Supercomputers/Analysis/Public-market exposure
Analysis 06
Public-market exposure by ticker
29 listed companies supply parts to the systems in this dataset. The useful number is not the total: it is the split inside it. NVDA spreads its exposure across 809 systems with only 11% in its largest; VRT has 100% of its exposure in Leonardo alone. Those are different risks wearing the same headline.
This is a breadth measure, not revenue and not attributable share. An integrator and a memory supplier in the same machine each count its full Rmax here, because we have no public basis for splitting a system's value between roles. A large bar means a company appears in machines representing a lot of installed capability. It does not mean it captured a proportionate share of the spend, and it must not be read as a sales figure. Nothing on this site is investment advice.
Phase 1 seed dataset, compiled by hand. These rows were built from public operator, laboratory and vendor sources. A mechanical second-reader pass has since fetched every cited source: 1263 of 1345 systems have a readable citation that names them, and 56 are genuinely weakly sourced. Every claim carries its source and a confidence tier. Treat anything below verified as a lead, not a citation.
Read the shape, not the spikes. This is the installed base of the 1345 systems in this dataset: a curated seed chosen for supply-chain diversity, not a census of the market. At that sample size one machine entering or leaving service moves a share line by tens of points, so year-to-year jumps are composition effects rather than market events. The multi-year trends are the part worth quoting; the individual steps usually have one system's name on them, and the table view under the chart will tell you which.
- Largest single system
- All other systems
Table view: Aggregate FLOPS exposure by ticker
| Ticker | Company | Systems | Aggregate Rmax | Concentration | Largest system | Roles | Span |
|---|---|---|---|---|---|---|---|
| HPE · NYSE | Hewlett Packard Enterprise | 340 | 9.13 EFlop/s | 20% | El Capitan | Cooling, CPU, Integrator, Interconnect, Operating system, Storage | 1976–2026 |
| NVDA · NASDAQ | NVIDIA | 809 | 8.88 EFlop/s | 11% | JUPITER | Accelerator, Cooling, CPU, Integrator, Interconnect | 2003–2026 |
| AMD · NASDAQ | AMD | 307 | 7.16 EFlop/s | 25% | El Capitan | Accelerator, CPU | 2003–2026 |
| INTC · NASDAQ | Intel | 610 | 5.79 EFlop/s | 17% | Aurora | Accelerator, Cooling, CPU, Integrator, Interconnect, Storage | 1991–2026 |
| IBM · NYSE | IBM | 246 | 4.36 EFlop/s | 23% | JUPITER | Accelerator, Cooling, CPU, Integrator, Interconnect, Operating system, Storage | 1995–2026 |
| ATO · EPA | Atos | 85 | 2.08 EFlop/s | 48% | JUPITER | Cooling, Integrator, Interconnect, Operating system, Storage | 2006–2026 |
| DELL · NYSE | Dell Technologies | 120 | 831.9 PFlop/s | 19% | Maximus-02 | Cooling, Integrator, Storage | 2003–2026 |
| MSFT · NASDAQ | Microsoft | 18 | 757.6 PFlop/s | 74% | Eagle | Integrator, Operating system | 2008–2025 |
| 6702 · TSE | Fujitsu | 49 | 686.0 PFlop/s | 64% | Fugaku | Cooling, CPU, Integrator, Interconnect, Operating system, Storage | 1993–2025 |
| 992 · HKEX | Lenovo | 68 | 514.9 PFlop/s | 15% | Harpia | Cooling, Integrator, Storage | 2003–2025 |
| NBIS · NASDAQ | Nebius | 8 | 248.9 PFlop/s | 81% | ISEG2 | Integrator | 2023–2025 |
| VRT · NYSE | Vertiv | 2 | 241.2 PFlop/s | 100% | Leonardo | Cooling, Power | 2022–2026 |
| SMCI · NASDAQ | Supermicro | 27 | 223.2 PFlop/s | 31% | NIPA (Kakao) | Cooling, Integrator, Storage | 2006–2026 |
| 2357 · Taiwan Stock Exchange | ASUS | 8 | 210.9 PFlop/s | 39% | Nano 4 | Integrator | 2012–2025 |
| AVGO · NASDAQ | Broadcom | 5 | 202.6 PFlop/s | 57% | MAXIMUS-384 | Interconnect | 2024–2025 |
| 6701 · TSE | NEC | 37 | 102.2 PFlop/s | 17% | AOBA-S | Accelerator, Cooling, CPU, Integrator, Interconnect, Operating system, Storage | 1994–2026 |
| 603019 · SSE | Sugon | 13 | 18.62 PFlop/s | 23% | Sugon Advanced Computing System PreE | Cooling, Integrator, Interconnect | 2004–2026 |
| 000977 · SZSE | Inspur | 2 | 15.99 PFlop/s | 80% | Lyapunov | Integrator | 2020–2020 |
| NETWEB · NSE | Netweb Technologies | 2 | 8.89 PFlop/s | 96% | AIRAWAT-PSAI | Integrator | 2013–2023 |
