Investment analytics

Two new notes a day, each from a different angle, drawn from share prices, the companies' posts and the week's news.

1. Big mover29 Sept 2026

   IREN falls 42pc from its high even as revenue jumped 41pc

   IREN shares are down 45.4% from their 52-week high and slid another 11.7% this week. The FY26 results on 27 August showed revenue up 41% to $707 million but a $684 million net loss and a warning of $25-30 billion in 2027 capex. Analysts at Redburn then started the neocloud group at Neutral, dragging IREN down with CoreWeave and Nebius even as JPMorgan raised its own target to $65.

   IRENsaasrise.com247wallst.com

2. Then & now29 Sept 2026

   Bank of America bought Merrill for $50bn 18 years ago this month

   On 15 September 2008, at the height of the financial crisis, Bank of America agreed to buy Merrill Lynch for about $50 billion in stock, ending 94 years of Merrill's independence. Eighteen years on, Merrill Wealth Management alone reported $4.1 trillion in client balances in the second quarter of 2026, with wealth and investment management net income up sharply on the year.

   Bank of Americabusiness-standard.comwealthbriefing.com

Public holdings

An equal-weight basket of the 28 listed companies against the S&P 500 over the past year. It's a what-if, not my actual returns: position sizes and entry prices aren't shown here.

Share price change

How big they are

The 28 public companies, each sized by its market value, revenue or profit over the past year, in US dollars. Hover a tile for all three.

Market cap Revenue Profit

Together $36T. Nvidia alone is 15%, and the top three 41%.

Nvidia$5.5TNvidia NVDAMarket cap$5.5TRevenue$303BProfit$193B15% of the market cap shownApple$4.9TApple AAPLMarket cap$4.9TRevenue$467BProfit$129B14% of the market cap shownAlphabet$4.2TAlphabet GOOGLMarket cap$4.2TRevenue$446BProfit$244B12% of the market cap shownMicrosoft$3.8TMicrosoft MSFTMarket cap$3.8TRevenue$332BProfit$134B11% of the market cap shownAmazon$2.7TAmazon AMZNMarket cap$2.7TRevenue$776BProfit$135B7% of the market cap shownTSMC$2.3TTSMC TSMMarket cap$2.3TRevenue$140BProfit$70B7% of the market cap shownSpaceX$1.9TSpaceX SPCXMarket cap$1.9TRevenue$23BProfit−$8.9B5% of the market cap shownMeta$1.8TMeta METAMarket cap$1.8TRevenue$228BProfit$68B5% of the market cap shownBroadcom$1.7TBroadcom AVGOMarket cap$1.7TRevenue$89BProfit$38B5% of the market cap shownTesla$1.4TTesla TSLAMarket cap$1.4TRevenue$104BProfit$3.8B4% of the market cap shownMicron$1.2TMicron MUMarket cap$1.2TRevenue$90BProfit$50B3% of the market cap shownAMD$992BAMD AMDMarket cap$992BRevenue$41BProfit$6.5B3% of the market cap shownASML$680BASML ASMLMarket cap$680BRevenue$40BProfit$12B2% of the market cap shownIntel$613BIntel INTCMarket cap$613BRevenue$57BProfit−$11B2% of the market cap shownTencent$506BTencent TCEHYMarket cap$506BRevenue$118BProfit$35B1% of the market cap shownBank of America$388BBank of America BACMarket cap$388BRevenue$114BProfit$32B1% of the market cap shownSandisk$251BSandisk SNDKMarket cap$251BRevenue$20BProfit$11B<1% of the market cap shownSalesforce$187BSalesforce CRMMarket cap$187BRevenue$44BProfit$9.7B<1% of the market cap shownShopify$187BShopify SHOPMarket cap$187BRevenue$13BProfit$1.9B<1% of the market cap shownServiceNow$136BServiceNow NOWMarket cap$136BRevenue$15BProfit$1.7B<1% of the market cap shownCloudflare$126BCloudflare NETMarket cap$126BRevenue$2.5BProfit−$206M<1% of the market cap shownBYD$90BBYD BYDDYMarket cap$90BRevenue$116BProfit$4.4B<1% of the market cap shownNebius$63BNebius NBISMarket cap$63BRevenue$1.4BProfit$42M<1% of the market cap shownCoinbase$51BCoinbase COINMarket cap$51BRevenue$6.0BProfit−$988M<1% of the market cap shownTwilio$44BTwilio TWLOMarket cap$44BRevenue$5.6BProfit$1.1B<1% of the market cap shownIREN$16BIREN IRENMarket cap$16BRevenue$707MProfit−$703M<1% of the market cap shownCleanSpark$3.4BCleanSpark CLSKMarket cap$3.4BRevenue$679MProfit−$1.0B<1% of the market cap shownXanadu$1.5BXanadu XNDUMarket cap$1.5BRevenue$7.2MProfit−$106M<1% of the market cap shown

