NVDA
Nvidia
$5.52Tn
228.86
+1.68%
+25.85%
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
$4.94Tn
338.40
-0.78%
+33.00%
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
$4.16Tn
342.75
-0.34%
+40.44%
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
$3.78Tn
509.22
-1.35%
-1.05%
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
$2.65Tn
246.15
-1.41%
+10.79%
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
$2.35Tn
452.86
+0.55%
+65.74%
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.
META
Meta Platforms
$1.82Tn
715.62
-4.79%
-3.74%
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.
AVGO
Broadcom
$1.67Tn
349.57
-0.92%
+6.61%
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.
MU
Micron Technology
$1.19Tn
1,053.98
-2.61%
+543.06%
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
$992.04Bn
607.87
-3.61%
+276.72%
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.
BRRN
Bryn
$945.00Bn
2,100.00
+0.00%
+2,624,900.00%
The company developed and sold medical software with tools and analytics specifically for healthcare providers to improve clinical performance outcomes and evidence-based processes. This product is purpose-built for healthcare delivery and clinical workflows.
SOS
Sos
$884.00Bn
0.34
-5.56%
-83.17%
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.
ASML
Asml Holding
$682.73Bn
1,771.41
+1.58%
+84.02%
ASML designs and manufactures capital equipment used to fabricate semiconductors, specifically its dominant line of EUV and DUV lithography systems. The company's primary revenue comes from the sale of these systems, as well as system-related options and upgrades.
INTC
Intel
$585.14Bn
116.03
-5.67%
+236.51%
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
$494.77Bn
568.24
+0.07%
+0.02%
The company provides 'processing and gateway' offerings that support e-commerce and secure online payments, which are core payment processing activities.
PLTR
Palantir Technologies
$450.50Bn
187.48
-1.15%
+4.82%
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.
CSCO
Cisco Systems
$421.20Bn
106.74
+0.04%
+57.62%
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.
ORCL
Oracle
$401.01Bn
132.61
-3.26%
-53.10%
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.
LRCX
Lam Research
$393.49Bn
314.47
-0.23%
+139.89%
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.
AMAT
Applied Materials
$386.29Bn
486.76
+0.36%
+137.50%
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.
DELL
Dell Technologies
$347.85Bn
543.51
-3.44%
+305.91%
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.
UNH
2nd
Unitedhealth
$341.92Bn
377.81
+0.30%
+9.45%
Optum Insight provides data analytics, technology, and managed services to health systems and life sciences companies to manage revenue cycles and meet regulatory requirements.
PANW
Palo Alto Networks
$319.55Bn
392.09
+4.63%
+92.24%
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.
ARM
Arm Holdings
$300.61Bn
283.33
-8.70%
+102.67%
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.
NFLX
Netflix
$288.27Bn
69.23
-2.68%
-42.61%
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.
CRWD
CrowdStrike Holdings
$265.46Bn
259.25
+2.82%
+112.31%
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.
ANET
Arista Networks
$258.42Bn
204.90
-0.79%
+42.92%
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.
SAP
Sap Se
$257.03Bn
209.22
-0.70%
-20.70%
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.
TXN
Texas Instruments
$254.17Bn
278.31
+0.09%
+51.89%
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.
BABA
Alibaba Group Holding
$252.72Bn
108.81
-0.87%
-39.52%
Alibaba operates massive online marketplaces like Taobao and Tmall that connect buyers and sellers, generating revenue from merchant services, transaction fees, and advertising.
SNDK
Sandisk
$250.08Bn
1,712.89
-3.65%
+1,409.15%
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
$247.24Bn
189.17
+0.67%
+77.77%
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.
MRVL
Marvell Technology
$220.89Bn
251.90
-3.83%
+205.74%
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.
STX
Seagate Technology Holdings
$208.99Bn
921.51
+0.51%
+302.16%
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.
APH
2nd
Amphenol
$208.65Bn
84.61
+0.62%
+39.83%
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.
IBM
International Business Machines
$207.92Bn
220.69
-2.14%
-21.13%
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
$206.73Bn
306.26
-0.81%
-10.53%
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.
QCOM
Qualcomm
$198.17Bn
187.48
-7.17%
+13.42%
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.
ADI
Analog Devices
$191.61Bn
395.43
+0.46%
+61.54%
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.
CRM
Salesforce
$187.04Bn
227.27
-2.90%
-7.27%
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.
SHOP
Shopify
$186.52Bn
144.01
+1.24%
-3.35%
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.
BLK
2nd
BlackRock
$166.01Bn
1,071.04
-1.48%
-8.89%
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.
WDC
Western Digital
$163.62Bn
453.23
-0.78%
+288.24%
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
$143.48Bn
23.33
-0.93%
-19.83%
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
$139.11Bn
68.19
-2.04%
-31.52%
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
$138.58Bn
77.11
-1.13%
+28.84%
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
$135.91Bn
131.44
-3.09%
-30.15%
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.
FTNT
Fortinet
$129.36Bn
176.33
+1.65%
+108.30%
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.
BKNG
Booking Holdings
$123.13Bn
163.87
-0.05%
-24.90%
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
$116.45Bn
174.46
-0.91%
-29.37%
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
$115.65Bn
328.12
-2.36%
+45.67%
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.
NET
Cloudflare
$114.07Bn
354.07
+1.48%
+61.99%
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.
PDD
PDD Holdings
$111.72Bn
78.49
+1.19%
-39.93%
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.
HOOD
2nd
Robinhood Markets
$104.70Bn
116.46
-2.46%
-14.82%
Robinhood offers banking services, savings, and wealth management tools delivered through a software-native, technology-first model aimed at democratizing financial access.
ADP
Automatic Data Processing
$104.14Bn
261.80
-0.71%
-10.54%
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.
APP
AppLovin
$103.35Bn
308.24
-0.81%
-56.73%
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
$102.35Bn
497.27
-2.42%
-31.74%
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.
MCK
2nd
Mckesson
$99.84Bn
856.29
-1.19%
+12.40%
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
$99.76Bn
1,011.07
+0.30%
+29.34%
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.
ASX
ASE Technology Holding
$97.35Bn
43.78
-1.20%
+293.35%
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.
DDOG
Datadog
$96.45Bn
268.70
+0.21%
+84.98%
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.
VRT
2nd
Vertiv Holdings
$93.95Bn
244.06
-3.65%
+70.30%
The company provides racks and integrated modular systems specifically designed for deployment in server rooms and hyperscale cloud facilities.
ABNB
Airbnb
$92.09Bn
156.08
-0.88%
+26.98%
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.
GD
2nd
General Dynamics
$90.40Bn
334.11
-0.75%
+0.58%
Through GDIT, the company provides IT outsourcing, cloud computing, application development, and systems integration services to federal agencies and state customers.
ADBE
Adobe
$90.32Bn
231.01
-1.89%
-35.73%
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.
