Relationship map · dependency intelligence

The bottleneck keeps moving

The AI capital cycle by constraint: compute, memory, systems, networking, power, cooling, and packaging. Stage assignment is Veridion's own; publication requires a current quote, a canonical Score, and an SEC issuer index we have checked.

Bottleneck stages

6

Scored names

26

Cards require both a cached quote and canonical Score.

Requested names

35

Omitted honestly

9

Unsupported listings and missing Scores stay off the map.

Primary-source receipts · evidence through 2026-10-13T20:58:02.381+00:00

Flagged today

No new receipt-backed relationship was published today.

Latest source check: Applied Optoelectronics · SEC issuer filing index · checked · 2026-10-13. A source-index check is not presented as a new company event.

Open receipt ↗

Capital-cycle map

Stage → receipt-qualified company

Stage spokes show source-backed category placement, not implied commercial relationships.

Dated capital-cycle map

Stage → receipt-qualified company

Stage spokes are Veridion's own assignment of each company to a constraint, not a placement carried by any filing; they are not presented as commercial counterparty relationships. The full receipt ledger remains below.

Evidence through 2026-10-13T20:58:02.381+00:00

NVDA classified in Compute from the dated issuer record · SEC issuer filing index · checked · 2026-10-13AVGO classified in Compute from the dated issuer record · SEC issuer filing index · checked · 2026-10-13AMD classified in Compute from the dated issuer record · SEC issuer filing index · checked · 2026-10-13VRT classified in Power & Cooling from the dated issuer record · SEC issuer filing index · checked · 2026-10-13ETN classified in Power & Cooling from the dated issuer record · SEC issuer filing index · checked · 2026-10-13GEV classified in Power & Cooling from the dated issuer record · SEC issuer filing index · checked · 2026-10-13MU classified in Memory & Controllers from the dated issuer record · SEC issuer filing index · checked · 2026-10-13SNDK classified in Memory & Controllers from the dated issuer record · SEC issuer filing index · checked · 2026-10-13AAOI classified in Photonics & Networking from the dated issuer record · SEC issuer filing index · checked · 2026-10-13LITE classified in Photonics & Networking from the dated issuer record · SEC issuer filing index · checked · 2026-10-13COHR classified in Photonics & Networking from the dated issuer record · SEC issuer filing index · checked · 2026-10-13STX classified in Servers & Storage from the dated issuer record · SEC issuer filing index · checked · 2026-10-13WDC classified in Servers & Storage from the dated issuer record · SEC issuer filing index · checked · 2026-10-13DELL classified in Servers & Storage from the dated issuer record · SEC issuer filing index · checked · 2026-10-13AMAT classified in Advanced Packaging (CoWoS) from the dated issuer record · SEC issuer filing index · checked · 2026-10-13LRCX classified in Advanced Packaging (CoWoS) from the dated issuer record · SEC issuer filing index · checked · 2026-10-13KLAC classified in Advanced Packaging (CoWoS) from the dated issuer record · SEC issuer filing index · checked · 2026-10-13AI CAPITAL CYCLE6 verified stagesCompute · SEC issuer filing index · checked · 2026-10-13Compute3 shownPower & Cooling · SEC issuer filing index · checked · 2026-10-13Power & Cooling3 shownMemory & Controllers · SEC issuer filing index · checked · 2026-10-13Memory & Controll…2 shownPhotonics & Networking · SEC issuer filing index · checked · 2026-10-13Photonics & Netwo…3 shownServers & Storage · SEC issuer filing index · checked · 2026-10-13Servers & Storage3 shownAdvanced Packaging (CoWoS) · SEC issuer filing index · checked · 2026-10-13Advanced Packagin…3 shownNVDA · SEC issuer filing index · checked · 2026-10-13NVDA2026-10-13VS 65AVGO · SEC issuer filing index · checked · 2026-10-13AVGO2026-10-13VS 63AMD · SEC issuer filing index · checked · 2026-10-13AMD2026-10-13VS 67VRT · SEC issuer filing index · checked · 2026-10-13VRT2026-10-13VS 65ETN · SEC issuer filing index · checked · 2026-10-13ETN2026-10-13VS 61GEV · SEC issuer filing index · checked · 2026-10-13GEV2026-10-13VS 66MU · SEC issuer filing index · checked · 2026-10-13MU2026-10-13VS 78SNDK · SEC issuer filing index · checked · 2026-10-13SNDK2026-10-13VS 72AAOI · SEC issuer filing index · checked · 2026-10-13AAOI2026-10-13VS 50LITE · SEC issuer filing index · checked · 2026-10-13LITE2026-10-13VS 64COHR · SEC issuer filing index · checked · 2026-10-13COHR2026-10-13VS 55STX · SEC issuer filing index · checked · 2026-10-13STX2026-10-13VS 56WDC · SEC issuer filing index · checked · 2026-10-13WDC2026-10-13VS 59DELL · SEC issuer filing index · checked · 2026-10-13DELL2026-10-13VS 89AMAT · SEC issuer filing index · checked · 2026-10-13AMAT2026-10-13VS 46LRCX · SEC issuer filing index · checked · 2026-10-13LRCX2026-10-13VS 52KLAC · SEC issuer filing index · checked · 2026-10-13KLAC2026-10-13VS 48

The empty space matters: a company can sit in the same industry without being a disclosed counterparty. Veridion draws the line only when the source does.

