9.1/10

Enterprise defaults, compliance comfort, and deeply embedded workflow software make Microsoft durable.

6.4/10

Open productivity, git hosting, and private cloud tooling are credible enough to create real replacement pressure.

9.5/10

Microsoft monetizes distribution, enterprise trust, and cloud scale with unusual consistency.

36.0x

Approximate valuation snapshot reflecting durable growth and margin quality.

$3.3T

Approximate market cap snapshot from public market trackers.

$519.0M

Computed from Microsoft's $21.00 IPO price and 24,715,113 shares outstanding after the offering in the prospectus.

6,358.2x

Current market cap divided by the IPO market cap implied on 1986-03-13.

24.5%

Compound annual market cap growth from the IPO date 1986-03-13 through the snapshot date 2026-03-14.

$523.2B

Derived from market cap, moat resistance, decentralizability, and profitability. It is a directional estimate of value capture that could come under pressure if open alternatives compound.

7.9/10

Meta's social graph and ad targeting moat is strong but more culturally reversible than deep infrastructure moats.

7.4/10

Federated social and open messaging create unusually clear alternative pathways.

8.6/10

Meta remains deeply profitable thanks to attention capture and ad-market scale.

28.0x

Approximate valuation snapshot for a high-margin ad platform.

$1.8T

Approximate market cap snapshot from public market trackers.

$81.2B

Computed from Meta's $38.00 IPO price in the final prospectus and 2,138,085,037 total Class A and Class B shares outstanding after the IPO in Amendment No. 8 to the registration statement.

22.2x

Current market cap divided by the IPO market cap implied on 2012-05-18.

25.1%

Compound annual market cap growth from the IPO date 2012-05-18 through the snapshot date 2026-03-14.

$446.0B

Derived from market cap, moat resistance, decentralizability, and profitability. It is a directional estimate of value capture that could come under pressure if open alternatives compound.

8.7/10

Google's search and ad ecosystem is extremely entrenched, though less physically rooted than hardware moats.

6.8/10

Open search, federated media, and de-Googled mobile stacks create meaningful replacement paths.

8.8/10

Alphabet still turns defaults and ad infrastructure into enormous profit streams.

26.0x

Approximate valuation snapshot for a mature ad-and-cloud platform.

$2.4T

Approximate market cap snapshot from public market trackers.

$23.1B

Computed from Google's $85.00 IPO price and 271,219,643 total common shares outstanding after the offering in the final prospectus.

104.1x

Current market cap divided by the IPO market cap implied on 2004-08-19.

24.0%

Compound annual market cap growth from the IPO date 2004-08-19 through the snapshot date 2026-03-14.

$444.3B

Derived from market cap, moat resistance, decentralizability, and profitability. It is a directional estimate of value capture that could come under pressure if open alternatives compound.

8.9/10

Amazon's operational density and AWS standardization create a wide, two-headed moat.

5.7/10

Open cloud tooling and local commerce stacks create pressure, but logistics scale remains difficult to distribute.

7.6/10

Amazon's profit engine is improving, but it is still less pristine than the pure software aristocracy.

36.0x

Approximate valuation snapshot reflecting cloud and advertising growth expectations.

$2.2T

Approximate market cap snapshot from public market trackers.

$429.5M

Computed from Amazon's $18.00 IPO price and 23,858,702 shares outstanding after the offering in the final prospectus.

5,122.8x

Current market cap divided by the IPO market cap implied on 1997-05-15.

34.5%

Compound annual market cap growth from the IPO date 1997-05-15 through the snapshot date 2026-03-14.

$301.3B

Derived from market cap, moat resistance, decentralizability, and profitability. It is a directional estimate of value capture that could come under pressure if open alternatives compound.

9.3/10

Apple benefits from device lock-in, brand power, and control over app and service distribution.

2.8/10

Pieces of the stack can be replaced, but the integrated ecosystem remains unusually sticky.

9.1/10

Apple converts ecosystem control into durable high-margin earnings.

32.0x

Approximate valuation snapshot for a mature but highly profitable platform company.

$3.7T

Approximate market cap snapshot from public market trackers.

$1.2B

Computed from Apple's $22.00 IPO price and 54,215,332 shares outstanding after the offering in the final prospectus.

3,102.1x

Current market cap divided by the IPO market cap implied on 1980-12-12.

19.4%

Compound annual market cap growth from the IPO date 1980-12-12 through the snapshot date 2026-03-14.

