$2.42Bn
2.56
+1.59%
-51.52%
Through its subsidiary The Social Proxy Ltd, the company provides API-driven data extraction tools and proxy services (Professional Data API, Social Scraper API) used by businesses to collect and analyze web data for AI and business intelligence.
OUST
Ouster
$2.42Bn
35.33
+0.28%
+14.97%
Ouster designs and manufactures lidar sensors, such as the OS and DF series, which are sold as electronic component building blocks to OEMs and technology providers. These sensors are used as the primary sensing hardware for autonomous navigation and perception across multiple industries.
PAYO
Payoneer Global
$2.41Bn
7.12
+0.00%
+10.05%
Payoneer provides a financial stack for cross-border accounts receivable and payable, including 'Payoneer Checkout' for accepting global payments. Its revenue is primarily generated through transaction fees and service charges associated with payment processing for SMBs.
DJT
Trump Media & Technology
$2.41Bn
8.66
-1.37%
-48.70%
The company operates Truth Social, a social media network designed for open discourse and user interaction, featuring a 'for you' feed, discover tab, and Groups functionality. This platform is presented as the core of the company's mission to provide a venue for free expression.
PLUS
Eplus
$2.40Bn
91.83
+4.34%
+22.64%
The company's Product segment generates revenue by selling third-party hardware, perpetual and subscription software, and maintenance, which is the core activity of a technology distributor or value-added reseller.
HURN
2nd
Huron Consulting
$2.39Bn
149.93
+0.33%
+5.67%
The company provides digital capabilities including technology and analytics services, technology-related managed services, and systems integration for EHR, ERP, EPM, and CRM systems.
WLY
2nd
John Wiley & Sons
$2.38Bn
47.01
-0.57%
+13.36%
The company provides digital courseware and assessment services for students and instructors, specifically within its Learning segment. These products are sold to college bookstores, universities, and individual learners.
MH
2nd
McGraw Hill
$2.36Bn
12.32
+1.73%
-18.03%
The company develops and sells digital learning platforms and adaptive learning tools, such as the Connect solution and ALEKS, specifically for educators and learners in higher education and K-12 institutions.
HLIO
2nd
Helios Technologies
$2.33Bn
70.70
+3.88%
+28.94%
The Electronics segment (36% of sales) manufactures customized electronic controls systems, displays, and wire harnesses, such as the PowerView and OpenView lines, which are sold as building blocks to OEMs for integration into machinery.
HCI
2nd
Hci
$2.31Bn
185.54
-0.55%
+1.69%
The company's subsidiary, Exzeo, sells a proprietary software platform providing underwriting tools, claims management, and policy administration to both affiliated and unaffiliated insurance carriers.
CSGS
Csg Systems International
$2.30Bn
80.69
+0.00%
+24.14%
CSG provides a SaaS platform for revenue management, billing, order management, and revenue recognition, which are core components of ERP software for large enterprises. Its solutions power critical back-office operations for global enterprises across telecom, media, and financial services.
STUB
StubHub Holdings
$2.30Bn
6.04
+1.51%
-72.55%
StubHub operates a secondary ticketing marketplace that connects buyers and sellers of tickets for live events. It generates revenue by taking a commission from sellers and charging service fees to buyers for each transaction completed on the platform.
FIVN
Five9
$2.29Bn
30.66
+1.36%
+21.28%
Five9 provides a cloud-based contact center platform for managing customer interactions across voice, chat, email, and social channels. Its revenue is primarily driven by subscription fees based on licensed agents and usage-based telephony revenue for voice calls.
RAMP
LiveRamp Holdings
$2.29Bn
37.64
-0.32%
+41.77%
LiveRamp provides a data connectivity platform used by advertisers, brands, and agencies for targeted marketing, measurement, and personalization. Its core services, including data onboarding and identity resolution, are designed to help marketing organizations activate first-party and third-party data for campaign orchestration.
TAL
2nd
TAL Education
$2.25Bn
11.82
+2.78%
+12.89%
The company develops and sells digital learning platforms, mobile applications, and SaaS technology solutions to institutional customers like schools and other educational service providers.
DBD
Diebold Nixdorf
$2.23Bn
65.70
+0.67%
+10.31%
The company sells point-of-sale (POS) systems, self-service kiosks, and the DN Vynamic Retail Platform specifically to retailers in sectors like grocery, fuel, and hospitality. This matches the vertical software and hardware focus for restaurant and retail operations.
NCNO
nCino
$2.23Bn
21.25
-0.84%
-29.12%
nCino provides a cloud-based software platform specifically for financial institutions to modernize core banking operations, including account opening and loan origination. Its customers are banks, credit unions, and challenger banks, and its product is a technology-first model for delivering banking services.
CALX
Calix
$2.22Bn
35.23
+0.92%
-44.33%
Calix sells networking hardware and software that moves data packets, specifically the Calix Access Edge and Calix Experience Edge solutions. These products form the network and premises layers for communication service providers, including broadband and fiber operators.
KEEL
Keel Infrastructure
$2.20Bn
3.57
+3.78%
+104.00%
Bitfarms primarily operates data centers housing miners to validate Bitcoin blockchain transactions and generates revenue by selling hashing power to mining pool operators. The company's core economic output is the Bitcoin received from these mining operations.
ALKT
Alkami Technology
$2.19Bn
20.51
+7.61%
-18.58%
Alkami provides a cloud-based digital banking platform specifically for community and regional financial institutions, enabling them to offer digital banking services to their account holders. The company's core revenue is derived from multi-year SaaS subscriptions for this digital banking platform.
