TODAYMEMORY +5.3%SEMI EQUIPMENT +5.3%DC / NEOCLOUDS +5.3%OPTICAL +5.2%SEMI MATERIALS +4.9%PACKAGING +4.5%AI SOFTWARE -2.5%POWER GEN -3.5%
Edition 05 · September 2026

The AI Leadership Board

Every month we rank the AI infrastructure universe into four cap tiers by a transparent composite. It is reporting on a number we publish — not advice, and not a track record.

As of close, Sep 3, 2026

How to read this board

The Composite Score (0–100)

Five ingredients: analyst conviction, rating recency, valuation versus analyst target, trend, and month versus sector. Hover any Composite Score to see how each ingredient graded. The weighting between them is proprietary.

★ LEADER

Marks the top-scored company in its sub-sector this month. One per sub-sector, across all cap tiers.

Rank changes

“was #3” compares with last month’s edition. “New” means the company was not ranked last month — usually new coverage or a cap-tier move.

Price → target

Current price against the mean analyst price target, with the gap as a percentage. The target is the analysts’ figure, not ours.

The top 6 positions in each of the four cap tiers, in order, with every Composite Score shown — free, no account needed. The edition ranks further names; the board shows the leaders.

Mega cap

Above $200B“Market capitalisation” is what the whole company is worth on the market: its share price multiplied by the number of shares. Mega cap means above $200B.The board is split into four size groups because a $2 trillion company and a $5 billion one do not move for the same reasons, and ranking them against each other would say more about their size than about anything we measured.
RankCompanySectorComposite ScoreA 0–100 blend of analyst conviction, rating recency, valuation versus analyst targets, price trend, and the month’s move against its own sector. Hover any score to see how that company rates on each ingredient.The weighting between them is proprietary. Reporting, not recommendations.Analyst BuysHow many of the analysts covering this company rate it Buy or better, out of how many cover it at all. Separate from the Composite Score, which is not purely analyst-driven.The rest are Hold or Sell combined; we do not publish a separate sell figure because the edition does not record one, and the two cannot be told apart from this number.Analysts’ ratings, not ours.Price → Analyst TargetThe price when this edition was published, and the average of analysts’ 12-month price targets at that time, with the gap between them.Analysts’ figures, not ours. Not a forecast we make or endorse.
#1was #2
NVDA★ LEADERNvidia
AI Chips & Accelerators57 of 60$229.62 → $315.00+37%
#2was #8
MU★ LEADERMicron Technology
Memory & Storage44 of 48$953.84 → $1540.00+61%
#3No change
ASML★ LEADERASML Holding
Chip-Making Equipment39 of 43$1646.28 → $2236.31+36%
#4was #12
AMATApplied Materials
Chip-Making Equipment32 of 39$435.64 → $650.00+49%
#5No change
ANET★ LEADERArista Networks
Networking & Interconnect31 of 31$191.18 → $246.50+29%
#6was #7
AMZN★ LEADERAmazon
Cloud Hyperscalers59 of 61$259.25 → $325.50+26%

Large cap

$50B – $200B“Market capitalisation” is what the whole company is worth on the market: its share price multiplied by the number of shares. Large cap means $50B – $200B.The board is split into four size groups because a $2 trillion company and a $5 billion one do not move for the same reasons, and ranking them against each other would say more about their size than about anything we measured.
RankCompanySectorComposite ScoreA 0–100 blend of analyst conviction, rating recency, valuation versus analyst targets, price trend, and the month’s move against its own sector. Hover any score to see how that company rates on each ingredient.The weighting between them is proprietary. Reporting, not recommendations.Analyst BuysHow many of the analysts covering this company rate it Buy or better, out of how many cover it at all. Separate from the Composite Score, which is not purely analyst-driven.The rest are Hold or Sell combined; we do not publish a separate sell figure because the edition does not record one, and the two cannot be told apart from this number.Analysts’ ratings, not ours.Price → Analyst TargetThe price when this edition was published, and the average of analysts’ 12-month price targets at that time, with the gap between them.Analysts’ figures, not ours. Not a forecast we make or endorse.
#1was #3
FIXComfort Systems
Data Center Construction9 of 10$1570.68 → $2165.50+38%
#2was #21
DDOG★ LEADERDatadog
AI Software Infrastructure41 of 46$214.75 → $295.00+37%
#3was #15
VRTVertiv Holdings
Power & Cooling24 of 28$268.91 → $345.00+28%
#4was #1
MPWRMonolithic Power
Power & Cooling15 of 16$1213.00 → $1835.00+51%
#5was #18
WDCWestern Digital
Memory & Storage21 of 26$440.40 → $640.00+45%
#6was #7
STXSeagate
Memory & Storage22 of 25$795.45 → $1150.00+45%

