Demand Desk — demand vs expectations

Shows where real demand signals look stronger or weaker than market expectations. Context only; not a buy or sell signal.显示真实需求信号相对市场预期更强或更弱的位置。仅供参考，非买入或卖出信号。 · As of截至 2026-10-17

The demand pools (independent signals)需求来源（独立信号）

AI / datacenterAI／数据中心 leading领先

+69% YoY同比 · ~$379B

Hyperscaler capex云厂商资本开支 · accelerating加速 · FY2025 · n=5

FY23 $149.0BFY24 $224.1BFY25 $378.7B

Homebuilder demand房屋建筑商需求 coincident同步

-4% YoY同比 · ~$113B

Homebuilder volume (revenue)建筑商销量（营收） · contracting收缩 · FY2025 · n=6

FY23 $111.7BFY24 $118.5BFY25 $113.3B

Software bookings (RPO)软件已签约订单（RPO） leading领先

53 names只

Contracted forward bookings已签约前瞻订单

PLTR +141%XYL +111%TMDX +75%

RPO data last refreshedRPO数据最近更新于 2026-07-02

Payer-side capex burden (spender cohorts)支付方资本开支负担（需求链发起方） ?Annual company data, usually delayed. High capex plus negative free cash flow can flag funding stress. Context only.年度公司数据，通常有滞后。高资本开支叠加负自由现金流，可能提示资金压力。仅供参考。

AI / datacenter spendersAI／数据中心支付方

Spender支出方	Capex/OCF资本开支/OCF	Trend趋势	Capex YoY资本开支同比	FCF ($B)自由现金流（十亿）	FCF trend自由现金流趋势	Net-debt Δ ($B)净债务变化（十亿）	FY财年	Flag标记
MSFT	63%	rising上升	+80%	+67.0	deteriorating恶化	+6.5	FY2026
GOOGL	56%	rising上升	+74%	+73.3	improving改善	+29.4	FY2025
AMZN	94%	rising上升	+59%	+7.7	deteriorating恶化	+2.7	FY2025
META	60%	rising上升	+87%	+46.1	deteriorating恶化	+37.9	FY2025
ORCL	174%	rising上升	+162%	-23.7	deteriorating恶化	-20.6	FY2026	FCF trapFCF陷阱

Homebuilder revenue spenders建筑商营收来源方

Spender支出方	Capex/OCF资本开支/OCF	Trend趋势	Capex YoY资本开支同比	FCF ($B)自由现金流（十亿）	FCF trend自由现金流趋势	Net-debt Δ ($B)净债务变化（十亿）	FY财年
DHI	4%	falling下降	-17%	+3.3	improving改善	—	FY2025
LEN	87%	rising上升	+10%	+0.0	deteriorating恶化	—	FY2025
PHM	7%	flat持平	+4%	+1.8	improving改善	-0.3	FY2025
NVR	2%	flat持平	-16%	+1.1	deteriorating恶化	—	FY2025
TOL	8%	flat持平	+17%	+1.0	improving改善	—	FY2025
KBH	14%	rising上升	+23%	+0.3	deteriorating恶化	—	FY2025

Annual XBRL (fingerprint-class); lag ~90 days from fiscal-year-end. Net-debt delta from balance-sheet YoY — may include acquisitions. Not a sell signal. Display-only.年度XBRL（指纹级）；财年末后约90天滞后。净债务变化来自资产负债表同比——可能包含并购。非卖出信号。仅展示。

Ahead of consensus领先共识29 names只

Independent demand running ahead of estimates — the variant list. Worth watching, not a buy signal.独立需求跑在预期之前——变体清单。值得关注，非买入信号。

