Identifying winners earlier in the AI era through 2030.
Monthly, actionable insights on AI-exposed and future-defining companies.
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.
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.
My analysis combines the latest AI reasoning models with real-time web search to evaluate companies across multiple dimensions:
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.
I analyze a curated selection of public companies with significant exposure to transformative technology trends. My coverage includes:
Currently covering 110 symbols:
AAOI Applied Optoelectronics, Inc. Designs and manufactures optical transceivers/lasers for AI/datacenter and cable broadband, with production in the U.S. and Taiwan. ACHR Archer Aviation Inc. Developer and future operator of electric vertical takeoff and landing (eVTOL) aircraft for urban air mobility, with defense and software partnerships. AI C3.ai, Inc. Enterprise AI application software company selling a model-driven agentic AI platform and prebuilt apps to commercial and public-sector customers. AISP Airship AI Holdings, Inc. AI-driven video, sensor, and data management platform with edge appliances and enterprise software used by U.S. public safety, homeland security, and commercial customers. ALAB Astera Labs, Inc. Fabless semiconductor company providing standards-based connectivity silicon and software (PCIe, CXL, Ethernet, UALink) for rack-scale AI/cloud infrastructure. AMBA Ambarella, Inc. Fabless semiconductor company focused on low‑power edge‑AI vision SoCs for IoT/security cameras, automotive ADAS/domain controllers, robotics and edge infrastructure. AMD Advanced Micro Devices, Inc. Designs and sells high‑performance CPUs, GPUs, data center accelerators and adaptive compute for PCs, gaming and cloud/data centers. AMPX Amprius Technologies, Inc. Designer and manufacturer of ultra–high‑energy‑density silicon‑anode lithium‑ion battery cells for drones, aerospace/defense and light electric vehicles, scaling via contract manufacturing. AMZN Amazon.com, Inc. Operates a global e-commerce marketplace, a leading cloud platform (AWS), and a fast-growing retail media and streaming ads business. ANET Arista Networks, Inc. Designer of cloud and AI data-center networking gear with the EOS software stack for hyperscalers and enterprises. APLD Applied Digital Corporation Designs, builds, and operates high‑density AI/HPC data centers, monetized via long‑term leases and tenant fit‑out; pivoted from crypto hosting to AI campuses with institutional project funding. APP AppLovin Corporation AI-driven performance advertising platform spanning in‑app mobile and connected TV (Wurl), with MAX mediation and Adjust attribution. ARM Arm Holdings plc Licenses CPU/GPU/NPU and system IP and collects per‑chip royalties used across mobile, cloud/datacenter, automotive and IoT; capital‑light compute platform company. ASTS AST SpaceMobile, Inc. Builds a 3GPP‑standard, direct‑to‑smartphone satellite broadband network in LEO, sold wholesale via mobile operators and for government use. AUR Aurora Innovation, Inc. Develops and operates Level 4 autonomous trucking technology (Aurora Driver) with OEM and Tier-1 partners to deliver driverless freight-as-a-service. AVGO Broadcom Inc. Broadcom designs custom AI accelerators and leading Ethernet/optical connectivity silicon, and owns VMware’s infrastructure software platform for private cloud. BBAI BigBear.ai Holdings, Inc. BigBear.ai provides mission‑ready AI software and services for national security, digital identity/biometrics and enterprise decision intelligence. BEAM Beam Therapeutics Inc. Clinical-stage biotech developing base-editing genetic medicines; lead programs in sickle cell disease (ex vivo) and alpha-1 antitrypsin deficiency (in vivo). BFLY Butterfly Network, Inc. Butterfly Network makes handheld ultrasound devices powered by its Ultrasound‑on‑Chip technology with cloud software, AI, and partner apps for bedside and remote care. BKSY BlackSky Technology Inc. BlackSky operates a real-time Earth observation constellation and AI analytics platform delivering taskable, low-latency GEOINT to government and enterprise customers. CDNS Cadence Design Systems, Inc. Leader in electronic design automation