U.S. stocks by sector and value chain
Sectivia is a free map of U.S.-listed stocks, grouped into six sectors and broken down into the segments that make up each value chain. Every company shows daily metrics: market cap, return, P/E, P/S and P/B. No login, no ads.
AI & digital infrastructure
Companies with exposure to artificial intelligence, from chips and semiconductor equipment to cloud platforms, data centers, cooling and power, and the software layer around AI. Includes Nvidia, AMD, Broadcom, Micron, Qualcomm, Microsoft and more.
Energy, grid & critical infrastructure
The electrification and grid build-out: utilities, grid equipment, power management and the infrastructure behind rising electricity demand.
Defense, security & space
Defense platforms, dual-use technology, communications, space and security companies serving U.S. and allied programs.
Medicine, pharma & life science
Big pharma, biotech, diagnostics, medtech, life-science tools and healthcare services across the U.S. market.
Quantum computing
The listed quantum pure plays and enablers: trapped ions, superconducting qubits, photonics, annealing, plus test and cryogenics. Includes IonQ, Rigetti, D-Wave and more.
Banks, payments & capital markets
The path money takes through the fees: banks, investment banks, payment networks (Visa, Mastercard), exchanges, credit ratings and asset managers. Includes JPMorgan, Bank of America, Visa, Mastercard, Goldman Sachs and BlackRock.
For overview and research, not personal investment advice.
Frequently asked questions
What is Sectivia?
Sectivia is a free website that maps U.S. market sectors and value chains. It groups mainly U.S.-listed companies, plus a few major private ones such as SpaceX, into six universes: AI and digital infrastructure, energy and grid, defense and space, medicine and life science, quantum computing, and banks, payments and capital markets. Each universe is broken into the segments that make up its value chain.
Is Sectivia free?
Yes. Sectivia is completely free to use, with no login and no ads.
Where does the market data come from?
Metrics come from Finnhub and are refreshed once a day after the U.S. market closes. Returns use prices adjusted for stock splits and dividends, so they can differ slightly from a simple price comparison.
Which sectors and companies does Sectivia cover?
Sectivia covers six universes of mainly U.S.-listed companies: AI and digital infrastructure (chips, cloud, data centers, AI software), energy and critical infrastructure (utilities and the grid build-out), defense, security and space, medicine, pharma and life science, quantum computing, and banks, payments and capital markets.
Is Sectivia investment advice?
No. Sectivia is for overview and research only. Data may be delayed or incomplete and should not be used as the basis for financial decisions.
What is a value chain in Sectivia?
A value chain is the set of segments that make up a sector, from upstream suppliers to downstream end markets. For example, the AI value chain runs from chipmakers and equipment suppliers through cloud platforms and data centers to the software layer. Sectivia groups companies by where they sit in that chain so you can see who supplies whom.
All companies by sector and segment
AI & digital infrastructure
Chips & accelerators
Designs and builds the processors, accelerators and memory that train and run AI.
- Nvidia (NVDA): Nvidia sells the accelerators most large AI models are trained on, from H100 through B200 to Rubin. Harder to replace is CUDA, the software layer developers have standardised on. NVLink and the Mellanox networking business tie whole racks together.
- AMD (AMD): The MI series is the closest thing Nvidia has to a direct rival in AI GPUs. AMD also ships EPYC processors for servers and Ryzen for PCs.
- Broadcom (AVGO): Custom silicon designed to order: Broadcom builds AI ASICs to hyperscalers' own specifications, Google's TPUs among them. Tomahawk and Jericho chips move the network traffic, and VMware supplies the infrastructure software.
- Qualcomm (QCOM): Snapdragon made Qualcomm the reference point in mobile silicon. Its NPUs run models on the handset or PC itself, and the same platforms now go into cars.
- Marvell (MRVL): Data infrastructure only. Marvell builds custom AI accelerators for single customers and the optical and networking silicon around them.
- Intel (INTC): A turnaround with government money behind it. Intel still sells server and PC processors, but the case now rests on Intel Foundry and whether the 18A process makes it a credible Western manufacturing alternative. Gaudi accelerators are the smaller AI piece.
- Micron (MU): America's only large memory manufacturer, third in HBM, selling DRAM and NAND broadly into data centres.
- Western Digital (WDC): Hard drives for data centres, where AI has pushed demand for cheap bulk capacity to records.
- Seagate (STX): No one ships more hard drives. The HAMR-based Mozaic platform lifts capacity per drive sharply as cloud and AI data pile up.
- Texas Instruments (TXN): No one ships more analog chips and embedded processors: the parts that handle power and signal duties inside industrial equipment, cars and consumer electronics.
- Analog Devices (ADI): Precision analog and mixed-signal chips, plus DSPs, for industrial equipment, communications, cars and healthcare.
- Microchip Technology (MCHP): The microcontroller is the anchor product; analog and FPGA parts fill out the range for embedded designs in industry and cars.
- ON Semiconductor (ON): Electric cars and factory automation are the end markets for its silicon carbide power semiconductors and image sensors.
