{
 "generated_at": "2026-10-16T21:49:36+00:00",
 "updated_on": "2026-10-06",
 "digest": "354d2d007d79a223ca22c3ea921a27ba00780dc23a5aecd43445fb5ff304aaa9",
 "baseline": "2022-12-31",
 "as_of": "2026-03-31",
 "as_of_label": "Q1 2026",
 "groups": {
  "hardware": [
   "ALAB",
   "AMAT",
   "AMD",
   "ANET",
   "APH",
   "AVGO",
   "CDNS",
   "CIEN",
   "COHR",
   "DELL",
   "GLW",
   "KLAC",
   "LITE",
   "LRCX",
   "MPWR",
   "MRVL",
   "MU",
   "NVDA",
   "SMCI",
   "STX",
   "TER",
   "VRT",
   "WDC"
  ],
  "cloud": [
   "AMZN",
   "CRWV",
   "GOOGL",
   "MSFT",
   "ORCL"
  ],
  "software_industries": [
   "IT Services",
   "Software"
  ],
  "counts": {
   "hardware": 23,
   "cloud": 5,
   "software": 19,
   "other": 243
  }
 },
 "overhead": {
  "latest_change": 0.144,
  "n": 106,
  "share_higher": 51.9,
  "n_full_reporters": 150,
  "path": [
   {
    "date": "2015-03-31",
    "median": 1.904,
    "n": 83
   },
   {
    "date": "2015-06-30",
    "median": 1.799,
    "n": 84
   },
   {
    "date": "2015-09-30",
    "median": 1.672,
    "n": 84
   },
   {
    "date": "2015-12-31",
    "median": 1.655,
    "n": 83
   },
   {
    "date": "2016-03-31",
    "median": 1.434,
    "n": 71
   },
   {
    "date": "2016-06-30",
    "median": 1.515,
    "n": 72
   },
   {
    "date": "2016-09-30",
    "median": 1.638,
    "n": 71
   },
   {
    "date": "2016-12-31",
    "median": 1.45,
    "n": 73
   },
   {
    "date": "2017-03-31",
    "median": 1.347,
    "n": 70
   },
   {
    "date": "2017-06-30",
    "median": 1.146,
    "n": 71
   },
   {
    "date": "2017-09-30",
    "median": 1.16,
    "n": 73
   },
   {
    "date": "2017-12-31",
    "median": 0.951,
    "n": 90
   },
   {
    "date": "2018-03-31",
    "median": 0.784,
    "n": 86
   },
   {
    "date": "2018-06-30",
    "median": 1.07,
    "n": 88
   },
   {
    "date": "2018-09-30",
    "median": 0.779,
    "n": 88
   },
   {
    "date": "2018-12-31",
    "median": 0.792,
    "n": 97
   },
   {
    "date": "2019-03-31",
    "median": 0.747,
    "n": 94
   },
   {
    "date": "2019-06-30",
    "median": 0.658,
    "n": 96
   },
   {
    "date": "2019-09-30",
    "median": 0.638,
    "n": 97
   },
   {
    "date": "2019-12-31",
    "median": 0.937,
    "n": 104
   },
   {
    "date": "2020-03-31",
    "median": 1.081,
    "n": 102
   },
   {
    "date": "2020-06-30",
    "median": 1.251,
    "n": 101
   },
   {
    "date": "2020-09-30",
    "median": 1.25,
    "n": 101
   },
   {
    "date": "2020-12-31",
    "median": 1.142,
    "n": 104
   },
   {
    "date": "2021-03-31",
    "median": 0.749,
    "n": 104
   },
   {
    "date": "2021-06-30",
    "median": 0.501,
    "n": 106
   },
   {
    "date": "2021-09-30",
    "median": 0.558,
    "n": 106
   },
   {
    "date": "2021-12-31",
    "median": 0.413,
    "n": 108
   },
   {
    "date": "2022-03-31",
    "median": 0.323,
    "n": 108
   },
   {
    "date": "2022-06-30",
    "median": 0.173,
    "n": 108
   },
   {
    "date": "2022-09-30",
    "median": 0.087,
    "n": 109
   },
   {
    "date": "2022-12-31",
    "median": 0.0,
    "n": 113
   },
   {
    "date": "2023-03-31",
    "median": -0.001,
    "n": 109
   },
   {
    "date": "2023-06-30",
    "median": 0.002,
    "n": 109
   },
   {
    "date": "2023-09-30",
    "median": 0.054,
    "n": 109
   },
   {
    "date": "2023-12-31",
    "median": 0.115,
    "n": 108
   },
   {
    "date": "2024-03-31",
    "median": 0.134,
    "n": 107
   },
   {
    "date": "2024-06-30",
