Next Arc Research

Introduction

Next Arc Research is a company analysis platform that applies a future-optimistic investing lens to the AI-driven transformation of the global economy. It’s built to help you identify which public companies are best positioned to capture the next wave of value creation over the coming 5 years. See the FAQ.

Grounded in my own investing thesis and AI expertise, Next Arc Research leverages advanced reasoning models and extensive web research to evaluate companies through qualitative and quantitative signals of long-term potential. The framework is inspired by Emad Mostaque's "The Last Economy" thesis — the view that we’re entering a phase of unprecedented technological acceleration that will redefine how value emerges across industries.

Disclosure: I hold long positions in most of the companies I analyze on this platform. The detail page of any company will be specific as to whether I hold that company. My allocation to any particular company varies based on implied growth, risk and other factors. This is not investment advice and I am not paid to promote any company.

Methodology

My analysis combines the latest AI reasoning models with real-time web search to evaluate companies across multiple dimensions:

• Opportunity Potential: Companies are categorized based on their projected growth trajectory from 2025-2030, from shrinking/obsolete (0-5% CAGR) to exceptional hypergrowth potential (>10x value)
• Multi-Dimensional Risk Scoring: my modeling evaluates 10 distinct risk factors including technology maturity, regulatory exposure, capital intensity, and macro sensitivity
• AI-Era Positioning: Analysis focuses on how companies leverage AI, robotics, quantum computing, and other exponential technologies
• Competitive Landscape: Identification of strong competitors and comparative advantages
• Forward-Looking: Month-over-month trend analysis with considerations for the next evaluation period

My AI modeling performs extensive web research, analyzing recent news, earnings reports, clinical trial data, competitive developments, and market trends to provide up-to-date assessments.

Coverage

I analyze a curated selection of public companies with significant exposure to transformative technology trends. My coverage includes:

• AI & Machine Learning infrastructure and applications
• Biotechnology and AI-driven drug discovery
• Quantum computing and advanced semiconductors
• Robotics and automation
• Fintech and crypto infrastructure
• Cloud computing and SaaS platforms
• Energy transition and climate tech

Currently covering 120 symbols:

AAOI Applied Optoelectronics, Inc. Designs and manufactures fiber-optic networking products (components, transceivers, and related equipment) serving internet data centers, cable broadband, telecom, and fiber-access markets. ACHR Archer Aviation Inc. Archer is developing eVTOL aircraft and plans to sell aircraft/services and operate aerial ride-share over time. AI C3.ai, Inc. C3.ai sells subscription software (a platform and prebuilt applications) for enterprises and government agencies to build, deploy, and operate enterprise AI applications. AISP Airship AI Holdings, Inc. Airship AI sells on-premise video/sensor data-management systems (bundled hardware+software) and lifecycle support to government and enterprise security customers. ALAB Astera Labs, Inc. Astera Labs designs fabless semiconductor connectivity products for AI and cloud data center infrastructure. AMBA Ambarella, Inc. Ambarella designs edge AI vision chips used in security cameras, industrial/robotics vision, and automotive vision systems. AMD Advanced Micro Devices, Inc. AMD designs and sells CPUs, GPUs, adaptive SoCs and related platform software used in data centers, PCs, gaming and embedded systems. AMPX Amprius Technologies, Inc. Amprius manufactures high-energy and high-power silicon-anode lithium-ion battery cells for drones, aviation, defense, and other mobility applications. AMZN Amazon.com, Inc. Amazon operates a global ecommerce and logistics platform and monetizes it via third-party seller services, subscriptions, advertising, and cloud computing (AWS). ANET Arista Networks, Inc. Designs and sells high-performance Ethernet switching/routing platforms plus network software and support for AI, cloud data center, campus, and routing environments. APLD Applied Digital Corporation Applied Digital designs, builds, and operates power-dense data center campuses and hosting/colocation services for AI/HPC, cloud, and blockchain workloads. APP AppLovin Corporation AppLovin runs a performance advertising platform and software stack that helps app publishers monetize and helps advertisers acquire and monetize users. APUS Apimeds Pharmaceuticals US, Inc. Clinical-stage biotech developing Apitox (LT-100) for osteoarthritis pain, alongside a post-merger bitcoin-treasury and digital-asset yield framework. ARM Arm Holdings plc Designs and licenses CPU architecture and related semiconductor IP, monetizing via license fees and per-chip royalties. ASML ASML Holding N.V. ASML supplies advanced lithography systems (EUV, High-NA EUV, and DUV) plus metrology/inspection tools and lifecycle services to semiconductor fabs. ASTS AST SpaceMobile, Inc. AST SpaceMobile builds a low Earth orbit satellite network intended to deliver cellular broadband directly to standard smartphones via mobile network operator partners and government customers. AUR Aurora Innovation, Inc. Develops and deploys the Aurora Driver autonomous driving system, commercializing it primarily for driverless Class 8 trucking via a service/subscription model. AVAV AeroVironment, Inc. AeroVironment designs, manufactures, and supports uncrewed systems, precision strike, counter-UAS, and related services primarily for U.S. and allied government customers. AVGO Broadcom Inc. Broadcom designs semiconductor connectivity and custom compute silicon for data centers and sells infrastructure software subscriptions led by VMware Cloud Foundation. BBAI BigBear.ai Holdings, Inc. BigBear.ai provides AI-driven decision-support software and services for U.S. government and other regulated customers, spanning national security, trade/supply-chain, and digital identity workflows. BEAM Beam Therapeutics Inc. Clinical-stage biotechnology company developing precision genetic medicines using base-editing approaches for hematology and liver-targeted genetic diseases. BFLY Butterfly Network, Inc. Butterfly sells handheld ultrasound probes paired with cloud-connected subscriptions and workflow software for clinicians and health systems. BKSY BlackSky Technology Inc. BlackSky provides on-demand satellite imagery, monitoring, and analytics via its Spectra platform and proprietary low Earth orbit satellite constellation. BWXT BWX Technologies, Inc. BWXT manufactures nuclear reactors, nuclear fuel and specialized components and provides nuclear services for U.S. government and commercial customers, including naval propulsion and nuclear medicine. CDNS Cadence Design Systems, Inc. Cadence sells electronic design automation software, semiconductor IP, verification hardware systems, and simulation tools used to design and validate chips and electronic systems. CEG Constellation Energy Corporation Constellation owns large U.S. power generation fleets (notably nuclear) and sells electricity and energy services to wholesale and retail customers. CLS Celestica Inc. Celestica designs, engineers, and manufactures high-complexity electronics and data-center infrastructure hardware for hyperscalers and OEMs, plus supply-chain services across multiple end markets. COHR Coherent Corp. Coherent designs and manufactures optoelectronic components (datacenter/communications) and laser-based systems/materials (industrial and power) used in high-speed connectivity and precision manufacturing. COIN Coinbase Global, Inc. Coinbase operates a regulated crypto trading, custody, and payments platform for consumers and institutions, plus onchain developer products. CORZ Core