- Arm Holdings (ARM): Licensing, not manufacturing: the CPU architectures and instruction sets (Cortex, Neoverse) that nearly every mobile and server chip is built around come from Arm, which takes a royalty on each chip produced.
- Monolithic Power (MPWR): Everything here is power delivery: the chips and modules that feed processors in AI server racks, with cars and industrial equipment taking the same parts.
Semiconductor equipment & IP
The machines and chip IP advanced semiconductor manufacturing cannot do without.
- Applied Materials (AMAT): Applied Materials covers more steps of chipmaking than any other equipment vendor: deposition, etch, implantation, inspection, and the packaging tools that stack AI chips.
- Lam Research (LRCX): Etch and deposition tools, strongest where HBM memory and 3D stacking need them.
- KLA (KLAC): Finding a defect a few nanometres across is its own industry, and KLA dominates it. Its inspection systems and yield software show a fab what is going wrong.
- Synopsys (SNPS): Chips are designed and verified in Synopsys' EDA software, and much of the reusable silicon IP inside them is licensed from Synopsys too. With Cadence it forms a duopoly.
- Cadence Design Systems (CDNS): Ranks second in EDA behind Synopsys: design and verification software, licensable IP blocks, plus simulation that reaches past the chip to the whole system.
- Teradyne (TER): Two businesses: automated chip test systems, and the Universal Robots cobot line.
- Entegris (ENTG): Filtration and advanced materials that keep contamination out of chip fabrication.
Cloud platforms
Rents out the compute, the 'power grid' of the AI era.
- Microsoft (MSFT): No software company is bigger, and few have as many places to put AI: Azure rents the infrastructure, Copilot sells the assistant inside Microsoft 365 and GitHub, Maia is a chip of Microsoft's own, and the OpenAI partnership sits underneath much of it.
- Amazon (AMZN): AWS is still the biggest cloud platform, and Amazon increasingly fills it with its own Trainium and Inferentia silicon rather than buying everything in. Bedrock is the model layer sold on top. The company is also Anthropic's lead investor.
- Alphabet (GOOGL): Few companies own the whole stack. Alphabet runs its own cloud, designs its own TPUs, trains its own frontier model in Gemini, then puts the result in front of users through Search, YouTube and Android.
- Oracle (ORCL): The database business paid for the pivot. Oracle Cloud Infrastructure has become one of the faster-growing clouds on the back of very large compute contracts, the OpenAI Stargate work among them, while databases and ERP keep running underneath.
- CoreWeave (CRWV): Rents out GPU capacity and nothing else. CoreWeave listed in 2025 with Nvidia as both investor and supplier.
Data centers
Servers, networking, optics and data center capacity that tie AI infrastructure together.
- Arista Networks (ANET): Arista's 800G switches and the EOS software running them sit inside AI data centres, which makes hyperscaler spending the number to watch.
- Cisco (CSCO): Switches and routers at a scale no other network vendor matches, plus Silicon One chips of its own design and the security business built around Splunk. AI orders from hyperscalers are the newer line.
- Coherent (COHR): Makes the transceivers and lasers that turn data into light for the hop between AI servers.
- Credo Technology (CRDO): Inside the rack, GPUs and switches are joined by active electrical cables and SerDes chips. That narrow gap is Credo's entire market.
- Astera Labs (ALAB): Signal integrity becomes a real constraint at AI-server speeds. Astera Labs sells the fix: Aries PCIe retimers, Taurus and Leo connectivity, Scorpio fabric switches.
- Ciena (CIEN): Long-haul optical transmission, mostly between data centres.
- Super Micro (SMCI): Racks of GPU servers, liquid-cooled, put together quickly after each new GPU arrives.
- Dell Technologies (DELL): Dell's AI server backlog has grown quickly, sold to enterprises and cloud operators alike, on top of a long-standing PC and storage business.
- HPE (HPE): Cray supercomputers and ProLiant AI servers on one side; on the other, a networking business that grew considerably with the Juniper acquisition.
- Equinix (EQIX): Carrier-neutral by design. Equinix rents floor space and power, then sells the interconnection between whoever is in the building. xScale covers the hyperscale-sized halls.
- Digital Realty (DLR): Owns and runs data centres as a REIT, from wholesale halls let to hyperscalers down to smaller colocation space.
- Amphenol (APH): Interconnect hardware: connectors and cable, plus a sensor business. The high-speed parts end up in AI servers and data center gear.
- NetApp (NTAP): Keeps enterprise data on flash arrays and moves it between on-premises kit and the cloud; AI workloads are the newer source of demand.
- Pure Storage (PSTG): All-flash arrays for data centers, sold as a subscription service.
Cooling, power & data center infrastructure
Power, cooling and physical equipment, AI's physical foundation.
- Vertiv (VRT): An AI rack throws off enough heat that air alone stops working. Vertiv sells the liquid cooling, the power gear around it and whole modular data centres.
- Modine Manufacturing (MOD): Thermal systems were the old business; data centre cooling is the new one, sized for the heat AI servers give off.
- Comfort Systems USA (FIX): Mechanical contracting: HVAC and cooling, plus electrical and plumbing work. The data center building boom has been good for the order book.