software with AI-driven tools, verification hardware, and system design/simulation IP used to create advanced chips and electronic systems. CEG Constellation Energy Corporation Largest U.S. producer of 24/7 carbon‑free power and a leading competitive retail supplier; pending acquisition of Calpine adds gas and geothermal capacity. CLS Celestica Inc. Celestica is a global design, hardware platform and electronics manufacturing services provider focused on cloud/data center, communications and advanced industries. COHR Coherent Corp. Photonics supplier spanning optical networking transceivers and subsystems, industrial lasers, and compound semiconductor materials (InP, GaAs, SiC) serving AI datacenters, telecom and industrial markets. COIN Coinbase Global, Inc. A regulated crypto-native platform offering trading, custody, stablecoin economics (USDC), prime services, and Base L2 infrastructure for onchain finance. CRDO Credo Technology Group Holding Ltd. Fabless semiconductor company providing high-speed connectivity ICs, Active Electrical Cables, optical DSPs and now AI-focused optical transceivers for data centers. CRM Salesforce, Inc. Cloud software company providing Customer 360 apps, Data Cloud, Slack collaboration, MuleSoft integration, Tableau analytics, and AI agent platform Agentforce. CRNC Cerence Inc. Cerence provides AI-powered voice, audio and multimodal assistants for automakers and, increasingly, consumer electronics. CRSP CRISPR Therapeutics AG Clinical-stage gene-editing biotech commercializing ex vivo CASGEVY with Vertex and advancing in vivo CRISPR/LNP cardiometabolic, oncology, autoimmune and RNAi programs. CRWD CrowdStrike Holdings, Inc. AI‑native cybersecurity platform securing endpoints, cloud workloads, identities, data and SecOps with Falcon, LogScale NG SIEM and managed services. CRWV CoreWeave, Inc. AI‑optimized cloud provider that converts power and NVIDIA GPU clusters into training and inference capacity, sold as reserved and on‑demand compute with adjacent storage, networking and MLOps software. DDOG Datadog, Inc. Datadog provides a cloud-native observability, security, and developer analytics platform used to monitor, secure, and act on real‑time telemetry from modern applications and AI workloads. DELL Dell Technologies Inc. Provider of PCs, servers, storage, networking and services to enterprises and consumers, increasingly focused on integrated AI infrastructure. DNA Ginkgo Bioworks Holdings, Inc. Horizontal cell‑engineering and biosecurity platform selling automated wet‑lab services, AI‑grade datasets (Datapoints), lab automation tools, and public‑health surveillance programs. EQIX Equinix, Inc. Carrier- and cloud-neutral data center REIT operating a global interconnection platform, colocation footprint, xScale hyperscale JVs, and digital network services. ESTC Elastic N.V. Elastic builds the Elastic Search AI Platform for search, observability and security across self-managed and Elastic Cloud deployments. ETH Grayscale Ethereum Mini Trust ETF A U.S.-listed spot Ethereum exchange-traded product holding ETH with a 0.15% sponsor fee; now permitted to stake ETH and reinvest rewards. ETN Eaton Corporation plc Global intelligent power management company serving electrical, utility, data center, industrial, aerospace and mobility markets. FIVN Five9, Inc. Five9 provides cloud contact-center software (CCaaS) and AI-powered customer experience tools delivered as a subscription. FLNC Fluence Energy, Inc. Designs and integrates grid-scale battery energy storage systems and optimization software for utilities and renewable developers worldwide. FN Fabrinet Provider of advanced optical packaging and precision electro-mechanical manufacturing services for datacom/telecom optics, lasers, sensors, and complex hardware. GOOG Alphabet Inc. Alphabet operates Google Search, YouTube, Android and Google Cloud, monetizing global consumer attention and enterprise compute with ads, subscriptions and AI infrastructure. HPE Hewlett Packard Enterprise Company Provider of enterprise compute, networking, storage and hybrid cloud (GreenLake) with growing AI/HPC systems and, since July 2025, Juniper-powered networking. HURA TuHURA Biosciences, Inc. Clinical-stage immuno-oncology company developing IFx-2.0 (innate immune agonist) and TBS-2025 (anti‑VISTA mAb) to overcome resistance to checkpoint inhibitors. HUT Hut 8 Corp. Power-first digital infrastructure operator integrating energy, data centers and compute to monetize Bitcoin and AI workloads across North America. IBIT iShares Bitcoin Trust ETF A U.S.