    "median": 0.155,
    "n": 107
   },
   {
    "date": "2024-09-30",
    "median": 0.194,
    "n": 107
   },
   {
    "date": "2024-12-31",
    "median": 0.167,
    "n": 109
   },
   {
    "date": "2025-03-31",
    "median": 0.156,
    "n": 106
   },
   {
    "date": "2025-06-30",
    "median": 0.158,
    "n": 106
   },
   {
    "date": "2025-09-30",
    "median": 0.243,
    "n": 106
   },
   {
    "date": "2025-12-31",
    "median": 0.063,
    "n": 107
   },
   {
    "date": "2026-03-31",
    "median": 0.144,
    "n": 106
   }
  ],
  "pace": [
   {
    "date": "2016-03-31",
    "median": 0.02,
    "n": 74
   },
   {
    "date": "2016-06-30",
    "median": 0.065,
    "n": 75
   },
   {
    "date": "2016-09-30",
    "median": 0.047,
    "n": 73
   },
   {
    "date": "2016-12-31",
    "median": 0.024,
    "n": 72
   },
   {
    "date": "2017-03-31",
    "median": 0.004,
    "n": 69
   },
   {
    "date": "2017-06-30",
    "median": -0.048,
    "n": 70
   },
   {
    "date": "2017-09-30",
    "median": -0.146,
    "n": 70
   },
   {
    "date": "2017-12-31",
    "median": -0.164,
    "n": 73
   },
   {
    "date": "2018-03-31",
    "median": -0.126,
    "n": 70
   },
   {
    "date": "2018-06-30",
    "median": 0.019,
    "n": 71
   },
   {
    "date": "2018-09-30",
    "median": -0.096,
    "n": 72
   },
   {
    "date": "2018-12-31",
    "median": -0.198,
    "n": 87
   },
   {
    "date": "2019-03-31",
    "median": -0.296,
    "n": 84
   },
   {
    "date": "2019-06-30",
    "median": -0.287,
    "n": 86
   },
   {
    "date": "2019-09-30",
    "median": -0.316,
    "n": 87
   },
   {
    "date": "2019-12-31",
    "median": -0.12,
    "n": 94
   },
   {
    "date": "2020-03-31",
    "median": -0.016,
    "n": 92
   },
   {
    "date": "2020-06-30",
    "median": 0.202,
    "n": 93
   },
   {
    "date": "2020-09-30",
    "median": 0.207,
    "n": 94
   },
   {
    "date": "2020-12-31",
    "median": -0.042,
    "n": 102
   },
   {
    "date": "2021-03-31",
    "median": -0.287,
    "n": 101
   },
   {
    "date": "2021-06-30",
    "median": -0.902,
    "n": 101
   },
   {
    "date": "2021-09-30",
    "median": -0.845,
    "n": 101
   },
   {
    "date": "2021-12-31",
    "median": -0.899,
    "n": 104
   },
   {
    "date": "2022-03-31",
    "median": -0.565,
    "n": 105
   },
   {
    "date": "2022-06-30",
    "median": -0.364,
    "n": 106
   },
   {
    "date": "2022-09-30",
    "median": -0.401,
    "n": 106
   },
   {
    "date": "2022-12-31",
    "median": -0.413,
    "n": 108
   },
   {
    "date": "2023-03-31",
    "median": -0.339,
    "n": 104
   },
   {
    "date": "2023-06-30",
    "median": -0.102,
    "n": 104
   },
   {
    "date": "2023-09-30",
    "median": 0.017,
    "n": 105
   },
   {
    "date": "2023-12-31",
    "median": 0.115,
    "n": 108
   },
   {
    "date": "2024-03-31",
    "median": 0.164,
    "n": 107
   },
   {
    "date": "2024-06-30",
    "median": 0.033,
    "n": 107
   },
   {
    "date": "2024-09-30",
    "median": 0.123,
    "n": 107
   },
   {
    "date": "2024-12-31",
    "median": 0.135,
    "n": 108
   },
   {
    "date": "2025-03-31",
    "median": -0.041,
    "n": 105
   },
   {
    "date": "2025-06-30",
    "median": -0.067,
    "n": 105
   },
   {
    "date": "2025-09-30",
    "median": -0.058,
    "n": 106
   },
   {
    "date": "2025-12-31",
    "median": -0.064,
    "n": 112
   },
   {
    "date": "2026-03-31",
    "median": -0.077,
    "n": 110
   }
  ],
  "pace_latest": -0.077,
