Company value-chain data

We organize company value-chain data: who each company earns money from and who it pays, cross-checked with sources and dates.

1359 companies (541 researched · 818 baseline)

• 01NVIDIANVDAAI accelerators · GPU · Data center / Dominates AI accelerators (GPUs). Q1 FY2027 revenue $81.6B (+85%), of which Data Center $75.2B (+92%); Q2 guidance $91B. Buys HBM from SK hynix, Samsung and Micron, and outsources wafers to TSMC and Samsung foundry. Revenue is concentrated in a few large direct cloud customers.
• 02PepsiCoPEPGlobal snacks and beverages giant (Frito-Lay, Pepsi), a dividend-aristocrat defensive with no AI exposure / PepsiCo is a global food-and-beverage giant selling snacks (Frito-Lay, Lay's, Doritos, Cheetos, Quaker) and drinks (Pepsi, Gatorade, Mountain Dew, Tropicana). 2024 net revenue was $91.85 billion and net income $9.58 billion, essentially flat growth, and it is a dividend aristocrat that has raised its dividend for 52 straight years. Revenue runs on consumer spending and commodity (corn, potatoes, sugar, aluminum, PET) cycles, with essentially no AI exposure. It is a defensive consumer name placed alongside Coca-Cola.
• 03Dell TechnologiesDELLAI server OEM (PowerEdge) / An enterprise AI-server OEM. Its PowerEdge XE servers carry NVIDIA H200/B200 for enterprise, neocloud and sovereign customers. FY2026 AI-server orders $64B+, backlog $43B; AI servers were ~26% of company revenue in a quarter. Unlike ODMs (Foxconn, Quanta), it wins enterprise via its brand, integration and services.
• 04OracleORCLCloud & DB · OCI, Stargate (OpenAI) / Through OCI, Oracle became a core axis of AI infrastructure. It signed a ~$300B Stargate deal (4.5GW) with OpenAI, deploys up to 800k NVIDIA GPUs in OCI Zettascale and 50k AMD MI450, and powers datacenters with up to 2.8GW of Bloom fuel cells. 2025 capex ~$10B+.
• 05UberUBERMobility & delivery · Ride-hail platform (multi-cloud) / Uber is a global platform spanning ride-hailing (Mobility), food delivery (Delivery) and freight. Revenue is the commission it takes from consumer and merchant bookings; 2024 total revenue was $43.98 billion and Gross Bookings $162.77 billion. In 2023 it moved off its own data centers onto multi-cloud via seven-year deals with Google Cloud and Oracle, and in 2026 it expanded AWS. Autonomous partnerships such as Waymo are both a cost and a future option. It runs on the consumer, gig-economy and interest-rate cycles, with AI entering through matching and autonomous driving.
• 06AmazonAMZNCloud (AWS) · AI infrastructure · In-house silicon (Trainium) / Big-tech operator of e-commerce and the AWS cloud. FY2025 revenue was $716.9B (+12%), AWS $129B (+20%). It raised cash capex from $83.0B to $131.8B in one year (+59%) and guided ~$200B for 2026. It builds its own Trainium (2/3) chips at TSMC, runs ~500k Trainium2 chips to train Anthropic’s Claude (Project Rainier), and also buys Nvidia GPUs in volume. A key demand sink for AI chips.
• 07ABBABBN.SWDatacenter electrification / A Swiss electrification and automation major. It supplies datacenter intelligent power distribution, backup power, DC distribution and cooling, with ~40% of its electrification research aimed at next-gen datacenters. It co-develops 800VDC 1MW rack power architecture with NVIDIA and supplied VoltaGrid 27 synchronous condensers for grid stability. With Eaton and Schneider, an electrification axis.
• 08Mastercard IncMApayment network · Visa-Mastercard duopoly / Mastercard is half of the global card-payment duopoly with Visa. Its main revenue is payment fees from banks and merchants, so revenue tracks consumer spending as a proxy. Fiscal 2025 (ended December 2025) net revenue was $32.8 billion and gross dollar volume $10.6 trillion. It is also an AI adopter, having invested about $7 billion in AI over five years to deploy generative-AI fraud detection (Decision Intelligence Pro).
• 09Lenovo0992.HKAI-server OEM · World's largest PC maker / The world’s largest PC maker and an AI-server OEM (ISG). With Neptune liquid cooling it supplies NVIDIA-GPU servers to enterprise and hyperscalers. FY2026 ISG revenue $19.2B, AI-server pipeline $21B. But ODM and Supermicro competition plus GPU allocation keep operating margin below 1%.
• 10The Coca-Cola CompanyKOConcentrates & syrups · Finished beverages / Coca-Cola is the world's largest beverage company, selling concentrate and syrups to bottlers across more than 200 countries rather than making finished drinks itself. Its 2024 revenue was $47.1 billion, with the high-margin concentrate business making up 59% of revenue. A dividend king that has raised its dividend for over 60 years, it has essentially no AI exposure and moves only on the clock of consumer demand, foreign exchange and commodities.
• 11Thermo Fisher ScientificTMOLife-science tools & reagents · Biologics CDMO / Thermo Fisher Scientific is the world's largest scientific-tools company, spanning life-science instruments and reagents through to contract drug development and manufacturing (CDMO). It runs four segments (Life Sciences Solutions, Analytical Instruments, Specialty Diagnostics, and Laboratory Products and Biopharma Services) and posted FY2025 revenue of $44.56 billion. Its largest customer base is pharma and biotech, supplied with bioproduction consumables plus Patheon (pharma services, CDMO) and PPD (clinical research). The rest of revenue comes from hospitals and clinical labs, and from academic and government research.
