Manufacturing companies
329 companies assessed. 41 of them, 12.5%, sit in the two least protected bands, against 53.3% across all 10,525 companies assessed.
The picture
Manufacturing is splitting into two very different worlds. Companies that own physical scarcity, oil reserves, pipelines, chip lithography, jet engines, nuclear-grade equipment, are barely touched by AI-era disruption because nobody can replicate what they control. Aramco, Exxon, Chevron, RTX, GE Aerospace, General Dynamics, and ASML sit near zero pressure with strong protection because their output is either irreplaceable or locked into decades-long contracts. The other world is commodity manufacturing: steel, batteries, appliances, EVs, contract assembly, where Chinese overcapacity and price cuts are reshaping who wins. Nippon Steel, POSCO, JFE, Formosa Plastics, and LG Chem are all fighting the same problem, Chinese producers exporting more steel, PVC, and battery materials than the world needs, at prices that squeeze everyone else's margins. In autos, BYD's price cuts are hollowing out Dongfeng and GAC's joint-venture businesses. In assembly, Foxconn is running away with AI-server work while Pegatron falls behind. The one thing separating survivors from the shaky is whether a company sells something scarce and hard to copy, or something China and its rivals can make more of, cheaper, tomorrow. Scale alone doesn't protect you anymore; being the price-setter does.
All 329 companies, most protected first
| Company | Standing |
|---|---|
| 3M Diversified industrial maker of adhesives, abrasives, PPE, and optical tech since 1902 | Hard to displace |
| ABB Ltd Swiss-Swedish maker of electrification gear, motors, and automation control systems | Hard to displace |
| Airbus SE World's largest planemaker, one half of the Airbus-Boeing commercial jet duopoly | Hard to displace |
| Ameren Regulated electric and gas utility serving Missouri and Illinois under exclusive state franchises | Hard to displace |
| American Electric Power Regulated electric and gas utility serving 5.6 million customers across 11 US states | Hard to displace |
| AMETEK Inc. Maker of precision instruments and electromechanical devices via 90+ acquired niche businesses | Hard to displace |
| Amphenol Maker of connectors, cables, and interconnect systems for electronics and infrastructure | Hard to displace |
| Andritz AG Austrian maker of large industrial plants: pulp mills, hydro turbines, and steel lines | Hard to displace |
| Asahi Kasei Corporation Diversified Japanese maker of chemicals, materials, homes, and healthcare products | Hard to displace |
| ASML Holding Dutch maker of EUV lithography machines that print the chips inside every AI processor. | Hard to displace |
| Astra International Indonesian conglomerate distributing Toyota, Honda, and Komatsu vehicles and equipment nationwide | Hard to displace |
| AT&T Largest US telecom carrier, providing wireless, fiber, and business network services | Hard to displace |
| Atlas Copco AB Swedish maker of industrial compressors, vacuum systems, and tools for factories and chip fabs worldwide | Hard to displace |
| Autoliv Autoliv makes airbags, seatbelts, and steering wheels as the world's top auto safety supplier | Hard to displace |
| Avery Dennison Maker of labels, adhesives, and RFID tags used across retail and packaging worldwide | Hard to displace |
| Baker Hughes Baker Hughes makes turbines, compressors, and subsea equipment for oil, gas, and LNG operators worldwide | Hard to displace |
| Ball Ball makes aluminum beverage cans for most of the world's soda, beer, and seltzer brands. | Hard to displace |
| Bharti Airtel India's second-largest mobile and broadband carrier, running towers, fiber, and spectrum across 600M+ connections | Hard to displace |
| BHP Group BHP mines iron ore, copper, and other commodities globally as the world's largest miner by value | Hard to displace |
| Canon Inc. Japanese conglomerate making printers, cameras, medical imaging, and chip lithography gear | Hard to displace |
| Carrier Global Carrier Global makes HVAC, refrigeration, and fire safety equipment for buildings worldwide | Hard to displace |
| Caterpillar Maker of heavy machinery for construction, mining, and power generation | Hard to displace |
| CenterPoint Energy Regulated monopoly delivering electricity and gas to about 7 million customers in Texas, Indiana, Ohio, and Minnesota | Hard to displace |
| Cheniere Energy Largest US LNG exporter, running Sabine Pass and Corpus Christi terminals on long-term contracts | Hard to displace |
| Chevron Chevron is a global oil and gas supermajor: it drills, refines, and sells petroleum and gas worldwide. | Hard to displace |
| China Steel Corporation Taiwan's largest integrated steelmaker, state-backed and domestically dominant | Hard to displace |
| CMS Energy Regulated Michigan utility supplying electricity and gas to about 1.9M homes | Hard to displace |
| Commercial Metals Steel maker running electric-arc mills and rebar plants across the US, UK, and Asia | Hard to displace |