JCI
2nd
Johnson Controls International
$90.21Bn
148.93
-0.83%
+37.69%
Through its OpenBlue digital software platform, the company provides data-driven smart building services and solutions specifically for the construction and built environment vertical.
CDNS
Cadence Design Systems
$89.97Bn
326.70
+0.17%
-6.26%
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.
EMR
2nd
Emerson Electric
$88.90Bn
159.38
+0.81%
+23.31%
Through the acquisition of National Instruments, the company provides software-connected automated test and measurement systems, modular instrumentation, and data acquisition solutions.
MELI
Mercadolibre
$86.81Bn
1,712.41
-2.29%
-31.54%
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.
ICE
2nd
Intercontinental Exchange
$85.83Bn
152.99
-0.86%
-8.93%
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.
HPE
Hewlett Packard Enterprise
$83.23Bn
62.67
-0.43%
+159.61%
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.
LITE
Lumentum Holdings
$81.63Bn
921.32
-2.16%
+466.69%
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.
SNPS
Synopsys
$80.02Bn
417.61
-1.91%
-13.29%
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.
MCO
2nd
Moodys
$79.69Bn
460.11
-1.89%
-4.31%
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.
WBD
2nd
Warner Bros. Discovery
$77.50Bn
30.90
+0.13%
+63.84%
The company operates streaming services such as HBO Max and discovery+, generating revenue from consumer subscription fees and ad-supported tiers.
DASH
DoorDash
$77.29Bn
178.39
-7.74%
-34.54%
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.
NTES
NetEase
$77.27Bn
121.04
+4.88%
-20.03%
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.
SLB
2nd
Slb
$76.39Bn
51.47
-0.14%
+46.60%
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.
MSI
2nd
Motorola Solutions
$74.81Bn
452.05
-1.06%
-0.47%
The company generates significant revenue from cybersecurity offerings and services provided as part of its Software and Services segment to protect mission-critical networks.
INTU
Intuit
$72.30Bn
269.40
-2.32%
-61.22%
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.
TGT
2nd
Target
$72.00Bn
158.48
+0.68%
+78.41%
The company generates revenue from fees associated with its third-party digital marketplace, Target Plus, which connects external sellers with consumers.
MPWR
Monolithic Power Systems
$66.40Bn
1,351.20
-1.19%
+52.40%
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.
DLR
2nd
Digital Realty Trust
$65.55Bn
177.17
-0.78%
+4.15%
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.
UCL
uCloudlink
$65.27Bn
0.34
-5.56%
-85.41%
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.
TER
Teradyne
$62.75Bn
401.30
+0.73%
+198.74%
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
$61.27Bn
359.87
-0.64%
+107.68%
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.
ALAB
Astera Labs
$60.95Bn
351.31
-3.65%
+76.72%
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.
SE
Sea
$60.54Bn
98.95
-0.62%
-45.47%
Sea Limited operates Shopee, a massive e-commerce marketplace that connects buyers and sellers and earns revenue through transaction-based commissions, seller advertising fees, and listing fees.
RELX
Relx
$60.17Bn
33.08
-1.28%
-29.81%
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.
UMC
United Microelectronics
$60.05Bn
23.85
-1.89%
+214.23%
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.
NXPI
NXP Semiconductors
$59.59Bn
236.32
-0.74%
+4.52%
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.
NTRA
2nd
Natera
$59.14Bn
411.77
-0.19%
+152.48%
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.
NU
2nd
Nu Holdings
$59.11Bn
12.23
-9.94%
-23.32%
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.
NBIS
Nebius
$58.67Bn
231.88
-2.30%
+110.38%
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.
ALL
2nd
Allstate
$57.81Bn
227.60
-0.04%
+7.72%
The company operates Arity, which provides mobility intelligence services using automotive telematics information to provide insights to financial institutions and employers.
GRMN
Garmin
$56.73Bn
294.05
-0.01%
+19.76%
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.
MSTR
Strategy
$55.31Bn
157.14
-0.93%
-51.86%
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.
COHR
Coherent
$55.30Bn
282.38
-4.53%
+161.54%
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.
EA
Electronic Arts
$52.84Bn
209.70
+0.00%
—
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
$52.05Bn
92.62
-0.99%
+4.41%
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.
COIN
Coinbase Global
$50.59Bn
191.79
-1.70%
-42.58%
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.
CIEN
Ciena
$48.80Bn
343.94
-3.63%
+138.65%
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.
ROK
2nd
Rockwell Automation
$47.88Bn
431.16
-0.70%
+25.14%
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.
EBAY
Ebay
$47.76Bn
107.32
-0.54%
+17.71%
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.
AZO
2nd
Autozone
$47.57Bn
2,913.60
+1.38%
-31.83%
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.
STM
STMicroelectronics
$46.87Bn
52.74
+1.58%
+87.75%
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.
CRWV
CoreWeave
$46.87Bn
85.07
-2.88%
-30.57%
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.
PYPL
PayPal Holdings
$46.79Bn
54.28
-1.38%
-22.10%
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.
TEAM
Atlassian
$46.45Bn
178.54
-4.90%
+8.00%
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.
WDAY
Workday
$45.49Bn
188.60
-0.45%
-23.86%
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.
VEEV
Veeva Systems
$45.35Bn
280.07
-0.23%
-4.41%
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.
IQV
2nd
Iqvia Holdings
$44.55Bn
270.68
+0.35%
+49.78%
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.
TWLO
Twilio
$44.08Bn
287.01
+4.04%
+175.20%
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.
XYZ
Block
$44.05Bn
73.32
-4.06%
-2.75%
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.
TRI
Thomson Reuters
$43.31Bn
97.33
-1.68%
-37.68%
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.
ADSK
Autodesk
$43.30Bn
207.19
-1.06%
-35.66%
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.
P
Everpure
$43.12Bn
129.40
+2.70%
+56.07%
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.
INFY
Infosys
$42.66Bn
10.52
+0.00%
-35.54%
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.
HEI
2nd
Heico
$42.56Bn
304.64
-1.25%
-4.15%
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.
MCHP
Microchip Technology
$42.34Bn
77.97
-0.91%
+21.70%
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.
FLEX
Flex
$41.76Bn
113.04
-1.43%
+96.42%
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.
CLS
Celestica
$41.03Bn
356.84
-2.39%
+45.09%
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.
LYV
2nd
Live Nation Entertainment
$40.51Bn
171.94
+0.60%
+4.61%
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.
NTAP
NetApp
$40.06Bn
204.41
+1.62%
+72.40%
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.
TTWO
Take Two Interactive Software
$37.84Bn
202.35
+0.45%
-22.16%
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.
LYB
2nd
LyondellBasell Industries
$37.65Bn
58.28
+0.26%
+18.74%
The company's Technology segment earns revenue by licensing its proprietary polyolefin catalyst technology and process know-how to other producers worldwide.
CRDO
Credo Technology Group Holding
$36.18Bn
192.67
-8.67%
+31.96%
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.