• 12Pfizer Inc.PFEGlobal innovative biopharma / Pfizer develops prescription medicines and vaccines and sells them through major wholesalers and directly to healthcare providers and governments. It pays contract manufacturers and collaboration partners, while using acquisitions to expand its obesity, cardiometabolic and oncology pipelines.
• 13MicrosoftMSFTCloud · AI infrastructure · In-house silicon / Big-tech operator of Windows, Office and the Azure cloud. FY2025 (ended June 2025) revenue was $281.7B. To expand AI data centers it raised cash capex about 45% in one year to $64.6B. As Nvidia’s largest GPU buyer, plus AMD, TSMC and its own Maia silicon, it is a key demand sink for AI chips.
• 14AppleAAPLConsumer devices · In-house silicon · Services / The demand end of the chain. Sells iPhone and Mac to consumers; its own chips (A, M) are made by TSMC, memory comes from Samsung, SK and Micron, and wireless parts from Broadcom. TSMC's second-largest customer (17% of revenue).
• 15Yum! BrandsYUMGlobal restaurant franchisor / Yum! Brands earns revenue from franchise royalties and company-store sales across KFC, Taco Bell, Pizza Hut and Habit Burger & Grill. Its operating network spends on restaurant inputs, distribution, delivery platforms and shared technology, while acquired software is integrated into its own platform.
• 16Sysco CorporationSYYGlobal foodservice distributor / Sysco sells food and non-food supplies to restaurants, education and government institutions, healthcare facilities, and travel and leisure operators. It sources meat, packaged foods, dairy, produce, beverages, and foodservice supplies from a broad supplier base, while using acquisitions to expand its distribution network and sales channels.
• 17Waters CorporationWATAnalytical instruments and laboratory software / Waters generates revenue from liquid chromatography, mass spectrometry, analytical consumables, laboratory software, and maintenance services. Pharmaceutical accounts produced 59% of FY2025 net sales and other industrial accounts produced 30%, while cloud infrastructure and validated computer hardware support its products and services. In 2026, Waters expanded into life sciences and diagnostics by combining with BD's Biosciences and Diagnostic Solutions businesses.
• 18Consolidated Edison, Inc.EDNew York regulated utility / Consolidated Edison earns regulated utility revenue by delivering electricity, gas, and steam, primarily in New York City and Westchester County. It spends on purchased power, contracted plant output, grid equipment, and customer information and billing software, while also investing in transmission joint ventures.
• 19Live Nation Entertainment, Inc.LYVGlobal live-events and ticketing group / Live Nation Entertainment earns revenue from concert tickets, onsite spending, Ticketmaster fees, sponsorships, and advertising. Its major outlays include artist guarantees and revenue shares, event production, venues and ticketing systems, and cloud infrastructure, while it also increased its ownership of OCESA in 2025.
• 20IDEXX Laboratories, Inc.IDXXIntegrated veterinary diagnostics / IDEXX Laboratories earns revenue by selling diagnostic instruments, recurring consumables, reference-laboratory services, and software to veterinary practices and water-testing organizations. It relies on single-source components and testing kits, uses AWS infrastructure for cloud practice software, and acquires software assets such as Greenline Pet.
• 21Agilent Technologies, Inc.AAnalytical instruments and laboratory platform / Agilent Technologies sells analytical instruments, consumables, software, laboratory services, and pharmaceutical API development and manufacturing services to pharmaceutical, biopharma, clinical diagnostics, chemicals, and advanced-materials customers. Its cloud genomics workflows use AWS compute and NVIDIA acceleration, while the BIOVECTRA acquisition expanded its biopharmaceutical CDMO capabilities.
• 22Take-Two Interactive Software, Inc.TTWOGame IP and platform publisher / Take-Two sells console, PC, and mobile games and in-game content through Rockstar Games, 2K, and Zynga. Mobile generated half of FY2026 revenue, while the company pays fees and royalties to major app stores and console platforms and expands its owned IP and development capacity through acquisitions.
• 23Norfolk SouthernNSCEastern U.S. freight railroad / Norfolk Southern earns revenue by moving intermodal freight, agricultural and consumer products, chemicals, metals and construction materials, automobiles, and coal across its eastern U.S. rail network. It spends on locomotive modernization and pooled railcar use, owns an interest in a railcar pooling company, and is pursuing a merger with Union Pacific.
• 24Salesforce, Inc.CRMNo.1 AI-agent CRM / Salesforce earns revenue by selling subscription cloud software (Sales, Service, Platform/Slack, Marketing, and data integration) to enterprise customers, posting $41.525 billion in revenue for FY2026 (ended January 31, 2026). Beyond its own data centers, it runs its services on hyperscale infrastructure leased from Amazon Web Services and Google Cloud, and in November 2025 it acquired data-management company Informatica for approximately $9.6 billion to bolster its agentic-AI and data strategy.