- EMCOR Group (EME): Builds the electrical and mechanical systems inside large facilities, data centers among them, then services what it installed.
- Carrier Global (CARR): Air conditioning and refrigeration, from heat pumps in buildings to cooling systems for data centers.
AI software & productivity
Embeds AI models into the products and workflows we already use.
- Meta Platforms (META): Facebook and Instagram pay for one of the largest AI build-outs anywhere: GPU clusters at enormous scale, the Llama models released openly, and advertising tools that are so far the clearest payoff. Meta AI and the smart glasses are the consumer end of it.
- ServiceNow (NOW): Large organizations run their internal workflows on the Now Platform, from IT tickets to HR and customer-service cases, with AI agents taking over the routine steps.
- Salesforce (CRM): Sells more CRM software than any rival, and is now pushing Agentforce, AI agents that handle sales and service conversations on their own. Data Cloud and Slack sit alongside it.
- Adobe (ADBE): Photoshop and the rest of Creative Cloud are default tools in the design trade, now with Firefly generative AI built in. The same technology has also produced rivals that chip away at Adobe's position.
- Tesla (TSLA): Selling electric cars and energy storage pays the bills, but the share price increasingly rests on software: autonomous driving under the FSD and robotaxi banner, and the Optimus humanoid robot, both built on AI chips and data Tesla owns outright.
- Duolingo (DUOL): Language lessons on a phone, with generative AI writing much of the course content and playing the conversation partner in the paid Max tier.
- AppLovin (APP): The Axon engine decides which ad a given app user sees, and its results are among the most cited evidence that applied AI pays off in advertising.
- Intuit (INTU): TurboTax files tax returns, QuickBooks keeps small-business books, Credit Karma sits on top of consumer credit; AI assistants are being pushed into all of them.
- Workday (WDAY): Cloud HR and finance software for large employers, with AI built in.
Data, analytics & enterprise AI
Makes enterprise data 'AI-ready' and powers operational AI.
- Palantir (PLTR): Governments and large companies feed their data into Foundry and Gotham; AIP, the newer layer, turns AI models into tools that staff use to make actual decisions. The enthusiasm around it has left Palantir among the most expensive stocks on the market.
- Snowflake (SNOW): The warehouse comes before the models: companies pool and share their data in Snowflake's cloud, and Cortex AI runs on top of it.
- Datadog (DDOG): Tracks the health of cloud systems, including the AI models and LLM applications running on them.
- MongoDB (MDB): A document database for developers, run as the managed Atlas cloud service and extended with vector search for AI applications.
IT consultants & integrators
Help enterprises adopt and scale AI in practice.
- IBM (IBM): An old hand in enterprise computing, selling the watsonx AI platform alongside Red Hat's hybrid cloud, with a consulting arm that builds the AI systems customers actually run.
- Cognizant (CTSH): Runs IT operations for clients under outsourcing contracts; the AI and digital transformation side of the business is growing.
- Accenture (ACN): When a large company decides to roll out AI or move to the cloud, Accenture is usually among the firms hired to do the work. No IT consultancy is bigger.
Energy, grid & critical infrastructure
Grid & electrification
Cables, grid connection and infrastructure tying new capacity to demand.
- Quanta Services (PWR): Quanta's crews build and upgrade the physical grid itself: transmission and distribution lines, plus the connections that tie new renewable plants into the system. A US specialty contractor whose workload tracks grid expansion directly.
- Hubbell (HUBB): Grid hardware, metering and controls for utilities and industry.
- Emerson Electric (EMR): Process automation for energy and heavy industry: measurement instruments, valves, control systems and the AspenTech software layer above them.
- MasTec (MTZ): Construction contractor working across US energy infrastructure: transmission, renewable plants, pipelines and communications networks.
Power equipment
Turbines, transformers and power management for generating and distributing electricity.
- GE Vernova (GEV): The energy business carved out of GE. Gas turbines and grid equipment carry a record order book, with the BWRX-300 small modular reactor as the longer-dated bet.
- Eaton (ETN): An American electrical components maker with capacity sold out years ahead. Transformers, switchgear, UPS systems and grid upgrade equipment, all pulled along by the same electrification and data centre demand.
- Rockwell Automation (ROK): Sells the control layer of the automated factory, from PLCs and motor drives up to the software that supervises them.
Solar & wind
Solar and wind capacity producers, the core of renewable build-out.
- First Solar (FSLR): Thin-film solar panels, made at greater scale than by any other US manufacturer, going into utility-scale projects that include supply for data centres.
- Enphase Energy (ENPH): Microinverters and batteries that make distributed solar usable in homes and businesses.
Batteries & energy storage
Battery cells and storage systems that balance the grid and store renewable energy.
- Fluence Energy (FLNC): Builds grid-scale battery installations and the software that dispatches them, smoothing the gap between when power is generated and when it is used.
Nuclear energy & uranium
CO2-free baseload: uranium supply, fuel, reactor technology and small modular reactors (tags mark the role).
- Centrus Energy (LEU): Enriches uranium, including the HALEU grade that next-generation small modular reactors require.