CHT
2nd
Chunghwa Telecom
$35.67Bn
45.98
-0.33%
+5.31%
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.
PAYX
Paychex
$35.35Bn
99.30
-2.04%
-22.74%
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.
KR
2nd
Kroger
$35.26Bn
59.70
+1.60%
-10.13%
Kroger operates a retail media unit that sells advertising solutions and data analytics services to external parties based on its loyalty program data.
ROP
Roper Technologies
$35.01Bn
354.00
-1.27%
-29.34%
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.
AXON
Axon Enterprise
$34.50Bn
424.75
-1.25%
-40.68%
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.
OKTA
Okta
$33.79Bn
202.18
+3.58%
+115.41%
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.
UI
Ubiquiti
$33.56Bn
554.57
-1.20%
-15.75%
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.
JBL
Jabil
$33.44Bn
318.97
+0.71%
+48.70%
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.
IRM
2nd
Iron Mountain
$33.05Bn
111.03
-0.33%
+10.64%
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.
ZS
Zscaler
$32.51Bn
199.39
+3.28%
-32.84%
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.
RMD
2nd
Resmed
$32.04Bn
222.14
+0.05%
-18.04%
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.
ERIC
Ericsson Lm Telephone
$31.76Bn
9.42
-1.15%
+16.15%
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.
IREN
Iren
$31.74Bn
41.72
-5.44%
-9.17%
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.
EXPE
Expedia
$30.25Bn
264.23
+0.02%
+19.83%
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.
GEHC
2nd
GE HealthCare Technologies
$30.16Bn
66.78
+0.23%
-8.63%
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.
RBLX
Roblox
$29.92Bn
41.89
-9.84%
-70.41%
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.
BIDU
Baidu
$29.59Bn
86.97
-0.41%
-35.51%
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.
ON
On Semiconductor
$29.45Bn
75.65
-2.01%
+52.03%
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.
TDY
2nd
Teledyne Technologies
$28.32Bn
610.83
-0.48%
+5.43%
The Instrumentation segment manufactures high-performance oscilloscopes, high-speed protocol analyzers, and generators used by design and test engineers to validate electronic designs.
HPQ
Hp
$28.28Bn
31.32
+0.06%
+16.47%
HP's Personal Systems segment generates significant revenue from the sale of commercial and consumer desktops, notebooks, and workstations, including their AI PC portfolio.
RDDT
Reddit
$27.53Bn
143.11
-4.53%
-40.86%
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.
SMCI
Super Micro Computer
$27.44Bn
41.78
-3.42%
-9.88%
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.
MDB
MongoDB
$26.96Bn
334.68
-18.46%
+5.58%
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.
GFS
Globalfoundries
$26.56Bn
47.78
-2.49%
+29.03%
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.
Q
2nd
Qnity Electronics
$26.13Bn
124.92
+0.23%
—
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.
CPAY
Corpay
$26.01Bn
396.11
-0.50%
+33.90%
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.
TCOM
2nd
Trip.com
$25.92Bn
39.90
+1.19%
-47.60%
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.
CTSH
Cognizant Technology Solutions
$25.65Bn
56.75
-1.01%
-15.40%
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.
ZM
Zoom Communications
$25.52Bn
87.30
-2.69%
+4.43%
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.
VRSN
Verisign
$25.50Bn
282.07
-1.80%
-0.79%
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.
TSEM
Tower Semiconductor
$25.44Bn
226.04
-1.92%
+220.58%
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.
SYM
2nd
Symbotic
$25.36Bn
42.00
-3.38%
-21.83%
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.
CPRT
2nd
Copart
$25.20Bn
27.22
-1.34%
-38.97%
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.
FFIV
F5
$24.75Bn
435.56
-1.69%
+34.99%
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.
CPNG
2nd
Coupang
$24.66Bn
13.76
-0.86%
-58.09%
The company operates 'Eats', a restaurant delivery platform that matches consumers with restaurants and manages the delivery of meals.
FISV
Fiserv
$24.47Bn
46.02
-0.99%
-64.72%
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.
XYL
2nd
Xylem
$23.57Bn
100.93
-1.59%
-29.89%
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.
VLTO
2nd
Veralto
$23.49Bn
96.21
-0.96%
-8.44%
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.
RBRK
Rubrik
$23.42Bn
113.04
+3.18%
+35.64%
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.
ENTG
Entegris
$23.00Bn
150.63
-0.83%
+61.08%
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.
AFRM
2nd
Affirm Holdings
$22.66Bn
67.21
-6.03%
-12.21%
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.
ROKU
Roku
$22.66Bn
152.67
-0.01%
+52.55%
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.
GPN
Global Payments
$22.51Bn
84.70
-2.08%
-1.90%
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.
IOT
Samsara
$22.20Bn
37.93
-0.16%
+1.91%
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.
VRSK
2nd
Verisk Analytics
$21.83Bn
167.77
-0.85%
-32.56%
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.
MTSI
MACOM Technology Solutions Holdings
$21.27Bn
278.56
-2.45%
+125.94%
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.
SOFI
2nd
SoFi Technologies
$20.55Bn
15.93
-3.92%
-42.18%
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
$20.51Bn
256.51
-2.39%
+54.51%
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.
NRG
2nd
Nrg Energy
$20.40Bn
96.99
-3.37%
-41.34%
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.
CRCL
2nd
Circle Internet
$20.03Bn
85.77
-3.59%
-35.83%
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.
NTNX
Nutanix
$18.59Bn
68.70
+0.98%
-10.67%
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.
BR
Broadridge Financial Solutions
$18.57Bn
162.90
-0.53%
-31.45%
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.
SSNC
SS&C Technologies Holdings
$18.30Bn
78.00
-0.78%
-11.48%
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.
KSPI
2nd
Joint Stock Co Kaspi.kz
$18.23Bn
95.82
+0.16%
+17.11%
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.
FICO
Fair Isaac
$18.16Bn
840.85
-2.58%
-44.88%
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.
VIV
2nd
Telefonica Brasil
$18.02Bn
11.28
-2.76%
-10.19%
The company provides corporate services to business enterprises, including managed IT services and customized communication systems.
FIS
Fidelity National Information Services
$17.70Bn
34.32
-3.11%
-47.83%
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.
ZBRA
Zebra Technologies
$17.59Bn
371.87
+0.49%
+25.24%
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.
U
Unity Software
$17.54Bn
39.87
-4.07%
-7.15%
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.
TOST
Toast
$17.53Bn
30.38
-0.72%
-18.18%
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.
MKSI
Mks
$17.47Bn
258.38
-0.94%
+111.54%
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.
SITM
Sitime
$17.41Bn
656.65
-0.85%
+124.04%
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.
EFX
2nd
Equifax
$17.14Bn
145.76
-1.61%
-42.97%
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.
LSCC
Lattice Semiconductor
$17.02Bn
124.03
-3.14%
+73.06%
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.
