Updates

Per-node confidence is computed live from the database. Below is the update history.

Node status

541 nodes · T4 532 · T3 9

Confidence is scored on two axes — Proof (P): sources, filings, cross-verification, securities research; Ripple (R): revenue, cost, investment, graph links. 6 points each.

Update history

• Sep 12, 2026S&P 500 large-cap batch 14: Take-Two, Agilent, IDEXX, Live Nation, Con Edison, Waters, Sysco, YumDoneS&P 500 large-cap batch 14. Eight stubs (Take-Two Interactive, Agilent, IDEXX, Live Nation, Consolidated Edison, Waters, Sysco, Yum! Brands) were promoted to researched nodes and all eight cleared T4 (15/15) on the first pass, adding 46 edges plus 20 reverse mirror edges from graph closure. Researched nodes went 533 to 541, T4 524 to 532, the propagation ratio is 61.6% and one-way links stayed at zero. Newly closed loops: Take-Two to Apple and Microsoft (10% of revenue each); Agilent to Alnylam, Pfizer and NVIDIA; Sysco to Tyson Foods and PepsiCo; Yum to Uber and NVIDIA; Live Nation to Coca-Cola, Mastercard and JYP; Waters to Dell, Lenovo and Amazon; Con Edison to ABB and Oracle.
• Sep 12, 2026S&P 500 large-cap batch 13: Rockwell, eBay, Carrier, Chipotle, Autodesk, Keurig Dr Pepper, Veeva, ADMDoneS&P 500 large-cap batch 13. Eight stubs (Rockwell Automation, eBay, Carrier Global, Chipotle, Autodesk, Keurig Dr Pepper, Veeva Systems, Archer-Daniels-Midland) were promoted to researched nodes and all eight cleared T4 (15/15) on the first pass, adding 45 edges plus 23 reverse mirror edges from graph closure. Researched nodes went 525 to 533, T4 516 to 524, the propagation ratio is 61.6% and one-way links stayed at zero. Review removed an audit-fee cost edge from Autodesk; the same defect appeared twice, so it became a written rule (cost edges must be operating supply chain; revenue counterparties must be material relative to revenue). Newly closed loops: Keurig to Walmart (16%), PepsiCo and McDonald's; Veeva to Eli Lilly, Merck KGaA, Amazon and Salesforce; ADM to PepsiCo, Marathon Petroleum and Norfolk Southern; Carrier to Home Depot and Amazon; Rockwell to Ford and Kikkoman; eBay to KakaoBank.
• Sep 12, 2026S&P 500 large-cap batch 12: Delta, Entergy, Edwards, Honeywell Aerospace, Becton Dickinson, Wabtec, Xcel, AutoZoneDoneS&P 500 large-cap batch 12. Eight stubs (Delta Air Lines, Entergy, Edwards Lifesciences, Honeywell Aerospace, Becton Dickinson, Wabtec, Xcel Energy, AutoZone) were promoted to researched nodes and all eight cleared T4 (15/15) on the first pass, adding 46 edges plus 23 reverse mirror edges from graph closure. Researched nodes went 517 to 525, T4 508 to 516, the propagation ratio is 61.5% and one-way links stayed at zero. Newly closed loops: Delta to American Express ($8.2 billion), Boeing and Airbus; Entergy and Xcel to Meta, Amazon and Alphabet (data-center power), GE Vernova and NextEra; Wabtec to Union Pacific and CSX; Becton Dickinson to Cardinal, McKesson and Edwards ($3.91 billion divestiture); Honeywell Aerospace to Boeing and Airbus.