Name标的	Chain链条	Independent signal独立信号	Consensus共识
XYL Contracted bookings (RPO) decelerating (+111% YoY to ~$2B, 0.2× revenue) — signed demand locked in ahead of recognition已签约订单（RPO）增速放缓（同比+111%，约 $2B，覆盖营收 0.2 倍）——已锁定、尚未确认的需求	own_rpo · bookings	+111% decelerating增速放缓	flatflat
TMDX Contracted bookings (RPO) accelerating (+75% YoY to ~$0B, 0.0× revenue) — signed demand locked in ahead of recognition已签约订单（RPO）加速（同比+75%，约 $0B，覆盖营收 0.0 倍）——已锁定、尚未确认的需求	own_rpo · bookings	+75% accelerating加速	fallingfalling
CEG Hyperscaler capex accelerating (+69% YoY to ~$379B) — the demand pool for power & grid buildout云厂商资本开支加速（同比+69%，约 $379B）——电力与电网建设的需求来源	ai_datacenter · power	+69% accelerating加速	flatflat
TLN Hyperscaler capex accelerating (+69% YoY to ~$379B) — the demand pool for power & grid buildout云厂商资本开支加速（同比+69%，约 $379B）——电力与电网建设的需求来源	ai_datacenter · power	+69% accelerating加速	flatflat
SO Hyperscaler capex accelerating (+69% YoY to ~$379B) — the demand pool for power & grid buildout云厂商资本开支加速（同比+69%，约 $379B）——电力与电网建设的需求来源	ai_datacenter · power	+69% accelerating加速	fallingfalling
BWXT Hyperscaler capex accelerating (+69% YoY to ~$379B) — the demand pool for power & grid buildout云厂商资本开支加速（同比+69%，约 $379B）——电力与电网建设的需求来源	ai_datacenter · power	+69% accelerating加速	fallingfalling
NEE Hyperscaler capex accelerating (+69% YoY to ~$379B) — the demand pool for power & grid buildout云厂商资本开支加速（同比+69%，约 $379B）——电力与电网建设的需求来源	ai_datacenter · power	+69% accelerating加速	fallingfalling
QCOM Hyperscaler capex accelerating (+69% YoY to ~$379B) — the demand pool for AI accelerator / compute silicon云厂商资本开支加速（同比+69%，约 $379B）——AI 加速器／算力芯片的需求来源	ai_datacenter · compute	+69% accelerating加速	fallingfalling
NXT Hyperscaler capex accelerating (+69% YoY to ~$379B) — the demand pool for data-center power & cooling云厂商资本开支加速（同比+69%，约 $379B）——数据中心供电与散热的需求来源	ai_datacenter · power	+69% accelerating加速	fallingfalling
D Hyperscaler capex accelerating (+69% YoY to ~$379B) — the demand pool for power & grid buildout云厂商资本开支加速（同比+69%，约 $379B）——电力与电网建设的需求来源	ai_datacenter · power	+69% accelerating加速	flatflat
PCG Hyperscaler capex accelerating (+69% YoY to ~$379B) — the demand pool for power & grid buildout云厂商资本开支加速（同比+69%，约 $379B）——电力与电网建设的需求来源	ai_datacenter · power	+69% accelerating加速	fallingfalling
DUK Hyperscaler capex accelerating (+69% YoY to ~$379B) — the demand pool for power & grid buildout云厂商资本开支加速（同比+69%，约 $379B）——电力与电网建设的需求来源	ai_datacenter · power	+69% accelerating加速	flatflat
SRE Hyperscaler capex accelerating (+69% YoY to ~$379B) — the demand pool for power & grid buildout云厂商资本开支加速（同比+69%，约 $379B）——电力与电网建设的需求来源	ai_datacenter · power	+69% accelerating加速	flatflat
VECO Hyperscaler capex accelerating (+69% YoY to ~$379B) — the demand pool for wafer-fab equipment (one step back, longer lead)云厂商资本开支加速（同比+69%，约 $379B）——晶圆制造设备（上游一环，前置更长）的需求来源	ai_datacenter · wfe	+69% accelerating加速	fallingfalling
VST Hyperscaler capex accelerating (+69% YoY to ~$379B) — the demand pool for power & grid buildout云厂商资本开支加速（同比+69%，约 $379B）——电力与电网建设的需求来源	ai_datacenter · power	+69% accelerating加速	fallingfalling
LEU Hyperscaler capex accelerating (+69% YoY to ~$379B) — the demand pool for power & grid buildout云厂商资本开支加速（同比+69%，约 $379B）——电力与电网建设的需求来源	ai_datacenter · power	+69% accelerating加速	fallingfalling
NRG Hyperscaler capex accelerating (+69% YoY to ~$379B) — the demand pool for power & grid buildout云厂商资本开支加速（同比+69%，约 $379B）——电力与电网建设的需求来源	ai_datacenter · power	+69% accelerating加速	fallingfalling
AVGO Hyperscaler capex accelerating (+69% YoY to ~$379B) — the demand pool for AI accelerator / compute silicon云厂商资本开支加速（同比+69%，约 $379B）——AI 加速器／算力芯片的需求来源	ai_datacenter · compute	+69% accelerating加速	fallingfalling
AVAV Contracted bookings (RPO) decelerating (+62% YoY to ~$1B, 0.6× revenue) — signed demand locked in ahead of recognition已签约订单（RPO）增速放缓（同比+62%，约 $1B，覆盖营收 0.6 倍）——已锁定、尚未确认的需求	own_rpo · bookings	+62% decelerating增速放缓	fallingfalling
ORA Contracted bookings (RPO) decelerating (+59% YoY to ~$0B, 0.1× revenue) — signed demand locked in ahead of recognition已签约订单（RPO）增速放缓（同比+59%，约 $0B，覆盖营收 0.1 倍）——已锁定、尚未确认的需求	own_rpo · bookings	+59% decelerating增速放缓	flatflat
CRWD Contracted bookings (RPO) still expanding (+38% YoY to ~$9B, 1.9× revenue) — signed demand locked in ahead of recognition已签约订单（RPO）持续扩张（同比+38%，约 $9B，覆盖营收 1.9 倍）——已锁定、尚未确认的需求	own_rpo · bookings	+38% expanding扩张	flatflat
BA Contracted bookings (RPO) accelerating (+31% YoY to ~$682B, 7.6× revenue) — signed demand locked in ahead of recognition已签约订单（RPO）加速（同比+31%，约 $682B，覆盖营收 7.6 倍）——已锁定、尚未确认的需求	own_rpo · bookings	+31% accelerating加速	fallingfalling
NOW Contracted bookings (RPO) accelerating (+26% YoY to ~$28B, 2.1× revenue) — signed demand locked in ahead of recognition已签约订单（RPO）加速（同比+26%，约 $28B，覆盖营收 2.1 倍）——已锁定、尚未确认的需求	own_rpo · bookings	+26% accelerating加速	flatflat
PTC Contracted bookings (RPO) accelerating (+26% YoY to ~$3B, 1.0× revenue) — signed demand locked in ahead of recognition已签约订单（RPO）加速（同比+26%，约 $3B，覆盖营收 1.0 倍）——已锁定、尚未确认的需求	own_rpo · bookings	+26% accelerating加速	flatflat
PANW Contracted bookings (RPO) accelerating (+24% YoY to ~$16B, 1.7× revenue) — signed demand locked in ahead of recognition已签约订单（RPO）加速（同比+24%，约 $16B，覆盖营收 1.7 倍）——已锁定、尚未确认的需求	own_rpo · bookings	+24% accelerating加速	fallingfalling
RTX Contracted bookings (RPO) accelerating (+23% YoY to ~$268B, 3.0× revenue) — signed demand locked in ahead of recognition已签约订单（RPO）加速（同比+23%，约 $268B，覆盖营收 3.0 倍）——已锁定、尚未确认的需求	own_rpo · bookings	+23% accelerating加速	flatflat
V Contracted bookings (RPO) decelerating (+20% YoY to ~$5B, 0.1× revenue) — signed demand locked in ahead of recognition已签约订单（RPO）增速放缓（同比+20%，约 $5B，覆盖营收 0.1 倍）——已锁定、尚未确认的需求	own_rpo · bookings	+20% decelerating增速放缓	fallingfalling
LDOS Contracted bookings (RPO) accelerating (+14% YoY to ~$18B, 1.1× revenue) — signed demand locked in ahead of recognition已签约订单（RPO）加速（同比+14%，约 $18B，覆盖营收 1.1 倍）——已锁定、尚未确认的需求	own_rpo · bookings	+14% accelerating加速	fallingfalling
A Contracted bookings (RPO) decelerating (+7% YoY to ~$0B, 0.1× revenue) — signed demand locked in ahead of recognition已签约订单（RPO）增速放缓（同比+7%，约 $0B，覆盖营收 0.1 倍）——已锁定、尚未确认的需求	own_rpo · bookings	+7% decelerating增速放缓	flatflat