- BWX Technologies (BWXT): Supplies the US Navy with reactor components and fuel, work that carries over into small modular reactors and medical isotopes.
- NuScale Power (SMR): Designs small modular reactors and nothing else; among listed US pure-plays it is one of the furthest along.
- Oklo (OKLO): Aurora, its microreactor design, is meant to be sold as electricity rather than as hardware, with data centers the intended buyers. Nothing is operating commercially yet.
- Curtiss-Wright (CW): Pumps and valves that go inside naval reactors, plus defense electronics and industrial actuators. Commercial nuclear plants draw on the same components. More than a century of industrial history sits behind the company.
Utilities & power producers
Electricity utilities and large power producers, from nuclear to renewable portfolios.
- NextEra Energy (NEE): Runs the electricity utility for Florida and, separately, one of the biggest renewable development businesses anywhere, adding wind and solar capacity across the US together with the grid to carry it. Data centre load presses on both halves.
- Constellation Energy (CEG): No US company generates more nuclear power. Its carbon-free baseload increasingly goes to data centre operators on long-term contracts, the clearest case being Microsoft's deal to restart Three Mile Island.
- Duke Energy (DUK): A large US utility carrying a substantial nuclear fleet into a period of demand growth from electrification and data centres.
- Vistra (VST): Owns gas and nuclear generation alongside battery storage, and sells electricity to retail customers. Rising consumption from data centres is the demand it is exposed to.
- Southern Company (SO): Vogtle is adding nuclear output to what is already one of the biggest US electric and gas utilities.
- Dominion Energy (D): Electricity and gas in the eastern US, with a large offshore wind project off Virginia attached.
- Talen Energy (TLN): Independent power producer whose Susquehanna nuclear plant sells directly to data centers.
- American Electric Power (AEP): Regulated transmission and distribution wires across 11 states, one of the largest such networks in the US.
- Exelon (EXC): Distributes electricity and gas to several large US cities, ComEd and PECO among them.
- NRG Energy (NRG): Generation plants on one side, millions of retail electricity and gas customers on the other, plus the Vivint smart-home business. The fleet runs on gas, coal and solar, and it is positioned for the demand growth data centers are driving in Texas and beyond.
Defense, security & space
Defense integrators
The large primes that integrate complete defense systems and platforms.
- Lockheed Martin (LMT): The F-35 fighter runs through everything Lockheed Martin does, and there is no bigger defense contractor. Missile defense plus space and satellite systems make up the rest of the work, sold to the US and its allies.
- Northrop Grumman (NOC): Weighted toward the strategic end of American defense. Northrop Grumman builds the B-21 bomber and strategic missiles, and its space programs form a third leg.
- RTX (RTX): Patriot and the wider missile and air-defense portfolio pull in one direction at RTX, the former Raytheon; Pratt & Whitney jet engines pull in another. Sensors and radar feed both sides.
- General Dynamics (GD): Abrams tanks and land systems at one end, submarines and warships at the other, and in a corner of the group the Gulfstream business jets, which have nothing to do with either.
- L3Harris (LHX): Tactical radios and electronic warfare are the core, with space and sensor work beside them. L3Harris sells itself as the quicker alternative to the big primes.
Drones & autonomous systems
Unmanned air and ground systems, a fast-growing defense segment.
- AeroVironment (AVAV): Switchblade loitering munitions and small tactical drones, a product line that has grown with demand for unmanned systems.
- Kratos Defense (KTOS): Unmanned combat aircraft built to a low price point, alongside target drones and missile defense systems.
Military platforms
Aircraft, ships and vehicles, the physical platforms defense systems are built on.
- Boeing (BA): Passenger jets are the public face of Boeing. Behind them sits a large military business: combat aircraft and helicopters, plus satellites and other space hardware.
- Textron (TXT): Bell helicopters, Cessna and Beechcraft aircraft, plus military vehicles and drones.
- Huntington Ingalls Industries (HII): Aircraft carriers and nuclear submarines for the US Navy, built at the country's biggest military shipyard, with a technology and services arm alongside.
- Howmet Aerospace (HWM): Turbine blades come out of Howmet's precision casting lines, along with aerospace fasteners and titanium structures. GE, RTX and Boeing all depend on them.
- HEICO (HEI): Hundreds of small acquisitions, still run by the founding family. HEICO makes FAA-approved replacement parts for aircraft and niche electronics for missile and space programs.
Space industry & satellites
Launch, satellite communications and space systems, civil and military.
- Rocket Lab (RKLB): Electron puts small payloads in orbit today; the larger Neutron is still in development. Rocket Lab also sells satellite platforms and components to other operators.
- Iridium Communications (IRDM): Global coverage is the whole proposition. Iridium's network reaches every point on earth, from ships at sea to IoT sensors, with defense among its customers.
- Viasat (VSAT): Satellite broadband for aircraft cabins and remote areas, plus secure links for defense customers.
- AST SpaceMobile (ASTS): The idea is a satellite that an ordinary mobile phone can talk to directly. AST SpaceMobile is still building out the constellation.
