Knowledge Graph
The portfolio as one connected organism. Every arrow is a real economic relationship. Read this with Obsidian's Graph View open. Detailed maps live in AI Supply Chain Map, Competitive Landscape Map, Ownership Network Map, and AI Ecosystem Map, this note is the master index of relationships.
Edge legend: → depends on (supplier/input) · → customer of · → competes with · → complements · → drives demand for · → owns stake in.
1. The AI Supply Chain (depends-on / drives-demand)#
Disco Corporation ──supplies──▶ TSMC ──fabricates──▶ NVIDIA
│ │
├──fabricates──▶ Marvell Technology
├──fabricates──▶ Micron (some logic)
└──fabricates──▶ hyperscaler custom chips
NVIDIA → depends on TSMC (foundry)
NVIDIA → depends on Micron (HBM memory)
NVIDIA → depends on Disco Corporation (indirect: packaging tools)
NVIDIA → uses Marvell Technology (networking / interconnect)
NVIDIA → drives demand for Constellation Energy (datacentre power)
NVIDIA → drives demand for Vistra (datacentre power)
Note on naming: throughout the vault
[[Micron]]and[[Micron Technology]]refer to the same holding; the canonical note is Micron Technology.
2. Hyperscalers ↔ NVIDIA (the demand engine)#
Microsoft → customer of NVIDIA (Azure)
Amazon → customer of NVIDIA (AWS), also builds own Trainium (uses Marvell Technology)
Alphabet → customer of NVIDIA (Google Cloud), also builds own TPU
Meta Platforms → customer of NVIDIA (largest GPU buyers; Llama training)
ALL FOUR → depend on TSMC (for their own custom silicon)
ALL FOUR → depend on Micron (HBM + server DRAM)
ALL FOUR → drive demand for Constellation Energy & Vistra (power)
ALL FOUR → drive demand for Marvell Technology (custom ASIC + optics)
The hyperscalers are simultaneously NVIDIA's biggest customers and its emerging competitors (in-house chips), a key tension mapped in Competitive Landscape Map.
3. Software Layer (complements, the AI estate)#
Datadog → complements Snowflake (observability over the data cloud)
Datadog → monitors workloads on Microsoft/Amazon/Alphabet clouds
CrowdStrike → complements Zscaler (endpoint + network = full Zero-Trust)
ServiceNow → complements Salesforce (workflow system-of-action + system-of-record)
Snowflake → complements NVIDIA (data layer feeding GPU training/inference)
Snowflake → runs on Microsoft/Amazon/Alphabet clouds (customer of hyperscalers)
All six software names are customers of the hyperscalers (they run on Azure/AWS/GCP), so cloud growth is their growth too. → AI Ecosystem Map
4. Competitive Edges (competes-with)#
Microsoft ⚔ Alphabet (cloud, search/AI, productivity)
Microsoft ⚔ Amazon (cloud: Azure vs AWS)
Alphabet ⚔ Amazon (cloud, advertising)
Meta Platforms ⚔ Alphabet (digital advertising)
Meta Platforms ⚔ Tencent (social / messaging / gaming, different geographies)
Adyen ⚔ PayPal (payments processing)
MercadoLibre ⚔ Amazon (e-commerce in Latin America)
BYD ⚔ Tesla (not held) (EV / battery)
Salesforce ⚔ Microsoft (CRM: Salesforce vs Dynamics; + agentic AI)
ServiceNow ⚔ Salesforce (overlap at platform edges, mostly complementary)
CrowdStrike ⚔ Microsoft (security: Falcon vs Defender)
Zscaler ⚔ Microsoft (network security vs Entra/Global Secure Access)
Netflix ⚔ Amazon (Prime Video), Disney (not held), Alphabet (YouTube for attention)
Snowflake ⚔ Microsoft (Fabric), Amazon (Redshift), Alphabet (BigQuery)
Li Ning ⚔ Nike/Adidas (not held) + Anta (not held), China sportswear
The recurring antagonist is Microsoft: it competes with half the software book even as it anchors the cloud thesis. This tension is intentional and discussed in Competitor Software Platforms vs Microsoft.