• Sep 12, 2026S&P 500 large-cap batch 11: Corteva, Fastenal, Comfort Systems, Ford, Sempra, Cardinal Health, Moderna, AMETEKDoneS&P 500 large-cap batch 11. Eight stubs (Corteva, Fastenal, Comfort Systems USA, Ford, Sempra, Cardinal Health, Moderna, AMETEK) were promoted to researched nodes and all eight cleared T4 (15/15) on the first pass, adding 44 edges plus 23 reverse mirror edges from graph closure. Researched nodes went 509 to 517, T4 500 to 508, the propagation ratio is 61.4% and one-way links stayed at zero. Review fixed a dead source for Moderna, a trivial revenue counterparty for Comfort Systems and an audit-fee cost edge for AMETEK. Cardinal Health was the third distribution hub: CVS (28%) and Vizient/Premier members (29%) make up half of revenue, and Amgen ($12.56 billion) and AbbVie already disclosed Cardinal as a customer, so all three U.S. pharmaceutical wholesalers (McKesson, Cencora, Cardinal) are now researched nodes. Sempra to ConocoPhillips and EQT (long-term LNG contracts) and KKR ($9.99 billion stake), and Ford to SK On, Ecolab and DHL also closed.
• Sep 12, 2026S&P 500 large-cap batch 10: Occidental, ONEOK, Grainger, Baker Hughes, CRH, Nucor, Devon, DiamondbackDoneS&P 500 large-cap batch 10. Eight stubs (Occidental Petroleum, ONEOK, W. W. Grainger, Baker Hughes, CRH, Nucor, Devon Energy, Diamondback Energy) were promoted to researched nodes and all eight cleared T4 (15/15) on the first pass, adding 45 edges plus 16 reverse mirror edges from graph closure. Researched nodes went 501 to 509, T4 492 to 500, the propagation ratio is 61.4% and one-way links stayed at zero. Review replaced two dead sources and a weakly supported revenue counterparty (iMarketKorea) in the Grainger pack with Carnival and the GSA. Newly closed loops: Baker Hughes to ExxonMobil, Chevron, GE Aerospace and GE Vernova; Devon and Diamondback to Schlumberger and Halliburton; CRH to Lowe's, Home Depot and Caterpillar; Nucor to General Motors, Caterpillar and NuScale; Occidental to Microsoft and Amazon (carbon removal credits).
• Sep 12, 2026S&P 500 large-cap batch 9: Kinder Morgan, Republic, Honeywell, Targa, Boston Scientific, TransDigm, United Rentals, CencoraDoneS&P 500 large-cap batch 9. Eight stubs (Kinder Morgan, Republic Services, Honeywell Technologies, Targa Resources, Boston Scientific, TransDigm Group, United Rentals, Cencora) were promoted to researched nodes and all eight cleared T4 (15/15) on the first pass, adding 46 edges plus 24 reverse mirror edges from graph closure. Researched nodes went 493 to 501, T4 484 to 492, the propagation ratio is 61.3% and one-way links stayed at zero. Review replaced trivial revenue counterparties for Boston Scientific and United Rentals (a county hospital, a small federal order) with a GPO (Premier), HCA and customer segments, and swapped a dead source URL for Kinder Morgan. Cencora was the second distribution hub: Amgen ($20.99 billion) and AbbVie already disclosed Cencora as a customer, closing one more layer of the pharmaceutical distribution chain.
• Sep 12, 2026S&P 500 large-cap batch 8: Norfolk Southern, Ross, Warner Bros., Target, Colgate, Royal Caribbean, O'Reilly, HiltonDoneS&P 500 large-cap batch 8. Eight stubs (Norfolk Southern, Ross Stores, Warner Bros. Discovery, Target, Colgate-Palmolive, Royal Caribbean Group, O'Reilly Automotive, Hilton Worldwide) were promoted to researched nodes and all eight cleared T4 (15/15) on the first pass, adding 48 edges plus 16 reverse mirror edges from graph closure. Researched nodes went 485 to 493, T4 476 to 484, the propagation ratio is 61.3% and one-way links stayed at zero. Newly closed loops: Norfolk Southern to Union Pacific (merger), Amazon, J.B. Hunt and Wabtec; Target to CVS Health, Apple and Starbucks; Warner Bros. to Charter, Comcast, Coupang and Paramount Skydance; Colgate to Walmart (11%) and Amazon; Royal Caribbean to SpaceX and Coca-Cola; O'Reilly to Denso and ExxonMobil; Hilton to American Express and Host Hotels.