  "pace_norm": -0.136,
  "pace_norm_window": [
   "2016-03-31",
   "2022-12-31"
  ]
 },
 "margin": {
  "latest_change": 0.65,
  "n": 186,
  "share_higher": 57.0,
  "path": [
   {
    "date": "2015-03-31",
    "median": -1.131,
    "n": 139
   },
   {
    "date": "2015-06-30",
    "median": -1.595,
    "n": 141
   },
   {
    "date": "2015-09-30",
    "median": -1.161,
    "n": 141
   },
   {
    "date": "2015-12-31",
    "median": -0.775,
    "n": 145
   },
   {
    "date": "2016-03-31",
    "median": -0.949,
    "n": 119
   },
   {
    "date": "2016-06-30",
    "median": -0.87,
    "n": 122
   },
   {
    "date": "2016-09-30",
    "median": -0.856,
    "n": 120
   },
   {
    "date": "2016-12-31",
    "median": -0.851,
    "n": 122
   },
   {
    "date": "2017-03-31",
    "median": -0.76,
    "n": 119
   },
   {
    "date": "2017-06-30",
    "median": -0.672,
    "n": 120
   },
   {
    "date": "2017-09-30",
    "median": -0.454,
    "n": 123
   },
   {
    "date": "2017-12-31",
    "median": -0.716,
    "n": 160
   },
   {
    "date": "2018-03-31",
    "median": -0.883,
    "n": 153
   },
   {
    "date": "2018-06-30",
    "median": -1.097,
    "n": 159
   },
   {
    "date": "2018-09-30",
    "median": -0.618,
    "n": 161
   },
   {
    "date": "2018-12-31",
    "median": -0.924,
    "n": 172
   },
   {
    "date": "2019-03-31",
    "median": -0.729,
    "n": 168
   },
   {
    "date": "2019-06-30",
    "median": -0.583,
    "n": 170
   },
   {
    "date": "2019-09-30",
    "median": -0.86,
    "n": 170
   },
   {
    "date": "2019-12-31",
    "median": -0.768,
    "n": 181
   },
   {
    "date": "2020-03-31",
    "median": -1.17,
    "n": 178
   },
   {
    "date": "2020-06-30",
    "median": -1.537,
    "n": 178
   },
   {
    "date": "2020-09-30",
    "median": -1.781,
    "n": 178
   },
   {
    "date": "2020-12-31",
    "median": -1.481,
    "n": 186
   },
   {
    "date": "2021-03-31",
    "median": -0.672,
    "n": 186
   },
   {
    "date": "2021-06-30",
    "median": 0.185,
    "n": 187
   },
   {
    "date": "2021-09-30",
    "median": 0.219,
    "n": 187
   },
   {
    "date": "2021-12-31",
    "median": 0.149,
    "n": 192
   },
   {
    "date": "2022-03-31",
    "median": -0.009,
    "n": 192
   },
   {
    "date": "2022-06-30",
    "median": -0.089,
    "n": 192
   },
   {
    "date": "2022-09-30",
    "median": -0.016,
    "n": 193
   },
   {
    "date": "2022-12-31",
    "median": 0.0,
    "n": 196
   },
   {
    "date": "2023-03-31",
    "median": 0.088,
    "n": 191
   },
   {
    "date": "2023-06-30",
    "median": 0.205,
    "n": 191
   },
   {
    "date": "2023-09-30",
    "median": 0.561,
    "n": 191
   },
   {
    "date": "2023-12-31",
    "median": 0.81,
    "n": 190
   },
   {
    "date": "2024-03-31",
    "median": 0.863,
    "n": 188
   },
   {
    "date": "2024-06-30",
    "median": 0.631,
    "n": 187
   },
   {
    "date": "2024-09-30",
    "median": 0.64,
    "n": 187
   },
   {
    "date": "2024-12-31",
    "median": 0.778,
    "n": 190
   },
   {
    "date": "2025-03-31",
    "median": 0.629,
    "n": 185
   },
   {
    "date": "2025-06-30",
    "median": 0.549,
    "n": 185
   },
   {
    "date": "2025-09-30",
    "median": 0.701,
    "n": 185
   },
   {
    "date": "2025-12-31",
    "median": 0.894,
    "n": 187
   },
   {
    "date": "2026-03-31",
    "median": 0.65,
    "n": 186
   }
  ],
  "software_latest_change": 7.739,
  "software_n": 16,
  "software_path": [
   {
    "date": "2018-06-30",