Nvidia$5.5TNvidia NVDAMarket cap$5.5TRevenue$303BProfit$193B15% of the market cap shownApple$4.9TApple AAPLMarket cap$4.9TRevenue$467BProfit$129B14% of the market cap shownAlphabet$4.2TAlphabet GOOGLMarket cap$4.2TRevenue$446BProfit$244B12% of the market cap shownMicrosoft$3.8TMicrosoft MSFTMarket cap$3.8TRevenue$332BProfit$134B11% of the market cap shownAmazon$2.7TAmazon AMZNMarket cap$2.7TRevenue$776BProfit$135B7% of the market cap shownTSMC$2.3TTSMC TSMMarket cap$2.3TRevenue$140BProfit$70B7% of the market cap shownSpaceX$1.9TSpaceX SPCXMarket cap$1.9TRevenue$23BProfit−$8.9B5% of the market cap shownMeta$1.8TMeta METAMarket cap$1.8TRevenue$228BProfit$68B5% of the market cap shownBroadcom$1.7TBroadcom AVGOMarket cap$1.7TRevenue$89BProfit$38B5% of the market cap shownTesla$1.4TTesla TSLAMarket cap$1.4TRevenue$104BProfit$3.8B4% of the market cap shownMicron$1.2TMicron MUMarket cap$1.2TRevenue$90BProfit$50B3% of the market cap shownAMD$992BAMD AMDMarket cap$992BRevenue$41BProfit$6.5B3% of the market cap shownASML$680BASML ASMLMarket cap$680BRevenue$40BProfit$12B2% of the market cap shownIntel$613BIntel INTCMarket cap$613BRevenue$57BProfit−$11B2% of the market cap shownTencent$506BTencent TCEHYMarket cap$506BRevenue$118BProfit$35B1% of the market cap shownBank of America$388BBank of America BACMarket cap$388BRevenue$114BProfit$32B1% of the market cap shownSandisk$251BSandisk SNDKMarket cap$251BRevenue$20BProfit$11B<1% of the market cap shownSalesforce$187BSalesforce CRMMarket cap$187BRevenue$44BProfit$9.7B<1% of the market cap shownShopify$187BShopify SHOPMarket cap$187BRevenue$13BProfit$1.9B<1% of the market cap shownServiceNow$136BServiceNow NOWMarket cap$136BRevenue$15BProfit$1.7B<1% of the market cap shownCloudflare$126BCloudflare NETMarket cap$126BRevenue$2.5BProfit−$206M<1% of the market cap shownBYD$90BBYD BYDDYMarket cap$90BRevenue$116BProfit$4.4B<1% of the market cap shownNebius$63BNebius NBISMarket cap$63BRevenue$1.4BProfit$42M<1% of the market cap shownCoinbase$51BCoinbase COINMarket cap$51BRevenue$6.0BProfit−$988M<1% of the market cap shownTwilio$44BTwilio TWLOMarket cap$44BRevenue$5.6BProfit$1.1B<1% of the market cap shownIREN$16BIREN IRENMarket cap$16BRevenue$707MProfit−$703M<1% of the market cap shownCleanSpark$3.4BCleanSpark CLSKMarket cap$3.4BRevenue$679MProfit−$1.0B<1% of the market cap shownXanadu$1.5BXanadu XNDUMarket cap$1.5BRevenue$7.2MProfit−$106M<1% of the market cap shown

Together $3.6T. Amazon alone is 22%, and the top three 47%.