• Sep 12, 2026S&P 500 large-cap batch 7: Cintas, Regeneron, EOG, Motorola Solutions, Sherwin-Williams, Ecolab, ITW, FedExDoneS&P 500 large-cap batch 7. Eight stubs (Cintas, Regeneron, EOG Resources, Motorola Solutions, Sherwin-Williams, Ecolab, Illinois Tool Works, FedEx) were promoted to researched nodes and all eight cleared T4 (15/15) on the first pass, adding 42 edges plus 17 reverse mirror edges from graph closure. Researched nodes went 477 to 485, T4 468 to 476, the propagation ratio is 61.2% and one-way links stayed at zero. Newly closed loops: FedEx to Amazon, Boeing and Textron; Ecolab to Coca-Cola, McDonald's and Dow; Regeneron to Alnylam and Bristol; Sherwin-Williams to Lowe's and Oracle; Cintas to Ford and Marriott; Illinois Tool Works to Ford and Microsoft; Motorola to Jabil and GlobalFoundries.
• Sep 12, 2026S&P 500 large-cap batch 6: AppLovin, DoorDash, Waste Management, Marriott, UPS, Monster, 3M, SchlumbergerDoneS&P 500 large-cap batch 6. Eight stubs (AppLovin, DoorDash, Waste Management, Marriott International, UPS, Monster Beverage, 3M, Schlumberger) were promoted to researched nodes and all eight cleared T4 (15/15) on the first pass, adding 42 edges and 54 sources plus 21 reverse mirror edges from graph closure. Researched nodes went 469 to 477, T4 460 to 468, the propagation ratio is 61.2% and one-way links stayed at zero. Newly closed loops: UPS to Amazon (10.6% of revenue), Boeing and Union Pacific; Monster to Coca-Cola (20.9% stake) and Coca-Cola Europacific Partners; Schlumberger to ExxonMobil, Chevron and NVIDIA; Marriott to JPMorgan Chase, American Express, Oracle and Booking; DoorDash to Domino's and Kroger; Waste Management to Cummins, Caterpillar and Walmart.
• Sep 12, 2026S&P 500 large-cap batch 5: Phillips 66, McKesson, Freeport, Adobe, Duke, HCA, CSX, ElevanceDoneS&P 500 large-cap batch 5. Eight stubs (Phillips 66, McKesson, Freeport-McMoRan, Adobe, Duke Energy, HCA Healthcare, CSX, Elevance Health) were promoted to researched nodes and all eight cleared T4 (15/15) on the first pass, adding 42 edges and 60 sources plus 24 reverse mirror edges from graph closure. McKesson was the hub: Lilly, Amgen, Vertex, J&J, Gilead and Bristol already disclosed McKesson as a 10%-plus customer, so promoting McKesson closed the pharmaceutical distribution chain in one step. Researched nodes went 461 to 469, T4 452 to 460, the propagation ratio is 61.0% and one-way links stayed at zero. Across five batches today, 38 stubs were promoted and the number of S&P 500 nodes with at least one node-to-node link rose from 130 to 188.
• Sep 11, 2026S&P 500 large-cap batch 4: Medtronic, Altria, Valero, Lowe's, Marathon Petroleum, Accenture, ADP, StrykerDoneS&P 500 large-cap batch 4. Eight stubs (Medtronic, Altria, Valero Energy, Lowe's, Marathon Petroleum, Accenture, ADP, Stryker) were promoted to researched nodes and all eight cleared T4 (15/15) on the first pass, adding 47 edges and 59 sources plus 14 reverse mirror edges from graph closure, rewritten by hand from the owner's perspective. Researched nodes went 453 to 461, T4 444 to 452, the propagation ratio is 60.8% and one-way links stayed at zero. Review caught that the Medtronic and Stryker revenue edges named trivial counterparties (a UK NHS trust, a county hospital) and replaced them with GPOs (Vizient, Premier) and HCA Healthcare. Newly closed loops: Altria to Philip Morris (IQOS rights, $2.8 billion), Medtronic to Abbott and Blackstone, Lowe's to LG Electronics and Stanley Black & Decker, Marathon Petroleum to Seven & i, Accenture to Microsoft and OpenAI, and ADP to Amazon, Microsoft and Chubb.
