Cloud ROIC

Return on invested capital across the AI stack, from the SEC filings of every listed hyperscaler, neocloud, data-centre landlord and AI-silicon vendor. Trailing twelve months, rebuilt every morning from EDGAR.

What the filings say

Written from the numbers on every refresh.

ROIC by company

Trailing-twelve-month NOPAT over average invested capital. Companies whose invested capital is negative show no ratio.

Capex intensity

Trailing-twelve-month capital expenditure as a share of revenue.

Growth vs returns

Revenue growth year on year against ROIC, one dot per company.

Price vs profit

One-year share price return against trailing NOPAT growth. Below the diagonal, the shares have not kept up with profits; above it, they have run ahead. Both axes capped at 300%.

ROIC over time

Hyperscalers and AI silicon, trailing twelve months at each quarter end.

Hyperscaler capex, trailing twelve months

Stacked, $ billions.

Neocloud capex, trailing twelve months