Explorer
Where incremental revenue landed
Measured values only: filed revenue for the four quarters to 2026Q2 minus the four quarters to 2025Q2, for every public company or segment with both. Each company counts once, in its main market.
Quick answer
Public tech companies in this dataset added $326.7B of revenue in the 12 months to 2026Q2 compared with the year before. AI compute & GPU cloud took the most ($135.3B), followed by Advertising & search ($104.8B). Together those two markets account for 73% of all new revenue measured.
The chart splits that new revenue first by market and then by company. Each company is counted once, in its main market, and business segments such as AWS or NVIDIA Data Center replace their parent company where they are reported.
This is a breakdown of where measured growth landed, not a record of money moving from one company to another. No public data shows budgets moving between vendors, and some of these dollars are one company's spending recorded as another's revenue (for example, cloud providers buying NVIDIA chips).
What to look for
- The width of each band: how much of the new revenue each market and company captured.
- How concentrated growth is: a handful of companies account for most of the new dollars.
- Companies whose revenue fell, listed below the chart.
- Compare with the Markets page for growth rates, and the Companies page for every company's figures.
$326.7B of incremental revenue, by market and company
This is a decomposition of measured revenue growth, not a measured flow of money from one company to another. No public dataset observes budgets moving between vendors; a Sankey of “who took from whom” would need customer-level data and would otherwise be invented. Companies below 2% of the total are grouped as “other”. Consolidated parents are replaced by their segments; NVIDIA's revenue is partly the capital spending of the cloud companies shown here, so stacking them double counts the same dollars at two layers.
Companies whose TTM revenue fell
None among companies with filed revenue in both periods.
- What the data shows
- Where measured revenue growth concentrated, in dollars, across public companies.
- What it suggests
- Infrastructure and advertising absorb most incremental dollars. Application-software markets add comparatively little.
- What remains unknown
- The origin of these dollars: new budgets, moved budgets, venture-funded spending or the capital spending of other companies in the chart. The chart cannot tell them apart.