-listed spot bitcoin ETF sponsored by BlackRock’s iShares, offering regulated exposure to bitcoin via a grantor trust. INOD Innodata Inc. Provider of AI data engineering, human‑in‑the‑loop services, and evaluation/safety platforms for enterprise and Big Tech generative AI programs. IONQ IonQ, Inc. IonQ builds trapped‑ion quantum computers and a growing quantum networking and sensing portfolio, sold via hyperscaler clouds and government channels. IREN IREN Limited Power-centric data center operator pivoting from bitcoin mining to AI cloud and AI colocation across Canada and Texas. JOBY Joby Aviation, Inc. Developer of piloted eVTOL aircraft aiming to operate urban air taxi networks and sell aircraft and services globally. KTOS Kratos Defense & Security Solutions, Inc. Mid-cap defense tech company building attritable tactical jets (Valkyrie), hypersonics test/rockets/propulsion, and virtualized satellite ground systems (OpenSpace) plus C5ISR/microwave electronics. LITE Lumentum Holdings Inc. Designer and manufacturer of photonic components, modules and systems used in cloud/AI data centers, telecom optical networks, and industrial/3D sensing lasers. LMND Lemonade, Inc. AI‑native, full‑stack personal P&C insurer offering renters, homeowners, car, pet and life across the US and Europe. LSCC Lattice Semiconductor Corporation Fabless designer of low‑power, small and mid‑range FPGAs plus solution stacks used in communications, computing/datacenter control, industrial automation, and automotive electronics. META Meta Platforms, Inc. Operates Facebook, Instagram, WhatsApp and Messenger; monetizes attention via ads, paid messaging, subscriptions, and Reality Labs hardware. MPWR Monolithic Power Systems, Inc. Fabless analog and power electronics company providing power management ICs and modules for AI/data centers, automotive, industrial and consumer devices. MRVL Marvell Technology, Inc. Designs and supplies semiconductors for AI-centric data centers and networks, including custom compute ASICs, electro‑optics, Ethernet switching/PHYs, DPUs, storage and CXL. MSFT Microsoft Corporation Global software and cloud platform company offering Azure, Microsoft 365/Copilot, Windows, LinkedIn, gaming and security with deep enterprise distribution. MSTR MicroStrategy Incorporated (d/b/a Strategy) MicroStrategy is a public company that acquires and holds Bitcoin at scale and sells enterprise analytics software. MTSI MACOM Technology Solutions Holdings, Inc. Designer and manufacturer of high‑performance RF, microwave and optical semiconductors for data center, telecom, industrial and defense customers. MU Micron Technology, Inc. Micron designs and manufactures DRAM, NAND and advanced AI memory (HBM) for data centers, PCs/mobile, automotive and embedded systems. NBIS Nebius Group N.V. Nebius builds and operates AI‑native cloud infrastructure, delivering dedicated GPU clusters and managed AI services via long‑term offtake and on‑demand cloud. NEE NextEra Energy, Inc. Largest U.S. clean‑energy utility owning Florida Power & Light and a leading renewables, storage and transmission developer serving rising data‑center and electrification demand. NET Cloudflare, Inc. Cloud platform providing a global edge network for security, performance, developer compute, storage, and AI services. NNOX Nano-X Imaging Ltd. Medical imaging company commercializing multi‑source digital tomosynthesis systems (Nanox.ARC/ARC X) with cloud, teleradiology, and AI software. NOW ServiceNow, Inc. ServiceNow provides a cloud platform that digitizes and automates enterprise workflows across IT, customer service, HR, operations and industry solutions, increasingly infused with agentic AI. NTRA Natera, Inc. Natera develops and commercializes cell‑free DNA tests across oncology (Signatera MRD), women’s health (Panorama NIPT, Horizon carrier), and organ health (Prospera) with a growing AI/data platform. NVDA NVIDIA Corporation Designs and sells accelerated computing platforms