IONQ
IonQ
$16.98Bn
44.55
-2.07%
-30.67%
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.
RCI
2nd
Rogers Communications
$16.97Bn
31.43
-1.60%
-11.74%
Rogers provides hosted data centre solutions and network connectivity through its data centre assets to business, public sector, and carrier wholesale customers.
RVTY
2nd
Revvity
$16.85Bn
151.00
-0.06%
+79.33%
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.
DT
Dynatrace
$16.79Bn
57.83
-0.22%
+17.25%
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.
CDW
Cdw
$16.33Bn
130.33
-3.77%
-19.67%
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.
SMTC
Semtech
$16.31Bn
174.78
-4.13%
+181.99%
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.
J
2nd
Jacobs Solutions
$16.20Bn
138.32
-0.01%
-6.83%
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.
NWSA
2nd
News
$16.19Bn
29.10
+2.14%
-6.22%
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.
AKAM
Akamai Technologies
$15.65Bn
108.99
-4.34%
+42.98%
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.
TYL
Tyler Technologies
$15.60Bn
324.05
-0.48%
-38.77%
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.
BMNR
Bitmine Immersion Technologies
$15.56Bn
26.84
-2.54%
-49.57%
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
$15.47Bn
139.69
+1.14%
-31.47%
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.
SOLV
2nd
Solventum
$15.23Bn
89.53
-0.01%
+23.99%
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.
GIB
Cgi
$15.07Bn
67.67
-0.12%
-23.91%
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.
RBA
2nd
Rb Global
$14.95Bn
80.77
-2.07%
-24.86%
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.
TEM
2nd
Tempus AI
$14.91Bn
85.08
+0.08%
+8.29%
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.
FN
Fabrinet
$14.70Bn
410.14
-1.81%
+12.73%
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.
JLL
2nd
Jones Lang Lasalle
$14.45Bn
314.04
-2.48%
+4.55%
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.
LOGI
Logitech International
$14.37Bn
100.33
-0.75%
-7.03%
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.
DOCN
DigitalOcean Holdings
$14.31Bn
136.32
-2.43%
+284.87%
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.
WSE
2nd
Wise
$14.20Bn
11.50
-0.43%
—
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.
ONTO
Onto Innovation
$14.15Bn
288.68
+0.39%
+121.38%
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.
CHKP
Check Point Software Technologies
$13.65Bn
129.27
-1.50%
-37.19%
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).
CACI
2nd
Caci International
$13.62Bn
616.48
-0.33%
+26.31%
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
$13.41Bn
57.51
-0.59%
-29.82%
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.
TME
Tencent Music Entertainment
$13.19Bn
8.38
-0.24%
-64.69%
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.
AMKR
Amkor Technology
$13.19Bn
53.18
-0.80%
+86.47%
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.
SWKS
Skyworks Solutions
$13.18Bn
87.59
-1.96%
+13.86%
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.
VICR
2nd
Vicor
$13.10Bn
285.10
+1.11%
+488.32%
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.
ULS
2nd
UL Solutions
$13.09Bn
64.79
-1.94%
-7.67%
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.
TTMI
Ttm Technologies
$13.08Bn
124.19
-3.86%
+115.05%
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.
AVY
2nd
Avery Dennison
$13.04Bn
171.82
+0.87%
+7.11%
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.
TU
2nd
Telus
$12.96Bn
8.37
-1.30%
-46.89%
Through TELUS Health, the company sells virtual care platforms, electronic medical record tools, and remote patient monitoring to healthcare providers and insurers.
GRAB
Grab Holdings
$12.69Bn
3.10
-0.96%
-49.26%
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.
BILI
Bilibili
$12.68Bn
15.14
+1.61%
-44.60%
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
$12.62Bn
89.45
+1.54%
+16.24%
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.
DOCU
Docusign
$12.60Bn
66.98
-0.77%
-18.46%
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.
DUOL
Duolingo
$12.56Bn
134.30
-6.42%
-59.15%
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.
GEN
Gen Digital
$12.49Bn
20.85
-3.56%
-27.58%
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.
GNRC
2nd
Generac Holdings
$12.11Bn
205.23
-1.40%
+23.77%
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.
NXT
2nd
Nextpower
$12.00Bn
79.13
-2.13%
+3.94%
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.
DKS
2nd
Dick'S Sporting Goods
$11.92Bn
134.16
-1.64%
-38.98%
The company owns and operates GameChanger, a youth sports mobile platform that generates revenue through subscriptions and advertising for live streaming of games.
GWRE
Guidewire Software
$11.90Bn
145.13
-0.37%
-37.39%
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.
GDDY
GoDaddy
$11.89Bn
93.77
-3.52%
-33.81%
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.
SANM
Sanmina
$11.79Bn
220.06
-2.10%
+93.73%
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.
NVMI
Nova
$11.77Bn
370.42
+0.59%
+19.07%
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
201.88
-2.01%
-2.79%
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.
SAIL
SailPoint
$11.74Bn
20.57
-0.34%
-7.80%
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.
ARW
Arrow Electronics
$11.72Bn
230.29
-1.00%
+90.99%
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.
TXG
2nd
10x Genomics
$11.53Bn
88.50
+3.26%
+680.42%
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.
HUT
Hut 8
$11.42Bn
92.71
-4.24%
+166.03%
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.
PSKY
2nd
Paramount Skydance
$11.39Bn
10.28
+3.21%
-47.28%
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.
DVA
2nd
Davita
$11.39Bn
178.03
-0.24%
+36.33%
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.
SRAD
Sportradar Group AG
$11.28Bn
12.48
-5.74%
-56.30%
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.
RMBS
Rambus
$11.08Bn
102.12
-2.89%
-1.80%
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.
CSGP
Costar
$10.95Bn
27.02
-3.81%
-67.92%
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.
FROG
JFrog
$10.93Bn
88.81
-0.41%
+79.49%
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.
LFUS
Littelfuse
$10.90Bn
429.21
0.00%
+66.48%
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.
PAYP
2nd
PayPay
$10.83Bn
16.00
-3.09%
—
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.
FIG
Figma
$10.74Bn
20.24
-2.97%
-61.92%
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.
AUR
Aurora Innovation
$10.57Bn
5.29
-12.42%
-4.51%
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.
PINS
Pinterest
$10.42Bn
18.42
-2.54%
-44.72%
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.
JKHY
Jack Henry & Associates
$10.36Bn
147.82
+0.02%
-2.22%
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.
ALGN
2nd
Align Technology
$10.33Bn
145.00
-1.21%
+14.74%
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.
QRVO
Qorvo
$10.26Bn
116.30
-1.42%
+28.57%
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.
FORM
Formfactor
$10.23Bn
130.97
+0.99%
+261.30%
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.
PSO
2nd
Pearson
$10.14Bn
15.95
-1.05%
+13.20%
The company operates a Virtual Learning segment providing online learning solutions for K12 students, including turnkey virtual school solutions and AI-powered study tools. It also provides digital platforms for higher education and professional skills development.