    "median": -0.415,
    "n": 10
   },
   {
    "date": "2018-09-30",
    "median": -0.381,
    "n": 10
   },
   {
    "date": "2018-12-31",
    "median": -3.026,
    "n": 11
   },
   {
    "date": "2019-03-31",
    "median": -2.18,
    "n": 11
   },
   {
    "date": "2019-06-30",
    "median": -5.883,
    "n": 13
   },
   {
    "date": "2019-09-30",
    "median": -4.396,
    "n": 13
   },
   {
    "date": "2019-12-31",
    "median": -2.048,
    "n": 13
   },
   {
    "date": "2020-03-31",
    "median": -2.029,
    "n": 13
   },
   {
    "date": "2020-06-30",
    "median": -2.123,
    "n": 14
   },
   {
    "date": "2020-09-30",
    "median": -1.934,
    "n": 14
   },
   {
    "date": "2020-12-31",
    "median": -1.904,
    "n": 16
   },
   {
    "date": "2021-03-31",
    "median": -0.864,
    "n": 16
   },
   {
    "date": "2021-06-30",
    "median": -0.114,
    "n": 16
   },
   {
    "date": "2021-09-30",
    "median": -0.088,
    "n": 16
   },
   {
    "date": "2021-12-31",
    "median": 0.586,
    "n": 16
   },
   {
    "date": "2022-03-31",
    "median": 0.506,
    "n": 16
   },
   {
    "date": "2022-06-30",
    "median": 0.179,
    "n": 16
   },
   {
    "date": "2022-09-30",
    "median": -0.045,
    "n": 16
   },
   {
    "date": "2022-12-31",
    "median": 0.0,
    "n": 16
   },
   {
    "date": "2023-03-31",
    "median": 0.508,
    "n": 15
   },
   {
    "date": "2023-06-30",
    "median": 1.424,
    "n": 15
   },
   {
    "date": "2023-09-30",
    "median": 2.735,
    "n": 15
   },
   {
    "date": "2023-12-31",
    "median": 3.513,
    "n": 15
   },
   {
    "date": "2024-03-31",
    "median": 4.102,
    "n": 15
   },
   {
    "date": "2024-06-30",
    "median": 2.808,
    "n": 15
   },
   {
    "date": "2024-09-30",
    "median": 2.725,
    "n": 15
   },
   {
    "date": "2024-12-31",
    "median": 3.871,
    "n": 15
   },
   {
    "date": "2025-03-31",
    "median": 4.558,
    "n": 15
   },
   {
    "date": "2025-06-30",
    "median": 3.367,
    "n": 15
   },
   {
    "date": "2025-09-30",
    "median": 6.497,
    "n": 15
   },
   {
    "date": "2025-12-31",
    "median": 7.485,
    "n": 16
   },
   {
    "date": "2026-03-31",
    "median": 7.739,
    "n": 16
   }
  ]
 },
 "profit": {
  "n": 214,
  "n_hardware": 19,
  "n_cloud": 4,
  "n_software": 14,
  "n_other": 177,
  "total_change": 647805699000,
  "buildout_share": 66.38,
  "hardware_share": 34.25,
  "cloud_share": 32.13,
  "software_share": 3.14,
  "other_share": 30.48,
  "meta_share": 9.21,
  "buildout_growth": 178.21,
  "buildout_sales_growth": 66.22,
  "other_growth": 21.95,
  "other_sales_growth": 19.2,
  "software_growth": 149.83,
  "index": {
   "buildout": [
    {
     "date": "2022-12-31",
     "value": 100.0
    },
    {
     "date": "2023-03-31",
     "value": 97.16
    },
    {
     "date": "2023-06-30",
     "value": 101.22
    },
    {
     "date": "2023-09-30",
     "value": 111.56
    },
    {
     "date": "2023-12-31",
     "value": 125.45
    },
    {
     "date": "2024-03-31",
     "value": 142.62
    },
    {
     "date": "2024-06-30",
     "value": 156.14
    },
    {
     "date": "2024-09-30",
     "value": 170.43
    },
    {
     "date": "2024-12-31",
     "value": 187.76
    },
    {
     "date": "2025-03-31",
     "value": 198.45
    },
    {
     "date": "2025-06-30",
     "value": 211.52
    },
    {
     "date": "2025-09-30",
     "value": 225.36
    },
    {
     "date": "2025-12-31",
     "value": 244.75
    },
    {
     "date": "2026-03-31",