Scientific, Inc. Core Scientific operates power-dense data centers, monetizing them through bitcoin self-mining/hosting and contracted high-density colocation for AI/HPC workloads. CRDO Credo Technology Group Holding Ltd Credo designs high-speed connectivity semiconductors and active electrical cables for hyperscale data centers and licenses connectivity IP. CRM Salesforce, Inc. Salesforce sells subscription software and platform services for sales, service, marketing, and commerce workflows, increasingly augmented by enterprise AI agents and data tooling. CRNC Cerence Inc. Cerence builds embedded and cloud conversational AI software for automotive OEMs, monetized via licenses, vehicle-based royalties/connected services, and related professional services. CRSP CRISPR Therapeutics AG Clinical-stage gene-editing company with an approved ex vivo therapy (CASGEVY, via Vertex collaboration) and a pipeline spanning in vivo liver editing and cell therapies. CRWD CrowdStrike Holdings, Inc. CrowdStrike sells the Falcon cloud-delivered cybersecurity platform and services to protect endpoints, cloud workloads, identity, and security operations. CRWV CoreWeave, Inc. CoreWeave provides GPU-accelerated cloud infrastructure and software tooling for AI training and inference, sold primarily through multi-year committed contracts plus on-demand usage. DDOG Datadog, Inc. Datadog provides a unified SaaS platform for monitoring, security, and analytics across cloud applications and infrastructure. DELL Dell Technologies Inc. Dell sells enterprise servers, storage and networking, PCs, and related services and customer financing. DNA Ginkgo Bioworks Holdings, Inc. Ginkgo Bioworks provides cell engineering R&D services, lab automation systems, data-generation products, and biosecurity monitoring services to commercial and government customers. EQIX Equinix, Inc. Equinix owns and operates carrier- and cloud-neutral data centers and sells colocation capacity plus interconnection services to enterprises, networks, and cloud providers. ESTC Elastic N.V. Elastic provides a search and analytics platform (self-managed and cloud) used for enterprise search, observability, and security. ETN Eaton Corporation plc Eaton sells electrical power distribution/protection equipment and systems for data centers, utilities, and buildings, plus aerospace components and services. FIVN Five9, Inc. Five9 provides a cloud contact-center platform for running customer service and sales interactions across voice and digital channels, increasingly enhanced with AI automation. FLNC Fluence Energy, Inc. Provides grid-scale battery energy storage systems, services, and optimization software for utilities and renewable energy developers. FN Fabrinet Fabrinet provides advanced optical packaging and precision manufacturing services (assembly, integration, and test) for complex optical and electro-mechanical products. GOOG Alphabet Inc. Alphabet generates revenue primarily from digital advertising across Google products and from Google Cloud infrastructure/platform services, with additional subscription and other revenues. HPE Hewlett Packard Enterprise Company HPE sells enterprise IT infrastructure (servers, storage, networking) with attached hybrid-cloud/services and an in-house financing arm. HURA TuHURA Biosciences, Inc. Clinical-stage immuno-oncology biotech developing IFx-2.0 and other candidates to overcome resistance to cancer immunotherapy. HUT Hut 8 Corp. Hut 8 develops and operates power and data-center infrastructure and provides bitcoin mining, colocation, and high-performance computing services. INOD Innodata Inc. Innodata provides AI-focused data engineering/annotation services and vertical workflow software used in PR/comms and healthcare document processing. IONQ IonQ, Inc. IonQ builds trapped-ion quantum computers and sells cloud-access to its systems, plus related quantum networking/sensing/security offerings and services. IREN IREN Limited IREN builds and operates renewable-powered data center campuses used for Bitcoin mining and contracted AI cloud (GPU) compute services. JBL Jabil Inc. Jabil provides outsourced engineering, manufacturing, and supply-chain services, with growing exposure to AI/cloud data-center infrastructure builds. JOBY Joby Aviation, Inc. Develops electric vertical take-off and landing aircraft and plans to operate an air taxi service while also selling aircraft to other operators. KTOS Kratos Defense & Security Solutions, Inc. Kratos designs and manufactures defense and national-security systems spanning uncrewed aircraft, propulsion/rocket systems, microwave electronics, training solutions, and satellite ground software. LITE Lumentum Holdings Inc. Lumentum designs and manufactures photonic components and systems for cloud/data-center and telecom networks, plus industrial lasers used in manufacturing and sensing. LMND Lemonade, Inc. Digital-first insurance carrier selling renters, homeowners, car, pet, and life insurance in the U.S. and parts of Europe. LSCC Lattice Semiconductor Corporation Lattice Semiconductor designs and sells low-power programmable logic chips plus related development tools for communications, computing, industrial, automotive, and consumer systems. MBLY Mobileye Global Inc. Mobileye develops and sells camera-centric ADAS and autonomous driving systems (EyeQ SoCs, software stacks, and mapping) to global automakers and Tier-1 suppliers. META Meta