L6
Fabless Design
Chip designers with no manufacturing — all production outsourced to foundries. The highest-margin, highest-multiple layer. Nvidia is the defining company of this era.
peak→
HYPOTHESIS
NVDA will show β_SOXX > 2.0 and will distort layer-level analytics — treat as gravity well. AMD and the rest should cluster around β_SOXX 1.3–1.6. MRVL is the custom silicon thesis.
CAPITAL CYCLE
Capex/Depreciation: 0.3x
Fabless companies do not own fabs — capex/depreciation ratio is structurally low. Cycle position refers to end-demand: AI capex is at or near peak intensity for this wave.
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BETA SPY
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BETA SOXX
6
CONSTITUENTS
6
OPTIONS ELIGIBLE
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INTRA-LAYER CORRELATION
Single constituent — intra-layer correlation not applicable.
CONSTITUENTS
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| TICKER | COMPANY | LAST | CHG% | β SPY | β SOXX | SIGNALS | TAGS | |
|---|---|---|---|---|---|---|---|---|
| NVDA | Nvidia Corporation The defining company of the AI infrastructure era. H100/H200/Blackwell GPU demand has created the la... | ... | ... | — | — | OPTIONS | ai_infrastructuregravity_welllong | |
| AMD | Advanced Micro Devices Primary challenger to Nvidia in AI GPUs and Intel in data center CPUs. MI300X gaining traction as hy... | ... | ... | — | — | OPTIONS | ai_infrastructure | |
| QCOM | Qualcomm Dominant mobile SoC designer. Snapdragon platform powers most premium Android devices. Diversifying ... | ... | ... | — | — | OPTIONS | analog_moat | |
| AVGO | Broadcom Infrastructure semiconductor and software conglomerate. Custom AI ASIC designer for Google (TPU) and... | ... | ... | — | — | OPTIONS | ai_infrastructureoptical | |
| MRVL | Marvell Technology Custom silicon designer for hyperscaler AI ASICs. The picks-and-shovels play on the custom chip wave... | ... | ... | — | — | OPTIONS | ai_infrastructureopticalcapital_cycle | |
| MCHP | Microchip Technology Microcontrollers and analog for embedded applications. Industrial and automotive end-markets. In a d... | ... | ... | — | — | OPTIONS | analog_moatwatch |
SEMILENS v0.1 · Data via Tradier Production API · Not financial adviceBeta research: 5Y daily · Loading...