| Consolidated Edison Regulated utility delivering electricity, gas, and steam to NYC and Westchester homes | Hard to displace |
| Constellation Energy Owns and runs nuclear and gas power plants that sell electricity under long contracts, many to AI data centers. | Hard to displace |
| Contemporary Amperex Technology (CATL) World's largest EV battery maker, supplying batteries and storage systems to global automakers | Hard to displace |
| Continental Resources Private, family-owned U.S. oil and gas producer pumping 707 Mboe/d across Bakken, Permian, and Argentina | Hard to displace |
| Corning Corning makes the specialty glass and optical fiber that data centers, phones, and cars run on | Hard to displace |
| Corteva Global seed and crop protection company, ranked number two worldwide in seeds behind Bayer | Hard to displace |
| Crane Co. Makes certified aerospace sensors and process-flow equipment for planes and plants | Hard to displace |
| CRRC Corporation World's largest train and rail-equipment maker, based in China | Hard to displace |
| Cummins Maker of diesel/natural-gas engines and power generation systems for trucks, industry, and data centers | Hard to displace |
| Daikin Industries World's largest maker of air conditioning, heating, and refrigeration equipment | Hard to displace |
| Deere Deere makes tractors and heavy equipment, layering AI and GPS onto the hardware it sells | Hard to displace |
| Deutsche Telekom Germany's dominant telecom and majority owner of T-Mobile US | Hard to displace |
| Diamondback Energy Diamondback Energy pumps oil and gas in the Permian Basin as the third largest producer there | Hard to displace |
| DMG Mori Co. Japanese maker of CNC machine tools used in aerospace, defense, and medical manufacturing | Hard to displace |
| Dominion Energy Regulated electric and gas utility serving Virginia, North Carolina, and South Carolina | Hard to displace |
| Dover Dover makes connectors, pumps, and fueling equipment across industrial and regulated markets | Hard to displace |
| DTE Energy Regulated electric and gas utility holding a state-granted monopoly in Southeast Michigan | Hard to displace |
| Duke Energy Duke Energy is a regulated electric and gas utility monopoly across six southeastern and midwestern states | Hard to displace |
| Eaton Corporation Maker of electrical power equipment, circuit protection, and systems for grids and data centers | Hard to displace |
| Ebara Corporation Japanese maker of pumps, vacuum systems, and semiconductor CMP equipment since 1912 | Hard to displace |
| Ecolab Global leader in water, hygiene, and infection-prevention chemicals and services | Hard to displace |
| Emerson Electric Emerson makes control systems, valves, and software that run refineries, nuclear plants, and factories | Hard to displace |
| Enel Enel runs regulated power grids and generation across five countries under government concessions | Hard to displace |
| Energy Transfer Runs 140,000 miles of U.S. pipelines moving natural gas and NGLs coast to coast. | Hard to displace |
| Eni Italian state-linked oil and gas major with refining, retail energy, and biofuels arms | Hard to displace |
| Entergy Regulated electric and gas utility monopoly serving Arkansas, Louisiana, Mississippi, and Texas | Hard to displace |
| Enterprise Products Partners Owns and runs pipelines, storage, and export terminals moving oil, gas, and NGLs across the US | Hard to displace |
| EOG Resources Independent oil and gas producer running shale and international drilling at scale | Hard to displace |
| Epiroc AB Swedish maker of mining and construction machines, autonomous drills, trucks, and long-term service contracts. | Hard to displace |
| EQT EQT is the largest natural gas producer in the US, running Appalachian wells and pipelines as one integrated company | Hard to displace |
| Eversource Energy Regulated electric and gas utility serving 4.4 million customers in Connecticut, Massachusetts, and New Hampshire | Hard to displace |
| Exelon Exelon runs six regulated electric and gas utilities serving 11 million customers in the US | Hard to displace |
| ExxonMobil Holdings Century-old integrated oil, gas, chemicals, and refining company, now under a Texas holding parent | Hard to displace |
| FANUC Corporation Japanese maker of industrial robots and CNC controls, running factories worldwide | Hard to displace |
| Ferrari N.V. Italian ultra-luxury automaker building scarce, high-margin sports cars and EVs | Hard to displace |
| FirstEnergy Regulated electric and gas utility serving 6 million customers across six US states | Hard to displace |
| Flowserve Corporation Flowserve makes engineered pumps, valves and seals for oil, gas, chemical and nuclear plants | Hard to displace |
| Fortive Corporation Industrial software and test-tool maker (Fluke, Gordian) spun off from Danaher. | Hard to displace |
| GE Aerospace Builds jet engines (LEAP, GEnx, GE9X) in a three-player world oligopoly with CFM/Safran and Pratt & Whitney | Hard to displace |
| GE Vernova GE Vernova makes gas turbines, grid equipment, and nuclear tech that generate a quarter of the world's electricity | Hard to displace |
