AI Application
Ai · Active
· Information Technology
Latest report
2026-05-01 13:48
Companies offering AI-powered software, generative AI products, LLM applications, or AI agents for end users.
Pool
82
Industries
5
Cohort
3
Cohort MCap
12.3B
Layers
5
Topology Rationale
The AI application value chain starts with software vendors that package AI features, copilots, agents, and workflow automation into monetized products for enterprises and end users. Those applications depend on an upstream stack of data/platform software and compute hardware, while adjacent cloud and internet infrastructure providers host and scale models, and downstream enterprise operators expose end-user demand through deployment channels and domain workflows.
Value-Chain Layers
1
AI-Native Application & Workflow Software
Software vendors monetizing AI functionality directly through end-user and enterprise applications, copilots, workflow automation, and domain-specific agents.
21 companies
| Company | Role | Market Cap | Revenue ($M) | Operating Margin (%) | Free Cash Flow ($M) | Operating Cash Flow ($M) | Capex ($M) |
|---|---|---|---|---|---|---|---|
|
Navan, Inc. Class A Common Stock
NAVN
FY2026
|
travel and expense application that can embed AI assistants
Technology
|
4.3B | 178 | 0.0% | 30 | 35 | 5 |
|
Palantir Technologies Inc.
PLTR
FY2025
|
AI-enabled enterprise operating and decision software
Technology
|
330.7B | 4,475 | 50.0% | — | 2,134 | 34 |
|
SAP SE ADR
|
enterprise applications embedding AI across workflows
Technology
|
200.5B | — | — | — | — | — |
|
Shopify Inc
SHOP
FY2025
|
merchant software platform adding AI commerce tools
Technology
|
157.8B | 11,556 | — | 2,007 | 2,033 | 26 |
|
Applovin Corp
APP
FY2025
|
software platform using AI for app monetization
Communication Services
|
149.1B | 5,481 | — | 3,952 | 3,971 | 0 |
|
Salesforce.com Inc
CRM
FY2026
|
Agentforce and CRM copilots are direct AI applications
Technology
|
148.2B | 41,525 | 34.1% | 14,402 | 14,996 | 594 |
|
Intuit Inc
INTU
Q2-FY2026
|
consumer and SMB software with AI assistants
Technology
|
109.9B | 4,651 | — | — | 2,207 | 84 |
|
Adobe Systems Incorporated
ADBE
Q1-2026
|
creative and marketing software with generative AI
Technology
|
98.5B | 6,398 | — | — | 2,958 | 37 |
|
ServiceNow Inc
NOW
Q1-2026
|
workflow automation platform with AI agents
Technology
|
91.7B | 3,770 | 32.0% | 1,665 | 1,670 | 141 |
|
Autodesk Inc
ADSK
FY2026
|
design software increasingly embedding generative AI
Technology
|
49.8B | 7,206 | 38.0% | 2,409 | 2,452 | 43 |
|
Thomson Reuters Corporation Common Shares
|
professional information software with AI research tools
Industrials
|
41.3B | — | — | — | — | — |
|
Workday Inc
WDAY
FY2026
|
HCM and finance applications embedding AI assistants
Technology
|
31.5B | — | — | — | — | — |
|
Zoom Video Communications Inc
ZM
FY2026
|
communications software with AI companion features
Technology
|
28.2B | 4,869 | 40.4% | 1,924 | 1,989 | 65 |
|
Veeva Systems Inc Class A
VEEV
FY2026
|
vertical life sciences applications can monetize AI features
Healthcare
|
26.0B | 3,195 | 44.9% | 1,386 | 1,415 | 29 |
|
Fair Isaac Corporation
FICO
Q2-2026
|
decisioning and analytics software sold into enterprise workflows
Technology
|
24.8B | 692 | — | 214 | 223 | — |
|
Atlassian Corp Plc
TEAM
Q2-FY2026
|
collaboration and developer workflow software with AI assistants
Technology
|
18.6B | 1,586 | 27.0% | 169 | 178 | 9 |
|
Samsara Inc
IOT
FY2026
|
operations software that can apply AI to fleet workflows
Technology
|
17.1B | 444 | 21.0% | 62 | 70 | 8 |
|
SS&C Technologies Holdings Inc
SSNC
Q1-2026
|
vertical software and tech-enabled workflows for financial clients
Technology
|
16.8B | 1,647 | 38.4% | 232 | 300 | 68 |
|
Toast Inc
TOST
FY2025
|
restaurant software workflows can embed AI features
Technology
|
16.6B | 6,153 | — | 608 | 661 | 53 |
|
PTC Inc
PTC
Q1-2026
|
industrial software and digital thread applications using AI
Technology
|
16.4B | 686 | 45.1% | 267 | 270 | 2 |
|
Tyler Technologies Inc
TYL
Q1-2026
|
public-sector application software with AI feature potential
Technology
|
15.3B | 614 | 27.2% | 103 | 107 | 3 |
2
Data, Systems Software & Application Development Platforms
Platform, data, security, observability, and systems software that supplies the orchestration, governance, storage, and development substrate AI applications need to be built and run.