HII
2nd
Huntington Ingalls Industries
$10.13Bn
257.01
-2.64%
-8.06%
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.
CHYM
Chime Financial
$10.11Bn
26.69
-0.34%
+28.32%
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.
CART
Maplebear
$10.10Bn
43.34
+0.35%
+14.29%
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.
VIAV
Viavi Solutions
$10.09Bn
40.87
+0.47%
+225.66%
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.
HUBS
Hubspot
$10.09Bn
203.16
-4.95%
-60.92%
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.
CGNX
2nd
Cognex
$9.88Bn
58.75
+0.15%
+28.98%
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.
PAYC
Paycom Software
$9.77Bn
220.62
+0.07%
+1.12%
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.
QGEN
2nd
Qiagen
$9.76Bn
45.00
+1.88%
+2.41%
QIAGEN sells the QIAGEN Digital Insights portfolio, including CLC Bio and Ingenuity Pathway Analysis, which are software platforms purpose-built for interpreting genomic and molecular data in precision oncology and genetic disease research.
HSIC
2nd
Henry Schein
$9.62Bn
85.99
-0.44%
+30.19%
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.
BSY
Bentley Systems
$9.44Bn
31.29
-0.48%
-39.80%
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.
SIMO
Silicon Motion Technology
$9.33Bn
278.07
+0.67%
+196.48%
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.
ESTC
Elastic
$9.24Bn
87.94
-0.09%
+1.06%
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.
AYI
2nd
Acuity Inc. (De)
$9.15Bn
305.79
-4.32%
-9.83%
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.
APTV
2nd
Aptiv
$9.10Bn
43.65
-2.55%
-49.11%
The company provides advanced software, intelligent sensors, and high performance compute platforms specifically designed to enable automated vehicle safety and user experience.
MTCH
Match
$9.08Bn
39.51
-2.56%
+8.25%
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.
GLXY
2nd
Galaxy Digital
$9.07Bn
23.21
-4.25%
-32.31%
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.
SNAP
Snap
$9.01Bn
5.22
-3.87%
-37.86%
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.
CAI
2nd
Caris Life Sciences
$8.97Bn
31.75
-0.72%
+5.83%
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.
KLAR
2nd
Klarna
$8.75Bn
12.40
-3.13%
-67.74%
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.
SIRI
2nd
Sirius Xm Holdings
$8.74Bn
25.94
+0.35%
+14.32%
The company operates Pandora, which provides ad-supported and premium music streaming services to millions of monthly active users and subscribers.
TTEK
2nd
Tetra Tech
$8.68Bn
33.89
-0.06%
+0.77%
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
$8.45Bn
70.26
-3.65%
-28.95%
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.
IDCC
InterDigital
$8.44Bn
327.14
-2.12%
-6.17%
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.
AVT
Avnet
$8.33Bn
101.45
-1.57%
+96.11%
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.
KTOS
2nd
Kratos Defense & Security Solutions
$8.27Bn
44.07
-3.40%
-49.97%
Kratos designs and builds unmanned aerial drone systems, including tactical drones like Valkyrie, Thanatos, and Apollo, and provides the associated command and control systems.
RIOT
Riot Platforms
$8.17Bn
21.62
-6.00%
+9.30%
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.
AAOI
Applied Optoelectronics
$8.17Bn
96.82
-4.52%
+273.25%
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.
MXL
Maxlinear
$8.16Bn
90.00
-4.09%
+464.26%
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.
OSCR
2nd
Oscar Health
$8.11Bn
29.65
+0.17%
+54.99%
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.
S
SentinelOne
$7.87Bn
22.73
+1.56%
+25.65%
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.
CAE
2nd
Cae
$7.81Bn
24.28
-2.33%
-17.53%
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.
RAL
Ralliant
$7.74Bn
69.98
-0.07%
+63.43%
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.
MOB
2nd
Mobilicom
$7.74Bn
4.63
-3.54%
-52.95%
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).
YMM
Full Truck Alliance
$7.68Bn
8.22
+1.23%
-37.16%
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.
GTLB
Gitlab
$7.68Bn
46.21
-1.37%
-1.37%
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.
PCTY
Paylocity Holding
$7.60Bn
142.72
-0.44%
-12.25%
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.
WULF
Terawulf
$7.54Bn
15.12
-3.94%
+30.34%
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.
PCOR
Procore Technologies
$7.45Bn
49.05
-0.59%
-34.46%
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.
HNGE
2nd
Hinge Health
$7.41Bn
92.44
-3.29%
+85.29%
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.
SLAB
Silicon Laboratories
$7.37Bn
221.03
-0.09%
+71.50%
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.
HQY
2nd
Healthequity
$7.33Bn
88.44
+0.22%
-7.24%
The company generates a primary revenue stream from interchange fees derived from merchant fees on payments made using its physical and virtual payment cards.
CWAN
Clearwater Analytics Holdings
$7.30Bn
24.56
—
—
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.
NTSK
Netskope
$7.28Bn
17.85
+1.02%
-25.47%
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.
PLXS
Plexus
$7.07Bn
264.96
+0.71%
+84.94%
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.
APLD
Applied Digital
$7.06Bn
24.53
-6.55%
+10.74%
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.
MSA
2nd
MSA Safety
$7.04Bn
182.45
-0.02%
+6.68%
The company provides the MSA+ ecosystem, which generates recurring revenue through monitoring and data analytics services for its safety equipment.
DBX
Dropbox
$7.01Bn
31.92
-1.24%
+4.14%
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.
APPF
Appfolio
$7.00Bn
197.91
-3.09%
-29.96%
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.
CIFR
Cipher Digital
$6.93Bn
16.74
-5.58%
+32.33%
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.
ALGM
Allegro Microsystems
$6.88Bn
36.94
+0.49%
+26.68%
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.
DSGX
Descartes Systems
$6.78Bn
78.85
+0.31%
-17.28%
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.
GLBE
Global-E Online
$6.64Bn
39.28
-2.22%
+5.17%
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.
DXF
2nd
Eason Technology
$6.61Bn
0.49
-3.92%
-86.93%
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.
BZ
Kanzhun
$6.60Bn
14.18
+0.50%
-39.51%
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.
NICE
Nice
$6.59Bn
109.09
-3.30%
-25.47%
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.
ZETA
Zeta Global Holdings
$6.57Bn
29.00
-1.53%
+37.83%
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.
FIGR
2nd
Figure Technology Solutions
$6.56Bn
29.33
-8.06%
-22.30%
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.
CAMT
Camtek
$6.54Bn
142.61
-3.02%
+37.28%
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.
GDS
GDS Holdings
$6.53Bn
31.66
-3.39%
-20.79%
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
$6.50Bn
307.29
-1.39%
+39.42%
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.
MBLY
Mobileye Global
$6.38Bn
7.80
-2.86%
-44.84%
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.