| GEA Group AG Makes processing machinery and plant lines for food, dairy, and pharma production | Hard to displace |
| General Dynamics Builds nuclear submarines, tanks, jets, and secure federal IT under multi-decade defense contracts. | Hard to displace |
| General Electric GE Aerospace makes jet engines, mainly the CFM LEAP and GE9X, plus a large defense propulsion business | Hard to displace |
| Gree Electric Appliances Gree makes air conditioners and appliances, and is China's number two AC maker by volume | Hard to displace |
| Halliburton Global oilfield services giant supplying drilling, completion, and production tech to oil and gas producers. | Hard to displace |
| Hanwha Corporation 74-year-old South Korean conglomerate spanning defense, shipbuilding, energy and finance | Hard to displace |
| Hitachi, Ltd. Japanese conglomerate making power grids, rail systems, and digital services | Hard to displace |
| Hon Hai Precision Industry (Foxconn) Foxconn assembles electronics for Apple, Nvidia, and others, now the world's biggest AI server builder | Hard to displace |
| Honeywell International Makes industrial automation, sensors, and control systems for refineries, plants, and buildings | Hard to displace |
| Howmet Aerospace Makes precision-cast turbine blades and forgings for jet engines and gas turbines | Hard to displace |
| Huawei Technologies Chinese telecom, chip, device, and cloud giant rebuilt from scratch after US sanctions cut it off | Hard to displace |
| Huntington Ingalls Industries Sole U.S. builder of nuclear aircraft carriers and one of two submarine yards, backed by $57B Navy backlog | Hard to displace |
| Hyosung Corporation South Korean conglomerate spanning spandex fiber, power transformers, ATMs, and chemicals | Hard to displace |
| Hyundai Heavy Industries South Korean shipbuilder making LNG carriers, FSRUs, and naval vessels | Hard to displace |
| Iberdrola Spanish utility running regulated power grids and renewables across Spain, UK, US, and Brazil | Hard to displace |
| IDEX Corporation Maker of niche pumps, valves, and fluidics parts used in pharma, semiconductor, and data-center gear | Hard to displace |
| Illinois Tool Works Diversified industrial manufacturer making fasteners, welding equipment, and specialty products across 7 segments | Hard to displace |
| Ingersoll Rand Maker of compressors, vacuums, and fluid-handling gear with a global service network | Hard to displace |
| Johnson Controls International plc Makes HVAC, fire, and security systems that run commercial buildings worldwide | Hard to displace |
| Keyence Corporation Makes sensors, machine vision, and measurement gear for factory automation lines | Hard to displace |
| Kinder Morgan Kinder Morgan runs 78,000 miles of gas and product pipelines across North America | Hard to displace |
| Komatsu Ltd. Japanese maker of construction and mining equipment, world's #2 behind Caterpillar | Hard to displace |
| KONE Corporation Finnish maker of elevators and escalators, running mostly on service contracts | Hard to displace |
| Krones AG Krones makes bottling and packaging machinery for beverage and food plants worldwide | Hard to displace |
| L3Harris Technologies US defense prime making tactical radios, sensors, electronic warfare, and space systems for the military | Hard to displace |
| Legrand SA Legrand SA makes electrical wiring devices, digital infrastructure, and datacenter power gear | Hard to displace |
| Lincoln Electric Maker of welding and cutting equipment, consumables, and robotic welding systems | Hard to displace |
| Lockheed Martin Maker of the F-35 jet and major missile defense systems for the US and allied militaries | Hard to displace |
| Makita Corporation Japanese maker of cordless power tools for professional tradespeople | Hard to displace |
| Marathon Petroleum Runs the largest US oil refining system, 13 plants processing about 3 million barrels a day | Hard to displace |
| Masco Maker of Behr paint, Delta faucets, and hansgrohe fixtures for home repair and remodel | Hard to displace |
| Mitsubishi Corporation Japan's largest trading house, owns LNG, mines, Lawson stores, and food supply chains | Hard to displace |
| Mitsubishi Heavy Industries, Ltd. Japanese maker of jet engines, warships, nuclear reactors, turbines, and fighter jets | Hard to displace |
| Motorola Solutions Motorola Solutions builds the radios, 911 systems, and dispatch software police and fire agencies run on | Hard to displace |
| Murata Manufacturing Co., Ltd. Maker of tiny ceramic capacitors (MLCCs) inside nearly every phone, car, and server | Hard to displace |
| Newmont World's largest gold miner, digging and processing physical gold from owned mines globally | Hard to displace |
| NextEra Energy Regulated Florida utility plus the world's largest wind and solar power generator | Hard to displace |
| Nordson Corporation Maker of precision dispensing, coating, and test/inspection gear for factories | Hard to displace |
| Northrop Grumman Builds the B-21 bomber, Sentinel ICBM, and other classified US defense hardware programs | Hard to displace |
