Fifteen names across five layers of one theme: the silicon that trains and runs the models, the physical infrastructure that houses, connects and powers it, the hyperscalers that buy it, the software sold on top, and two platforms whose businesses are being rebuilt around it. They share customers and capital, so the board measures which layer is being paid.
Fourteen of the fifteen slopes are negative. ServiceNow at +3.42 is the only rising path on the chart. The declines are not evenly spread: the four hyperscalers carry the four shallowest slopes on the board, between −1.90 and −3.58, while the five steepest — AMD, MU, PANW, ANET and VRT — all sit in silicon, data-center infrastructure and security. The buyers are falling least; the suppliers are falling most.
AMD reads 141.4 and 54.1 with slope −32.18, the steepest decline on the board. Relative strength has come off a window peak of 163.8, and momentum has fallen from a peak of 142.1 to a window low on the final session — the only name in Waning.
MU reads 143.0 and 112.3 with slope −27.52. Momentum peaked at 156.9, fell to 78.5 six sessions ago, and has recovered back above the line, holding MU in Strong on coordinates while its path is the second steepest decline in the set.
NVDA reads 94.6 and 101.1 with slope −13.03. Relative strength has held a narrow 89.1 to 95.8 band for the whole window, and momentum crossed back above 100 on the final session, placing it in Gaining against a falling path.
All three sit in Weak with steep negative slopes: ANET −22.21, VRT −21.29, AVGO −13.05. The physical build-out is the weakest layer on the board.
ANET reads 95.8 and 64.8, relative strength at its window low. It opened the trail in Strong at 108.5 and 113.6, held relative strength above 100 for nineteen sessions, and its relative strength has dropped under the line over the last two, with momentum already below — the only name to travel from Strong to Weak within the window.
AVGO reads 73.3 and 65.5, having declined from 87.3 and 100.3 at the start of the trail to window lows five sessions ago. VRT reads 58.7 and 66.8, the lowest relative strength in the set; momentum has recovered from a window low of 36.2 while relative strength has not.
MSFT reads 106.8 and 123.7 with slope −3.58, both coordinates at window highs. Relative strength has held above 100 for eight sessions and momentum for thirteen. Coordinates place it in Strong; the path has not followed.
GOOGL reads 89.2 and 102.7 with slope −1.90, the shallowest decline on the board. Relative strength is at its window high and momentum crossed into Gaining on the final session. AMZN reads 89.0 and 90.0 with slope −2.84, both axes recovered from window lows of 81.0 and 61.7 five sessions ago and momentum now at its window high.
ORCL reads 65.0 and 66.0 with slope −2.18, the second lowest relative strength in the set. Momentum opened the trail at the line and has fallen to 66.0; relative strength set a window low of 63.1 one session ago. Position is near the bottom of the board while the path is among its mildest declines.
NOW reads 118.9 and 165.8 with slope +3.42. It has crossed both lines from window lows of 85.1 and 59.5 thirteen sessions ago, momentum is at its window high and the highest in the set, and its slope is the only positive one. Position, momentum and path agree — the sole confirmed reading on the board.
PLTR reads 108.1 and 148.4 with slope −16.92, off window peaks of 113.3 and 170.4 set three and four sessions ago. PANW reads 145.6 and 109.4 with slope −23.89 — the highest relative strength in the set, with momentum down from a peak of 141.2 four sessions ago.
META reads 91.9 and 113.7 with slope −13.51. Momentum has held above 100 for all twenty-one sessions but has fallen from a window peak of 174.4. TSLA reads 78.7 and 115.7 with slope −8.54, momentum above the line for eleven sessions. Both sit in Gaining on momentum, with relative strength below the line and paths falling.
Fourteen of fifteen slopes are negative; NOW at +3.42 is the only name whose position, momentum and path agree. The ordering of the declines is the read: the four hyperscalers hold the four shallowest slopes, between −1.90 and −3.58, while the five steepest — AMD −32.18, MU −27.52, PANW −23.89, ANET −22.21, VRT −21.29 — sit in silicon, data-center infrastructure and security. The data-center layer is in Weak on every name. Strong holds five names, four of them on coordinates against falling paths.
Fifteen names, 502 trading sessions from 16 October 2024 to 16 October 2026. The final point reflects the 16 October session and may not have settled at the time of the run. Relative strength is measured against the other fourteen, not against the market, and all fifteen belong to one theme — the whole group can rise or fall together while these readings stay unchanged. Market capitalizations span more than an order of magnitude, and the smaller, higher-volatility names carry wider excursions on both axes for the same underlying move. SPCX is excluded: it listed on 12 June 2026 and has roughly 90 sessions of history against the 168 this method requires, so including it would truncate the entire panel; it becomes eligible around February 2027. RS-Ratio is a 126-day formation window, RS-Momentum its 21-day rate of change, slope an OLS fit on 21 days of log returns in basis points per day. Position data, not a signal. Nothing here has been tested out of sample.