Platforms, Inc. Meta operates global social networking and messaging apps and monetizes primarily through advertising placements sold to advertisers. MPWR Monolithic Power Systems, Inc. Monolithic Power Systems designs and sells power-management semiconductors and power modules used in AI/servers, automotive, industrial, communications, and consumer electronics. MRVL Marvell Technology, Inc. Fabless semiconductor company focused on data-infrastructure silicon spanning custom ASICs, networking, interconnect, storage, and security for cloud, enterprise, and carrier markets. MSFT Microsoft Corporation Microsoft sells cloud infrastructure/services plus productivity, security, developer, and business software to consumers and enterprises. MSTR Strategy Inc Strategy holds bitcoin as a treasury asset while operating an enterprise analytics software business and issuing multiple listed preferred instruments to fund its bitcoin strategy. MTSI MACOM Technology Solutions Holdings, Inc. MACOM designs and manufactures analog/RF and optical semiconductor components and modules for industrial & defense, data center, and telecom customers. MU Micron Technology, Inc. Micron designs, manufactures, and sells memory and storage products (DRAM, NAND, and high-performance data-center memory/storage) across data center, client, mobile, and automotive/embedded markets. NBIS Nebius Group N.V. Nebius operates an AI-focused cloud platform selling GPU compute, storage, and managed services to AI developers and enterprises. NEE NextEra Energy, Inc. NextEra Energy owns Florida Power & Light (a regulated Florida utility) and NextEra Energy Resources (a large developer/operator of contracted generation, storage and energy infrastructure). NET Cloudflare, Inc. Cloudflare operates a global edge network that delivers application security, performance, Zero Trust access, and developer compute services inline with customer Internet traffic. NNOX NANO-X IMAGING LTD Nanox develops digital tomosynthesis imaging systems and an attached cloud/AI/services stack (workflow software, AI imaging analytics, and radiology services) for healthcare providers. NOW ServiceNow, Inc. ServiceNow sells a cloud platform that automates and governs enterprise workflows across IT, employees, customers, and increasingly security. NTAP NetApp, Inc. NetApp sells enterprise storage systems, data management software, and cloud storage/data services for hybrid and multicloud IT environments. NTLA Intellia Therapeutics, Inc. Clinical-stage biotechnology company developing in vivo gene-editing therapeutics for genetic diseases. NTRA Natera, Inc. Provides cell-free DNA molecular testing services spanning oncology, women’s health, and organ health. NVDA NVIDIA Corporation NVIDIA designs GPU-accelerated compute platforms plus networking, systems and software used across AI data centers, gaming, visualization and automotive/robotics. OKLO Oklo Inc. Oklo develops advanced fission power plants it plans to build, own, and operate, alongside nuclear fuel recycling/fabrication and radioisotope production. ON ON Semiconductor Corporation onsemi designs and sells power and sensing semiconductors, primarily for automotive and industrial end markets. ORCL Oracle Corporation Oracle sells enterprise database software, cloud applications, and cloud infrastructure services to businesses and governments. OUST Ouster, Inc. Ouster designs and sells digital sensing hardware and perception software used in robotics, industrial automation, automotive, and smart infrastructure deployments. PANW Palo Alto Networks, Inc. Palo Alto Networks sells enterprise cybersecurity products plus subscription and support services across network security, cloud security, security operations, and (post-acquisition) identity security. PATH UiPath, Inc. UiPath provides an enterprise automation platform to build, run, and govern software robots and AI-driven workflows across business systems. PDYN Palladyne AI Corp. Develops and sells edge-deployed autonomy software and, following acquisitions, also delivers defense-oriented avionics, engineering services, and precision-manufactured components. PL Planet Labs PBC Planet designs, builds, and operates Earth-observation satellite constellations and sells imagery plus monitoring/analytics solutions to government and commercial customers. PLTR Palantir Technologies Inc. Palantir sells software platforms that integrate data and operationalize analytics and AI across government and enterprise workflows. POET POET TECHNOLOGIES INC. POET Technologies designs optical engines, light sources, and optical modules aimed at AI networks and hyperscale data centers. PRME Prime Medicine, Inc. Prime Medicine is a clinical-stage biotech developing prime editing genetic therapies (initially liver and lung) and monetizing its platform via partnerships. PWR Quanta Services, Inc. Quanta Services provides specialized design, construction, and maintenance services for electric power, communications, pipeline, and related infrastructure. QBTS D-Wave Quantum Inc. D-Wave builds superconducting quantum computers and sells cloud access and services focused on optimization workloads for enterprise, government, and research customers. QUBT QUANTUM COMPUTING INC. Quantum Computing Inc. develops quantum optics and integrated photonics hardware, including TFLN photonic chip foundry services and related systems/software. RCAT Red Cat Holdings, Inc. Red