Consensus at risk共识承压5 names只

Name标的	Chain链条	Independent signal独立信号	Consensus共识
ATI Contracted bookings (RPO) contracting (-5% YoY to ~$4B, 0.8× revenue) — signed demand locked in ahead of recognition已签约订单（RPO）收缩（同比-5%，约 $4B，覆盖营收 0.8 倍）——已锁定、尚未确认的需求	own_rpo · bookings	-5% contracting收缩	risingrising
WDC Contracted bookings (RPO) contracting (-37% YoY to ~$0B, 0.0× revenue) — signed demand locked in ahead of recognition已签约订单（RPO）收缩（同比-37%，约 $0B，覆盖营收 0.0 倍）——已锁定、尚未确认的需求	own_rpo · bookings	-37% contracting收缩	risingrising
MTRN Contracted bookings (RPO) contracting (-44% YoY to ~$0B, 0.0× revenue) — signed demand locked in ahead of recognition已签约订单（RPO）收缩（同比-44%，约 $0B，覆盖营收 0.0 倍）——已锁定、尚未确认的需求	own_rpo · bookings	-44% contracting收缩	risingrising
PFE Contracted bookings (RPO) contracting (-56% YoY to ~$15B, 0.1× revenue) — signed demand locked in ahead of recognition已签约订单（RPO）收缩（同比-56%，约 $15B，覆盖营收 0.1 倍）——已锁定、尚未确认的需求	own_rpo · bookings	-56% contracting收缩	risingrising
ROK Contracted bookings (RPO) contracting (-100% YoY to ~$0B, 0.0× revenue) — signed demand locked in ahead of recognition已签约订单（RPO）收缩（同比-100%，约 $0B，覆盖营收 0.0 倍）——已锁定、尚未确认的需求	own_rpo · bookings	-100% contracting收缩	risingrising