RNG
RingCentral
$6.37Bn
76.10
-0.08%
+147.48%
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.
ETSY
Etsy
$6.37Bn
68.93
+0.70%
-7.28%
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.
ZG
Zillow
$6.33Bn
28.15
-3.92%
-63.89%
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.
QBTS
D-Wave Quantum
$6.24Bn
16.78
-3.62%
-33.70%
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).
BLDR
2nd
Builders FirstSource
$6.24Bn
58.01
-2.01%
-51.50%
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
$6.23Bn
26.46
-1.96%
+26.00%
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.
DOX
Amdocs
$6.23Bn
57.42
-0.50%
-29.51%
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.
CVLT
Commvault Systems
$6.13Bn
148.08
+1.75%
-23.29%
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.
PL
Planet Labs PBC
$6.10Bn
16.78
-3.67%
+31.20%
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.
WEX
Wex
$6.07Bn
177.04
-0.70%
+10.35%
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.
QLYS
Qualys
$6.02Bn
173.83
+0.81%
+27.35%
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.
M
2nd
Macy's
$6.01Bn
23.02
+1.68%
+26.69%
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.
CRUS
Cirrus Logic
$5.99Bn
119.53
-0.33%
-3.64%
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.
TTD
Trade Desk
$5.80Bn
12.34
-2.06%
-75.14%
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.
FOUR
Shift4 Payments
$5.76Bn
37.06
-3.67%
-53.10%
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.
XMTR
Xometry
$5.73Bn
103.14
+2.56%
+84.48%
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.
LUMN
2nd
Lumen Technologies
$5.70Bn
5.53
-3.15%
-6.11%
The company sells managed security services and cybersecurity offerings as part of its Business segment's 'Grow' category.
RDNT
2nd
RadNet
$5.65Bn
71.81
+1.44%
-3.87%
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.
LYFT
Lyft
$5.63Bn
14.88
+0.13%
-35.11%
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.
PATH
UiPath
$5.58Bn
12.22
-2.00%
-2.71%
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.
EPAM
EPAM Systems
$5.55Bn
107.62
-0.56%
-30.34%
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.
VRNS
Varonis Systems
$5.50Bn
47.92
+3.61%
-19.19%
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.
SAIC
Science Applications International
$5.50Bn
130.93
-1.27%
+33.98%
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.
DLB
Dolby Laboratories
$5.48Bn
58.18
-0.78%
-19.67%
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.
G
2nd
Genpact
$5.48Bn
32.60
-1.48%
-22.69%
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.
PEGA
Pegasystems
$5.46Bn
33.23
-1.51%
-43.28%
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.
YOU
Clear Secure
$5.44Bn
40.39
+1.92%
+10.93%
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.
BLSH
Bullish
$5.42Bn
35.96
-4.31%
-42.28%
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.
PI
Impinj
$5.40Bn
176.88
-0.79%
-1.84%
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.
OTEX
Open Text
$5.38Bn
22.22
-1.29%
-41.11%
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.
RGTI
Rigetti Computing
$5.32Bn
15.95
-4.26%
-46.21%
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.
CORZ
Core Scientific
$5.28Bn
16.52
-4.73%
-4.67%
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.
EXLS
ExlService Holdings
$5.25Bn
34.60
-0.43%
-21.31%
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.
NAVN
Navan
$5.19Bn
19.98
+2.88%
—
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.
NIQ
NIQ Global Intelligence
$5.19Bn
17.59
-1.40%
+11.05%
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.
BB
Blackberry
$5.17Bn
8.80
+7.32%
+76.00%
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.
JG
Aurora Mobile
$5.16Bn
6.55
-3.68%
-23.21%
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.
VEON
2nd
Veon
$5.13Bn
69.41
-5.59%
+28.44%
VEON operates streaming entertainment platforms and digital content services, specifically mentioning products like Tamasha and Kyivstar TV.
IRDM
2nd
Iridium Communications
$5.12Bn
48.33
-0.86%
+179.69%
The company derives income from the sale of satellite handsets, modems, and related equipment to distribution partners and end users.
TTAN
ServiceTitan
$5.02Bn
59.92
+3.22%
-41.82%
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.
SOGP
Sound
$5.02Bn
12.03
-1.15%
-39.85%
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.
ACIW
Aci Worldwide
$4.96Bn
49.00
-1.03%
-6.38%
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.
ARBK
Argo Blockchain
$4.95Bn
2.26
-3.42%
-96.18%
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.
WAY
Waystar Holding
$4.94Bn
25.74
+4.21%
-31.34%
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.
ACMR
ACM Research
$4.91Bn
75.95
-1.75%
+96.56%
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.
HIMX
Himax Technologies
$4.87Bn
13.96
-3.32%
+61.20%
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.
AXTI
Axt
$4.83Bn
73.67
-6.68%
+1,406.54%
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.
HAE
2nd
Haemonetics
$4.81Bn
105.85
+0.49%
+119.97%
Haemonetics sells donor management software and supporting software solutions specifically designed for the workflows and operational needs of plasma collection centers.
KLIC
Kulicke & Soffa Industries
$4.80Bn
91.68
+0.55%
+126.04%
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.
DOCS
Doximity
$4.71Bn
26.20
-0.57%
-65.12%
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.
RUM
Rum
$4.69Bn
7.93
-5.14%
+8.63%
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.
MARA
MARA Holdings
$4.62Bn
12.11
-3.51%
-35.10%
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.
NSIT
Insight Enterprises
$4.60Bn
155.96
-1.93%
+38.61%
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.
AIR
2nd
Aar
$4.58Bn
114.92
-0.87%
+30.74%
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.
KVYO
Klaviyo
$4.57Bn
15.41
-2.41%
-51.06%
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.
VSH
Vishay Intertechnology
$4.55Bn
32.24
-0.98%
+112.66%
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.
RSI
2nd
Rush Street Interactive
$4.53Bn
19.55
-1.66%
-12.72%
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.
VSNT
2nd
Versant Media
$4.52Bn
32.46
-1.04%
—
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.
AMTM
2nd
Amentum Holdings
$4.52Bn
18.48
-3.75%
-19.02%
Through its Digital Solutions segment, Amentum provides next-generation information technology, software engineering services, and digital transformation initiatives to federal and commercial clients.
NNI
2nd
Nelnet
$4.47Bn
124.16
-0.14%
-1.44%
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.
MLMC
FrankSpeech Network
$4.47Bn
0.76
-5.00%
-58.92%
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.
PSN
2nd
Parsons
$4.45Bn
41.60
-3.53%
-49.19%
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.
BWIN
2nd
Baldwin Insurance
$4.44Bn
31.82
-0.09%
+14.05%
The company operates the MSI platform, which manufactures and distributes proprietary technology-enabled insurance solutions to internal risk advisors and external distribution partners.
DIOD
Diodes
$4.42Bn
96.37
+0.55%
+82.66%
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.