15 companies
| Company | Role | Market Cap | Revenue ($M) | Capex ($M) | Operating Cash Flow ($M) | Free Cash Flow ($M) | Operating Margin (%) |
|---|---|---|---|---|---|---|---|
|
Microsoft Corporation
MSFT
Q3-FY2026
|
platform software plus cloud tools underpin AI app development
Technology
|
3.2T | 82,886 | 30,876 | 46,679 | 15,803 | — |
|
Oracle Corporation
ORCL
Q3-FY2026
|
database, cloud applications, and infrastructure software stack
Technology
|
471.2B | 17,190 | 48,250 | 23,514 | — | — |
|
Palo Alto Networks Inc
PANW
Q2-2026
|
security platform enabling safe enterprise AI deployment
Technology
|
147.2B | 2,594 | — | — | — | 15.3% |
|
Crowdstrike Holdings Inc
CRWD
FY2026
|
endpoint and cloud security layer for AI-enabled enterprises
Technology
|
114.7B | 1,305 | 302 | 1,612 | 1,235 | — |
|
Cadence Design Systems Inc
CDNS
Q1-2026
|
EDA software supports chip design rather than end apps
Technology
|
91.1B | 1,474 | 49 | 356 | 307 | 29.3% |
|
Informatica Inc
INFA
Q3-FY2025
|
data integration and governance are core AI app inputs
Technology
|
7.6B | 439 | — | — | — | 13.9% |
|
Snowflake Inc.
SNOW
FY2026
|
data cloud used to organize enterprise AI data
Technology
|
48.8B | 4,684 | 102 | 1,222 | 1,120 | -31.0% |
|
Datadog Inc
DDOG
FY2025
|
observability stack supports AI application operations
Technology
|
47.4B | 3,427 | 50 | 1,050 | 915 | -1.0% |
|
Roper Technologies Inc
ROP
Q1-2026
|
application and network software portfolio is enabling layer
Technology
|
36.6B | 2,095 | 14 | 592 | 562 | — |
|
Twilio Inc
TWLO
FY2025
|
communications APIs enable AI-driven customer engagement apps
Technology
|
21.4B | 5,067 | 58 | 1,003 | 945 | 3.1% |
|
MongoDB
MDB
FY2026
|
developer database platform backing AI applications
Technology
|
20.8B | 2,464 | 5 | 505 | 493 | -6.0% |
|
Zscaler Inc
ZS
Q2-FY2026
|
secure access platform enables enterprise AI usage
Technology
|
21.7B | 816 | — | 204 | 169 | -6.0% |
|
CyberArk Software Ltd
|
identity security is critical for AI agent deployment
Technology
|
20.6B | — | — | — | — | — |
|
Check Point Software Technologies Ltd
|
enterprise security software supports trusted AI rollout
Technology
|
14.6B | — | — | — | — | — |
|
Fortinet Inc
FTNT
FY2025
|
network security layer for AI application environments
Technology
|
63.7B | 6,800 | 365 | 2,591 | 2,212 | 30.7% |
3
Compute, Memory, Storage & AI Server Infrastructure
Semiconductor, server, storage, and hardware suppliers that determine the cost, performance, and availability of AI training and inference used by application vendors and their customers.