In the price已计入价格 — 85 names只

Name标的	Chain链条	Independent signal独立信号	Consensus共识
PLTR Contracted bookings (RPO) accelerating (+141% YoY to ~$4B, 0.9× revenue) — signed demand locked in ahead of recognition已签约订单（RPO）加速（同比+141%，约 $4B，覆盖营收 0.9 倍）——已锁定、尚未确认的需求	own_rpo · bookings	+141% accelerating加速	risingrising
POWL Hyperscaler capex accelerating (+69% YoY to ~$379B) — the demand pool for data-center power & cooling云厂商资本开支加速（同比+69%，约 $379B）——数据中心供电与散热的需求来源	ai_datacenter · power	+69% accelerating加速	risingrising
VRT Hyperscaler capex accelerating (+69% YoY to ~$379B) — the demand pool for AI infrastructure (compute, memory, networking)云厂商资本开支加速（同比+69%，约 $379B）——AI 基础设施（算力／内存／网络）的需求来源	ai_datacenter · compute	+69% accelerating加速	risingrising
AMD Hyperscaler capex accelerating (+69% YoY to ~$379B) — the demand pool for AI accelerator / compute silicon云厂商资本开支加速（同比+69%，约 $379B）——AI 加速器／算力芯片的需求来源	ai_datacenter · compute	+69% accelerating加速	risingrising
DELL Hyperscaler capex accelerating (+69% YoY to ~$379B) — the demand pool for AI infrastructure (compute, memory, networking)云厂商资本开支加速（同比+69%，约 $379B）——AI 基础设施（算力／内存／网络）的需求来源	ai_datacenter · compute	+69% accelerating加速	risingrising
AEIS Hyperscaler capex accelerating (+69% YoY to ~$379B) — the demand pool for wafer-fab equipment (one step back, longer lead)云厂商资本开支加速（同比+69%，约 $379B）——晶圆制造设备（上游一环，前置更长）的需求来源	ai_datacenter · wfe	+69% accelerating加速	risingrising
ETN Hyperscaler capex accelerating (+69% YoY to ~$379B) — the demand pool for data-center power & cooling云厂商资本开支加速（同比+69%，约 $379B）——数据中心供电与散热的需求来源	ai_datacenter · power	+69% accelerating加速	risingrising
GEV Hyperscaler capex accelerating (+69% YoY to ~$379B) — the demand pool for data-center power & cooling云厂商资本开支加速（同比+69%，约 $379B）——数据中心供电与散热的需求来源	ai_datacenter · power	+69% accelerating加速	risingrising
NVT Hyperscaler capex accelerating (+69% YoY to ~$379B) — the demand pool for data-center power & cooling云厂商资本开支加速（同比+69%，约 $379B）——数据中心供电与散热的需求来源	ai_datacenter · power	+69% accelerating加速	risingrising
HUBB Hyperscaler capex accelerating (+69% YoY to ~$379B) — the demand pool for data-center power & cooling云厂商资本开支加速（同比+69%，约 $379B）——数据中心供电与散热的需求来源	ai_datacenter · power	+69% accelerating加速	risingrising
FIX Hyperscaler capex accelerating (+69% YoY to ~$379B) — the demand pool for power & grid buildout云厂商资本开支加速（同比+69%，约 $379B）——电力与电网建设的需求来源	ai_datacenter · power	+69% accelerating加速	risingrising
NVDA Hyperscaler capex accelerating (+69% YoY to ~$379B) — the demand pool for AI accelerator / compute silicon云厂商资本开支加速（同比+69%，约 $379B）——AI 加速器／算力芯片的需求来源	ai_datacenter · compute	+69% accelerating加速	risingrising
ACLS Hyperscaler capex accelerating (+69% YoY to ~$379B) — the demand pool for wafer-fab equipment (one step back, longer lead)云厂商资本开支加速（同比+69%，约 $379B）——晶圆制造设备（上游一环，前置更长）的需求来源	ai_datacenter · wfe	+69% accelerating加速	risingrising
EME Hyperscaler capex accelerating (+69% YoY to ~$379B) — the demand pool for power & grid buildout云厂商资本开支加速（同比+69%，约 $379B）——电力与电网建设的需求来源	ai_datacenter · power	+69% accelerating加速	risingrising
ONTO Hyperscaler capex accelerating (+69% YoY to ~$379B) — the demand pool for wafer-fab equipment (one step back, longer lead)云厂商资本开支加速（同比+69%，约 $379B）——晶圆制造设备（上游一环，前置更长）的需求来源	ai_datacenter · wfe	+69% accelerating加速	risingrising
PWR Hyperscaler capex accelerating (+69% YoY to ~$379B) — the demand pool for power & grid buildout云厂商资本开支加速（同比+69%，约 $379B）——电力与电网建设的需求来源	ai_datacenter · power	+69% accelerating加速	risingrising
FORM Hyperscaler capex accelerating (+69% YoY to ~$379B) — the demand pool for wafer-fab equipment (one step back, longer lead)云厂商资本开支加速（同比+69%，约 $379B）——晶圆制造设备（上游一环，前置更长）的需求来源	ai_datacenter · wfe	+69% accelerating加速	risingrising
TER Hyperscaler capex accelerating (+69% YoY to ~$379B) — the demand pool for AI infrastructure (compute, memory, networking)云厂商资本开支加速（同比+69%，约 $379B）——AI 基础设施（算力／内存／网络）的需求来源	ai_datacenter · compute	+69% accelerating加速	risingrising
ANET Hyperscaler capex accelerating (+69% YoY to ~$379B) — the demand pool for AI accelerator / compute silicon云厂商资本开支加速（同比+69%，约 $379B）——AI 加速器／算力芯片的需求来源	ai_datacenter · compute	+69% accelerating加速	risingrising
UCTT Hyperscaler capex accelerating (+69% YoY to ~$379B) — the demand pool for wafer-fab equipment (one step back, longer lead)云厂商资本开支加速（同比+69%，约 $379B）——晶圆制造设备（上游一环，前置更长）的需求来源	ai_datacenter · wfe	+69% accelerating加速	risingrising
AMAT Hyperscaler capex accelerating (+69% YoY to ~$379B) — the demand pool for wafer-fab equipment (one step back, longer lead)云厂商资本开支加速（同比+69%，约 $379B）——晶圆制造设备（上游一环，前置更长）的需求来源	ai_datacenter · wfe	+69% accelerating加速	risingrising
SMCI Hyperscaler capex accelerating (+69% YoY to ~$379B) — the demand pool for AI accelerator / compute silicon云厂商资本开支加速（同比+69%，约 $379B）——AI 加速器／算力芯片的需求来源	ai_datacenter · compute	+69% accelerating加速	risingrising
LRCX Hyperscaler capex accelerating (+69% YoY to ~$379B) — the demand pool for wafer-fab equipment (one step back, longer lead)云厂商资本开支加速（同比+69%，约 $379B）——晶圆制造设备（上游一环，前置更长）的需求来源	ai_datacenter · wfe	+69% accelerating加速	risingrising
KLAC Hyperscaler capex accelerating (+69% YoY to ~$379B) — the demand pool for wafer-fab equipment (one step back, longer lead)云厂商资本开支加速（同比+69%，约 $379B）——晶圆制造设备（上游一环，前置更长）的需求来源	ai_datacenter · wfe	+69% accelerating加速	risingrising
ICHR Hyperscaler capex accelerating (+69% YoY to ~$379B) — the demand pool for wafer-fab equipment (one step back, longer lead)云厂商资本开支加速（同比+69%，约 $379B）——晶圆制造设备（上游一环，前置更长）的需求来源	ai_datacenter · wfe	+69% accelerating加速	risingrising
LITE Hyperscaler capex accelerating (+69% YoY to ~$379B) — the demand pool for AI infrastructure (compute, memory, networking)云厂商资本开支加速（同比+69%，约 $379B）——AI 基础设施（算力／内存／网络）的需求来源	ai_datacenter · compute	+69% accelerating加速	risingrising
MU Hyperscaler capex accelerating (+69% YoY to ~$379B) — the demand pool for AI infrastructure (compute, memory, networking)云厂商资本开支加速（同比+69%，约 $379B）——AI 基础设施（算力／内存／网络）的需求来源	ai_datacenter · compute	+69% accelerating加速	risingrising
GLW Hyperscaler capex accelerating (+69% YoY to ~$379B) — the demand pool for AI infrastructure (compute, memory, networking)云厂商资本开支加速（同比+69%，约 $379B）——AI 基础设施（算力／内存／网络）的需求来源	ai_datacenter · compute	+69% accelerating加速	risingrising