spanning GPUs, systems, networking and software used for AI, data centers, gaming and autonomous machines. OKLO Oklo Inc. Developer and operator of compact fast fission power plants selling firm, onsite clean electricity (and heat) to AI data centers, defense bases and industry, with fuel recycling and radioisotopes as adjacencies. ON ON Semiconductor Corporation Designer and manufacturer of intelligent power and sensing semiconductors for automotive, industrial/energy and cloud data center applications. ORCL Oracle Corporation Enterprise software leader providing database, ERP SaaS, and Oracle Cloud Infrastructure with multicloud distribution and a growing healthcare (Cerner) footprint. OUST Ouster, Inc. Provider of digital lidar sensors and AI perception software for industrial automation, smart infrastructure, robotics and selective automotive uses. PANW Palo Alto Networks, Inc. Global cybersecurity platform provider across network, cloud, SecOps and identity, delivering AI‑driven prevention and response at scale. PATH UiPath, Inc. Enterprise automation platform combining RPA, AI agents, process mining, IDP, and orchestration to automate complex workflows with governance. PDYN Palladyne AI Corp. AI autonomy software for industrial robots and small unmanned systems; defense and commercial focus, hardware-agnostic and edge-deployable. PL Planet Labs PBC Planet Labs operates the world’s largest commercial Earth‑imaging constellation, selling geospatial data, analytics and dedicated satellite services to government and enterprise customers. PLTR Palantir Technologies Inc. Palantir builds AI-enabled data and decision platforms for governments and enterprises (Gotham, Foundry, AIP). POET POET Technologies Inc. Designs photonic packaging (Optical Interposer) and supplies optical engines, light sources and modules for AI/datacenter networking. PRME Prime Medicine, Inc. Clinical-stage biotech developing prime editing therapies for genetic diseases, plus partnered ex vivo cell therapies. PWR Quanta Services, Inc. Quanta is a leading specialty contractor providing electric transmission/distribution, substations, renewables EPC and mission‑critical MEP/inside electrical for data centers and industrial load centers across North America. QBTS D-Wave Quantum Inc. Provider of annealing-based quantum computers, quantum cloud (Leap), solvers and services; now also selling on‑premise Advantage2 systems to HPC, defense and research users. QUBT Quantum Computing Inc. QCi is a photonics-first quantum company building room‑temperature quantum machines and operating a TFLN photonic chip foundry with offerings in quantum security and sensing. RCAT Red Cat Holdings, Inc. U.S. defense robotics company building NDAA‑compliant small unmanned systems (sUAS/FPV) and expanding into uncrewed surface vessels with Palantir‑enabled manufacturing. RDVT Red Violet, Inc. Provides AI/ML‑powered identity intelligence, fraud detection and risk analytics via IDI, FOREWARN and APIs to enterprises, government and real estate. RGTI Rigetti Computing, Inc. Rigetti designs, fabricates, and operates superconducting quantum processors, selling on‑prem systems and cloud access via its QCS platform and hyperscaler partners. RIOT Riot Platforms, Inc. Power-first bitcoin miner and data-center developer pivoting 600–900 MW at Corsicana, TX toward AI/HPC colocation while retaining large BTC mining operations and treasury. RKLB Rocket Lab Corporation Rocket Lab provides end-to-end space solutions spanning frequent small‑lift launch (Electron), developing medium‑lift launch (Neutron), spacecraft, components, payloads and on‑orbit operations for commercial and national security customers. RLAY Relay Therapeutics, Inc. Clinical‑stage precision medicine company using a compute‑heavy Dynamo platform to design mutant‑selective small molecules; lead asset RLY‑2608 targets PI3Kα in HR+/HER2‑ breast cancer. RMBS Rambus Inc. Fabless semiconductor and IP company focused on memory interface chips, high‑speed controller IP (HBM/CXL/PCIe) and DRAM/technology licensing. RR Richtech Robotics Inc. Provider of AI-driven service robots for hospitality, healthcare and logistics, pivoting to a Robotics‑as‑a‑Service (RaaS) model with U.S. assembly and APAC JV distribution. RXRX