PAGS
2nd
PagSeguro Digital
$4.37Bn
8.90
-1.66%
-13.76%
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.
HTFL
2nd
Heartflow
$4.33Bn
49.92
+1.53%
+44.70%
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.
BOX
Box
$4.30Bn
31.34
-0.16%
-2.94%
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.
BDC
2nd
Belden
$4.29Bn
109.73
-2.40%
-9.01%
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.
MMYT
MakeMyTrip
$4.29Bn
47.39
+1.37%
-49.62%
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.
ARX
2nd
Accelerant Holdings
$4.28Bn
19.74
-0.10%
+36.23%
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.
OPLN
Openlane
$4.26Bn
34.68
-0.40%
+23.11%
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.
JOYY
Joyy
$4.24Bn
80.59
+1.03%
+36.41%
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.
VNT
2nd
Vontier
$4.22Bn
30.95
-1.75%
-25.89%
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.
ENPH
2nd
Enphase Energy
$4.08Bn
30.91
-4.60%
-14.33%
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.
DLO
dLocal
$4.08Bn
13.82
-1.85%
-5.34%
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.
ONDS
2nd
Ondas
$4.07Bn
7.68
+0.52%
-2.41%
The company designs and builds autonomous aerial platforms, such as the Optimus system for persistent surveillance, and provides the associated command and control software.
MNDY
Monday.Com
$4.04Bn
79.05
-5.51%
-60.78%
The company's core product is a 'Work OS' platform used for general-purpose workplace productivity, project tracking, and team collaboration. It provides horizontal tools like boards, timelines, and dashboards that teams across various industries use to manage everyday work.
FLY
2nd
Firefly Aerospace
$4.01Bn
24.11
-1.03%
-34.77%
Through its acquisition of SciTec, the company sells standalone software and data processing solutions for missile warning, intelligence, surveillance, reconnaissance, and space domain awareness.
MOGU
Mogu
$4.00Bn
1.86
-0.53%
-46.86%
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.
FSLY
Fastly
$3.96Bn
24.92
-0.16%
+187.43%
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.
TLX
2nd
Telix Pharmaceuticals
$3.94Bn
11.62
+1.48%
+17.49%
The MedTech segment develops AI-powered imaging tools and digital platforms specifically designed to support treatment planning and patient selection within healthcare workflows.
SYNA
Synaptics
$3.92Bn
100.36
-2.30%
+46.62%
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.
EQPT
2nd
EquipmentShare.com
$3.92Bn
18.21
+4.96%
—
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.
CCC
CCC Intelligent Solutions Holdings
$3.89Bn
6.62
-4.06%
-28.82%
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.
ITRI
2nd
Itron
$3.87Bn
88.49
-1.40%
-28.73%
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.
LOPE
2nd
Grand Canyon Education
$3.84Bn
146.40
-0.60%
-32.80%
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.
NP
2nd
Neptune Insurance Holdings
$3.84Bn
27.85
+1.13%
+12.30%
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.
ACLS
Axcelis Technologies
$3.83Bn
124.01
+0.73%
+28.24%
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.
BILL
BILL Holdings
$3.83Bn
41.58
-6.06%
-23.75%
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.
WIX
Wix.com
$3.83Bn
69.60
-5.68%
-61.48%
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.
TENB
Tenable Holdings
$3.80Bn
34.47
+2.93%
+15.48%
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.
GCT
2nd
GigaCloud Technology
$3.78Bn
52.62
-2.52%
+78.74%
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.
PAY
Paymentus Holdings
$3.77Bn
29.91
-0.89%
-3.73%
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.
BULL
2nd
Webull
$3.69Bn
7.05
-1.95%
-54.66%
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.
WK
Workiva
$3.69Bn
68.22
-2.05%
-19.94%
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.
ACVA
ACV Auctions
$3.67Bn
10.47
+0.10%
+6.62%
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.
DAVE
Dave
$3.67Bn
320.70
-1.29%
+52.08%
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
$3.65Bn
108.30
-2.77%
+33.05%
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.
KFY
2nd
Korn Ferry
$3.62Bn
71.31
-0.52%
+1.62%
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.
DAO
Youdao
$3.56Bn
14.55
-1.69%
+47.57%
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.
UCTT
Ultra Clean Holdings
$3.54Bn
78.07
+0.49%
+191.09%
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.
OLED
Universal Display Corp \Pa\
$3.49Bn
75.47
-2.48%
-47.83%
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.
QTWO
Q2 Holdings
$3.44Bn
55.14
-1.76%
-25.47%
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.
CLSK
Cleanspark
$3.43Bn
13.34
-4.37%
-10.29%
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.
GPGI
2nd
Gpgi
$3.38Bn
11.65
+0.26%
-44.12%
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.
NATL
NCR Atleos
$3.38Bn
45.75
-0.74%
+17.19%
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.
MGNI
Magnite
$3.36Bn
23.40
-2.38%
+5.03%
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.
COHU
Cohu
$3.33Bn
66.07
-1.39%
+229.20%
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.
CDNA
2nd
CareDx
$3.33Bn
64.60
+1.44%
+334.72%
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.
AMPL
Amplitude
$3.32Bn
13.30
+0.00%
+16.16%
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.
FRSH
Freshworks
$3.29Bn
12.53
-0.08%
+1.38%
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.
LIF
Life360
$3.25Bn
39.98
-2.73%
-62.19%
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.
AEHR
Aehr Test Systems
$3.20Bn
98.49
-5.65%
+223.45%
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.
ARLP
2nd
Alliance Resource Partners
$3.19Bn
24.83
-1.27%
-0.76%
Through its investment in Bitiki, the company mines bitcoin and hosts third-party crypto-miners for a fee.
FA
First Advantage
$3.19Bn
18.61
-5.05%
+23.98%
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.
LRN
2nd
Stride
$3.18Bn
76.71
-2.43%
-48.85%
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.
KN
Knowles
$3.18Bn
37.25
-0.75%
+60.15%
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.
INFQ
Infleqtion
$3.17Bn
14.12
-2.69%
—
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.
GENI
Genius Sports
$3.12Bn
6.15
-4.21%
-54.21%
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.
NVTS
Navitas Semiconductor
$3.06Bn
11.73
-3.85%
+63.14%
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.
AMBA
Ambarella
$3.03Bn
68.68
-5.50%
-17.08%
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).
LPL
LG Display
$3.01Bn
3.01
+1.01%
-42.45%
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.
PONY
Pony AI
$3.01Bn
6.94
+0.73%
-69.45%
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.
VECO
Veeco Instruments
$3.00Bn
49.07
-1.21%
+61.26%
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.
BHE
Benchmark Electronics
$2.97Bn
82.74
+0.24%
+117.51%
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.
DGII
Digi International
$2.97Bn
78.22
-0.10%
+110.95%
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.
KYIV
2nd
Kyivstar
$2.95Bn
12.76
-2.22%
+3.66%
The company operates Uklon, a ride-hailing platform that matches consumers with drivers for transportation and delivery services.