• Sep 11, 2026S&P 500 large-cap batch 3: TJX, Newmont, Booking, Vertex, Bristol Myers, Intuitive Surgical, CVS, Parker-HannifinDoneS&P 500 large-cap batch 3. Eight stubs (TJX Companies, Newmont, Booking Holdings, Vertex Pharmaceuticals, Bristol Myers Squibb, Intuitive Surgical, CVS Health, Parker-Hannifin) were promoted to researched nodes and all eight cleared T4 (15/15) on the first pass, adding 43 edges and 52 sources plus 7 reverse mirror edges from graph closure, rewritten by hand from the owner's perspective. Researched nodes went 445 to 453, T4 436 to 444, the propagation ratio is 60.9% and one-way links stayed at zero. Newly closed loops: Bristol and Vertex to McKesson, Cencora and Cardinal Health (10-K customer concentration), CVS to McKesson and Cardinal Health (purchase share), Bristol to Samsung Biologics, Newmont to JPMorgan Chase and Caterpillar, Parker-Hannifin to Airbus, ASML and Microsoft, and Booking to Marriott, Hilton, Alphabet and Trip.com.
• Sep 11, 2026S&P 500 large-cap batch 2: Verizon, T-Mobile, Gilead, Abbott, AT&T, Union Pacific, ConocoPhillips, PfizerDoneS&P 500 large-cap batch 2. Eight stubs (Verizon, T-Mobile US, Gilead Sciences, Abbott Laboratories, AT&T, Union Pacific, ConocoPhillips, Pfizer) were promoted to researched nodes and all eight cleared T4 (15/15) on the first pass, adding 45 edges and 52 sources plus 12 reverse mirror edges from graph closure, rewritten by hand from the owner's perspective. Researched nodes went 437 to 445, T4 428 to 436, the propagation ratio rose from 60.7% to 61.0% and one-way links stayed at zero. Newly closed loops: Pfizer and Gilead to McKesson, Cencora and Cardinal Health (10-K customer concentration), Pfizer and Gilead to Samsung Biologics (contract manufacturing), Gilead to Yuhan (APIs), AT&T and Verizon to EchoStar, Comcast and Corning, and Abbott to Walmart, Amazon and Illumina.
• Sep 11, 2026S&P 500 large-cap batch 1: ExxonMobil, J&J, Chevron, UnitedHealth, Home Depot, Philip MorrisDoneThe S&P 500 expansion resumed with a different ordering: the largest stub nodes by market capitalization come first, rather than sector phases. Portle's value chain exposure card only lights up when holdings are linked to each other as nodes, so missing mega caps left the card empty for most portfolios. This batch promoted six stubs (ExxonMobil, Johnson & Johnson, Chevron, UnitedHealth Group, Home Depot, Philip Morris International) to researched nodes and all six cleared T4 (15/15) on the first pass, adding 31 edges and 40 sources plus 7 reverse mirror edges from graph closure, rewritten by hand from the owner's perspective. Researched nodes went 431 to 437, T4 422 to 428, the propagation ratio held at 60.7% and one-way links stayed at zero. Research was done by Codex CLI working from the research contract and the node index, at roughly six minutes per node; review of the first pack fixed two rules: an edge metric never carries the company's total revenue, and research sources must actually be present with the checklist computed rather than self-reported.
• Sep 5, 2026S&P 500 Phase 1 batch 1: Comcast, Salesforce, Flex, Intuit, WorkdayDoneFirst batch of the 387-node S&P 500 expansion. Five stub nodes were promoted to fully researched nodes and all five cleared T4 (15/15) on the first pass, adding 36 edges, 51 sources and 67 edge-source links, plus 18 reverse mirror edges from graph closure (rewritten by hand from the owner's perspective). Researched nodes went 426 to 431, T4 416 to 422, and the propagation ratio rose from 60.5% to 60.7%, meaning the batch did not create isolated nodes. Graph-closure misses, one-way links and uncited edges all remain at zero. The returns data supports a proposition: in 2026 the AI move came down from compute (NVIDIA) to the layer that physically builds data centers (Flex +81.2%, Equinix +37.3%, onsemi +37.4%, GE Vernova +44.4%), while it did not reach enterprise SaaS at the demand end (Salesforce -1.6%, Workday -8.8%). Intuit at -49.3% is the counter-example: in 2026 sitting at the demand end was repriced as AI-disruption risk rather than a premium. Comcast (-1.9%) is a control that moves independently of the AI cycle. The batch also surfaced a tooling defect: XBRL fy is the fiscal year of the report rather than of the fact, so Salesforce FY2026 revenue was being labelled FY2025.