5. Ownership / Strategic Stakes (owns-stake-in)#
Tencent → owns stake in → Sea Limited, Epic Games, Spotify, Universal Music, many others
Tencent → owns stake in → NVIDIA-ecosystem startups (via investment arm)
Alphabet → owns → Waymo, DeepMind, Google DeepMind, YouTube
Amazon → owns → AWS, Twitch, MGM; stake in Anthropic
Microsoft → owns → ~49% economic interest in OpenAI (commercial), GitHub, LinkedIn, Activision
Meta Platforms → owns → Instagram, WhatsApp, Reality Labs
BioNTech → partner/economics with → Pfizer (COVID vaccine), now diversifying oncology
NVIDIA → strategic investments → CoreWeave, numerous AI startups
BYD → Berkshire Hathaway (not held) historically a large shareholder
Full detail + the "who-owns-the-AI-labs" map in Ownership Network Map and AI Lab Ownership Map.
6. Theme Membership (each holding → its themes)#
| Holding | Primary theme | Secondary themes | |, -|, -|, -| | NVIDIA | AI Compute & Accelerators | Semiconductors, Cloud Computing | | TSMC | Semiconductor Foundry & Manufacturing | AI Compute & Accelerators | | Micron Technology | AI Memory & HBM | Semiconductors | | Marvell Technology | AI Networking & Interconnect | Semiconductors | | Disco Corporation | Semiconductor Equipment | AI Memory & HBM | | Constellation Energy | AI Power Demand | Energy Transition | | Vistra | AI Power Demand | Energy Transition | | Microsoft | Cloud Computing | Enterprise Software & Agentic AI, Cybersecurity | | Amazon | Cloud Computing | E-Commerce & Marketplaces | | Alphabet | Cloud Computing | Digital Media & Streaming | | Meta Platforms | Digital Media & Streaming | Cloud Computing | | Snowflake | AI Data Layer | Cloud Computing | | Datadog | Cloud Computing | AI Data Layer | | CrowdStrike | Cybersecurity | | | Zscaler | Cybersecurity | | | ServiceNow | Enterprise Software & Agentic AI | | | Salesforce | Enterprise Software & Agentic AI | | | Netflix | Digital Media & Streaming | | | Roblox | Digital Media & Streaming | | | Adyen | Digital Payments | | | PayPal | Digital Payments | | | Tencent | Emerging Market Digital Ecosystems | China Consumer, Digital Payments | | MercadoLibre | Emerging Market Digital Ecosystems | E-Commerce & Marketplaces, Digital Payments | | Li Ning | China Consumer | | | BYD | Electrification & EV | China Consumer | | BioNTech | Healthcare Innovation | | | IQVIA | Healthcare Innovation | AI Data Layer |
7. The Organism, In One Picture#
EQUIPMENT → FOUNDRY → SILICON → POWER → CLOUD → DATA/SEC/OBS → APPS → CONSUMER
Disco TSMC NVDA CEG MSFT Snowflake Now Meta
Micron VST AMZN Datadog CRM Netflix
Marvell GOOGL CRWD/ZS Roblox
META
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ADJACENT RING (lower AI-capex correlation):
Payments: Adyen, PayPal | EM Internet: Tencent, MercadoLibre | EV: BYD
China Consumer: Li Ning | Healthcare: BioNTech, IQVIA
Everything in the top row rises and falls together with AI capex (high internal correlation, a managed risk budget, see Overlap & Diversification Map). The bottom ring is the shock absorber.
Linked Notes#
- Detailed maps: AI Supply Chain Map · Semiconductor Supply Chain · Competitive Landscape Map · Ownership Network Map · AI Ecosystem Map · AI Lab Ownership Map
- Concept: The AI Value Chain · Cross-Holding Read-Throughs
- Construction: Portfolio Construction Overview · Overlap & Diversification Map
- Index: Knowledge Graph Index · Holdings Master Table