- Globalstar (GSAT): Apple's emergency calling via satellite runs on Globalstar's network, which also carries ordinary communications and IoT traffic.
- SpaceX: Falcon 9 and Falcon Heavy dominate orbital launch, Starlink belongs to the same company, and Starship is still in development. SpaceX is privately held and cannot be bought on an exchange; it appears here only to show where the weight in this segment actually sits.
Communications & defense data
IT services, secure communications and data analytics for defense and intelligence.
- Leidos (LDOS): Contracted IT services and data analysis for US defense and intelligence customers, with security systems alongside.
- Booz Allen Hamilton (BAH): Consulting and technology work for the US government, weighted toward defense and intelligence, with AI a growing part of the mandate.
- CACI International (CACI): Intelligence and surveillance systems for US defense and intelligence agencies, along with secure communications.
Dual-use technology
Technology with both civil and military uses, from sensors to avionics.
- Honeywell (HON): A conglomerate whose aerospace division is the part that matters here, supplying avionics and aircraft engines with the APUs that go with them. The rest of the group does industrial automation.
- Teledyne Technologies (TDY): Imaging sensors and instrumentation, including the FLIR line and unmanned systems, sold into civil and military markets alike.
- GE Aerospace (GE): Jet engines for airliners and military aircraft, plus the service and spare-parts business that trails each one. No rival builds engines on this scale.
- TransDigm Group (TDG): High-margin proprietary aircraft parts, civil and military.
- Motorola Solutions (MSI): Radio systems for public-safety agencies, with video surveillance and command-center software built around them.
- Axon Enterprise (AXON): Tasers and body cameras for police forces, tied to the Axon Evidence cloud.
Identity & access management
Secures who has access to apps and data, identity is the new perimeter.
- Okta (OKTA): Single sign-on and identity management, with Auth0 covering customer logins.
Endpoint security
Protects computers, servers and devices from malware and advanced attacks.
- CrowdStrike (CRWD): Endpoint security run from the cloud. The Falcon platform defends companies and government agencies against increasingly sophisticated attacks, and now reaches into cloud and identity as well.
- SentinelOne (S): Singularity, an AI-driven endpoint and cloud platform aimed squarely at CrowdStrike.
Network security
Firewalls and network defense that inspect and filter traffic.
- Palo Alto Networks (PANW): Network firewalls and SASE sit at the base, with the Cortex SOC tools and Prisma Cloud on top. Among pure-play cybersecurity companies it is the biggest, and the platform leans harder on AI each year.
- Fortinet (FTNT): Designs its own ASIC chips, which is what sets the FortiGate firewalls apart, and builds out from there into SASE and OT security for critical infrastructure.
Cloud security
Zero trust and cloud-delivered security, protecting cloud workloads and access.
- Zscaler (ZS): All traffic between users and applications is routed through Zscaler's cloud and inspected there. That is the zero trust model, sold as a service.
- Cloudflare (NET): Sits in front of websites and applications on a global edge network, absorbing DDoS attacks while making the sites faster. Zero trust access is sold on the same footprint.
Data security
Protects sensitive data, classification, encryption and monitoring of data access.
- Varonis Systems (VRNS): Works on the data itself rather than the perimeter, finding sensitive files inside company systems and tracking who has access to them.
SOC, XDR & threat detection
Detects and analyzes threats across the environment, security operations and XDR.
- Elastic (ESTC): Elasticsearch was built for search and log analytics. The security business, SIEM and threat detection, runs on that same data layer, which is what makes Elastic a security name at all.
Vulnerability management
Maps and prioritizes weaknesses before attackers exploit them.
- Tenable (TENB): Nessus scanning grew into exposure management: mapping weaknesses across IT and OT estates and ranking which ones to close first.
- Qualys (QLYS): Vulnerability scanning and compliance monitoring, all of it delivered from the cloud.
- Rapid7 (RPD): Two products under one roof: InsightVM for vulnerability management and InsightIDR for threat detection, aimed at mid-size and large enterprises.
Incident response & recovery
Backup, recovery and cyber resilience that bring systems back after attacks.
- Commvault Systems (CVLT): Backup and recovery software, sold today as cyber resilience: getting systems running again after ransomware or an outage.
- Rubrik (RBRK): Ransomware recovery is the pitch, with backup delivered as SaaS. Listed in 2024.
Medicine, pharma & life science
Diabetes & metabolic disease
Treatment and monitoring of diabetes and metabolic disease, from insulin to glucose monitoring.
- Eli Lilly (LLY): Mounjaro and Zepbound put Lilly at the centre of the GLP-1 market. Around them sit the diabetes and insulin business and franchises in oncology and neurology, with a pipeline that ranks among the strongest in the industry.
- DexCom (DXCM): Continuous glucose monitoring for people with diabetes: the G-series sensors, and Stelo, which is sold over the counter.
- Insulet (PODD): Maker of Omnipod, a tubeless insulin pump that handles dosing automatically.
Big pharma
Large, diversified pharmaceutical groups with broad portfolios across therapeutic areas.
- Pfizer (PFE): Vaccines are what most people associate with Pfizer. The portfolio is considerably broader: oncology is a large part of it, and internal medicine covers much of the rest.
