Layer dashboard
Where Capital is Moving
Every layer of the stack, side by side: deal velocity (the leading signal from the map) against valuation and returns (the lagging market read). Click a layer to open its index, holdings, and what to watch.
| Layer | Companies | Market cap | Median fwd P/E | Median 1Y | Deals 12mo | Momentum | Read | |
|---|---|---|---|---|---|---|---|---|
| ▾ | Application Frontier labs & agentic AI | 0/4 | — | — | — | 41 | ▲ 31 | Accelerating |
| ▾ | Compute Chips, clouds, neoclouds, data centers, servers | 44/44 | $34.69T | 28.1 | +72% | 128 | ▲ 53 | Early? |
| ▾ | Networking / Interconnect Switching, optics, interconnect | 9/9 | $1.11T | 37.9 | +222% | 5 | ▼ 1 | Cooling |
| ▾ | Raw Materials / Enablers Foundries, semicap, memory, packaging | 42/42 | $7.17T | 31.8 | +228% | 28 | ▲ 6 | Priced in |
| ▾ | Power / Energy Generation, grid, PPAs | 21/21 | $1.28T | 25.1 | +56% | 16 | ▲ 10 | Early? |
| ▾ | Capital Financiers & pure-play investors | 0/2 | — | — | — | 9 | ▲ 5 | Accelerating |
Momentum = deals touching the layer in the trailing 12 months minus the prior 12 months. Read is a heuristic: an accelerating layer whose 1-year return trails the cross-layer median is flagged Early?— a prompt to investigate, not a recommendation. Expanded rows show the layer as a synthetic cap-weighted index (rebased to 100 at each window’s start; currency cancels out via price ratios).
Deal velocity is computed from the curated map; per-layer financials come from a broader public universe of 116 tracked tickers, most of which never appear on the map. Market data as of May 30, 2026 · source: yahoo · market caps converted to USD at snapshot FX. Re-run npm run fetch:financials and npm run fetch:history to refresh.