Research from Water Tower Research, Water Tower Research

Water Tower Research

Research from Water Tower Research

Water Tower Research is a leading equity research firm that provides research on micro, small and mid cap companies.

Water Tower Research was founded by Wall Street veterans after witnessing a fundamental shift in the investment research industry with the result being a declining knowledge base among investors, a lack of awareness and a shrinking pool of fundamental research being conducted on companies across the small-cap and micro-cap spectrum. The same issues are now increasingly occurring in the mid-cap space. This sea change within the investment community is impacting not only the companies themselves but also current shareholders and potential investors. With significantly less active sell-side sponsorship by Wall Street, a substantial information gap has developed between companies and various constituents in the financial community. The net result is fewer channels for insight and information to flow between companies and investors.

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<div><ul><li>The “Whiplash” State of AI. OpenAI just closed the largest private funding round in history at $110B. Nebius guided 2026 capex to $16–20B, roughly 4x 2025 levels, and CoreWeave guided to $30–35B, more than doubling last year’s spending, substantially all tied to signed contracts.</li><li>On the other side, Block cut 40% of its workforce citing AI efficiencies, while Anthropic’s guardrails dispute with the Pentagon escalated into a supply chain risk designation and broader federal phase-out.</li><li>Meanwhile, the macro economy is lagging, with 4Q25 GDP growth at 1.4%. </li></ul></div>

The “Whiplash” State of AI. OpenAI just closed the largest private funding round in history at $110B. Nebius guided 2026 capex to $16–20B, roughly 4x 2025 levels, and CoreWeave guided to $30–35B, more than doubling last year’s spending, substantially all tied to signed contracts.On the other side, Block cut 40% of its workforce citing AI efficiencies, while Anthropic’s guardrails dispute with the Pentagon escalated into a supply chain risk designation and broader federal phase-out.Meanwhile, the macro economy is lagging, with 4Q25 GDP growth at 1.4%. 

AI Flow Newsletter : Monitoring The "Currents" Of AI - 3 March 2026

<ul><li>Methodology. We reviewed 50 under-covered, AI-involved public companies (~$2.7 billion average market cap; about five analysts each) and their respective one-year market-cap changes.</li><li>We then mapped them to one or more of 11 AI application areas.</li><li>We also assigned each company a subjective “AI Centricity” score (1 to 10 scale) based on each company’s level of focus on AI. </li></ul>

Methodology. We reviewed 50 under-covered, AI-involved public companies (~$2.7 billion average market cap; about five analysts each) and their respective one-year market-cap changes.We then mapped them to one or more of 11 AI application areas.We also assigned each company a subjective “AI Centricity” score (1 to 10 scale) based on each company’s level of focus on AI. 

AI Industry Primer A Survey of 50 Under-Covered Companies in Artificial Intelligence (AI)

United States

UiPath, Inc. provides software solutions. The Company designs and develops robotic process automation software to build, manage, run, engage, measure, and govern automations across departments within an organization. UiPath serves customers worldwide.

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UiPath Inc (PATH US)

AI Industry Primer A Survey of 50 Under-Covered Companies in Artificial Intelligence (AI)

Methodology. We reviewed 50 under-covered, AI-involved public companies (~$2.7 billion average market cap; about five analysts each) and their...

Water Tower Research

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AI Flow Newsletter : Monitoring The "Currents" Of AI - 3 March 2026

We remain highly bullish on AI capability and adoption, but job displacement is real and gains are concentrating, not spreading.

Water Tower Research

AI Industry Primer A Survey of 50 Under-Covered Companies in Artificial Intelligence (AI)

Methodology. We reviewed 50 under-covered, AI-involved public companies (~$2.7 billion average market cap; about five analysts each) and their...

Water Tower Research