| Nucor Nucor is the largest US steelmaker, running electric-arc-furnace mills that melt scrap into steel. | Hard to displace |
| Occidental Petroleum Oil and gas producer, top operator in the Permian Basin, also runs direct air capture plants | Hard to displace |
| Oneok Owns and operates about 60,000 miles of US natural gas and NGL pipelines | Hard to displace |
| Orica Limited World's largest supplier of commercial explosives and blasting systems to miners | Hard to displace |
| Otis Worldwide Otis makes and services elevators and escalators, running over 2 million units under maintenance contracts worldwide | Hard to displace |
| Owens Corning Owens Corning makes roofing, insulation, and doors for homes and buildings across North America. | Hard to displace |
| Paccar Maker of Kenworth, Peterbilt, and DAF trucks, plus parts and truck financing | Hard to displace |
| Packaging Corp. of America Makes containerboard and corrugated boxes, running its own mills and box plants across the US | Hard to displace |
| Parker-Hannifin Maker of hydraulics, pneumatics, filtration, and flight-certified aerospace systems | Hard to displace |
| Petrobras Brazil's state-controlled oil major running pre-salt fields, refineries, and tankers | Hard to displace |
| PetroChina China's state-controlled oil and gas major, running the country's dominant pipeline and refining network | Hard to displace |
| Phillips 66 Refines and moves oil into gasoline, diesel, and jet fuel across 13 US refineries and pipelines | Hard to displace |
| Plains GP Holdings Plains moves crude oil and NGLs through 18,370+ miles of pipelines linking the Permian to Gulf Coast ports | Hard to displace |
| PPG Industries Global paint and coatings maker serving aerospace, auto, and industrial customers worldwide. | Hard to displace |
| PPL Regulated electric and gas utility serving 3.6 million customers in Pennsylvania, Kentucky, and Rhode Island | Hard to displace |
| Public Service Enterprise Group Regulated gas and electric utility serving 2.4M electric and 1.9M gas customers in New Jersey | Hard to displace |
| Reliance Largest metals service center company in North America, cuts and delivers steel, aluminum, stainless to 125,000 customers | Hard to displace |
| Reliance Industries Indian conglomerate spanning telecom (Jio), refining, retail, and new energy | Hard to displace |
| Republic Services Republic Services collects, hauls, and buries trash and recycling across the US as a regulated oligopolist | Hard to displace |
| Rio Tinto Global mining major producing iron ore, copper, aluminum, and lithium worldwide | Hard to displace |
| Rockwell Automation Makes industrial control hardware and software that runs factory floors worldwide | Hard to displace |
| Rolls-Royce Holdings UK maker of jet engines, defense propulsion, and nuclear power systems | Hard to displace |
| RTX RTX makes jet engines (Pratt & Whitney), avionics, and missiles (Raytheon) for airlines and militaries worldwide. | Hard to displace |
| Safran SA Safran builds jet engines (with GE) and aircraft equipment that airlines depend on for decades. | Hard to displace |
| Sandvik AB Swedish maker of underground mining machines, cutting tools, and machining equipment since 1862 | Hard to displace |
| Sany Heavy Industry Co., Ltd. Sany makes excavators, cranes, and construction machinery, China's largest maker of it | Hard to displace |
| Saudi Arabian Oil Company (Saudi Aramco) State-owned oil giant, world's largest crude producer and cheapest to pump | Hard to displace |
| Schneider Electric Makes electrical equipment and software that run factories, buildings, and data centers | Hard to displace |
| Sempra Regulated gas and electric utility group serving California and Texas, plus Oncor | Hard to displace |
| Shell plc Shell plc is a global oil, gas, and LNG major with trading, refining, and mobility networks | Hard to displace |
| Sherwin-Williams World's largest paint and coatings maker, selling through its own stores to pro contractors | Hard to displace |
| Shimano Inc. Japanese maker of bicycle drivetrains, brakes, and fishing tackle components | Hard to displace |
| Siemens AG German conglomerate making industrial automation, digital twins, and control systems for factories, grids, and trains | Hard to displace |
| SKF AB SKF AB makes bearings and seals for industrial machinery, vehicles, and aerospace worldwide | Hard to displace |
| SMC Corporation Japanese maker of pneumatic valves, cylinders, and actuators for factory automation | Hard to displace |
| Sonoco Products Sonoco makes industrial packaging: metal cans, paper cores, rigid containers, at global scale. | Hard to displace |
| Sony Group Japanese conglomerate spanning PlayStation gaming, image sensors, music, and film | Hard to displace |
| Southern Regulated electric and gas utility with exclusive service across Georgia, Alabama, and Mississippi | Hard to displace |
| Steel Dynamics Steel Dynamics runs low-cost electric-arc mills, scrap supply, and steel fabrication across the US. | Hard to displace |
| Sumitomo Electric Industries Japanese maker of auto wiring harnesses, optical fiber and cable, and industrial materials | Hard to displace |