- Merck & Co. (MRK): Keytruda is the centre of the oncology business, which sits next to a substantial vaccines portfolio. Animal health forms a third division.
- Johnson & Johnson (JNJ): Two businesses under one name: Innovative Medicine, which covers immunology and oncology drugs, and MedTech, which makes medical devices and surgical equipment.
- Bristol Myers Squibb (BMY): Opdivo made the company's name in oncology. Immunology and haematology fill out the portfolio, with neuroscience coming through the pipeline.
- AbbVie (ABBV): Skyrizi and Rinvoq carry the immunology franchise. Oncology and neuroscience follow, plus the aesthetics business built around Botox.
- Zoetis (ZTS): Spun out of Pfizer in 2013 to sell animal medicines and vaccines. Simparica handles parasites while Librela and Solensia treat pain, with pets on one side of the business and livestock on the other.
Biotech & innovation
Innovation-driven biotech companies focused on novel treatment modalities.
- Vertex Pharmaceuticals (VRTX): Cystic fibrosis medicines carry the business. The newer work sits in pain treatment and in cell and gene therapy, where Casgevy belongs.
- Regeneron (REGN): Antibody engineering underpins the whole portfolio, from Eylea in ophthalmology to Dupixent, partnered with Sanofi, in immunology. Oncology is the newer front.
- Gilead Sciences (GILD): HIV treatment is the heart of it, Biktarvy above all, with cell therapy in oncology growing alongside.
- Moderna (MRNA): Built on mRNA, the technology behind its covid vaccine. The pipeline pushes the same platform into further vaccines and into oncology.
- Biogen (BIIB): Neurological disease is the whole focus, from multiple sclerosis to Alzheimer's, where Leqembi is partnered with Eisai.
- Amgen (AMGN): Long-established in biotech, with oncology and haematology at the centre of the portfolio, immunology beside it and a line in bone disease. MariTide is the obesity candidate in the pipeline.
- Alnylam Pharmaceuticals (ALNY): Turns RNA interference into drugs, mostly for rare and cardiovascular disease.
- Incyte (INCY): Jakafi in myelofibrosis and Opzelura in dermatology anchor a portfolio split between cancer and inflammation.
- BioMarin Pharmaceutical (BMRN): Rare genetic disorders define the company. It sells enzyme replacement therapies and Voxzogo for dwarfism, and has taken gene therapy into hemophilia.
- United Therapeutics (UTHR): Pulmonary hypertension accounts for the marketed drugs, Tyvaso, Remodulin and Orenitram among them. A separate programme works on organs for transplant, including xenotransplantation.
- Neurocrine Biosciences (NBIX): Ingrezza for tardive dyskinesia, plus a wider neurology and endocrine portfolio.
CDMO & pharma manufacturing
Contract development and manufacturing of medicines, the industrial backbone behind the drugs.
- West Pharmaceutical Services (WST): Stoppers, syringe components and the rest of the packaging that goes around an injectable drug. West also builds the injection and delivery systems themselves, including for biologics.
- Charles River Laboratories (CRL): Preclinical work that drug and biotech companies choose not to do in-house: research models, safety testing, laboratory services through development, and support for cell and gene therapy.
- IQVIA Holdings (IQV): Drug companies outsource clinical trials to IQVIA, and many of the same customers buy its health data and analytics. A third arm sells commercial services to the pharmaceutical industry.
Life science tools
Instruments, reagents and equipment for research, development and production.
- Thermo Fisher Scientific (TMO): Analytical instruments on one side, the reagents and consumables that feed them on the other, sold to research laboratories and pharmaceutical companies. Patheon, its contract manufacturing arm, makes drugs for customers outright.
- Danaher (DHR): Cytiva supplies the equipment biologics are made with; Cepheid runs molecular diagnostics. Danaher owns both, along with a wider set of life science instruments.
- Illumina (ILMN): DNA sequencing machines and the reagents they consume, for research and clinical genomics.
- Agilent Technologies (A): Laboratory analysis is the business: LC/MS and other analytical instruments, sold with the consumables and diagnostic reagents that keep them running.
- Waters Corporation (WAT): Waters sells liquid chromatography and mass spectrometry systems; pharmaceutical companies and other laboratories buy them along with the consumables and software that keep them running.
- Revvity (RVTY): Newborn and genetic screening is the clinical end of the business; the rest supplies reagents and software to research laboratories.
Diagnostics
Tests, imaging and assays that support clinical decision-making.
- Abbott Laboratories (ABT): In vitro diagnostics, medical devices that include the Libre glucose sensors, nutrition products and generic medicines: Abbott runs all four.
- Hologic (HOLX): Women's health defines the range here, from molecular diagnostic tests to mammography systems and surgical products.
- Bio-Rad Laboratories (BIO): Clinical diagnostics laboratories buy one part of the range, blood typing among the uses; life science researchers buy the other, for work such as droplet digital PCR.
- IDEXX Laboratories (IDXX): Vets are the customers. IDEXX sells the analysers that sit in the clinic, runs the reference laboratories that handle samples sent out, and writes the software the practice runs on.
