Cloud
Hyperscale cloud platforms renting general compute, storage, and managed services.
Stack position
Where Cloud sits in the AI stack
L8 · Data Center
Hyperscale and colocation facilities, datacenter REITs, and the construction that builds them.
L9 · Cloud
Hyperscale cloud platforms renting general compute, storage, and managed services.
L10 · GPU Cloud
Accelerator rental: neoclouds, sovereign AI compute, and enterprise private GPU clusters.
L11 · AI Infrastructure Software
GPU runtimes, training frameworks, orchestration, and inference serving.
Icons mark layer roles — not company logos. Position only; not a price chart.
Why this layer matters
The hyperscalers are simultaneously the largest buyers of everything upstream and the sellers of what it produces. Their capital expenditure decisions propagate down the entire chain within a quarter or two.
What is the bottleneck?
Not a supply chokepoint but a demand one: capex guidance from a handful of buyers moves the whole upstream.
A structural observation about supplier concentration and lead times — not a view on any security.
Who sits in this layer?
Company
AMZNPrimary business sits hereHyperscale cloud platform; also designs in-house accelerators.
Company
MSFTPrimary business sits hereHyperscale cloud platform; also designs in-house accelerators.
Company
GOOGLPrimary business sits hereHyperscale cloud platform; also designs in-house accelerators.
Company
ORCLPrimary business sits hereCloud infrastructure platform with contracted AI compute capacity.
Company
METAAdjacent / mixedOperates hyperscale AI infrastructure for its own products rather than renting it out.
Public 13F filings citing these securities
Research context, not a recommendation. These are facts on file with the SEC; the classification that puts a security in this layer is ours, and the filer made no such claim.
- ARK Investment Managementreported a position inAMZNForm 13F-HR for the period ending 2026-06-30, filed 2026-08-14 · SEC filing
- Appaloosa Managementreported a position inAMZNForm 13F-HR for the period ending 2026-06-30, filed 2026-08-14 · SEC filing
- Baupost Groupreported a position inAMZNForm 13F-HR for the period ending 2026-06-30, filed 2026-08-13 · SEC filing
- Bridgewater Associatesreported a position inAMZNForm 13F-HR for the period ending 2026-06-30, filed 2026-08-14 · SEC filing
- Coatue Managementreported a position inAMZNForm 13F-HR for the period ending 2026-06-30, filed 2026-08-14 · SEC filing
- Duquesne Family Officereported a position inAMZNForm 13F-HR for the period ending 2026-06-30, filed 2026-08-14 · SEC filing
- Fundstrat Capitalreported a position inAMZNForm 13F-HR for the period ending 2026-06-30, filed 2026-08-13 · SEC filing
- Pershing Squarereported a position inAMZNForm 13F-HR for the period ending 2026-06-30, filed 2026-08-14 · SEC filing
- Tiger Global Managementreported a position inAMZNForm 13F-HR for the period ending 2026-06-30, filed 2026-08-14 · SEC filing
- Viking Global Investorsreported a position inAMZNForm 13F-HR for the period ending 2026-06-30, filed 2026-08-14 · SEC filing
- ARK Investment Managementreported a position inGOOGLForm 13F-HR for the period ending 2026-06-30, filed 2026-08-14 · SEC filing
- Berkshire Hathawayreported a position inGOOGLForm 13F-HR for the period ending 2026-06-30, filed 2026-08-14 · SEC filing
- Bridgewater Associatesreported a position inGOOGLForm 13F-HR for the period ending 2026-06-30, filed 2026-08-14 · SEC filing
- Coatue Managementreported a position inGOOGLForm 13F-HR for the period ending 2026-06-30, filed 2026-08-14 · SEC filing
- Duquesne Family Officereported a position inGOOGLForm 13F-HR for the period ending 2026-06-30, filed 2026-08-14 · SEC filing
- Fundstrat Capitalreported a position inGOOGLForm 13F-HR for the period ending 2026-06-30, filed 2026-08-13 · SEC filing
- Himalaya Capitalreported a position inGOOGLForm 13F-HR for the period ending 2026-06-30, filed 2026-08-14 · SEC filing
- Tiger Global Managementreported a position inGOOGLForm 13F-HR for the period ending 2026-06-30, filed 2026-08-14 · SEC filing
- ARK Investment Managementreported a position inMETAForm 13F-HR for the period ending 2026-06-30, filed 2026-08-14 · SEC filing
- Appaloosa Managementreported a position inMETAForm 13F-HR for the period ending 2026-06-30, filed 2026-08-14 · SEC filing
- Bridgewater Associatesreported a position inMETAForm 13F-HR for the period ending 2026-06-30, filed 2026-08-14 · SEC filing
- Coatue Managementreported a position inMETAForm 13F-HR for the period ending 2026-06-30, filed 2026-08-14 · SEC filing
- Fundstrat Capitalreported a position inMETAForm 13F-HR for the period ending 2026-06-30, filed 2026-08-13 · SEC filing
- Pershing Squarereported a position inMETAForm 13F-HR for the period ending 2026-06-30, filed 2026-08-14 · SEC filing
- Tiger Global Managementreported a position inMETAForm 13F-HR for the period ending 2026-06-30, filed 2026-08-14 · SEC filing
- Viking Global Investorsreported a position inMETAForm 13F-HR for the period ending 2026-06-30, filed 2026-08-14 · SEC filing
Rows below are public SEC Form 13F-HR filings, reported by the filing entity for the period shown and filed later — they are never current holdings. Form 13F covers long US equity positions only: it excludes short positions, cash, non-US holdings and most derivatives, and a reported position may have been sold since. Assigning a ticker to a layer is XingAI's classification, not the filer's. Nothing here is a recommendation, and an institution reporting a position is not a reason to take one.
Coverage boundary
Coverage boundary: US-listed tickers or ADRs only (same rule as TSM / ASML). Important suppliers without a US listing are omitted even when they matter to the stack. That is a coverage rule, not a quality ranking.
No hand-listed notable omissions for this layer yet. The US-list / ADR rule still applies.
Checked 2026-10-09. Not exhaustive.
Same track
Descriptive positioning only. The positioning label says whether a company's business is exposed to a layer, never whether to buy it. Layers with no exposure are not recommendations to add any.