Recursion Pharmaceuticals, Inc. AI-first TechBio platform using high-throughput phenomics, foundation models, and an in‑house NVIDIA supercomputer to discover and develop drugs with partners and in-house programs. S SentinelOne, Inc. AI‑native cybersecurity platform for endpoint, cloud, identity and security data lake with emerging GenAI/agent security. SDGR Schrödinger, Inc. Computational chemistry and AI software company that licenses a physics-based platform for molecular discovery and advances proprietary and partnered drug programs. SERV Serve Robotics Inc. Serve Robotics builds and operates autonomous sidewalk delivery robots and software, selling delivery-as-a-service, autonomy/teleop, and on-robot media via partners like Uber Eats and DoorDash. SITM SiTime Corporation Fabless semiconductor company that designs MEMS-based precision timing chips, clocks, resonators and timing software for electronics and AI datacenters. SMCI Super Micro Computer, Inc. US-based rack-scale server and data-center solutions vendor for AI, cloud and enterprise workloads, with liquid-cooled systems and management software. SMR NuScale Power Corporation Developer of NRC‑certified small modular reactors (VOYGR) with an exclusive commercialization partner (ENTRA1) to deploy factory‑built nuclear power plants and related services. SNOW Snowflake Inc. Provider of the cross‑cloud AI Data Cloud for analytics, governance and AI app development sold on a consumption model. SNPS Synopsys, Inc. Leader in electronic design automation, semiconductor IP and, post-2025, multiphysics simulation via the Ansys acquisition. SOUN SoundHound AI, Inc. Independent conversational AI platform delivering on‑device and cloud voice assistants, restaurant automation, enterprise agents, and a nascent voice commerce network. STEM Stem, Inc. AI-driven software and services to monitor, optimize and trade solar-plus-battery assets (PowerTrack) with edge controllers and managed services. SYM Symbotic Inc. Symbotic builds AI‑orchestrated, modular warehouse automation systems and services for retailers, wholesalers and e‑commerce operators. TEM Tempus AI, Inc. AI-driven precision medicine company combining genomic diagnostics with a multimodal data platform and FDA-cleared AI devices for clinicians and biopharma. TSLA Tesla, Inc. Designs and manufactures EVs and energy storage, operates a global charging network, and develops autonomy and robotics software. TSM Taiwan Semiconductor Manufacturing Company Limited The world’s leading pure-play semiconductor foundry, producing advanced logic chips and advanced packaging for global fabless and systems companies. TWST Twist Bioscience Corporation Manufactures synthetic DNA and NGS library tools, plus antibody discovery services, using a high-throughput silicon DNA synthesis platform. VICR Vicor Corporation Designs and manufactures high‑performance modular power components and systems for data center/AI, automotive, industrial and defense markets. VRT Vertiv Holdings Co. Vertiv designs, manufactures and services critical power, thermal management, racks/integration and lifecycle services for data centers and other mission‑critical facilities. VST Vistra Corp. Integrated U.S. power producer and retailer with a large nuclear fleet plus natural gas, solar and battery assets serving deregulated markets. ZS Zscaler, Inc. Cloud-delivered Zero Trust networking and security platform expanding into AI-driven security operations via data fabric and MDR.
Note: Availability of analysis for each symbol is subject to your Patreon tier membership level.
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.
I update these analyses on a weekly basis around the 7th, 14th, 21st and 28th day of each month. At the Access and Plus tiers members receive access to the 28th of the month update. At the Portfolio tier members receive access to all weekly updates.
This is how I use this data (still not investment advice):
Of course, this is just my opinion and you should consult with a financial adviser to plan your investment approach for your situation.
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.
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.
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.
Please reach out via my Patreon.