- Labcorp (LH): Samples from across the US end up in Labcorp's laboratories, which handle routine clinical testing alongside genomics and specialty assays. A contract research arm works for drug developers.
- Quest Diagnostics (DGX): A nationwide lab network that does routine testing at volume, with more advanced diagnostics and health data work on top.
- Natera (NTRA): Genetic testing put to three uses: Panorama screens pregnancies, Signatera works in oncology, and a third line covers transplant medicine.
Medtech & devices
Medical equipment and devices, from surgery and cardiology to robotics.
- Medtronic (MDT): Cardiac rhythm and cardiology devices anchor a catalogue that also runs through surgical equipment, neurology and diabetes treatment.
- Stryker (SYK): Orthopaedic implants and surgical equipment, with Mako bringing robot assistance into the operating room.
- Boston Scientific (BSX): Cardiology drives the growth, particularly electrophysiology, where Farapulse sits, and structural heart treatment. Endoscopy and urology cover the rest of the range.
- Intuitive Surgical (ISRG): The da Vinci systems brought robot assistance to minimally invasive surgery and are used worldwide. Ion applies the same approach to lung biopsy, and instruments and servicing follow the installed base.
- Edwards Lifesciences (EW): Heart valves, delivered by catheter as with TAVR or implanted surgically.
- Becton Dickinson (BDX): Syringes and needles sit at the recognisable end of the range. Becton Dickinson's portfolio is broad, spanning medical consumables alongside diagnostic systems and drug delivery equipment.
- GE HealthCare (GEHC): Imaging is the core: CT and MRI systems, plus ultrasound. Patient monitoring equipment and contrast agents round out a range sold worldwide.
- ResMed (RMD): CPAP machines and masks for sleep apnea, sold with cloud software, next to a wider respiratory equipment range.
- Zimmer Biomet (ZBH): Artificial knees and hips, trauma implants, surgical robotics.
- Align Technology (ALGN): Invisalign clear aligners, backed by digital dental scanning.
- Baxter International (BAX): Infusion pumps and the fluids that run through them are the anchor. Baxter also supplies dialysis therapy and products for surgery and acute care.
Distribution & pharmacy infrastructure
Wholesalers, distribution and pharmacy chains that get medicines to patients.
- McKesson (MCK): Medicines reach the counter through wholesalers, and McKesson is one of them: its customers run from pharmacies to hospitals and clinics across the US. Alongside distribution it sells services to pharmacy operators and runs an oncology network.
- Cencora (COR): Known as AmerisourceBergen until the rebrand, Cencora distributes medicines and specialty drugs to the healthcare sector and sells services to pharmacies.
- Cardinal Health (CAH): Two businesses sit under one roof. One distributes medicines through the healthcare system, the other manufactures medical products and consumables, with pharmacy services alongside.
- CVS Health (CVS): The retail pharmacies are the visible part. Behind them sit Aetna, the group's health insurance arm, and Caremark, its pharmacy benefit manager. The same company can dispense a prescription and insure the patient who receives it.
- The Cigna Group (CI): Express Scripts, the pharmacy benefit manager, sits at the centre. Around it Cigna writes health insurance and runs a specialty pharmacy and distribution business.
- UnitedHealth (UNH): Insurance is UnitedHealthcare's job. Optum is everything else: clinics on the ground, Optum Rx managing pharmacy benefits and a health data business behind both. Insurer and care provider sit under a single owner.
Quantum computing
Quantum hardware & platforms
The companies building the quantum computers themselves, trapped ions, superconducting qubits, photonics and annealing.
- IonQ (IONQ): Trapped ion is the bet here, with high qubit fidelity as the claim. The systems are reachable through AWS, Azure and Google Cloud, and a run of acquisitions points the roadmap toward quantum networking. Not yet profitable.
- Rigetti Computing (RGTI): Superconducting qubits, on chips Rigetti designs and fabricates itself.
- D-Wave Quantum (QBTS): Annealing rather than gate-model machines, sold for optimization problems and already running inside companies. A gate-model programme is being developed in parallel.
- Quantum Computing Inc. (QUBT): Photonics instead of superconductors: integrated photonic chips, reservoir computing and quantum sensing, made in its own thin-film lithium-niobate foundry. Speculative.
Enablers, test & components
The equipment and components quantum development rests on, test, cryogenics and photonics manufacturing.
- FormFactor (FORM): Probe cards for testing chips in production are the main business. The cryogenic measurement systems are what connect FormFactor to quantum: the labs and hardware makers buy them. Picks and shovels, not machines.
Banks, payments & capital markets
Banks
Consumer and commercial banks that take deposits and make loans, the foundation of the system.
- JPMorgan Chase (JPM): Chase branches and cards sit under the same roof as a top-tier investment bank and an asset and wealth management arm, and no U.S. bank holds more assets. Fee income comes from four places at once: deposits, card spending, trading and advisory.
- Bank of America (BAC): Its retail deposit base is vast, which makes earnings move with interest rates more than most. Merrill wealth management and a large investment bank sit on top.
