Theme
AI Applications
Enterprise software and platforms productizing AI for end-users.
0.407avg corr (252d)
5stocks
Weak co-movementStocks · key Fib levels
- CRWD$772.50last$433.00fib+78.4%vs fibanchored by Amazon Web Services · Goldman Sachs · Mercedes-Benz · Target · undisclosed Fortune 100 majority
- ▸**2024-07-19** - Faulty Falcon sensor channel file crashed ~8.5M Windows hosts globally; Delta Air Lines claimed $500M operational impact, filed suit Oct 2024
- ▸**2024-09** - Customer Commitment Package (CCP) launched: subscription credits + flexible commitments to retain affected accounts; ~$60M+ ARR drag absorbed across FY25-FY26
- ▸**2024-11** - Falcon Flex usage-based licensing model crossed $1B account-value in Q3 FY25; converts module shelfware into in-quarter consumption
- ▸**2025-03** - Q4 FY25 print: net-new ARR returned to YoY growth for first time since incident; ending ARR $4.24B (+23% YoY)
- ▸**2025-Q1 FY26** - Charlotte AI agentic security GA'd; Falcon Identity + Falcon Cloud Security each crossed $1.3B ARR
- ▸**Ongoing** - 8 of top 10 US banks, 7 of top 10 Fortune retailers, 65% of Fortune 100 are Falcon customers (per company disclosure)
- IBM$288.72last- fibanchored by Global banks & financial institutions · US Government · Telecom & large enterprises
- ▸2026-05-21 - US Commerce Dept letter of intent: ~$1B federal grant plus a minority government equity stake in IBM, part of a $2B national quantum package; jointly funds the "Anderon" 300mm quantum wafer foundry in Albany, NY ($1B CHIPS Act incentives + $1B IBM)
- ▸2026-05 - Project Lightwell: $5B and 20,000 engineers committed to securing open-source software at enterprise scale
- ▸2026-05 - >$10B five-year quantum commitment reaffirmed; fault-tolerant quantum computer targeted by 2029
- ▸2026-04-22 - Q1 2026 print: revenue $15.9B (+9% YoY); Software $7.05B (+11%, Red Hat +13%, Data +19%); Infrastructure $3.33B (+15%, IBM Z mainframe +51%); non-GAAP EPS $1.91 (vs $1.81 cons); FCF $2.2B; quarterly dividend raised to $1.69
- ▸2026-03-17 - Closed ~$11.6B all-cash acquisition of Confluent (CFLT) at $31/share, adding real-time data streaming to the Software segment; CFLT delisted from Nasdaq
- ▸FY2025 - Revenue $67.5B (+6% YoY); net income from continuing ops $10.6B; free cash flow ~$14.7B
- ▸2026 guidance - >5% constant-currency revenue growth; free cash flow ~$1B higher YoY
- ▸Snapshot 2026-05-30: price ~$296 (2026-05-29 close); mcap ~$278B (~938.5M sh); repriced from ~$222 (2026-05-20) on the quantum-funding catalyst
- PLTR$127.45last$137.00fib−7.0%vs fibanchored by US Department of Defense · US Intelligence Community · UK NHS · US Army · BP · Airbus · Stellantis · Cleveland Clinic
- ▸**May 2025** - DoD Maven Smart System ceiling raised to $480M (from $153M), 4-year expansion across Army/SOCOM/CENTCOM/INDOPACOM
- ▸**Apr 2025** - NATO adopts Maven Smart System for intelligence ops (first NATO-wide AI deployment)
- ▸**Q1 2025** - US Army TITAN ground-station program: PLTR is software prime under $178M Northrop $NOC contract
- ▸**2024** - UK NHS Federated Data Platform: 5-year £330M deal (largest commercial Foundry win to date)
- ▸**2024** - US Special Operations Command Mission Manager: $463M 5-year ceiling
- ▸**Q4 2025** - Anthropic + AWS partnership: Claude available natively inside AIP for US Gov customers
- SNOW$259.99last$134.00fib+94.0%vs fibanchored by AT&T · Capital One · Adobe · Pfizer · Western Union · Mastercard · BlackRock · Comcast · Instacart · Novartis
- ▸2024-06: Cortex AI GA - LLM functions (COMPLETE, SUMMARIZE, TRANSLATE) callable from SQL
- ▸2024-06: Polaris Catalog open-sourced - Iceberg REST catalog, Apache 2.0 license
- ▸2024-Q4: Snowpark Container Services GA - run any container against warehouse data
- ▸2025: Snowflake Intelligence + Cortex Agents - agentic workflows over enterprise data
- ▸2025: Partnership with $NVDA on NeMo + GPU-accelerated Cortex inference
- ▸2025: Apache Iceberg tables GA - externalized storage, federation with $DBRK Delta
- ▸Ongoing: $5B+ remaining performance obligations carried on balance sheet
- ZETA$21.09last$17.00fib+24.1%vs fibanchored by Top-3 US wireless carrier · Top-5 US bank (renewed 2025) · F500 auto OEM · F500 retail / e-commerce · F500 travel & hospitality
- ▸**2025-Q3** - Multi-year >$50M expansion with a top-3 US wireless carrier, anchored on Zeta AI Agent Studio for retention campaigns
- ▸**2025** - Renewed and upsized a top-5 US bank deal; cited as proof of >110% net-revenue retention in the scaled-customer cohort (>$1M ARR)
- ▸**2024-Q4** - LiveIntent acquisition closed (~$250M consideration) - folded LiveIntent identity graph + email-newsletter inventory into ZMP
- ▸**2024** - Launched Zeta AI Agent Studio (LLM-native campaign agents) as the platform headline upsell
- ▸**Ongoing** - Footprint across F500 marketers in financial services, telecom, retail, auto and travel verticals
Co-movement matrix (252d)
CRWD | IBM | PLTR | SNOW | ZETA | |
|---|---|---|---|---|---|
| CRWD | · | 0.37 | 0.46 | 0.58 | 0.40 |
| IBM | 0.37 | · | 0.28 | 0.34 | 0.42 |
| PLTR | 0.46 | 0.28 | · | 0.43 | 0.43 |
| SNOW | 0.58 | 0.34 | 0.43 | · | 0.36 |
| ZETA | 0.40 | 0.42 | 0.43 | 0.36 | · |
About themes
Themes are editorial groupings - narrative buckets used for technical screens. They exist alongside bubbles, which are validated empirically by capital-flow co-movement.
When a theme's avg correlation is high, the editorial story is also tradeable as a bloc. When it's low, the narrative groups stocks that don't actually move together - useful for thinking, less useful for trading.
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Frequently asked questions
- What are the top stocks in the AI Applications theme?
- QuantAbundancia's AI Applications theme tracks 5 stocks ranked editorially: CRWD, IBM, PLTR, SNOW, ZETA.
- Do AI Applications stocks move together?
- The AI Applications theme has a 252-day average correlation of 0.41 across its members - weak co-movement. Editorial themes are narrative groupings, not capital-flow validated; tradability follows correlation, not the story.