| PSTG · NYSE | Pure Storage | 3 | 7.57 PFlop/s | 100% | The F.I.N | Storage | 2024–2025 |
| 6501 · TSE | Hitachi | 14 | 7.22 PFlop/s | 79% | JMA Cray XC50 | Cooling, CPU, Integrator, Interconnect, Operating system, Storage | 1993–2018 |
| STX · NASDAQ | Seagate | 2 | 6.25 PFlop/s | 52% | AWE Damson | Storage | 2015–2017 |
| 688041 · SSE | Hygon | 1 | 4.33 PFlop/s | 100% | Sugon Advanced Computing System PreE | CPU | 2018–2018 |
| META · NASDAQ | Meta Platforms | 11 | 3.31 PFlop/s | 100% | Facebook DGX-1 Cluster | Cooling, Integrator, Storage | 2017–2024 |
| MRVL · NASDAQ | Marvell | 1 | 1.83 PFlop/s | 100% | Astra | CPU | 2018–2018 |
| ORCL · NYSE | Oracle | 14 | 1.62 PFlop/s | 27% | Red Sky | CPU, Integrator, Interconnect, Storage | 2000–2010 |
| AMZN · NASDAQ | Amazon | 8 | 724.27 TFlop/s | 67% | Amazon EC2 C3 Instance Cluster | Accelerator, Integrator, Interconnect | 2011–2026 |
| CSCO · NASDAQ | Cisco | 3 | 92.44 TFlop/s | 50% | Thunderbird | Interconnect | 2005–2008 |
| AAPL · NASDAQ | Apple | 1 | 10.28 TFlop/s | 100% | System X | Operating system | 2003–2003 |
How this was calculated
A company is counted as present in a system if it supplies any component edge in any role: integrator, CPU, accelerator, interconnect, storage, cooling, power or operating system. Aggregate Rmax is the sum of those systems' last reported performance figures.
Exposure follows the acquisition chain. Systems shipped by Cray count toward HPE, and fabrics shipped by Mellanox count toward NVIDIA, because the question this page asks is which listed entity carries the exposure today. The build-time supplier is preserved on every system page; it is only the rollup that moves.
Rows are grouped by ticker rather than by company, so a subsidiary and its parent sharing a listing appear once. Eviden and Atos are the case here: they share ATO, and listing them separately would double-count European exposure.
Concentration is the largest single system's Rmax as a share of the aggregate. It is a deliberately crude measure and reads correctly at both ends: 100% means the exposure is one machine, and a low figure means it is spread.
What this page will not do. §6.6 asks for FLOPS “attributable” to each ticker, which implies weighting a system's value across the roles in it. We do not publish that, because we have no public basis for the weights and an invented weighting would be indistinguishable from a real one once it had been quoted. Role-weighted attribution ships when a defensible method does, and not before.
The read
The first thing the split shows is that concentration and scale are not the same property, and the largest exposures are not the most concentrated ones. NVIDIA appears in more systems than anyone here and has the lowest concentration of the large names, it is in almost everything, in several different roles, across two decades. HPE has the largest aggregate but a third of it sits in a single machine.
The second is that role breadth matters as much as system count. A company present as integrator, interconnect, storage, cooling and operating system in the same machine has five relationships with that customer; a company present only as the accelerator has one, and it is the one most easily substituted at the next procurement. The Roles column in the table is the part of this analysis that a share chart cannot show.
The third is the tail. Several listed suppliers carried in this graph appear in exactly one system, and one appears in a machine that has been retired for years. Those rows are not noise: they are what a supplier's position looks like on the way in or on the way out, and the span column says which.
A caution about what is missing. This page can only see companies that appear as a supplier edge in our data, which is heavily weighted toward compute, fabric and integration. Memory, foundry and facility suppliers are carried in the parts taxonomy but have few system edges, so TSMC, which fabricates essentially all the leading-edge silicon on this site: does not appear here at all. The most concentrated dependency in the entire graph is invisible on this chart, and that is a limitation of the edge data, not a finding.