• Sep 5, 2026S&P 500 expansion prep: three tooling scripts and notation cleanupDoneBuilt the tooling for the remaining 387 S&P 500 nodes. (1) edgar-facts extracts total revenue from SEC 10-K XBRL as a normalized metric with its filing citation. (2) mirror-fill closes the graph exhaustively — filling counterparty ids on exact name matches and creating reverse mirror edges with their citations copied — dry-run by default. (3) A T4-F gate for financials and real estate was added to both node-audit.mjs and lib/maturity.ts via a segments.track flag (no schema change); scoring all 426 live nodes with the old and new code gave identical tiers, so there is no regression. Then all 66 notation-mismatch candidates were classified (18 single-counterparty, 25 baskets, 15 self/affiliate artifacts, 8 false positives) and only the 10 that are unambiguously the same legal entity were aligned to their node names. Six whose counterparty is a JV or subsidiary (JASM, PDMC, Coherent SiC LLC, Chevron Australia and others) were left alone, since renaming them to the parent would erase the counterparty identity. Propagation ratio rose from 60.2% to 60.5%; graph-closure misses and one-way links remain at zero.
• Jul 11, 2026Baseline promotion batch 6: Fujikura, Daikin, Kyocera, Sunny Optical, BYD Electronic (+TDK/Fujikura universe gap fix)DoneFixed two Nikkei parse gaps (TDK, Fujikura) then promoted Fujikura (tripling optical-cable capacity, +425% 2024 return), Daikin (DDC/Chilldyne deals plus $163M lab), Kyocera (datacenter organic packages), Sunny Optical (Apple penetration; four Chinese brands over half of revenue) and BYD Electronic (iPhone mid-frames, NVIDIA liquid cooling). Researched nodes 340 to 345; 32 promotions today.
• Jul 11, 2026Baseline promotion batch 5: Hitachi, Mitsubishi Electric, Trane, JCI, EmersonDoneExtended the AI power/cooling chain globally: Hitachi Energy grid capacity, Mitsubishi Electric (No.1 datacenter optical devices, 8-inch SiC), Trane (record $10.7B backlog), JCI (Silent-Aire CDUs; residential HVAC sold to Bosch for $8.1B), Emerson (AspenTech fully owned for $7.2B). Researched nodes 335 to 340; 27 promotions today.
• Jul 11, 2026Baseline promotion batch 4: HOYA, Nikon, Canon, Tencent, XiaomiDonePromoted the lithography chain (HOYA EUV blanks with conflicting share estimates noted, Nikon-Intel ArF decline recorded honestly, Canon NIL with Kioxia/TIE) and the China chain (Tencent-CXMT 20bn-yuan DDR5 flagged as source-based, Xiaomi dual-sourced batteries plus TSMC 3nm XRING). Researched nodes 330 to 335; 22 promotions today.
• Jul 11, 2026Baseline promotion batch 3: Samsung E&A, Hyundai, Kia, Doosan Enerbility, Hyosung HeavyDonePromoted five more nodes: Samsung E&A (Aramco 31.4%, Samsung 22.0%, filing-verified, T4), Hyundai (SK On/LGES battery JVs, NVIDIA, Samsung Foundry, Boston Dynamics), Kia, Doosan Enerbility (KRW 5.64tn Czech nuclear, NuScale SMR, AI-datacenter turbines), Hyosung Heavy (record US 765kV order, KRW 20.2tn backlog). Researched nodes 325 to 330.