NVDA / FY2025
NVIDIA
NVIDIA Corporation
Market narrative
AI platform leader
Filing evidence
62.4% operating margin
2.5% direct CapEx intensity
Period ended 2025-01-26
Economic form
Platform margin capture
AI Infrastructure Economics / Evidence snapshot
Narrative vs Evidence
Filing-based tracking of what AI infrastructure narratives claim, and what public metrics show.
Current answer
AI exposure is not an economic category.
The same AI infrastructure demand appears differently depending on where a company sits in the value chain. Platform economics, manufacturing reinvestment, memory cycles, equipment bottlenecks, and facility demand transmission should not be treated as one uniform exposure.
Each row below pairs a common market description with two issuer-level filing ratios. The ratios do not measure pure AI revenue; they show the economic structure of the consolidated company carrying that exposure.
NodeMarket narrativeFiling evidenceEconomic formSource trail
AMD / FY2024
AMD
Advanced Micro Devices, Inc.
Market narrative
Alternative AI compute platform
Filing evidence
7.4% operating margin
2.5% direct CapEx intensity
Period ended 2024-12-28
Economic form
Compute challenger
TSM / FY2024
TSMC
Taiwan Semiconductor Manufacturing Company Limited
Market narrative
AI infrastructure backbone
Filing evidence
45.7% operating margin
33.0% direct CapEx intensity
Period ended 2024-12-31
Economic form
Capital-heavy bottleneck
ASML / FY2024
ASML
ASML Holding N.V.
Market narrative
Essential AI chip equipment supplier
Filing evidence
31.9% operating margin
7.3% direct CapEx intensity
Period ended 2024-12-31
Economic form
Equipment bottleneck
AVGO / FY2024
Broadcom
Broadcom Inc.
Market narrative
Custom AI silicon and networking winner
Filing evidence
26.1% operating margin
1.1% direct CapEx intensity
Period ended 2024-11-03
Economic form
Mixed consolidated profile
MU / FY2024
Micron
Micron Technology, Inc.
Market narrative
AI memory play
Filing evidence
5.2% operating margin
33.4% direct CapEx intensity
Period ended 2024-08-29
Economic form
Cycle-exposed capital burden
ANET / FY2024
Arista
Arista Networks, Inc.
Market narrative
AI networking beneficiary
Filing evidence
42.0% operating margin
0.5% direct CapEx intensity
Period ended 2024-12-31
Economic form
Capital-light demand transmission
VRT / FY2024
Vertiv
Vertiv Holdings Co
Market narrative
AI power and cooling beneficiary
Filing evidence
17.1% operating margin
2.1% direct CapEx intensity
Period ended 2024-12-31
Economic form
Facility demand transmission
Reading boundaries
What this snapshot can and cannot show
Issuer-level evidence
Metrics come from consolidated public filings. They are not segment-only or pure-AI revenue attribution.
Reporting currencies
Ratios are comparable without translating revenue amounts. No FX conversion is applied unless an output explicitly says otherwise.
Validated comparison years
The snapshot uses the latest complete rows covered by the project's core source-mapping validation, not simply the newest dated record.
Non-advisory scope
This is descriptive business analysis, not valuation coverage, investment advice, or a company ranking.
Continue the research
Move from the snapshot into the analysis and source methodology.