CIEN Hyperscaler capex accelerating (+69% YoY to ~$379B) — the demand pool for AI infrastructure (compute, memory, networking)云厂商资本开支加速（同比+69%，约 $379B）——AI 基础设施（算力／内存／网络）的需求来源	ai_datacenter · compute	+69% accelerating加速	risingrising
GNRC Hyperscaler capex accelerating (+69% YoY to ~$379B) — the demand pool for power & grid buildout云厂商资本开支加速（同比+69%，约 $379B）——电力与电网建设的需求来源	ai_datacenter · power	+69% accelerating加速	risingrising
COHU Hyperscaler capex accelerating (+69% YoY to ~$379B) — the demand pool for wafer-fab equipment (one step back, longer lead)云厂商资本开支加速（同比+69%，约 $379B）——晶圆制造设备（上游一环，前置更长）的需求来源	ai_datacenter · wfe	+69% accelerating加速	risingrising
APH Hyperscaler capex accelerating (+69% YoY to ~$379B) — the demand pool for AI infrastructure (compute, memory, networking)云厂商资本开支加速（同比+69%，约 $379B）——AI 基础设施（算力／内存／网络）的需求来源	ai_datacenter · compute	+69% accelerating加速	risingrising
AEP Hyperscaler capex accelerating (+69% YoY to ~$379B) — the demand pool for power & grid buildout云厂商资本开支加速（同比+69%，约 $379B）——电力与电网建设的需求来源	ai_datacenter · power	+69% accelerating加速	risingrising
ENTG Hyperscaler capex accelerating (+69% YoY to ~$379B) — the demand pool for wafer-fab equipment (one step back, longer lead)云厂商资本开支加速（同比+69%，约 $379B）——晶圆制造设备（上游一环，前置更长）的需求来源	ai_datacenter · wfe	+69% accelerating加速	risingrising
COHR Hyperscaler capex accelerating (+69% YoY to ~$379B) — the demand pool for AI infrastructure (compute, memory, networking)云厂商资本开支加速（同比+69%，约 $379B）——AI 基础设施（算力／内存／网络）的需求来源	ai_datacenter · compute	+69% accelerating加速	risingrising
KLIC Hyperscaler capex accelerating (+69% YoY to ~$379B) — the demand pool for wafer-fab equipment (one step back, longer lead)云厂商资本开支加速（同比+69%，约 $379B）——晶圆制造设备（上游一环，前置更长）的需求来源	ai_datacenter · wfe	+69% accelerating加速	risingrising
MPWR Hyperscaler capex accelerating (+69% YoY to ~$379B) — the demand pool for AI accelerator / compute silicon云厂商资本开支加速（同比+69%，约 $379B）——AI 加速器／算力芯片的需求来源	ai_datacenter · compute	+69% accelerating加速	risingrising
MRVL Hyperscaler capex accelerating (+69% YoY to ~$379B) — the demand pool for AI accelerator / compute silicon云厂商资本开支加速（同比+69%，约 $379B）——AI 加速器／算力芯片的需求来源	ai_datacenter · compute	+69% accelerating加速	risingrising
MKSI Hyperscaler capex accelerating (+69% YoY to ~$379B) — the demand pool for wafer-fab equipment (one step back, longer lead)云厂商资本开支加速（同比+69%，约 $379B）——晶圆制造设备（上游一环，前置更长）的需求来源	ai_datacenter · wfe	+69% accelerating加速	risingrising
DDOG Contracted bookings (RPO) accelerating (+52% YoY to ~$4B, 1.0× revenue) — signed demand locked in ahead of recognition已签约订单（RPO）加速（同比+52%，约 $4B，覆盖营收 1.0 倍）——已锁定、尚未确认的需求	own_rpo · bookings	+52% accelerating加速	risingrising
ZBRA Contracted bookings (RPO) decelerating (+48% YoY to ~$1B, 0.2× revenue) — signed demand locked in ahead of recognition已签约订单（RPO）增速放缓（同比+48%，约 $1B，覆盖营收 0.2 倍）——已锁定、尚未确认的需求	own_rpo · bookings	+48% decelerating增速放缓	risingrising
ORCL Contracted bookings (RPO) decelerating (+41% YoY to ~$138B, 2.4× revenue) — signed demand locked in ahead of recognition已签约订单（RPO）增速放缓（同比+41%，约 $138B，覆盖营收 2.4 倍）——已锁定、尚未确认的需求	own_rpo · bookings	+41% decelerating增速放缓	risingrising
MSFT Contracted bookings (RPO) accelerating (+36% YoY to ~$375B, 1.3× revenue) — signed demand locked in ahead of recognition已签约订单（RPO）加速（同比+36%，约 $375B，覆盖营收 1.3 倍）——已锁定、尚未确认的需求	own_rpo · bookings	+36% accelerating加速	risingrising
MDT Contracted bookings (RPO) accelerating (+33% YoY to ~$0B, 0.0× revenue) — signed demand locked in ahead of recognition已签约订单（RPO）加速（同比+33%，约 $0B，覆盖营收 0.0 倍）——已锁定、尚未确认的需求	own_rpo · bookings	+33% accelerating加速	risingrising
GD Contracted bookings (RPO) accelerating (+30% YoY to ~$118B, 2.2× revenue) — signed demand locked in ahead of recognition已签约订单（RPO）加速（同比+30%，约 $118B，覆盖营收 2.2 倍）——已锁定、尚未确认的需求	own_rpo · bookings	+30% accelerating加速	risingrising
CRM Contracted bookings (RPO) accelerating (+27% YoY to ~$72B, 1.7× revenue) — signed demand locked in ahead of recognition已签约订单（RPO）加速（同比+27%，约 $72B，覆盖营收 1.7 倍）——已锁定、尚未确认的需求	own_rpo · bookings	+27% accelerating加速	risingrising
ENS Contracted bookings (RPO) accelerating (+22% YoY to ~$0B, 0.1× revenue) — signed demand locked in ahead of recognition已签约订单（RPO）加速（同比+22%，约 $0B，覆盖营收 0.1 倍）——已锁定、尚未确认的需求	own_rpo · bookings	+22% accelerating加速	risingrising
DHR Contracted bookings (RPO) accelerating (+21% YoY to ~$5B, 0.2× revenue) — signed demand locked in ahead of recognition已签约订单（RPO）加速（同比+21%，约 $5B，覆盖营收 0.2 倍）——已锁定、尚未确认的需求	own_rpo · bookings	+21% accelerating加速	risingrising
CW Contracted bookings (RPO) accelerating (+21% YoY to ~$4B, 1.2× revenue) — signed demand locked in ahead of recognition已签约订单（RPO）加速（同比+21%，约 $4B，覆盖营收 1.2 倍）——已锁定、尚未确认的需求	own_rpo · bookings	+21% accelerating加速	risingrising
QLYS Contracted bookings (RPO) accelerating (+19% YoY to ~$0B, 0.8× revenue) — signed demand locked in ahead of recognition已签约订单（RPO）加速（同比+19%，约 $0B，覆盖营收 0.8 倍）——已锁定、尚未确认的需求	own_rpo · bookings	+19% accelerating加速	risingrising
PATH Contracted bookings (RPO) accelerating (+19% YoY to ~$2B, 0.9× revenue) — signed demand locked in ahead of recognition已签约订单（RPO）加速（同比+19%，约 $2B，覆盖营收 0.9 倍）——已锁定、尚未确认的需求	own_rpo · bookings	+19% accelerating加速	risingrising
TRMB Contracted bookings (RPO) accelerating (+18% YoY to ~$2B, 0.6× revenue) — signed demand locked in ahead of recognition已签约订单（RPO）加速（同比+18%，约 $2B，覆盖营收 0.6 倍）——已锁定、尚未确认的需求	own_rpo · bookings	+18% accelerating加速	risingrising
OKTA Contracted bookings (RPO) decelerating (+14% YoY to ~$5B, 1.7× revenue) — signed demand locked in ahead of recognition已签约订单（RPO）增速放缓（同比+14%，约 $5B，覆盖营收 1.7 倍）——已锁定、尚未确认的需求	own_rpo · bookings	+14% decelerating增速放缓	risingrising
TMO Contracted bookings (RPO) accelerating (+13% YoY to ~$28B, 0.6× revenue) — signed demand locked in ahead of recognition已签约订单（RPO）加速（同比+13%，约 $28B，覆盖营收 0.6 倍）——已锁定、尚未确认的需求	own_rpo · bookings	+13% accelerating加速	risingrising
ADBE Contracted bookings (RPO) decelerating (+13% YoY to ~$22B, 0.9× revenue) — signed demand locked in ahead of recognition已签约订单（RPO）增速放缓（同比+13%，约 $22B，覆盖营收 0.9 倍）——已锁定、尚未确认的需求	own_rpo · bookings	+13% decelerating增速放缓	risingrising