- Wells Fargo (WFC): Years under a regulatory asset cap left this large U.S. retail and commercial bank rebuilding. It leans on lending and deposits rather than trading, with home lending a significant piece.
- Citigroup (C): Treasury and trade services for multinational corporations is this global bank's strongest franchise; branded cards and consumer banking sit beside it. A multi-year simplification is still under way.
- U.S. Bancorp (USB): A payments business of real size sits alongside conventional deposits and loans here, unusual among U.S. regional banks. Returns have been strong.
- PNC Financial (PNC): Commercial and consumer lending funded by deposits, with almost no trading desk. Expanding into new U.S. markets.
Investment banking & trading
Advisory, underwriting and market-making for companies and institutions.
- Goldman Sachs (GS): Deal advice and underwriting on one side, trading on the other, with asset and wealth management a growing third leg. Earnings rise and fall with deal flow and market activity.
- Morgan Stanley (MS): Wealth and asset management now anchor the earnings of what began as a markets and advisory house. The pivot toward steadier fee income was deliberate.
Payment rails & networks
The networks and processors that take a fee every time a card is swiped, the fee engine.
- Visa (V): Visa lends nothing. It takes a small cut of the value of every transaction that crosses its rails, which makes it a toll on global spending rather than a lender.
- Mastercard (MA): The second card network, in a near-duopoly with Visa. Capital-light and fee-based.
- American Express (AXP): Network and issuer are the same company here, so American Express collects merchant fees and cardholder interest both, and keeps the customer relationship from end to end. Its cardholders skew affluent.
- PayPal (PYPL): Online checkout is the core, with Venmo for peer-to-peer transfers and Braintree processing behind other companies' payments. Growth has matured and rivals have crowded in.
- Fiserv (FI): Card transactions processed for banks, and the Clover terminals on shop counters. Paid per transaction.
- Global Payments (GPN): Merchant acquiring: getting payments accepted and managed across every channel a business sells through. Fiserv and Block are the direct rivals.
Brokers & fintech
Brokers, trading apps and crypto platforms where investors and consumers access the market.
- Charles Schwab (SCHW): Trillions in client assets sit on its brokerage and custody platform. Commissions are not what pays for it; net interest on client cash does most of the work, with asset management fees and trading behind it.
- Robinhood (HOOD): Commission-free trading on a phone brought a younger cohort of investors in. Robinhood is paid instead through order flow, margin lending, options and crypto, which makes revenue swing with retail appetite.
- Interactive Brokers (IBKR): Built for active and professional traders who want cheap access to markets around the world. Margins are high for a broker, and higher interest rates feed straight through to profit.
- Coinbase (COIN): Trading fees on the biggest crypto exchange in the United States, plus a growing tail of custody, staking and stablecoin income. When crypto prices and volumes fall, earnings fall with them.
- Block (XYZ): Two products carry the company: Square, which takes payments for merchants, and Cash App, which handles consumer money. Bitcoin runs through both. Growth-oriented, and the field is crowded.
Exchanges & market data
The exchanges, index owners and ratings agencies that run, and price, the markets.
- Intercontinental Exchange (ICE): The New York Stock Exchange belongs to ICE, and so do global derivatives markets, a large mortgage-technology arm and a fixed-income data business. Each one collects a small amount every time somebody trades or looks something up.
- CME Group (CME): Where interest-rate, equity, energy and commodity risk gets hedged, on the largest derivatives exchange there is. A fee is charged on every contract, and volumes climb when markets turn volatile.
- Nasdaq (NDAQ): Running the Nasdaq stock market is now only part of it. Listings, index licensing, analytics and software that banks use to detect financial crime have turned Nasdaq into something closer to a technology and data vendor.
- S&P Global (SPGI): Credit ratings on the bonds companies issue are one revenue stream. The S&P 500 and Dow Jones index franchises are another. Market and commodity intelligence sold on subscription is the third. Very little of this revenue has to be won again each year.
- Moody’s (MCO): When a company borrows, Moody's rates the debt; it and S&P split that market between them. A faster-growing analytics arm sells risk and modelling tools to the same customers.
- MSCI (MSCI): ETFs and index funds track MSCI's global equity benchmarks and pay to do so. ESG, climate and portfolio-analytics data has grown quickly on top of that, sold much like a subscription.
Asset & alternative managers
The managers that invest other people’s money, from ETFs to private equity and credit.
- BlackRock (BLK): iShares made BlackRock the largest asset manager anywhere, with trillions under management and fees charged against that balance. Its Aladdin risk-technology platform sits alongside the funds.
- Blackstone (BX): Real estate and private equity are the historic core, with credit and infrastructure added since; no alternative-asset manager is bigger. Capital is locked up for years, and Blackstone takes both a management fee and a share of the gains.
- KKR (KKR): A buyout firm that has spent years widening out, into credit, infrastructure and the Global Atlantic insurance business. The insurance side brings capital that does not have to be handed back on a fund schedule.
- Apollo Global (APO): Athene's retirement liabilities give Apollo long-dated money, and Apollo lends it out. Private credit and direct lending are where most of it goes, with private equity still in the mix.