37 companies
| Company | Role | Market Cap | Revenue ($M) | Gross Margin (%) | Operating Cash Flow ($M) | Capex ($M) | Operating Income ($M) |
|---|---|---|---|---|---|---|---|
|
NVIDIA Corporation
NVDA
FY2026
|
GPUs and data center systems power AI inference
Technology
|
5.1T | 215,938 | 71.1% | 102,718 | 6,042 | 130,387 |
|
Apple Inc
AAPL
Q2-FY2026
|
device hardware is relevant but not central to AI app stack
Technology
|
4.0T | 111,184 | — | 82,627 | 4,344 | — |
|
Taiwan Semiconductor Manufacturing
|
foundry capacity manufactures leading AI chips
Technology
|
2.0T | — | — | — | — | — |
|
Broadcom Inc
AVGO
Q1-2026
|
custom AI and networking silicon supplier
Technology
|
1.9T | 19,311 | 68.1% | 8,260 | 250 | 8,563 |
|
Micron Technology Inc
MU
Q2-2026
|
memory is critical for AI model serving
Technology
|
584.7B | 23,860 | 74.4% | 11,903 | 5,004 | 16,135 |
|
Advanced Micro Devices Inc
AMD
FY2025
|
AI accelerators and CPUs for inference and training
Technology
|
549.6B | 34,639 | 50.0% | 7,709 | 974 | 3,694 |
|
Intel Corporation
INTC
Q1-2026
|
data center processors and foundry services feed AI stack
Technology
|
474.9B | 13,577 | 39.4% | 1,096 | 4,963 | -3,136 |
|
Texas Instruments Incorporated
TXN
Q1-2026
|
analog and embedded chips support broader infrastructure
Technology
|
245.0B | 4,825 | — | 1,520 | 676 | — |
|
Arm Holdings plc American Depositary Shares
|
processor IP used across AI compute endpoints and servers
Technology
|
214.2B | — | — | — | — | — |
|
Analog Devices Inc
ADI
Q1-2026
|
analog semis support communications and industrial systems
Technology
|
190.1B | 3,160 | 64.7% | 1,369 | 109 | 997 |
|
Qualcomm Incorporated
QCOM
Q2-FY2026
|
edge AI silicon for handsets and devices
Technology
|
166.6B | 10,599 | 53.8% | 7,414 | 1,082 | 2,309 |
|
Sandisk Corp
SNDK
Q3-2026
|
datacenter and edge storage for AI workloads
Technology
|
157.1B | 5,950 | 78.4% | 3,038 | 45 | 4,111 |
|
Seagate Technology PLC
STX
FQ3-2026
|
mass storage supplier for AI data repositories
Technology
|
144.1B | 3,112 | 46.5% | 1,114 | — | 998 |
|
Western Digital Corporation
WDC
Q2-2026
|
storage hardware supports AI data-intensive use cases
Technology
|
141.1B | 3,017 | 45.7% | 745 | 92 | 908 |
|
Marvell Technology Group Ltd
MRVL
FY2026
|
data center connectivity and compute silicon
Technology
|
136.9B | 2,219 | 51.7% | 374 | 114 | 404 |
|
Dell Technologies Inc
DELL
FY2026
|
AI-optimized servers and enterprise infrastructure
Technology
|
133.7B | 113,538 | 20.0% | 11,185 | 2,633 | 8,149 |
|
Monolithic Power Systems Inc
MPWR
Q1-2026
|
power management chips for enterprise and data hardware
Technology
|
75.0B | 804 | 55.3% | 250 | — | — |
|
NXP Semiconductors NV
NXPI
Q1-2026
|
semis support edge and industrial AI systems
Technology
|
73.0B | 3,181 | 56.2% | 793 | 79 | 1,505 |
|
ASE Industrial Holding Co Ltd ADR
|
semiconductor assembly and test in AI hardware chain
Technology
|
67.0B | — | — | — | — | — |
|
Microchip Technology Inc
MCHP
Q3-FY2026
|
embedded semiconductor supplier to edge systems
Technology
|
48.8B | 1,185 | — | — | — | — |
|
STMicroelectronics NV ADR
|
broad semiconductor supplier for intelligent edge devices
Technology
|
46.8B | — | — | — | — | — |
|
ON Semiconductor Corporation
ON
FY2025
|
power and sensing semis for intelligent systems
Technology
|
38.9B | 5,995 | 33.1% | 1,760 | 341 | 84 |
|
Hewlett Packard Enterprise Co
HPE
Q1-2026
|
cloud AI servers and storage infrastructure
Technology
|
37.5B | 9,301 | 35.9% | 1,178 | 569 | 470 |
|
Globalfoundries Inc
|
foundry capacity supporting broader chip supply
Technology
|
34.4B | — | — | — | — | — |
|
Astera Labs, Inc.