Evidence matrix

The AI capital cycle, stage by stage

Entities are grouped by their cached source category, with the filed relationship and source date kept on the same row.

EntityReceipt

01 · Compute

NVIDIA

NVDA

Open ↗

2026-10-13

01 · Compute

Broadcom

AVGO

Open ↗

2026-10-13

01 · Compute

Advanced Micro Devices

AMD

Open ↗

2026-10-13

01 · Compute

Intel

INTC

Open ↗

2026-10-13

02 · Power & Cooling

Vertiv

VRT

Open ↗

2026-10-13

02 · Power & Cooling

Eaton

ETN

Open ↗

2026-10-13

02 · Power & Cooling

GE Vernova

GEV

Open ↗

2026-10-13

02 · Power & Cooling

Bloom Energy

BE

Open ↗

2026-10-13

02 · Power & Cooling

Vistra

VST

Open ↗

2026-10-13

03 · Memory & Controllers

Micron Technology

MU

Open ↗

2026-10-13

03 · Memory & Controllers

Sandisk

SNDK

Open ↗

2026-10-13

04 · Photonics & Networking

Applied Optoelectronics

AAOI

Open ↗

2026-10-13

04 · Photonics & Networking

Lumentum

LITE

Open ↗

2026-10-13

04 · Photonics & Networking

Coherent

COHR

Open ↗

2026-10-13

04 · Photonics & Networking

Marvell Technology

MRVL

Open ↗

2026-10-13

04 · Photonics & Networking

Credo Technology

CRDO

Open ↗

2026-10-13

04 · Photonics & Networking

Astera Labs

ALAB

Open ↗

2026-10-13

05 · Servers & Storage

Seagate Technology

STX

Open ↗

2026-10-13

05 · Servers & Storage

Western Digital

WDC

Open ↗

2026-10-13

05 · Servers & Storage

Dell Technologies

DELL

Open ↗

2026-10-13

05 · Servers & Storage

NetApp

NTAP

Open ↗

2026-10-13

05 · Servers & Storage

Hewlett Packard Enterprise

HPE

Open ↗

2026-10-13

06 · Advanced Packaging (CoWoS)

Applied Materials

AMAT

Open ↗

2026-10-13

06 · Advanced Packaging (CoWoS)

Lam Research

LRCX

Open ↗

2026-10-13

06 · Advanced Packaging (CoWoS)

KLA

KLAC

Open ↗

2026-10-13

06 · Advanced Packaging (CoWoS)

Camtek

CAMT

Open ↗

2026-10-13

Coverage note: ARM: canonical Veridion Score unavailable; SIMO: canonical Veridion Score unavailable; PWR: canonical Veridion Score unavailable; ONTO: canonical Veridion Score unavailable; SK Hynix: no supported local stock route and canonical Score; Samsung: no supported local stock route and canonical Score; Kioxia: no supported local stock route and canonical Score; PSTG: current issuer/ticker identity not confirmed in the SEC ticker file; TSM: current cached quote and canonical Veridion Score unavailable at snapshot time Latest qualified source: SEC issuer filing index · checked, 2026-10-13 ↗

Open interactive explorer

Stage 01

Compute

Only names with a current cached quote, canonical Score, and SEC issuer receipt publish here.

Compute

Intel

Public

INTC

Price

$103

Score

67/100

Relationship

Data-center CPUs, accelerators, and foundry capacity

As of 2026-10-13View latest receipt ↗

Stage 02

Power & Cooling

Only names with a current cached quote, canonical Score, and SEC issuer receipt publish here.

Power & Cooling

Vertiv

Public

VRT

Price

$240

Score

65/100

Relationship

Data-center power and thermal infrastructure

As of 2026-10-13View latest receipt ↗

Power & Cooling

Eaton

Public

ETN

Price

$428

Score

61/100

Relationship

Electrical distribution and power management

As of 2026-10-13View latest receipt ↗

Stage 03

Memory & Controllers

Only names with a current cached quote, canonical Score, and SEC issuer receipt publish here.

Stage 04

Photonics & Networking

Only names with a current cached quote, canonical Score, and SEC issuer receipt publish here.

Stage 05

Servers & Storage

Only names with a current cached quote, canonical Score, and SEC issuer receipt publish here.

Stage 06

Advanced Packaging (CoWoS)

Only names with a current cached quote, canonical Score, and SEC issuer receipt publish here.

Advanced Packaging (CoWoS)

KLA

Public

KLAC

Price

$184

Score

48/100

Relationship

Process-control and inspection equipment

As of 2026-10-13View latest receipt ↗

Advanced Packaging (CoWoS)

Camtek

Public

CAMT

Price

$148

Score

51/100

Relationship

Inspection and metrology systems

As of 2026-10-13View latest receipt ↗

Member drill-in

The complete aggregate map, current Scores, and every receipt stay public. Sovereign and Reserve add available factor-level detail, per-actor drill-in, alerts, tracking, and a dated JSON export.

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