ILMN Contracted bookings (RPO) accelerating (+12% YoY to ~$1B, 0.2× revenue) — signed demand locked in ahead of recognition已签约订单（RPO）加速（同比+12%，约 $1B，覆盖营收 0.2 倍）——已锁定、尚未确认的需求	own_rpo · bookings	+12% accelerating加速	risingrising
FTNT Contracted bookings (RPO) accelerating (+12% YoY to ~$7B, 1.1× revenue) — signed demand locked in ahead of recognition已签约订单（RPO）加速（同比+12%，约 $7B，覆盖营收 1.1 倍）——已锁定、尚未确认的需求	own_rpo · bookings	+12% accelerating加速	risingrising
LMT Contracted bookings (RPO) accelerating (+10% YoY to ~$194B, 2.6× revenue) — signed demand locked in ahead of recognition已签约订单（RPO）加速（同比+10%，约 $194B，覆盖营收 2.6 倍）——已锁定、尚未确认的需求	own_rpo · bookings	+10% accelerating加速	risingrising
HII Contracted bookings (RPO) accelerating (+9% YoY to ~$53B, 4.3× revenue) — signed demand locked in ahead of recognition已签约订单（RPO）加速（同比+9%，约 $53B，覆盖营收 4.3 倍）——已锁定、尚未确认的需求	own_rpo · bookings	+9% accelerating加速	risingrising
KTOS Contracted bookings (RPO) decelerating (+9% YoY to ~$2B, 1.2× revenue) — signed demand locked in ahead of recognition已签约订单（RPO）增速放缓（同比+9%，约 $2B，覆盖营收 1.2 倍）——已锁定、尚未确认的需求	own_rpo · bookings	+9% decelerating增速放缓	risingrising
NTAP Contracted bookings (RPO) accelerating (+8% YoY to ~$4B, 0.7× revenue) — signed demand locked in ahead of recognition已签约订单（RPO）加速（同比+8%，约 $4B，覆盖营收 0.7 倍）——已锁定、尚未确认的需求	own_rpo · bookings	+8% accelerating加速	risingrising
HUBS Headcount accelerating (+8% YoY to ~8.9k) — the company's revealed hiring bet员工人数加速（同比+8%，约 8.9k）——公司用招聘表达的需求押注	hiring · headcount	+8% accelerating加速	risingrising
ITRI Contracted bookings (RPO) accelerating (+7% YoY to ~$2B, 0.9× revenue) — signed demand locked in ahead of recognition已签约订单（RPO）加速（同比+7%，约 $2B，覆盖营收 0.9 倍）——已锁定、尚未确认的需求	own_rpo · bookings	+7% accelerating加速	risingrising
CF Contracted bookings (RPO) flat (+4% YoY to ~$2B, 0.3× revenue) — signed demand locked in ahead of recognition已签约订单（RPO）持平（同比+4%，约 $2B，覆盖营收 0.3 倍）——已锁定、尚未确认的需求	own_rpo · bookings	+4% flat持平	risingrising
GOOGL Headcount flat (+4% YoY to ~190.8k) — the company's revealed hiring bet员工人数持平（同比+4%，约 190.8k）——公司用招聘表达的需求押注	hiring · headcount	+4% flat持平	risingrising
DE Contracted bookings (RPO) flat (+4% YoY to ~$2B, 0.0× revenue) — signed demand locked in ahead of recognition已签约订单（RPO）持平（同比+4%，约 $2B，覆盖营收 0.0 倍）——已锁定、尚未确认的需求	own_rpo · bookings	+4% flat持平	risingrising
INTU Headcount flat (+2% YoY to ~18.6k) — the company's revealed hiring bet员工人数持平（同比+2%，约 18.6k）——公司用招聘表达的需求押注	hiring · headcount	+2% flat持平	fallingfalling
IQV Contracted bookings (RPO) flat (+2% YoY to ~$34B, 2.1× revenue) — signed demand locked in ahead of recognition已签约订单（RPO）持平（同比+2%，约 $34B，覆盖营收 2.1 倍）——已锁定、尚未确认的需求	own_rpo · bookings	+2% flat持平	flatflat
LH Contracted bookings (RPO) flat (-0% YoY to ~$5B, 0.3× revenue) — signed demand locked in ahead of recognition已签约订单（RPO）持平（同比-0%，约 $5B，覆盖营收 0.3 倍）——已锁定、尚未确认的需求	own_rpo · bookings	-0% flat持平	risingrising
OC Homebuilder volume (revenue) contracting (-4% YoY to ~$113B) — the demand pool for building-products suppliers建筑商销量（营收）收缩（同比-4%，约 $113B）——建材供应商的需求来源	housing · products	-4% contracting收缩	fallingfalling
SHW Homebuilder volume (revenue) contracting (-4% YoY to ~$113B) — the demand pool for building-products suppliers建筑商销量（营收）收缩（同比-4%，约 $113B）——建材供应商的需求来源	housing · products	-4% contracting收缩	flatflat
BLDR Homebuilder volume (revenue) contracting (-4% YoY to ~$113B) — the demand pool for building-products suppliers建筑商销量（营收）收缩（同比-4%，约 $113B）——建材供应商的需求来源	housing · products	-4% contracting收缩	fallingfalling
FBIN Homebuilder volume (revenue) contracting (-4% YoY to ~$113B) — the demand pool for building-products suppliers建筑商销量（营收）收缩（同比-4%，约 $113B）——建材供应商的需求来源	housing · products	-4% contracting收缩	fallingfalling
MAS Homebuilder volume (revenue) contracting (-4% YoY to ~$113B) — the demand pool for building-products suppliers建筑商销量（营收）收缩（同比-4%，约 $113B）——建材供应商的需求来源	housing · products	-4% contracting收缩	fallingfalling
CARR Homebuilder volume (revenue) contracting (-4% YoY to ~$113B) — the demand pool for building-products suppliers建筑商销量（营收）收缩（同比-4%，约 $113B）——建材供应商的需求来源	housing · products	-4% contracting收缩	flatflat
MHK Homebuilder volume (revenue) contracting (-4% YoY to ~$113B) — the demand pool for building-products suppliers建筑商销量（营收）收缩（同比-4%，约 $113B）——建材供应商的需求来源	housing · products	-4% contracting收缩	flatflat
LII Homebuilder volume (revenue) contracting (-4% YoY to ~$113B) — the demand pool for building-products suppliers建筑商销量（营收）收缩（同比-4%，约 $113B）——建材供应商的需求来源	housing · products	-4% contracting收缩	fallingfalling
ENPH Contracted bookings (RPO) contracting (-10% YoY to ~$0B, 0.4× revenue) — signed demand locked in ahead of recognition已签约订单（RPO）收缩（同比-10%，约 $0B，覆盖营收 0.4 倍）——已锁定、尚未确认的需求	own_rpo · bookings	-10% contracting收缩	fallingfalling
CMC Contracted bookings (RPO) contracting (-12% YoY to ~$1B, 0.1× revenue) — signed demand locked in ahead of recognition已签约订单（RPO）收缩（同比-12%，约 $1B，覆盖营收 0.1 倍）——已锁定、尚未确认的需求	own_rpo · bookings	-12% contracting收缩	flatflat
APP Headcount contracting (-52% YoY to ~0.4k) — the company's revealed hiring bet员工人数收缩（同比-52%，约 0.4k）——公司用招聘表达的需求押注	hiring · headcount	-52% contracting收缩	fallingfalling
GPN Contracted bookings (RPO) contracting (-76% YoY to ~$1B, 0.1× revenue) — signed demand locked in ahead of recognition已签约订单（RPO）收缩（同比-76%，约 $1B，覆盖营收 0.1 倍）——已锁定、尚未确认的需求	own_rpo · bookings	-76% contracting收缩	flatflat
DUOL Headcount contracting (-81% YoY to ~0.1k) — the company's revealed hiring bet员工人数收缩（同比-81%，约 0.1k）——公司用招聘表达的需求押注	hiring · headcount	-81% contracting收缩	fallingfalling
DOCU Contracted bookings (RPO) flat (+0% YoY to ~$2B, 0.7× revenue) — signed demand locked in ahead of recognition已签约订单（RPO）持平（同比+0%，约 $2B，覆盖营收 0.7 倍）——已锁定、尚未确认的需求	own_rpo · bookings	+0% flat持平	risingrising
MA Contracted bookings (RPO) flat (+0% YoY to ~$1B, 0.1× revenue) — signed demand locked in ahead of recognition已签约订单（RPO）持平（同比+0%，约 $1B，覆盖营收 0.1 倍）——已锁定、尚未确认的需求	own_rpo · bookings	+0% flat持平	risingrising
ZBH Contracted bookings (RPO) unclear (n/a YoY to ~$0B) — signed demand locked in ahead of recognition已签约订单（RPO）不明（同比n/a，约 $0B）——已锁定、尚未确认的需求	own_rpo · bookings	n/a不明	fallingfalling