ALAB
FY2025
|
connectivity components used in AI server architectures
Technology
|
33.7B | 853 | 75.7% | 319 | 38 | 173 |
|
Credo Technology Group Holding Ltd
CRDO
Q3-FY2026
|
high-speed interconnects for AI data movement
Technology
|
32.4B | 406 | — | — | — | — |
|
United Microelectronics
|
foundry supplier within semiconductor value chain
Technology
|
32.1B | — | — | — | — | — |
|
Qnity Electronics, Inc
Q
FY2025
|
interconnect and semiconductor technologies support hardware stack
Technology
|
29.6B | 4,754 | 46.2% | 1,273 | 285 | — |
|
Tower Semiconductor Ltd
|
specialty foundry capacity in chip supply chain
Technology
|
23.7B | — | — | — | — | — |
|
NetApp Inc
NTAP
Q3-FY2026
|
data storage platform for AI enterprise environments
Technology
|
21.5B | 1,713 | 70.6% | 317 | 46 | 434 |
|
Pure Storage Inc
PSTG
FY2026
|
flash storage infrastructure for AI data workloads
Technology
|
21.4B | 3,663 | 70.4% | 880 | 264 | 115 |
|
MACOM Technology Solutions Holdings Inc
MTSI
Q1-2026
|
analog/RF components for communications infrastructure
Technology
|
20.2B | 272 | 55.9% | 43 | 13 | 43 |
|
HP Inc
HPQ
Q1-2026
|
PC and device hardware, peripheral to AI applications
Technology
|
18.5B | — | — | — | — | — |
|
Amkor Technology Inc
AMKR
Q1-2026
|
chip packaging and test services for semiconductor supply
Technology
|
17.5B | 1,685 | — | 145 | 225 | — |
|
Lattice Semiconductor Corporation
LSCC
FY2025
|
low-power programmable chips for edge AI hardware
Technology
|
15.8B | 523 | 68.2% | — | 43 | 11 |
|
Super Micro Computer Inc
SMCI
Q2-2026
|
AI server systems for enterprise and cloud deployment
Technology
|
15.8B | 12,682 | 6.3% | -24 | 46 | 474 |
|
Logitech International SA
LOGI
Q3-FY2026
|
end-user peripherals are only tangential hardware exposure
Technology
|
14.3B | 1,421 | 43.2% | 481 | 15 | 286 |
4
Cloud, Edge Delivery & Inference Hosting Platforms
Infrastructure and hosting providers that deliver the cloud capacity, edge execution, networking, and model-serving environments on which AI applications are deployed at scale.
6 companies
| Company | Role | Market Cap | Revenue ($M) | Capex ($M) | Operating Cash Flow ($M) | Operating Margin (%) | Stock-Based Compensation ($M) |
|---|---|---|---|---|---|---|---|
|
Cloudflare Inc
NET
FY2025
|
edge cloud and developer platform for AI app delivery
Technology
|
74.6B | 2,168 | 316 | 603 | -9.6% | — |
|
CoreWeave, Inc. Class A Common Stock
CRWV
FY2025
|
GPU cloud capacity for AI model deployment
Technology
|
60.3B | 5,131 | 10,309 | 3,058 | -1.0% | 630 |
|
Nebius Group N.V.
|
AI cloud infrastructure and hosting exposure
Communication Services
|
35.7B | — | — | — | — | — |
|
VeriSign Inc
VRSN
Q1-2026
|
internet infrastructure supports application reach and reliability
Technology
|
24.8B | 429 | 7 | 272 | — | 19 |
|
Akamai Technologies Inc
AKAM
FY2025
|
content delivery and cloud computing for application performance
Technology
|
14.7B | 4,208 | 818 | 1,519 | 13.0% | 459 |
|
IREN Ltd
IREN
Q2-FY26
|
AI cloud services provide compute hosting
Financial Services
|
14.2B | 185 | 719 | 72 | — | — |
5
Enterprise Adoption Channels & Domain Workflow Demand
Software and service environments where AI applications are adopted, integrated, and monetized through domain-specific workflows, customer interactions, and enterprise operations.
1 companies
| Company | Role | Market Cap | BTC Holdings (Count) | BTC Market Value ($M) | BTC Yield (%) | Capital Raised ($M) | Revenue ($M) |
|---|---|---|---|---|---|---|---|
|
MicroStrategy Incorporated
MSTR
Q4-2025
|
analytics software customer environment rather than core AI app leader
Technology
|
55.4B | 713,502 | 59,750 | 22.8% | 25,300 | 15 |
Report History
| Generated | Pool | Layers |
|---|---|---|
| 2026-05-01 13:48 | 82 | 5 |