| Taiwan Semiconductor Manufacturing Company (TSMC) World's largest contract chipmaker, manufactures leading edge chips for Apple, Nvidia, AMD, and others | Hard to displace |
| Targa Resources Targa runs pipelines, processing plants, and gathering systems that move Permian natural gas and NGLs to market | Hard to displace |
| Techtronic Industries Co. Ltd. Hong Kong maker of cordless power tools, owns Milwaukee and Ryobi brands | Hard to displace |
| Textron Maker of Cessna and Beechcraft planes, Bell helicopters, and military aircraft | Hard to displace |
| Thermax Limited Indian industrial engineering firm making boilers, chillers, water treatment and bio-CNG plants | Hard to displace |
| Toray Industries, Inc. Century-old Japanese maker of carbon fiber, films, and chemicals for aerospace and industry | Hard to displace |
| TotalEnergies French supermajor producing oil, gas, LNG, and power at global scale | Hard to displace |
| Trane Technologies plc Makes and services commercial and residential HVAC equipment, one of the top players in a concentrated US market | Hard to displace |
| TransDigm Group Makes sole-source, FAA-certified aerospace parts sold at high margins for decades | Hard to displace |
| Vertiv Holdings Vertiv makes the power and cooling gear that keeps AI data centers running | Hard to displace |
| Vistra Vistra generates and sells electricity across US power grids, including nuclear, gas, solar, and battery storage | Hard to displace |
| Volvo Group (AB Volvo) Swedish maker of heavy trucks, buses, and construction equipment, selling under Volvo, Mack, and Renault brands | Hard to displace |
| Vulcan Materials Producer of crushed stone, sand, and gravel for roads and buildings | Hard to displace |
| Wärtsilä Corporation Finnish maker of marine engines and power-plant equipment, plus long-term service contracts | Hard to displace |
| Waste Management Largest US waste hauler, running landfills, trucks, recycling, and now medical waste via Stericycle | Hard to displace |
| Watts Water Technologies Maker of valves, backflow preventers, and water safety/control products for buildings | Hard to displace |
| WEC Energy Group Regulated gas and electric utility monopoly serving 4.7-4.8M customers across WI, IL, MI, and MN. | Hard to displace |
| Weir Group PLC 155-year-old UK maker of mining pumps, cyclones, and wear parts, selling equipment plus replacement parts to miners | Hard to displace |
| Westinghouse Air Brake Makes locomotives, air brakes, and rail safety hardware for freight railroads worldwide | Hard to displace |
| Williams Moves about a third of US natural gas, now building AI power plants | Hard to displace |
| Xcel Energy Regulated electric and gas utility serving eight US states as a legal monopoly | Hard to displace |
| Xylem Xylem makes pumps, meters, and treatment systems that run municipal water and wastewater networks. | Hard to displace |
| Adani Enterprises Indian conglomerate running ports, airports, mining, and power under long-term government concessions | Defensible for now |
| AGCO AGCO makes farm equipment under Fendt, Massey Ferguson, and Valtra brands worldwide | Defensible for now |
| Air Products & Chemicals Makes industrial gases (hydrogen, oxygen, nitrogen) via long-term plants and pipelines for refiners, chemical and steel plants worldwide. | Defensible for now |
| Alcoa Alcoa mines bauxite and refines it into alumina and aluminum, sold as a global commodity | Defensible for now |
| Amcor plc World's largest packaging maker, serving food, beverage, and pharma clients. | Defensible for now |
| Anduril Industries Anduril builds autonomous weapons, drones, and defense software for the US military. | Defensible for now |
| Anhui Conch Cement Company China's largest cement maker, world's #2 by capacity, state-backed clinker and cement producer | Defensible for now |
| Astec Industries, Inc. Astec makes asphalt, concrete, and aggregate processing equipment for road building and construction | Defensible for now |
| Bharat Forge Indian forging giant supplying auto parts, now pushing into defence and aerospace | Defensible for now |
| Bharat Heavy Electricals Limited State-owned Indian maker of power plant turbines, generators, and nuclear/defence equipment | Defensible for now |
| Boeing Boeing builds commercial jets, military aircraft, and space systems as one of two global airplane makers | Defensible for now |
| Builders FirstSource Builders FirstSource makes and distributes building materials, trusses, and installed components for homebuilders | Defensible for now |
| BYD Company World's largest EV maker, building its own batteries, chips, and cars at massive scale | Defensible for now |
| China Mobile China's largest mobile carrier, state-controlled, 990M+ subscribers, dominant 5G network | Defensible for now |
| ConocoPhillips ConocoPhillips pumps oil and gas from owned reserves worldwide, selling into global commodity markets. | Defensible for now |
| Continental AG German tire maker, 4th-largest globally, now going pure-play after two spinoffs | Defensible for now |