Amazon$776BAmazon AMZNMarket cap$2.7TRevenue$776BProfit$135B22% of the revenue shownApple$467BApple AAPLMarket cap$4.9TRevenue$467BProfit$129B13% of the revenue shownAlphabet$446BAlphabet GOOGLMarket cap$4.2TRevenue$446BProfit$244B12% of the revenue shownMicrosoft$332BMicrosoft MSFTMarket cap$3.8TRevenue$332BProfit$134B9% of the revenue shownNvidia$303BNvidia NVDAMarket cap$5.5TRevenue$303BProfit$193B8% of the revenue shownMeta$228BMeta METAMarket cap$1.8TRevenue$228BProfit$68B6% of the revenue shownTSMC$140BTSMC TSMMarket cap$2.3TRevenue$140BProfit$70B4% of the revenue shownTencent$118BTencent TCEHYMarket cap$506BRevenue$118BProfit$35B3% of the revenue shownBYD$116BBYD BYDDYMarket cap$90BRevenue$116BProfit$4.4B3% of the revenue shownBank of America$114BBank of America BACMarket cap$388BRevenue$114BProfit$32B3% of the revenue shownTesla$104BTesla TSLAMarket cap$1.4TRevenue$104BProfit$3.8B3% of the revenue shownMicron$90BMicron MUMarket cap$1.2TRevenue$90BProfit$50B3% of the revenue shownBroadcom$89BBroadcom AVGOMarket cap$1.7TRevenue$89BProfit$38B2% of the revenue shownIntel$57BIntel INTCMarket cap$613BRevenue$57BProfit−$11B2% of the revenue shownSalesforce$44BSalesforce CRMMarket cap$187BRevenue$44BProfit$9.7B1% of the revenue shownAMD$41BAMD AMDMarket cap$992BRevenue$41BProfit$6.5B1% of the revenue shownASML$40BASML ASMLMarket cap$680BRevenue$40BProfit$12B1% of the revenue shownSpaceX$23BSpaceX SPCXMarket cap$1.9TRevenue$23BProfit−$8.9B<1% of the revenue shownSandisk$20BSandisk SNDKMarket cap$251BRevenue$20BProfit$11B<1% of the revenue shownServiceNow$15BServiceNow NOWMarket cap$136BRevenue$15BProfit$1.7B<1% of the revenue shownShopify$13BShopify SHOPMarket cap$187BRevenue$13BProfit$1.9B<1% of the revenue shownCoinbase$6.0BCoinbase COINMarket cap$51BRevenue$6.0BProfit−$988M<1% of the revenue shownTwilio$5.6BTwilio TWLOMarket cap$44BRevenue$5.6BProfit$1.1B<1% of the revenue shownCloudflare$2.5BCloudflare NETMarket cap$126BRevenue$2.5BProfit−$206M<1% of the revenue shownNebius$1.4BNebius NBISMarket cap$63BRevenue$1.4BProfit$42M<1% of the revenue shownIREN$707MIREN IRENMarket cap$16BRevenue$707MProfit−$703M<1% of the revenue shownCleanSpark$679MCleanSpark CLSKMarket cap$3.4BRevenue$679MProfit−$1.0B<1% of the revenue shownXanadu$7.2MXanadu XNDUMarket cap$1.5BRevenue$7.2MProfit−$106M<1% of the revenue shown

Amazon$776BAmazon AMZNMarket cap$2.7TRevenue$776BProfit$135B22% of the revenue shownApple$467BApple AAPLMarket cap$4.9TRevenue$467BProfit$129B13% of the revenue shownAlphabet$446BAlphabet GOOGLMarket cap$4.2TRevenue$446BProfit$244B12% of the revenue shownMicrosoft$332BMicrosoft MSFTMarket cap$3.8TRevenue$332BProfit$134B9% of the revenue shownNvidia$303BNvidia NVDAMarket cap$5.5TRevenue$303BProfit$193B8% of the revenue shownMeta$228BMeta METAMarket cap$1.8TRevenue$228BProfit$68B6% of the revenue shownTSMC$140BTSMC TSMMarket cap$2.3TRevenue$140BProfit$70B4% of the revenue shownTencent$118BTencent TCEHYMarket cap$506BRevenue$118BProfit$35B3% of the revenue shownBYD$116BBYD BYDDYMarket cap$90BRevenue$116BProfit$4.4B3% of the revenue shownBank of America$114BBank of America BACMarket cap$388BRevenue$114BProfit$32B3% of the revenue shownTesla$104BTesla TSLAMarket cap$1.4TRevenue$104BProfit$3.8B3% of the revenue shownMicron$90BMicron MUMarket cap$1.2TRevenue$90BProfit$50B3% of the revenue shownBroadcom$89BBroadcom AVGOMarket cap$1.7TRevenue$89BProfit$38B2% of the revenue shownIntel$57BIntel INTCMarket cap$613BRevenue$57BProfit−$11B2% of the revenue shownSalesforce$44BSalesforce CRMMarket cap$187BRevenue$44BProfit$9.7B1% of the revenue shownAMD$41BAMD AMDMarket cap$992BRevenue$41BProfit$6.5B1% of the revenue shownASML$40BASML ASMLMarket cap$680BRevenue$40BProfit$12B1% of the revenue shownSpaceX$23BSpaceX SPCXMarket cap$1.9TRevenue$23BProfit−$8.9B<1% of the revenue shownSandisk$20BSandisk SNDKMarket cap$251BRevenue$20BProfit$11B<1% of the revenue shownServiceNow$15BServiceNow NOWMarket cap$136BRevenue$15BProfit$1.7B<1% of the revenue shownShopify$13BShopify SHOPMarket cap$187BRevenue$13BProfit$1.9B<1% of the revenue shownCoinbase$6.0BCoinbase COINMarket cap$51BRevenue$6.0BProfit−$988M<1% of the revenue shownTwilio$5.6BTwilio TWLOMarket cap$44BRevenue$5.6BProfit$1.1B<1% of the revenue shownCloudflare$2.5BCloudflare NETMarket cap$126BRevenue$2.5BProfit−$206M<1% of the revenue shownNebius$1.4BNebius NBISMarket cap$63BRevenue$1.4BProfit$42M<1% of the revenue shownIREN$707MIREN IRENMarket cap$16BRevenue$707MProfit−$703M<1% of the revenue shownCleanSpark$679MCleanSpark CLSKMarket cap$3.4BRevenue$679MProfit−$1.0B<1% of the revenue shownXanadu$7.2MXanadu XNDUMarket cap$1.5BRevenue$7.2MProfit−$106M<1% of the revenue shown

