The stack
The stack from the fab up: litho, memory, accelerators, optics, power, cooling. Each layer leads with the one number it is constrained by, and says what we are collecting against it.
Litho & fab
11 companies · 0/6 sources collectedThe number · ASML net bookings minus backlog burn
The machines that print the transistors and the fabs that run them. Everything above this line waits on it.
No series yet — nothing has been collected against this layer.
HBM & memory
6 companies · 0/4 sources collectedThe number · HBM sold-out horizon in quarters
Stacked high-bandwidth memory and the DRAM lines behind it. Sold out years ahead is the normal state, and that is the number.
No series yet — nothing has been collected against this layer.
Accelerators
7 companies · 0/8 sources collectedThe number · days from a BIS effective date to the next guidance cut
The chips themselves, and who is allowed to buy them. Export policy moves this layer faster than silicon does.
No series yet — nothing has been collected against this layer.
Optics & interconnect
24 companies · 0/4 sources collectedThe number · 800G/1.6T transceiver shipment growth
What moves a token between chips and between racks. Transceiver shipments are the tell before the capex is announced.
No series yet — nothing has been collected against this layer.
Power
155 companies · 0/18 sources collectedThe number · firm vs reserved turbine GW across GE Vernova, Siemens Energy, Mitsubishi Power
Turbines, transformers, interconnection queues and the utilities on the other end. The layer with the longest lead times.
No series yet — nothing has been collected against this layer.
Cooling & water
6 companies · 0/0 sources collectedNo constraint number written for this layer yet.
Heat rejection and the water it takes. The layer local politics reaches first, and the one with no ticker of its own.
No series yet — nothing has been collected against this layer.
Beats that do not sit on the stack — space, robotics, biopharma and the rest — keep their own index at Beats.