| Crown Holdings Global maker of metal cans and packaging for beverages, food, and aerosols | Defensible for now |
| Doosan Enerbility Co., Ltd. Korean maker of nuclear reactors, gas turbines, and power plant equipment | Defensible for now |
| DuPont Maker of Tyvek, Kevlar, Nomex, and water filtration membranes for regulated industries | Defensible for now |
| Eastman Chemical Eastman makes specialty plastics, fibers, and chemical-recycling technology for global brands. | Defensible for now |
| Ericsson Swedish maker of 5G/4G radio network gear and patents for mobile carriers worldwide | Defensible for now |
| Expand Energy Largest independent US natural gas producer, feeding power plants, LNG exports, and AI data centers | Defensible for now |
| FAW Group Corporation State-owned Chinese automaker behind Hongqi, FAW-Jiefang trucks, and mass-market EV brands | Defensible for now |
| Flex Ltd. Flex builds electronics for hyperscalers and factories, splitting its AI-hardware unit into a new company | Defensible for now |
| Freeport-McMoRan Freeport-McMoRan mines copper and gold, anchored by the giant Grasberg deposit in Indonesia | Defensible for now |
| Geely Automobile Holdings Geely: China's #1 passenger-car maker, #2 in NEVs, exporting fast globally | Defensible for now |
| General Motors GM builds and sells Chevrolet, GMC, Buick and Cadillac vehicles through factories and dealers worldwide | Defensible for now |
| Giant Manufacturing Co., Ltd. World's largest bicycle maker, hit hard by a US import ban on its bikes | Defensible for now |
| Glencore Glencore mines and trades metals, coal, and oil, moving physical commodities worldwide | Defensible for now |
| Global Partners Owns fuel terminals and ~1,700 gas stations/convenience stores across the US Northeast and Gulf | Defensible for now |
| Havells India Limited Indian maker of wires, cables, fans, and home appliances sold under Havells and Lloyd brands | Defensible for now |
| Hoa Phat Group Vietnam's largest integrated steelmaker, from iron ore to finished steel products | Defensible for now |
| Honda Motor Co. Japanese automaker making cars, motorcycles, hybrids, and engines worldwide | Defensible for now |
| Hyundai Motor Company South Korea's Hyundai Motor makes cars and EVs, the world's third largest automaker by volume | Defensible for now |
| Hyundai Steel Company South Korean steelmaker making automotive and construction steel, majority tied to Hyundai Motor Group orders | Defensible for now |
| Inovance Technology Co., Ltd. Chinese maker of servo drives, PLCs, VFDs and robots for factory automation and EVs | Defensible for now |
| International Flavors & Fragrances Global maker of flavors, fragrances, and scent/taste ingredients for consumer products | Defensible for now |
| International Paper Maker of corrugated boxes and containerboard for shipping and packaging | Defensible for now |
| JFE Holdings Japanese steelmaker formed from NKK and Kawasaki Steel, world's roughly 5th-largest by revenue | Defensible for now |
| JSW Steel Limited India's largest integrated steelmaker, running mines, mills and ports end to end. | Defensible for now |
| Kawasaki Heavy Industries, Ltd. Japanese conglomerate building submarines, Shinkansen trains, LNG ships, aircraft parts, and robots | Defensible for now |
| Kobe Steel, Ltd. Japan's #3 integrated steelmaker, making steel, aluminum, and industrial machinery | Defensible for now |
| Kyocera Corporation Japanese maker of ceramic components, semiconductor packages, printers, and telecom gear | Defensible for now |
| Lear Tier-1 auto supplier making seats and electrical systems for global carmakers | Defensible for now |
| Lenovo Group World's top PC maker now building out AI servers and data center gear | Defensible for now |
| LG Electronics South Korean maker of TVs, appliances, and auto parts, chasing AI robots and data-center cooling | Defensible for now |
| Materialise NV Belgian firm selling 3D-printing software plus FDA-cleared medical planning tools and print services | Defensible for now |
| Mohawk Industries Global flooring giant making carpet, tile, laminate, and LVT under Mohawk, Pergo, Karastan brands | Defensible for now |
| Mosaic Mines and sells potash and phosphate fertilizer to farmers worldwide | Defensible for now |
| Nippon Steel Corporation Japan's top steelmaker, world's 4th-largest, now owner of U.S. Steel | Defensible for now |
| Nokia Corporation Nokia builds carrier network gear: 5G radios, optical networking, and IP routing for telecoms. | Defensible for now |
| NRG Energy Power generator and retailer running ~25 GW of plants for 6-8M customers in 24+ states | Defensible for now |
| NSK Ltd Japanese maker of precision bearings for cars, factories, and machinery | Defensible for now |
| Omron Corporation Japanese maker of industrial sensors, controllers, robotics parts, and health devices | Defensible for now |
| Oshkosh Makes fire trucks, garbage trucks, military vehicles, and lift equipment for governments and contractors | Defensible for now |
| PG&E Regulated gas and electric utility holding a state-granted monopoly across Northern and Central California | Defensible for now |