Signal only仅信号 — 20 names只

Name标的	Chain链条	Independent signal独立信号	Consensus共识
CBRS Hyperscaler capex accelerating (+69% YoY to ~$379B) — the demand pool for AI accelerator / compute silicon云厂商资本开支加速（同比+69%，约 $379B）——AI 加速器／算力芯片的需求来源	ai_datacenter · compute	+69% accelerating加速	nonenone
NBIS Hyperscaler capex accelerating (+69% YoY to ~$379B) — the demand pool for GPU neocloud capacity云厂商资本开支加速（同比+69%，约 $379B）——GPU 新云算力的需求来源	ai_datacenter · neocloud	+69% accelerating加速	nonenone
SMR Hyperscaler capex accelerating (+69% YoY to ~$379B) — the demand pool for power & grid buildout云厂商资本开支加速（同比+69%，约 $379B）——电力与电网建设的需求来源	ai_datacenter · power	+69% accelerating加速	nonenone
WULF Hyperscaler capex accelerating (+69% YoY to ~$379B) — the demand pool for GPU neocloud capacity云厂商资本开支加速（同比+69%，约 $379B）——GPU 新云算力的需求来源	ai_datacenter · neocloud	+69% accelerating加速	nonenone
NVMI Hyperscaler capex accelerating (+69% YoY to ~$379B) — the demand pool for wafer-fab equipment (one step back, longer lead)云厂商资本开支加速（同比+69%，约 $379B）——晶圆制造设备（上游一环，前置更长）的需求来源	ai_datacenter · wfe	+69% accelerating加速	nonenone
ALAB Hyperscaler capex accelerating (+69% YoY to ~$379B) — the demand pool for AI accelerator / compute silicon云厂商资本开支加速（同比+69%，约 $379B）——AI 加速器／算力芯片的需求来源	ai_datacenter · compute	+69% accelerating加速	nonenone
NNE Hyperscaler capex accelerating (+69% YoY to ~$379B) — the demand pool for nuclear / SMR power for data centers云厂商资本开支加速（同比+69%，约 $379B）——数据中心核电／小型堆的需求来源	ai_datacenter · power	+69% accelerating加速	nonenone
CIFR Hyperscaler capex accelerating (+69% YoY to ~$379B) — the demand pool for GPU neocloud capacity云厂商资本开支加速（同比+69%，约 $379B）——GPU 新云算力的需求来源	ai_datacenter · neocloud	+69% accelerating加速	nonenone
CORZ Hyperscaler capex accelerating (+69% YoY to ~$379B) — the demand pool for GPU neocloud capacity云厂商资本开支加速（同比+69%，约 $379B）——GPU 新云算力的需求来源	ai_datacenter · neocloud	+69% accelerating加速	nonenone
APLD Hyperscaler capex accelerating (+69% YoY to ~$379B) — the demand pool for GPU neocloud capacity云厂商资本开支加速（同比+69%，约 $379B）——GPU 新云算力的需求来源	ai_datacenter · neocloud	+69% accelerating加速	nonenone
OKLO Hyperscaler capex accelerating (+69% YoY to ~$379B) — the demand pool for power & grid buildout云厂商资本开支加速（同比+69%，约 $379B）——电力与电网建设的需求来源	ai_datacenter · power	+69% accelerating加速	nonenone
CRDO Hyperscaler capex accelerating (+69% YoY to ~$379B) — the demand pool for AI accelerator / compute silicon云厂商资本开支加速（同比+69%，约 $379B）——AI 加速器／算力芯片的需求来源	ai_datacenter · compute	+69% accelerating加速	nonenone
BTDR Hyperscaler capex accelerating (+69% YoY to ~$379B) — the demand pool for GPU neocloud capacity云厂商资本开支加速（同比+69%，约 $379B）——GPU 新云算力的需求来源	ai_datacenter · neocloud	+69% accelerating加速	nonenone
CAMT Hyperscaler capex accelerating (+69% YoY to ~$379B) — the demand pool for wafer-fab equipment (one step back, longer lead)云厂商资本开支加速（同比+69%，约 $379B）——晶圆制造设备（上游一环，前置更长）的需求来源	ai_datacenter · wfe	+69% accelerating加速	nonenone
CRWV Hyperscaler capex accelerating (+69% YoY to ~$379B) — the demand pool for GPU neocloud capacity云厂商资本开支加速（同比+69%，约 $379B）——GPU 新云算力的需求来源	ai_datacenter · neocloud	+69% accelerating加速	nonenone
IREN Hyperscaler capex accelerating (+69% YoY to ~$379B) — the demand pool for GPU neocloud capacity云厂商资本开支加速（同比+69%，约 $379B）——GPU 新云算力的需求来源	ai_datacenter · neocloud	+69% accelerating加速	nonenone
HUT Hyperscaler capex accelerating (+69% YoY to ~$379B) — the demand pool for GPU neocloud capacity云厂商资本开支加速（同比+69%，约 $379B）——GPU 新云算力的需求来源	ai_datacenter · neocloud	+69% accelerating加速	nonenone
RIOT Hyperscaler capex accelerating (+69% YoY to ~$379B) — the demand pool for GPU neocloud capacity云厂商资本开支加速（同比+69%，约 $379B）——GPU 新云算力的需求来源	ai_datacenter · neocloud	+69% accelerating加速	nonenone
ARM Hyperscaler capex accelerating (+69% YoY to ~$379B) — the demand pool for AI accelerator / compute silicon云厂商资本开支加速（同比+69%，约 $379B）——AI 加速器／算力芯片的需求来源	ai_datacenter · compute	+69% accelerating加速	nonenone
CTVA Contracted bookings (RPO) accelerating (+8% YoY to ~$0B, 0.0× revenue) — signed demand locked in ahead of recognition已签约订单（RPO）加速（同比+8%，约 $0B，覆盖营收 0.0 倍）——已锁定、尚未确认的需求	own_rpo · bookings	+8% accelerating加速	nonenone