     "value": 278.21
    }
   ],
   "software": [
    {
     "date": "2022-12-31",
     "value": 100.0
    },
    {
     "date": "2023-03-31",
     "value": 99.61
    },
    {
     "date": "2023-06-30",
     "value": 109.47
    },
    {
     "date": "2023-09-30",
     "value": 120.92
    },
    {
     "date": "2023-12-31",
     "value": 136.93
    },
    {
     "date": "2024-03-31",
     "value": 132.6
    },
    {
     "date": "2024-06-30",
     "value": 139.87
    },
    {
     "date": "2024-09-30",
     "value": 148.8
    },
    {
     "date": "2024-12-31",
     "value": 153.38
    },
    {
     "date": "2025-03-31",
     "value": 162.15
    },
    {
     "date": "2025-06-30",
     "value": 176.95
    },
    {
     "date": "2025-09-30",
     "value": 190.29
    },
    {
     "date": "2025-12-31",
     "value": 203.82
    },
    {
     "date": "2026-03-31",
     "value": 249.83
    }
   ],
   "other": [
    {
     "date": "2022-12-31",
     "value": 100.0
    },
    {
     "date": "2023-03-31",
     "value": 100.43
    },
    {
     "date": "2023-06-30",
     "value": 101.66
    },
    {
     "date": "2023-09-30",
     "value": 105.83
    },
    {
     "date": "2023-12-31",
     "value": 109.93
    },
    {
     "date": "2024-03-31",
     "value": 109.11
    },
    {
     "date": "2024-06-30",
     "value": 108.22
    },
    {
     "date": "2024-09-30",
     "value": 107.74
    },
    {
     "date": "2024-12-31",
     "value": 109.65
    },
    {
     "date": "2025-03-31",
     "value": 111.48
    },
    {
     "date": "2025-06-30",
     "value": 113.69
    },
    {
     "date": "2025-09-30",
     "value": 115.35
    },
    {
     "date": "2025-12-31",
     "value": 117.01
    },
    {
     "date": "2026-03-31",
     "value": 121.95
    }
   ],
   "other_sales": [
    {
     "date": "2022-12-31",
     "value": 100.0
    },
    {
     "date": "2023-03-31",
     "value": 101.36
    },
    {
     "date": "2023-06-30",
     "value": 102.04
    },
    {
     "date": "2023-09-30",
     "value": 102.84
    },
    {
     "date": "2023-12-31",
     "value": 103.9
    },
    {
     "date": "2024-03-31",
     "value": 104.61
    },
    {
     "date": "2024-06-30",
     "value": 105.73
    },
    {
     "date": "2024-09-30",
     "value": 107.33
    },
    {
     "date": "2024-12-31",
     "value": 108.72
    },
    {
     "date": "2025-03-31",
     "value": 110.2
    },
    {
     "date": "2025-06-30",
     "value": 112.2
    },
    {
     "date": "2025-09-30",
     "value": 114.32
    },
    {
     "date": "2025-12-31",
     "value": 116.69
    },
    {
     "date": "2026-03-31",
     "value": 119.2
    }
   ]
  },
  "other_combined_margin": [
   {
    "date": "2022-12-31",
    "value": 12.032
   },
   {
    "date": "2023-03-31",
    "value": 11.921
   },
   {
    "date": "2023-06-30",
    "value": 11.986
   },
   {
    "date": "2023-09-30",
    "value": 12.381
   },
   {
    "date": "2023-12-31",
    "value": 12.729
   },
   {
    "date": "2024-03-31",
    "value": 12.549
   },
   {
    "date": "2024-06-30",
    "value": 12.316
   },
   {
    "date": "2024-09-30",
    "value": 12.078
   },
   {
    "date": "2024-12-31",
    "value": 12.135
   },
   {
    "date": "2025-03-31",
    "value": 12.172
   },
   {
    "date": "2025-06-30",
    "value": 12.192
   },
   {
    "date": "2025-09-30",
    "value": 12.14
   },
   {
    "date": "2025-12-31",
    "value": 12.065
   },
   {
    "date": "2026-03-31",
    "value": 12.31
   }
  ]
 }
}