Together $1.2T. Alphabet alone is 21%, and the top three 48%.

Alphabet$244BAlphabet GOOGLMarket cap$4.2TRevenue$446BProfit$244B21% of the profit shownNvidia$193BNvidia NVDAMarket cap$5.5TRevenue$303BProfit$193B16% of the profit shownAmazon$135BAmazon AMZNMarket cap$2.7TRevenue$776BProfit$135B11% of the profit shownMicrosoft$134BMicrosoft MSFTMarket cap$3.8TRevenue$332BProfit$134B11% of the profit shownApple$129BApple AAPLMarket cap$4.9TRevenue$467BProfit$129B11% of the profit shownTSMC$70BTSMC TSMMarket cap$2.3TRevenue$140BProfit$70B6% of the profit shownMeta$68BMeta METAMarket cap$1.8TRevenue$228BProfit$68B6% of the profit shownMicron$50BMicron MUMarket cap$1.2TRevenue$90BProfit$50B4% of the profit shownBroadcom$38BBroadcom AVGOMarket cap$1.7TRevenue$89BProfit$38B3% of the profit shownTencent$35BTencent TCEHYMarket cap$506BRevenue$118BProfit$35B3% of the profit shownBank of America$32BBank of America BACMarket cap$388BRevenue$114BProfit$32B3% of the profit shownASML$12BASML ASMLMarket cap$680BRevenue$40BProfit$12B1% of the profit shownSandisk$11BSandisk SNDKMarket cap$251BRevenue$20BProfit$11B<1% of the profit shownSalesforce$9.7BSalesforce CRMMarket cap$187BRevenue$44BProfit$9.7B<1% of the profit shownAMD$6.5BAMD AMDMarket cap$992BRevenue$41BProfit$6.5B<1% of the profit shownBYD$4.4BBYD BYDDYMarket cap$90BRevenue$116BProfit$4.4B<1% of the profit shownTesla$3.8BTesla TSLAMarket cap$1.4TRevenue$104BProfit$3.8B<1% of the profit shownShopify$1.9BShopify SHOPMarket cap$187BRevenue$13BProfit$1.9B<1% of the profit shownServiceNow$1.7BServiceNow NOWMarket cap$136BRevenue$15BProfit$1.7B<1% of the profit shownTwilio$1.1BTwilio TWLOMarket cap$44BRevenue$5.6BProfit$1.1B<1% of the profit shownNebius$42MNebius NBISMarket cap$63BRevenue$1.4BProfit$42M<1% of the profit shown