Cat develops and sells unmanned aircraft systems and related robotic platforms to defense, government, and public safety customers. RDVT RED VIOLET, INC. red violet provides identity intelligence analytics used for identity verification, fraud detection, due diligence, compliance, and risk mitigation. RGTI Rigetti Computing, Inc. Rigetti designs and manufactures superconducting quantum processors and systems and provides cloud access plus quantum R&D/development services. RIOT Riot Platforms, Inc. Riot Platforms operates bitcoin mining facilities and is converting large Texas power-and-land sites into data center capacity for AI/HPC tenants, plus an electrical-engineering products/services segment. RKLB Rocket Lab Corporation Provides launch services and space systems products and services to commercial and government customers. RLAY Relay Therapeutics, Inc. Clinical-stage biotechnology company developing small-molecule medicines for oncology and genetic disease, led by zovegalisib (RLY-2608). RMBS Rambus Inc. Rambus designs memory-interface semiconductors and licenses interface/security IP and patents used in high-performance computing systems. RR Richtech Robotics Inc. Richtech Robotics designs and deploys service and industrial robots and supports them with software, services, and AI/data capabilities. RXRX Recursion Pharmaceuticals, Inc. Clinical-stage biotech combining automated wet-lab experimentation and machine learning to advance internal drug candidates and partner discovery programs. S SentinelOne, Inc. Provides an AI-native cybersecurity platform for threat prevention, detection, and response across endpoints and cloud workloads for enterprises. SDGR Schrodinger, Inc. Schrödinger develops computational chemistry software for molecular discovery and also runs collaboration and internal drug discovery programs that can generate milestone and royalty economics. SERV Serve Robotics Inc. Serve Robotics designs, deploys, and operates autonomous delivery robots plus fleet operations software, expanding into hospital logistics robots via its Diligent (Moxi) acquisition. SITM SiTime Corporation SiTime designs and sells silicon MEMS timing devices and clocking products used across data center/networking, automotive, industrial, aerospace and consumer electronics. SMCI Super Micro Computer, Inc. Designs, manufactures, and sells server and storage systems, including rack-scale AI infrastructure with liquid-cooling and deployment services. SMR NuScale Power Corporation Develops and commercializes small modular nuclear reactor technology and provides related engineering and project services for NuScale-based power plants. SNOW Snowflake Inc. Snowflake provides a cloud-delivered data platform for governed storage, processing, sharing, analytics, and AI workloads across major public clouds. SNPS Synopsys, Inc. Synopsys provides mission-critical chip design software, semiconductor IP, and (post-Ansys) multi-physics simulation/analysis software and services. SOUN SoundHound AI, Inc. SoundHound AI provides voice and conversational AI software that enterprises embed into customer workflows in restaurants, automotive, and customer service. SPIR Spire Global, Inc. Spire Global sells satellite-derived data, analytics, and hosted-payload/satellite services to weather, aviation, and government/defense customers. STEM Stem, Inc. Provides software, edge control, and services to commission, monitor, control, and optimize solar, battery storage, and hybrid energy assets. SYM SYMBOTIC INC. Designs and deploys automated warehouse systems (robotics + software) plus related support/operations services for large distribution networks. TEM Tempus AI, Inc. Tempus provides diagnostic testing plus data-driven software and services to support precision medicine and life-sciences R&D. TLN Talen Energy Corporation Talen Energy owns and operates nuclear and gas generation assets and sells electricity, capacity, and related services into U.S. wholesale power markets, primarily PJM. TSLA Tesla, Inc. Tesla designs and manufactures electric vehicles and sells energy generation/storage products, with growing software and autonomy ambitions. TSM Taiwan Semiconductor Manufacturing Company Limited TSMC manufactures semiconductor wafers and provides advanced packaging and related foundry services for customers that design their own chips. TWST Twist Bioscience Corporation Twist Bioscience manufactures synthetic DNA products (genes, oligos, libraries, and related NGS application consumables) for biopharma, diagnostics, industrial, and academic customers. VICR Vicor Corporation Vicor designs and manufactures high-density power modules/systems and monetizes patented power-delivery IP via licensing and settlements. VRT Vertiv Holdings Co Vertiv designs, manufactures, installs and services power and thermal infrastructure for data centers, communication networks, and other mission-critical facilities globally. VST Vistra Corp. Vistra operates a large U.S. competitive power generation fleet and an integrated retail electricity business, monetizing energy, capacity, and contracting/hedging capabilities. WULF TeraWulf Inc. TeraWulf develops, owns, and operates U.S. power-advantaged data center infrastructure for HPC/AI hosting alongside bitcoin mining. ZS Zscaler, Inc. Zscaler provides cloud-delivered security services that secure enterprise internet access and private application access.

