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Editorial Method · v1

Methodology

How we score.

Three pillars. One number. No price targets.

Plate I — The three pillars

Power. Silicon. Steel.

⚡Power

Electrons, fuel, and the grid that moves them. Utilities, IPPs, nuclear operators, uranium miners, natural gas pipelines, turbine & transformer makers.

▢Silicon

The compute layer. GPUs, accelerators, custom ASIC designers, the foundries that print them, the lithography tools that make the foundries possible, and the memory attached.

▥Steel

Data center real estate, power & cooling infrastructure, networking silicon, optical interconnect, and the structural & HVAC names that physically build the boxes.

Plate II — The Pillar-Purity Score

One number, 1 to 10.

The Pillar-Purity Score is an editorial judgment about how directly a company’s incremental revenue is tethered to the AI infrastructure buildout. It is not a valuation call, a price target, or a prediction. It is a purity read.

  • 10Pure-play. Majority of incremental revenue tied directly to AI infrastructure demand, with named hyperscaler or merchant-AI customers. Example: NVDA, TSM, ALAB.
  • 8-9High-conviction beneficiary with visible AI revenue tether. Core business also serves non-AI end markets but the marginal dollar is AI-driven. Example: CEG, VRT, AVGO.
  • 6-7Clear AI exposure inside a larger, diversified business. AI moves the needle but is not the whole story. Example: ORCL, ANET, ETN.
  • 4-5Indirect or partial exposure. Benefits from the buildout via one or two product lines, geographies, or end markets. Example: WMB, CAT.
  • 1-3Adjacent exposure only. Would benefit from sustained compute growth but is not a recognizable AI infrastructure play.

Plate III — How the 37 got picked

The selection rule.

  1. Rule 01Publicly traded on a US exchange (ADRs included).
  2. Rule 02Demonstrable AI-infrastructure revenue tether — named customers, disclosed contracts, or a product line that only exists because of the buildout.
  3. Rule 03Enough liquidity and size that a retail or small-fund reader can actually act on the name.
  4. Rule 04A coherent place in one of the three pillars. If a name sits in two pillars, it goes in the one where the marginal dollar lives.
  5. Rule 05Replaceable. Names get added and dropped quarterly as the thesis evolves. This is a watchlist, not a frozen index.

Plate IV — What we do not do

The discipline.

  • Price targets. We do not publish them. Valuation is outside the scope of a purity read.
  • Stock recommendations. Nothing on this site is a buy or sell call.
  • Backtested returns. We do not claim the list beats any benchmark.
  • Real-time streaming quotes. The dashboard refreshes every 15 minutes against a cached feed.
  • Private company coverage. This is a public-markets product.

Close

Methodology, not prophecy.

The Pillar-Purity Score is an opinion. It will be wrong sometimes. When it is wrong, we update the score and say so in the Sunday brief. The discipline is public.

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Research only. Not investment advice. Do your own diligence.