The lens
How we score
AI is everywhere. Moats are not. We isolate one lens — who is turning intelligence into a durable operating advantage — then score it. Three pillars, 0–5 each, total 0–15. The hard fence on every pillar is 2 vs 3.
Weight — the important split
2 = operational hygiene (same business, run cleaner). 3 = could move business model or market position. If every competitor bought the same Copilot seats, would this company still look different? If no → 2.
Reach
How much of the chain has operating use (pilot or better). 2 = one solid function. 3 = a program, not a project.
Proof
Did it land. 2 = named in a 10-K or earnings, tied to a function. 3 = you can see it running. 5 is a KPI on the intelligence function — not robot or device volume.
A 5 is rare
We are early in the cycle. A company can be a real bet at a 3 or 4. None of the first Health Care Equipment ten earned a 5.
The pond
The map starts from the S&P 1500 — the S&P 500, MidCap 400, and SmallCap 600 — as held by the iShares IVV, IJH, and IJR funds. That is a free proxy, not a licensed S&P list. We then drop the tip of the spear (chip and cloud vendors, most of IT) and scan traditional operators. We do not score all 1,500. The product is a short list inside that pond.