Note: Availability of analysis for each symbol is subject to your Patreon tier membership level.

Patreon Tiers

You can support this project (to fund deeper and more frequent research across a broader set of companies) through joining as a Patreon member. Three different tiers provide different benefits depending on your goals. See below for samples of the analysis at different levels:

While you are subscribed at a particular tier on Patreon, you will have access to the Next Arc Research website where you will be able to browse the analysis of each company covered by that tier.
Note that "Top 10" etc. is based on the companies' implied growth through 2030 ranking when the analysis is performed, i.e. the 10/30/100 companies with the highest implied growth.

Update Cadence

These analyses are updated on a weekly basis around the 7th, 14th, 21st and 28th day of each month. If there are meaningful events in the market (e.g. earning season) then updates may be delayed to the end of the week.

Using the Data

Here are some practical ways people often use this kind of research inside their own workflow — purely as examples tied to the features of the platform, and not as recommendations or investment advice:

• Understanding the landscape: The growth buckets, alignment scores, and forecast 2030 opportunity help readers form a high-level view of where each company or network sits in the AI-era stack — who is structurally advantaged, who faces hard limits, and which segments (chips, robotics, biotech, crypto infrastructure) are accelerating or stagnating.
• Spotting movement week-to-week: Many people scan the weekly score changes, risk shifts, and narrative updates to identify companies where something meaningful changed — a new disclosure, a roadmap shift, a competitive surprise, or a macro factor the model picked up. It’s a quick way to know which names might deserve a closer look.
• Comparing peers within a theme: The interactive screener and the CSV tables let readers compare companies inside the same category (e.g. GPU vendors, cloud platforms, agentic AI, biofoundry automation, blockspace networks) to see how their growth/risk profiles differ and how the “story” changes over time.
• Interpreting ETFs and thematic exposure: For those who invest mostly through ETFs, the coverage list and sector tags can help clarify which underlying companies drive exposure to specific themes — and where concentration, correlation, or dependence on a small number of AI-era winners might exist.
• Deep-dive reasoning: The long-form sections (thesis, critique, growth reasoning, risk commentary, ecosystem momentum, comparative advantage, and ELI5 explanations) give readers a structured narrative to reflect on: what is driving a company’s potential and what could undermine it. People often use these as prompts for their own due-diligence questions.
• Tracking themes and developing conviction: Some readers use the trend commentary, risk dimension breakdowns, and scenario narratives to build a mental model of where AI-era value is likely to concentrate over the next several years — not as price forecasts, but as a way to reason about technological direction, market structure, and strategic positioning.

None of this is investment advice. Everyone’s financial situation, risk tolerance, and goals are different, so please consult a licensed financial adviser before making any investment decisions.

Changelog

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About

The Framework

The Next Arc Research framework is inspired by Emad Mostaque's "The Last Economy" thesis on the transformative impact of AI and exponential technologies. Rather than extrapolating from historical trends, I analyze how companies are positioned to capture value in a world where AI dramatically accelerates innovation, reduces costs, and enables new business models.

The Technology

This platform leverages the latest AI reasoning models. Each model performs real-time web research and multi-step reasoning to produce comprehensive analyses that go beyond traditional financial metrics; all through a lens of a tech-optimistic future.

The Creator

I've spent 30+ years working and investing in tech. I worked at Netscape, Yahoo!, Google and many startups in Silicon Valley - most recently in AI and LLM technology.

As a retail investor I invested in Bank of America during the 2008 Great Recession, Amazon before they got big and NVIDIA when they still focused on gaming. These investments allowed me to quit regular work and spend some time on Next Arc Research to find the next companies that are going to drive outsized returns in our tech-optimistic future. I resolved that anything I developed would be made available to others.

While I am hopeful for a tech-optimistic future of abundance for all, I also believe that the surest way to guard against being cut out of that future is to own a part of it.

Contact

Please reach out via my Patreon.

Free Resources

Explore these free resources to get a sense of the analysis and insights available:

• Top 5 AI-Leveraged Companies (Free PDF) — A curated selection of high-potential companies positioned for AI-era growth
• Weekly Update Preview (Sample Analysis) — Sample of the weekly market analysis tracking directional shifts across AI, compute, biotech, robotics and crypto
• Builder Tier Sample PDF — Complete research example showing the full depth of analysis available to Builder members (as of October 2025)