| Quanta Computer Inc. Taiwanese contract manufacturer turned #2 builder of AI servers for big cloud firms | Defensible for now |
| Regal Rexnord Corporation Makes industrial motors, gears, and power transmission systems for factories and data centers | Defensible for now |
| Ricoh Company, Ltd. Ricoh makes office printers, copiers, and MFPs, now pushing document AI and IT services. | Defensible for now |
| Robert Bosch GmbH German conglomerate making auto parts, industrial tech, home appliances, and building tech | Defensible for now |
| Samsung Electronics South Korean maker of memory chips, phones, and displays; world's top memory producer | Defensible for now |
| Samsung Heavy Industries Korean shipbuilder making LNG carriers, FLNG units, and offshore platforms | Defensible for now |
| Siam Cement Group (SCG) Thailand's largest cement, chemicals and packaging conglomerate, founded 1913 | Defensible for now |
| SK Hynix South Korean memory maker, world leader in HBM chips that feed Nvidia's AI GPUs | Defensible for now |
| Somnigroup International World's largest mattress maker and retailer, owns Tempur-Pedic, Sealy, and Mattress Firm's stores | Defensible for now |
| SpaceX Rockets and satellite internet company that bolted on a money-losing AI arm, Grok, via the xAI merger | Defensible for now |
| Tata Steel Tata Group's 118-year-old integrated steelmaker, leading producer in India with UK/Netherlands units in transition | Defensible for now |
| TCL Technology Group Chinese state-linked display panel maker, #2 globally in TV panels, #1 in big screens | Defensible for now |
| TDK Corporation TDK makes MLCCs, batteries, sensors and other components for phones, EVs, and now AI servers | Defensible for now |
| Telefonica Spanish telecom giant running phone, internet, and TV networks across Spain, Brazil, and Europe | Defensible for now |
| Terex Corporation Terex builds cranes, aerial lifts, material handling gear, and now refuse trucks and ambulances via REV Group | Defensible for now |
| Thor Industries World's largest RV maker, building towables, motorhomes, and campers across 35+ brands | Defensible for now |
| Toshiba Corporation 150-year-old Japanese conglomerate spanning nuclear, defense, rail, elevators, HDDs, and power chips | Defensible for now |
| Toyota Motor Corporation World's largest automaker by volume, selling Toyota, Lexus, Daihatsu and Hino vehicles globally | Defensible for now |
| Vale S.A. Vale is the Brazilian mining giant that digs and ships most of the world's iron ore. | Defensible for now |
| Valero Energy World's largest independent oil refiner, running 3.2M barrels/day across the US, Canada, and UK | Defensible for now |
| Venture Global Venture Global builds and operates large LNG export terminals along the U.S. Gulf Coast | Defensible for now |
| Verizon Communications Verizon: largest US wireless carrier, also a major fiber and enterprise network operator | Defensible for now |
| Vodafone Group Vodafone runs mobile and fixed networks across Europe and Africa, plus a stake in Vodafone Idea in India | Defensible for now |
| Weichai Power Chinese maker of diesel engines, heavy trucks, forklifts, and a big KION Group stake | Defensible for now |
| Western Digital Western Digital makes hard drives, mainly for hyperscale cloud data centers | Defensible for now |
| Westlake Westlake makes PVC, polyethylene, and building products from US Gulf Coast ethane feedstock | Defensible for now |
| World Kinect Fuel logistics middleman supplying jets, ships, and trucks fuel and credit across 190 countries | Defensible for now |
| XCMG Machinery Chinese maker of cranes, excavators, and construction equipment, world's #3 by revenue | Defensible for now |
| Xometry Inc. Online marketplace matching manufacturing buyers with a vetted supplier network | Defensible for now |
| Yageo Corporation Yageo makes MLCC capacitors, tantalum capacitors, and chip resistors for autos, industry, and AI servers | Defensible for now |
| Yaskawa Electric Corporation Japanese maker of servo motors, motion controllers, and industrial robots for factories | Defensible for now |
| Yutong Bus Co., Ltd. China's largest bus and coach maker, exporting buses and e-buses to 100+ countries | Defensible for now |
| Zoomlion Heavy Industry Science and Technology Co., Ltd. Chinese maker of cranes, excavators, concrete gear, and other heavy construction machinery | Defensible for now |
| AES AES is a US power generator and utility going private in a $10.7B GIP/EQT buyout after regulated growth needed more capital | Protection under test |
| BMW Group BMW Group builds premium BMW, Mini, and Rolls-Royce vehicles sold globally. | Protection under test |
| BorgWarner BorgWarner makes turbochargers, thermal systems, and e-propulsion parts for car and truck makers worldwide. | Protection under test |
| BP plc BP is a UK based global oil and gas major with upstream, trading, fuels, and Castrol lubricants | Protection under test |
| Chart Industries Maker of cryogenic and industrial gas equipment, now a Baker Hughes segment | Protection under test |