Alphabet$244BAlphabet GOOGLMarket cap$4.2TRevenue$446BProfit$244B21% of the profit shownNvidia$193BNvidia NVDAMarket cap$5.5TRevenue$303BProfit$193B16% of the profit shownAmazon$135BAmazon AMZNMarket cap$2.7TRevenue$776BProfit$135B11% of the profit shownMicrosoft$134BMicrosoft MSFTMarket cap$3.8TRevenue$332BProfit$134B11% of the profit shownApple$129BApple AAPLMarket cap$4.9TRevenue$467BProfit$129B11% of the profit shownTSMC$70BTSMC TSMMarket cap$2.3TRevenue$140BProfit$70B6% of the profit shownMeta$68BMeta METAMarket cap$1.8TRevenue$228BProfit$68B6% of the profit shownMicron$50BMicron MUMarket cap$1.2TRevenue$90BProfit$50B4% of the profit shownBroadcom$38BBroadcom AVGOMarket cap$1.7TRevenue$89BProfit$38B3% of the profit shownTencent$35BTencent TCEHYMarket cap$506BRevenue$118BProfit$35B3% of the profit shownBank of America$32BBank of America BACMarket cap$388BRevenue$114BProfit$32B3% of the profit shownASML$12BASML ASMLMarket cap$680BRevenue$40BProfit$12B1% of the profit shownSandisk$11BSandisk SNDKMarket cap$251BRevenue$20BProfit$11B<1% of the profit shownSalesforce$9.7BSalesforce CRMMarket cap$187BRevenue$44BProfit$9.7B<1% of the profit shownAMD$6.5BAMD AMDMarket cap$992BRevenue$41BProfit$6.5B<1% of the profit shownBYD$4.4BBYD BYDDYMarket cap$90BRevenue$116BProfit$4.4B<1% of the profit shownTesla$3.8BTesla TSLAMarket cap$1.4TRevenue$104BProfit$3.8B<1% of the profit shownShopify$1.9BShopify SHOPMarket cap$187BRevenue$13BProfit$1.9B<1% of the profit shownServiceNow$1.7BServiceNow NOWMarket cap$136BRevenue$15BProfit$1.7B<1% of the profit shownTwilio$1.1BTwilio TWLOMarket cap$44BRevenue$5.6BProfit$1.1B<1% of the profit shownNebius$42MNebius NBISMarket cap$63BRevenue$1.4BProfit$42M<1% of the profit shown

Loss-making over the past year, so not shown: Intel (−$11B), SpaceX (−$8.9B), CleanSpark (−$1.0B), Coinbase (−$988M), IREN (−$703M), Cloudflare (−$206M), Xanadu (−$106M).

• AI & compute
• Software & internet
• Fintech & banking
• Mobility & space

What they do

Every company counted once, whatever the cheque size. Hover a theme to pick it out.

Where they're based

When they started

The median public company here is 28 years old; the median startup, 7. Oldest: Intel (1968). Newest: Flyweel (2025).

IntelFounded 1968 · 58 years agoAMDFounded 1969 · 57 years ago

MicrosoftFounded 1975 · 51 years agoAppleFounded 1976 · 50 years agoMicronFounded 1978 · 48 years ago

ASMLFounded 1984 · 42 years agoTSMCFounded 1987 · 39 years agoSandiskFounded 1988 · 38 years ago

NvidiaFounded 1993 · 33 years agoAmazonFounded 1994 · 32 years agoBYDFounded 1995 · 31 years agoTencentFounded 1998 · 28 years agoSalesforceFounded 1999 · 27 years ago

SpaceXFounded 2002 · 24 years agoTeslaFounded 2003 · 23 years agoMetaFounded 2004 · 22 years agoServiceNowFounded 2004 · 22 years agoShopifyFounded 2006 · 20 years agoTwilioFounded 2008 · 18 years agoCloudflareFounded 2009 · 17 years ago

CoinbaseFounded 2012 · 14 years ago

AlphabetFounded 2015 · 11 years agoXanaduFounded 2016 · 10 years agoIRENFounded 2018 · 8 years ago

1960s1970s1980s1990s2000s2010–142015–192020–

QSICFounded 2012 · 14 years agoFuture GolfFounded 2014 · 12 years ago

Plum GuideFounded 2016 · 10 years agoAmplifiedFounded 2017 · 9 years agoHEXFounded 2017 · 9 years agoPUSHASFounded 2017 · 9 years agoAtelierFounded 2018 · 8 years agoChipper CashFounded 2018 · 8 years agoVexevFounded 2018 · 8 years agoiionFounded 2019 · 7 years agoRivyFounded 2019 · 7 years agoZendirFounded 2019 · 7 years ago

ArintraFounded 2020 · 6 years agoAutoGrabFounded 2020 · 6 years agoImaliClickFounded 2020 · 6 years agoTreintaFounded 2020 · 6 years agoInstantFounded 2021 · 5 years agoOfficelyFounded 2021 · 5 years agoRockfish DataFounded 2022 · 4 years agoStreamkapFounded 2022 · 4 years agoSwitchboardFounded 2022 · 4 years agoEverlabFounded 2023 · 3 years agoOneMRIFounded 2024 · 2 years agoFlyweelFounded 2025 · 1 year ago

Above the line: public companies. Below: private.

No founding year on file: A1Zap, After.com, Arinex, Atrium, Bank of America, Bower Labs, Broadcom, CleanSpark, Cova AI, Glider, me&u, MiLaboratories, Nebius, Pearler, preezie, Tixel.