$234.3B

Derived from market cap, moat resistance, decentralizability, and profitability. It is a directional estimate of value capture that could come under pressure if open alternatives compound.

9.6/10

CUDA lock-in plus premium hardware and ecosystem depth make NVIDIA unusually hard to dislodge.

2.5/10

Alternative compute stacks exist, but cutting-edge GPU supply is still profoundly centralized.

9.7/10

NVIDIA's profit power is elite because demand is intense and supply remains constrained.

61.0x

Approximate valuation snapshot reflecting high growth expectations and AI enthusiasm.

$4.3T

Approximate market cap snapshot from public market trackers.

$332.4M

Computed from NVIDIA's $12.00 IPO price and 27,703,738 shares outstanding after the offering in the final prospectus.

12,934.5x

Current market cap divided by the IPO market cap implied on 1999-01-22.

41.7%

Compound annual market cap growth from the IPO date 1999-01-22 through the snapshot date 2026-03-14.

$222.5B

Derived from market cap, moat resistance, decentralizability, and profitability. It is a directional estimate of value capture that could come under pressure if open alternatives compound.

7.4/10

Tesla has brand and infrastructure advantages, but much of the category remains contestable.

5.9/10

Charging and energy layers are openable, while vehicle manufacturing remains centralized.

5.8/10

Tesla is profitable but less predictably so than the platform-heavy names above it.

70.0x

Approximate valuation snapshot reflecting very high future expectations.

$1.0T

Approximate market cap snapshot from public market trackers.

$1.6B

Computed from Tesla's $17.00 IPO price and 93,109,393 shares outstanding after the offering and concurrent private placement in the final prospectus.

631.8x

Current market cap divided by the IPO market cap implied on 2010-06-29.

50.8%

Compound annual market cap growth from the IPO date 2010-06-29 through the snapshot date 2026-03-14.

$190.0B

Derived from market cap, moat resistance, decentralizability, and profitability. It is a directional estimate of value capture that could come under pressure if open alternatives compound.

8.6/10

Broadcom combines hard-to-replicate hardware supply with entrenched enterprise software footprints.

3.8/10

Virtualization can be displaced more readily than Broadcom's semiconductor relevance.

8.9/10

The company has both pricing power and critical infrastructure exposure.

50.0x

Approximate valuation snapshot reflecting AI and infrastructure enthusiasm.

$1.1T

Approximate market cap snapshot from public market trackers.

$3.5B

Computed from Avago's $15.00 IPO price and 235,888,203 shares outstanding immediately after the offering in the final prospectus.

310.9x

Current market cap divided by the IPO market cap implied on 2009-08-06.

41.3%

Compound annual market cap growth from the IPO date 2009-08-06 through the snapshot date 2026-03-14.

$117.8B

Derived from market cap, moat resistance, decentralizability, and profitability. It is a directional estimate of value capture that could come under pressure if open alternatives compound.

8.2/10

Walmart's physical scale and procurement leverage are deeply entrenched.

4.4/10

Open marketplace tooling and local production can attack parts of the model, but not the entire logistics machine.

6.4/10

Walmart's economics are strong because of scale, even if retail margins are not glamorous.

38.0x

Approximate valuation snapshot reflecting defensive scale and market optimism.

$800.0B

Approximate market cap snapshot from public market trackers.

$21.5M

Computed from Walmart's $16.50 IPO price on October 1, 1970 and the SEC News Digest note that 1,300,000 common shares would be outstanding after the offering.

37,296.0x

Current market cap divided by the IPO market cap implied on 1970-10-01.

20.9%

Compound annual market cap growth from the IPO date 1970-10-01 through the snapshot date 2026-03-14.

$97.0B

Derived from market cap, moat resistance, decentralizability, and profitability. It is a directional estimate of value capture that could come under pressure if open alternatives compound.

8.8/10

Insurance float, regulated assets, and operational breadth give Berkshire serious staying power.

1.9/10

Most of Berkshire's core businesses are not software-shaped enough to decentralize quickly.

8.1/10

Berkshire remains a high-quality allocator and owner of durable earnings streams.

14.0x

Approximate valuation snapshot for a diversified asset-heavy compounder.

$900.0B

Approximate market cap snapshot from public market trackers.

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Not available.

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Not available.

—

Not available.

$43.5B

Derived from market cap, moat resistance, decentralizability, and profitability. It is a directional estimate of value capture that could come under pressure if open alternatives compound.