All listed suppliers
| Ticker | Company | Systems | Aggregate Rmax | Concentration | Largest system | Roles |
|---|---|---|---|---|---|---|
| HPENYSE | Hewlett Packard Enterprise | 340 | 9.13 EFlop/s | 20% | El Capitan | cooling, cpu, integrator, interconnect, os, storage |
| NVDANASDAQ | NVIDIA | 809 | 8.88 EFlop/s | 11% | JUPITER | accelerator, cooling, cpu, integrator, interconnect |
| AMDNASDAQ | AMD | 307 | 7.16 EFlop/s | 25% | El Capitan | accelerator, cpu |
| INTCNASDAQ | Intel | 610 | 5.79 EFlop/s | 17% | Aurora | accelerator, cooling, cpu, integrator, interconnect, storage |
| IBMNYSE | IBM | 246 | 4.36 EFlop/s | 23% | JUPITER | accelerator, cooling, cpu, integrator, interconnect, os, storage |
| ATOEPA | Atos | 85 | 2.08 EFlop/s | 48% | JUPITER | cooling, integrator, interconnect, os, storage |
| DELLNYSE | Dell Technologies | 120 | 831.9 PFlop/s | 19% | Maximus-02 | cooling, integrator, storage |
| MSFTNASDAQ | Microsoft | 18 | 757.6 PFlop/s | 74% | Eagle | integrator, os |
| 6702TSE | Fujitsu | 49 | 686.0 PFlop/s | 64% | Fugaku | cooling, cpu, integrator, interconnect, os, storage |
| 992HKEX | Lenovo | 68 | 514.9 PFlop/s | 15% | Harpia | cooling, integrator, storage |
| NBISNASDAQ | Nebius | 8 | 248.9 PFlop/s | 81% | ISEG2 | integrator |
| VRTNYSE | Vertiv | 2 | 241.2 PFlop/s | 100% | Leonardo | cooling, power |
| SMCINASDAQ | Supermicro | 27 | 223.2 PFlop/s | 31% | NIPA (Kakao) | cooling, integrator, storage |
| 2357Taiwan Stock Exchange | ASUS | 8 | 210.9 PFlop/s | 39% | Nano 4 | integrator |
| AVGONASDAQ | Broadcom | 5 | 202.6 PFlop/s | 57% | MAXIMUS-384 | interconnect |
| 6701TSE | NEC | 37 | 102.2 PFlop/s | 17% | AOBA-S | accelerator, cooling, cpu, integrator, interconnect, os, storage |
| 603019SSE | Sugon | 13 | 18.62 PFlop/s | 23% | Sugon Advanced Computing System PreE | cooling, integrator, interconnect |
| 000977SZSE | Inspur | 2 | 15.99 PFlop/s | 80% | Lyapunov | integrator |
| NETWEBNSE | Netweb Technologies | 2 | 8.89 PFlop/s | 96% | AIRAWAT-PSAI | integrator |
| PSTGNYSE | Pure Storage | 3 | 7.57 PFlop/s | 100% | The F.I.N | storage |
| 6501TSE | Hitachi | 14 | 7.22 PFlop/s | 79% | JMA Cray XC50 | cooling, cpu, integrator, interconnect, os, storage |
| STXNASDAQ | Seagate | 2 | 6.25 PFlop/s | 52% | AWE Damson | storage |
| 688041SSE | Hygon | 1 | 4.33 PFlop/s | 100% | Sugon Advanced Computing System PreE | cpu |
| METANASDAQ | Meta Platforms | 11 | 3.31 PFlop/s | 100% | Facebook DGX-1 Cluster | cooling, integrator, storage |
| MRVLNASDAQ | Marvell | 1 | 1.83 PFlop/s | 100% | Astra | cpu |
| ORCLNYSE | Oracle | 14 | 1.62 PFlop/s | 27% | Red Sky | cpu, integrator, interconnect, storage |
| AMZNNASDAQ | Amazon | 8 | 724.27 TFlop/s | 67% | Amazon EC2 C3 Instance Cluster | accelerator, integrator, interconnect |
| CSCONASDAQ | Cisco | 3 | 92.44 TFlop/s | 50% | Thunderbird | interconnect |
| AAPLNASDAQ | Apple | 1 | 10.28 TFlop/s | 100% | System X | os |