SPSC
Sps Commerce
$2.93Bn
81.01
-0.36%
-22.88%
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.
TNET
2nd
Trinet
$2.92Bn
63.46
-2.55%
-6.75%
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.
STNE
2nd
StoneCo
$2.91Bn
9.27
-0.32%
-52.36%
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.
POWI
Power Integrations
$2.89Bn
51.84
-0.73%
+31.67%
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.
AVPT
AvePoint
$2.89Bn
13.67
+5.15%
-10.42%
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.
ARCB
2nd
Arcbest
$2.84Bn
127.07
+1.53%
+83.07%
ArcBest sells standalone technology-based solutions, including custom-built software and analytics platforms, to customers seeking supply chain visibility and optimization.
PENG
Penguin Solutions
$2.82Bn
54.98
-2.21%
+110.33%
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.
NTCT
Netscout Systems
$2.82Bn
39.41
-0.08%
+53.05%
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.
OUST
Ouster
$2.80Bn
40.90
-6.45%
+48.08%
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.
CLBT
Cellebrite DI
$2.76Bn
11.07
+2.59%
-41.64%
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.
EXTR
Extreme Networks
$2.76Bn
21.00
-2.42%
+2.94%
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.
ADEA
Adeia
$2.75Bn
24.92
-2.20%
+48.95%
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.
AGYS
Agilysys
$2.74Bn
97.10
-2.55%
-6.47%
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.
CXT
2nd
Crane NXT
$2.74Bn
47.53
-0.42%
-26.80%
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.
KC
Kingsoft Cloud Holdings
$2.73Bn
9.15
-5.28%
-39.96%
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.
MMS
2nd
Maximus
$2.73Bn
52.11
-1.03%
-41.64%
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.
PPLI
People
$2.72Bn
39.64
-0.90%
+12.77%
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.
GRND
Grindr
$2.71Bn
15.61
-1.08%
-0.76%
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.
INTA
Intapp
$2.71Bn
35.39
-1.97%
-15.56%
Intapp provides a core client relationship management platform, specifically through its DealCloud module, designed for professional services firms to manage relationships and drive growth.
TDC
Teradata
$2.66Bn
28.55
-1.35%
+28.72%
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.
ALRM
Alarm.com Holdings
$2.64Bn
53.77
+0.73%
+2.40%
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.
BRZE
Braze
$2.63Bn
23.17
-4.92%
-28.09%
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.
PTRN
2nd
Pattern
$2.61Bn
16.77
-1.47%
+20.65%
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.
BTDR
Bitdeer Technologies
$2.60Bn
11.03
-4.17%
-36.28%
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.
FIVN
Five9
$2.59Bn
34.66
-3.10%
+36.08%
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.
WGS
2nd
GeneDx Holdings
$2.56Bn
85.93
-2.79%
-24.58%
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.
DJT
Trump Media & Technology
$2.53Bn
9.12
-0.22%
-46.07%
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.
APPN
Appian
$2.51Bn
35.02
-2.75%
+14.71%
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.
PRVA
2nd
Privia Health
$2.51Bn
19.87
+0.81%
-18.63%
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.
HURN
2nd
Huron Consulting
$2.51Bn
157.62
-0.23%
+8.70%
The company provides digital capabilities including technology and analytics services, technology-related managed services, and systems integration for EHR, ERP, EPM, and CRM systems.
IMOS
Chipmos Technologies
$2.51Bn
71.58
-0.28%
+275.75%
ChipMOS is an independent provider of semiconductor assembly and testing services, which is the definition of an OSAT (Outsourced Semiconductor Assembly and Test) provider. The company's revenue is derived from back-end processes including wafer probing, final testing, and various packaging formats like BGA, QFN, and WLCSP.
BUSE
2nd
First Busey
$2.48Bn
29.76
-1.10%
+26.64%
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.
BELFA
Bel Fuse
$2.47Bn
200.50
-1.28%
+72.73%
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.
ATHM
Autohome
$2.46Bn
21.22
-0.38%
-26.88%
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.
KD
Kyndryl Holdings
$2.44Bn
11.22
-3.28%
-62.71%
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.
HSAI
Hesai
$2.43Bn
15.59
-4.06%
-44.81%
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
$2.43Bn
64.93
-1.04%
-27.01%
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.
PAYO
Payoneer Global
$2.42Bn
7.14
-0.42%
+13.51%
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.
WLY
2nd
John Wiley & Sons
$2.41Bn
47.61
+0.06%
+19.23%
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.
NCTY
The9
$2.41Bn
3.34
-8.49%
-67.51%
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.
MH
2nd
McGraw Hill
$2.39Bn
12.52
-1.57%
-8.55%
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.
NN
Nextnav
$2.38Bn
14.24
-0.97%
-3.65%
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.
VIA
Via Transportation
$2.37Bn
29.08
-1.19%
-39.00%
Via provides a software platform for planning, scheduling, and operations management specifically for public transportation systems, which falls under the movement of goods and people. Its revenue is generated through subscriptions for this cloud-based platform used by municipal transit agencies and regional authorities to optimize routes and manage fleets.
SOUN
Soundhound Ai
$2.35Bn
5.83
-3.64%
-62.82%
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.
PLUS
Eplus
$2.34Bn
89.41
-1.22%
+25.79%
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.
CARG
CarGurus
$2.33Bn
30.81
-1.57%
-17.73%
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.
INOD
Innodata
$2.30Bn
66.79
-3.50%
-12.05%
Innodata primarily operates as a data engineering and AI systems services company, providing labor and expertise for AI training, post-training data preparation, and model evaluation. Its revenue is driven by providing these services to technology companies and AI laboratories, which aligns with the custom software development and technology consulting model of IT Services.
CLOV
2nd
Clover Health Investments
$2.29Bn
4.33
-3.56%
+38.78%
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.
RAMP
LiveRamp Holdings
$2.29Bn
37.62
+0.29%
+33.26%
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.
HLIO
2nd
Helios Technologies
$2.27Bn
68.92
+0.41%
+30.85%
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.
TAL
2nd
TAL Education
$2.27Bn
11.90
-0.92%
+5.59%
The company develops and sells digital learning platforms, mobile applications, and SaaS technology solutions to institutional customers like schools and other educational service providers.
CNXN
Pc Connection
$2.26Bn
89.70
+0.43%
+45.59%
Pc Connection is a Global Solutions Provider that generates revenue primarily through the sale of over 460,000 IT products sourced from more than 1,600 vendors, including Apple, Cisco, Dell, and Microsoft. It operates as a distributor and reseller of hardware, software, and cloud solutions to enterprise, SMB, and public sector customers.
UPST
Upstart Holdings
$2.24Bn
23.03
-3.28%
-56.33%
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.
KEEL
Keel Infrastructure
$2.22Bn
3.60
-5.26%
+27.66%
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.
