StratGraph
Strategy & relationship research

Where America's biggest companies are heading next.

We read what S&P 500 companies disclose and decode it into what matters: the strategic moves they are likely to make next, and the map of who they buy from, sell to and compete with.

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503
companies tracked
83
strategy calls
226
relationships mapped
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updates on weekdays
AMZNAnthropic: AWS customer with multi-year, multi-gigawatt Trainium commitmentAnthropicOpenAI: AWS customer with Trainium commitment; also signed new AWS agreementOpenAIMeta: AWS customer (new agreement)MetaNVIDIA: AWS customer (new agreement)NVIDIASalesforce: AWS customer (new agreement)SalesforceBlue Origin: Satellite launch and related services for the satellite broadband network (related party)Blue OriginUnnamed third-party launch provider: Satellite launch services alongside Blue OriginUnnamed third-party launch …China-based suppliers: Significant source of components and finished goodsChina-based suppliersMemory chip suppliers (not named): Inputs for infrastructure and devices; supply volatility flaggedMemory chip suppliers (not …The Washington Post entities: Advertising, digital content and data licensing (related party)The Washington Post entitiesAnthropic: Investee (convertible notes, nonvoting stake) and Bedrock model providerAnthropicOpenAI: Bedrock model provider and engine behind Bedrock Managed AgentsOpenAISpaceXAI: Bedrock model provider (Grok models)SpaceXAIPhysical, e-commerce and omnichannel retailers: Retail competition on selection, price and conveniencePhysical e-commerce and o…Cloud and AI infrastructure providers: Competition for AWSCloud and AI infrastructu…Search engines, social networks and AI assistants: Compete for product discovery and trafficSearch engines social net…
AMZNHigh confidence
Keep capital spending on AI infrastructure high, and fund more of it with debt from several currency markets rather than slowing the build-out

Strategy radar

The highest-conviction calls from our latest research.

All strategy calls
CAHHigh confidence

Keep share repurchases as the main use of excess cash through FY27, likely executing additional programs under the $5.0 billion authorization.

Cardinal HealthRead the analysis
CIHigh confidence

Lean on Specialty and Care Services, rather than Pharmacy Benefit Services, as the main Evernorth profit engine through the 2027-2028 rebate-free transition.

CignaRead the analysis
CORHigh confidence

Close the American Oncology Network merger and fold it, with OneOncology, into a single community-oncology MSO business inside the new specialty-focused structure.

CencoraRead the analysis
COSTHigh confidence

A heavier, internationally tilted build-out in fiscal 2027, with openings and capital spending at multi-year highs.

CostcoRead the analysis
METAHigh confidence

Pay for the AI buildout with outside capital and pause buybacks, instead of funding it from free cash flow

Meta PlatformsRead the analysis
MSFTHigh confidence

Keep funding the AI infrastructure build with a larger share of debt, with further bond issuance in the coming year rather than a pullback in capital spending.

MicrosoftRead the analysis

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Berkshire Hathaway strategy and relationships
Berkshire HathawayA decentralized holding company built around insurance float, a western U.S. freight railroad, regulated utilities and a wide spread of manufacturing, service and retail businesses, now in its first year under a new CEO.
Cardinal Health strategy and relationships
Cardinal HealthCardinal Health is a very large, thin-margin U.S. drug and medical-products distributor whose profit growth is being led by brand and specialty pharmaceuticals and a set of smaller, faster-growing businesses, while its medical-products distribution arm lags.
Cigna strategy and relationships
CignaA health services group whose pharmacy-benefit and specialty-pharmacy arm, Evernorth, now produces about 85% of segment revenue, while its insurer, Cigna Healthcare, refocuses on U.S. employers after selling its Medicare businesses.
Cencora strategy and relationships
CencoraCencora is a U.S.-centered pharmaceutical wholesaler that is using its distribution scale to build ownership of specialty physician platforms in retina and oncology, while preparing to exit non-core businesses.
Costco strategy and relationships
CostcoCostco runs 945 membership warehouses in 14 countries on a low-margin, high-volume model in which membership fees, Executive upgrades and rapid inventory turnover carry profitability; fiscal 2026 net sales rose 10% to $297.2 billion.
Meta Platforms strategy and relationships
Meta PlatformsMeta runs an advertising business across Facebook, Instagram, WhatsApp, Messenger and Threads that earned a 41% operating margin in 2025, and it is now borrowing and issuing new securities to pay for an AI infrastructure buildout that has pushed free cash flow close to zero.

Most-referenced companies

How often other companies' disclosures name them as a customer, supplier, partner or competitor.

Explore relationships
AAPL 12WMT 11MSFT 10AMZN 8GOOGL 7META 6CAH 6JPM 5MCK 5COR 5

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StratGraph publishes general, impersonal research about public companies based on public filings. It is not investment advice, not a recommendation to buy, sell or hold any security, and not tailored to any reader's circumstances. Content may contain errors and may be partly generated with AI tools; verify against the original filings, which are linked. Authors may not trade securities discussed within the window set by our trading policy. Full disclaimer.