Mid cap

$10B – $50B“Market capitalisation” is what the whole company is worth on the market: its share price multiplied by the number of shares. Mid cap means $10B – $50B.The board is split into four size groups because a $2 trillion company and a $5 billion one do not move for the same reasons, and ranking them against each other would say more about their size than about anything we measured.
RankCompanySectorComposite ScoreA 0–100 blend of analyst conviction, rating recency, valuation versus analyst targets, price trend, and the month’s move against its own sector. Hover any score to see how that company rates on each ingredient.The weighting between them is proprietary. Reporting, not recommendations.Analyst BuysHow many of the analysts covering this company rate it Buy or better, out of how many cover it at all. Separate from the Composite Score, which is not purely analyst-driven.The rest are Hold or Sell combined; we do not publish a separate sell figure because the edition does not record one, and the two cannot be told apart from this number.Analysts’ ratings, not ours.Price → Analyst TargetThe price when this edition was published, and the average of analysts’ 12-month price targets at that time, with the gap between them.Analysts’ figures, not ours. Not a forecast we make or endorse.
#1was #10
VST★ LEADERVistra
Power Generation19 of 20$144.60 → $221.00+53%
#2was #17
MTZMasTec
Data Center Construction19 of 20$233.22 → $420.00+80%
#3was #13
EME★ LEADEREMCOR Group
Grid & Transmission7 of 10$746.63 → $1047.00+40%
#4was #7
STRLSterling Infra
Data Center Construction8 of 8$463.50 → $950.00+105%
#5was #3
SITMSiTime
Semiconductors9 of 9$574.47 → $850.00+48%
#6was #4
IRENIren Ltd
Data Center REITs & Cloud13 of 17$41.33 → $80.00+94%

Small cap

Below $10B“Market capitalisation” is what the whole company is worth on the market: its share price multiplied by the number of shares. Small cap means below $10B.The board is split into four size groups because a $2 trillion company and a $5 billion one do not move for the same reasons, and ranking them against each other would say more about their size than about anything we measured.
RankCompanySectorComposite ScoreA 0–100 blend of analyst conviction, rating recency, valuation versus analyst targets, price trend, and the month’s move against its own sector. Hover any score to see how that company rates on each ingredient.The weighting between them is proprietary. Reporting, not recommendations.Analyst BuysHow many of the analysts covering this company rate it Buy or better, out of how many cover it at all. Separate from the Composite Score, which is not purely analyst-driven.The rest are Hold or Sell combined; we do not publish a separate sell figure because the edition does not record one, and the two cannot be told apart from this number.Analysts’ ratings, not ours.Price → Analyst TargetThe price when this edition was published, and the average of analysts’ 12-month price targets at that time, with the gap between them.Analysts’ figures, not ours. Not a forecast we make or endorse.
#1was #13
UCTT★ LEADERUltra Clean
Chip Materials5 of 5$66.12 → $140.00+112%
#2was #14
MOD★ LEADERModine Manufacturing
Power & Cooling8 of 8$186.21 → $302.00+62%
#3was #1
DY★ LEADERDycom Industries
Data Center Construction11 of 11$294.00 → $550.00+87%
#4was #18
WULF★ LEADERTeraWolf
Data Center REITs & Cloud19 of 19$16.18 → $33.00+104%
#5was #20
POWI★ LEADERPower Integrations
Semiconductors3 of 5$50.54 → $80.00+58%
#6was #2
NXE★ LEADERNexGen Energy
Clean Energy & Nuclear16 of 16$10.66 → $19.49+83%

Every board we have ever published

Past editions stay online in full — every name, winners and losers alike. Factual reporting on numbers we published, never a curated highlight reel.

See the Composite Score history →

About the board

Is this a list of stocks to buy?

No. It is a published Composite Score. We rank companies by a blend of analyst conviction, rating recency, valuation versus analyst targets, trend and performance against their own sub-sector. Nothing here is a recommendation, and we do not track whether the scores "worked".

What goes into the Composite Score?

Five components: share of covering analysts at Buy, how recently ratings were revised, price versus mean analyst target (clamped at ±40% so outliers cannot dominate), price trend over the ranking window, and performance against the company's own sub-sector. When a component is missing, the remaining weights are renormalised.

Why are the weights not published?

The ingredients are shown on every Composite Score so you can see what is being measured. The weighting between them is proprietary. You can judge the inputs; the blend is ours.

Why do some companies not appear?

A company needs at least three covering analysts to be ranked. Names with one or two are listed separately as thin coverage rather than being scored on a handful of opinions.

How often does it update?

Monthly, on the first trading day. Each edition is a clean snapshot taken that day — not a rolling average — which is what makes month-over-month rank changes meaningful.

Composite Scores are generated from analyst data and price history at the time of publication. Nothing here is financial advice or a recommendation to buy or sell any security.