Accountability — the variant calls are scored forward可问责 — 变体判断前向评分

Open calls未结判断

Scored已评分

Hit rate命中率

—

Verdict结论

PENDING

Open calls — what each is checked against, and when未结判断 — 各自的检验对象与日期 (65)

Name标的	Chain链条	Lean倾向	Check by检验日
ADBE	own_rpo	outperform跑赢	2026-12-14
CLSK	ai_datacenter	outperform跑赢	2026-12-14
PANW	own_rpo	outperform跑赢	2026-12-14
PCG	ai_datacenter	outperform跑赢	2026-12-14
QCOM	ai_datacenter	outperform跑赢	2026-12-14
SO	ai_datacenter	outperform跑赢	2026-12-14
VST	ai_datacenter	outperform跑赢	2026-12-14
CEG	ai_datacenter	outperform跑赢	2026-12-21
ACLS	ai_datacenter	outperform跑赢	2026-12-28
AEP	own_rpo	underperform跑输	2026-12-28
ATI	own_rpo	underperform跑输	2026-12-28
AVAV	own_rpo	outperform跑赢	2026-12-28
BA	own_rpo	outperform跑赢	2026-12-28
CEG	own_rpo	outperform跑赢	2026-12-28
COHU	own_rpo	underperform跑输	2026-12-28
CTVA	own_rpo	outperform跑赢	2026-12-28
D	own_rpo	underperform跑输	2026-12-28
HII	own_rpo	outperform跑赢	2026-12-28
ITRI	own_rpo	outperform跑赢	2026-12-28
KLAC	own_rpo	underperform跑输	2026-12-28
LMT	own_rpo	outperform跑赢	2026-12-28
MDT	own_rpo	outperform跑赢	2026-12-28
MTRN	own_rpo	underperform跑输	2026-12-28
ORA	own_rpo	outperform跑赢	2026-12-28
PFE	own_rpo	underperform跑输	2026-12-28
ROK	own_rpo	underperform跑输	2026-12-28
TER	own_rpo	underperform跑输	2026-12-28
TLN	ai_datacenter	outperform跑赢	2026-12-28
TMDX	own_rpo	outperform跑赢	2026-12-28
TMO	own_rpo	outperform跑赢	2026-12-28
VST	own_rpo	outperform跑赢	2026-12-28
WDC	own_rpo	underperform跑输	2026-12-28
XYL	own_rpo	outperform跑赢	2026-12-28
DUK	ai_datacenter	outperform跑赢	2026-12-29
GEV	ai_datacenter	outperform跑赢	2026-12-29
GEV	own_rpo	outperform跑赢	2026-12-29
GLW	ai_datacenter	outperform跑赢	2026-12-29
KTOS	own_rpo	outperform跑赢	2026-12-30
LDOS	own_rpo	outperform跑赢	2026-12-30
NRG	ai_datacenter	outperform跑赢	2026-12-30
CMC	own_rpo	underperform跑输	2027-01-04
PTC	own_rpo	outperform跑赢	2027-01-11
RTX	own_rpo	outperform跑赢	2027-01-11
ENS	own_rpo	outperform跑赢	2027-01-18
LEU	ai_datacenter	outperform跑赢	2027-01-18
NXT	ai_datacenter	outperform跑赢	2027-01-26
V	own_rpo	outperform跑赢	2027-01-28
BWXT	ai_datacenter	outperform跑赢	2027-01-29
BWXT	own_rpo	outperform跑赢	2027-01-29
CRM	own_rpo	outperform跑赢	2027-01-29
A	own_rpo	outperform跑赢	2027-02-01
AEP	ai_datacenter	outperform跑赢	2027-02-01
DHR	own_rpo	outperform跑赢	2027-02-01
ICHR	ai_datacenter	outperform跑赢	2027-02-01
NOW	own_rpo	outperform跑赢	2027-02-01
D	ai_datacenter	outperform跑赢	2027-02-11
NTAP	own_rpo	outperform跑赢	2027-02-12
PATH	own_rpo	outperform跑赢	2027-02-12
SRE	ai_datacenter	outperform跑赢	2027-02-15
NEE	ai_datacenter	outperform跑赢	2027-03-01
CRWD	own_rpo	outperform跑赢	2027-03-04
AVGO	ai_datacenter	outperform跑赢	2027-03-15
AVGO	own_rpo	outperform跑赢	2027-03-15
HUBB	ai_datacenter	outperform跑赢	2027-03-15
VECO	ai_datacenter	outperform跑赢	2027-03-22

0 decided / 65 open. Need ≥20 decided before a verdict means anything; the forward record is still accruing (theses grade as their ~6-month horizons elapse). The signal is NOT back-testable historically (annual cadence, no point-in-time consensus history), so this forward ledger is the only honest path.已判定 0 个／未结 65 个。需至少 20 个已判定才有意义；前向记录仍在累积（随约6个月持有期到期逐步判定）。该信号无法用历史数据回测（年度频率、无时点共识历史），故此前向记录是唯一诚实的验证路径。

Method: each chain aggregates a spender cohort's capex/revenue (or a name's own RPO) from SEC filings as the forward-demand pool, then compares its trend to the name's analyst-revision direction. Cross-company / annual / coarse — a divergence flag, not a forecast. The signal is NOT historically back-testable (annual cadence, no point-in-time consensus history), so the forward-scored ledger above is the only honest validation path.方法：每条链条以卖方/客户群体的资本开支或营收（或个股自身RPO）作为前瞻需求来源（来自SEC财报），再将其趋势与该股分析师评级调整方向对比。跨公司／年度／粗粒度——是背离标记而非预测。该信号无法用历史数据回测（年度频率、无时点共识历史），故上方前向评分记录是唯一诚实的验证路径。

Demand Desk需求台