| CNH Industrial N.V. Dutch maker of Case IH and New Holland tractors and CASE construction gear | Protection under test |
| Compal Electronics, Inc. Compal is a Taiwan ODM building laptops, servers, and now AI-server racks for NVIDIA clients | Protection under test |
| Coterra Energy Oil and gas producer that merged into Devon Energy in May 2026, forming a Permian and gas giant | Protection under test |
| Dana Dana makes axles, driveshafts, and drivetrain parts for cars, trucks, and off-highway vehicles | Protection under test |
| Devon Energy US oil and gas producer pumping crude and gas mainly from the Permian Basin | Protection under test |
| EchoStar Satellite TV and wireless carrier selling off spectrum and networks while restructuring debt | Protection under test |
| Edison International Parent of Southern California Edison, a regulated electric monopoly utility | Protection under test |
| Fathom Digital Manufacturing On-demand manufacturer making 3D-printed and CNC parts for aerospace, medical, and industrial clients | Protection under test |
| Ford Motor Ford makes trucks, SUVs, and commercial vehicles, and runs a fleet software business called Ford Pro | Protection under test |
| Formosa Plastics Corporation Taiwanese petrochemical maker turning naphtha into plastics, PVC, and chemicals since 1954 | Protection under test |
| GAC Group (Guangzhou Automobile Group) State-owned Chinese automaker running Toyota and Honda joint ventures plus its own Aion, Trumpchi, Hyptec EV brands | Protection under test |
| Hadrian Builds automated robotic factories that machine precision parts for aerospace and defense | Protection under test |
| Hisense Group Chinese state-linked maker of TVs, appliances, and VIDAA smart TV software, sold in 160+ countries | Protection under test |
| HP HP makes PCs and printers, and runs Instant Ink subscriptions that lock in ink buyers. | Protection under test |
| LG Chem Ltd. LG Chem makes EV battery cathode materials and commodity petrochemicals in South Korea | Protection under test |
| Luxshare Precision Industry Co., Ltd. Chinese contract manufacturer making Apple products, cars, and AI data center parts | Protection under test |
| Machina Labs Robotic, dieless metal-forming manufacturer for aerospace, defense, and auto parts | Protection under test |
| Manitowoc Company, Inc. Manitowoc builds mobile, tower, and crawler cranes for construction and industrial lifting worldwide | Protection under test |
| NOV Maker of drilling rigs, top drives, mud pumps and subsea gear for oil and gas producers | Protection under test |
| Ovintiv Oil and gas producer pumping crude and gas from Permian, Montney, and Anadarko basins | Protection under test |
| Panasonic Holdings Corporation Japanese conglomerate making batteries, appliances, avionics, and now AI data-center power cells | Protection under test |
| Protolabs Inc. Digital manufacturer offering instant online quoting for CNC, 3D printing, injection molding | Protection under test |
| Resideo Technologies Resideo makes home security, thermostats, cameras and distributes AV/security gear through pro dealers | Protection under test |
| Schaeffler AG German maker of bearings, motors, and precision parts for cars, industry, aerospace | Protection under test |
| Whirlpool Whirlpool makes kitchen and laundry appliances, mostly sold in the Americas | Protection under test |
| 3D Systems Corporation Maker of 3D printers, materials, and software for healthcare and industrial manufacturers | Losing its protection |
| APA APA Corporation drills and produces oil and gas across the Permian, Egypt, and offshore Suriname | Losing its protection |
| Boom Supersonic, Inc. Startup building a supersonic airliner and now gas turbines for data centers | Losing its protection |
| Carbon, Inc. Carbon makes DLS 3D printers and captive resins for dental, footwear, and sports gear. | Losing its protection |
| Celanese Global chemicals maker producing acetic acid, acetate fibers, and engineered polymers | Losing its protection |
| Charter Communications Charter runs Spectrum cable, internet, and mobile service across 43.2 million US locations | Losing its protection |
| Cleveland-Cliffs Domestic integrated steelmaker supplying autos, defense, and infrastructure with steel | Losing its protection |
| Delek US Holdings Independent US refiner running four refineries plus Permian midstream and logistics assets | Losing its protection |
| Divergent Technologies Metal 3D-printing manufacturer supplying defense and automotive parts via in-house printers | Losing its protection |
| Dongfeng Motor Corporation Chinese state-owned automaker selling Dongfeng, Voyah, and joint-venture brands across China | Losing its protection |
| Dow Dow makes plastics and chemicals at huge integrated plants worldwide, from ethylene to silicones. | Losing its protection |
| Formlabs Inc. Formlabs makes desktop resin and SLS 3D printers for professional, dental, and medical use | Losing its protection |
| Goodyear Tire & Rubber Goodyear makes and sells tires, the last major US-based tire manufacturer left standing | Losing its protection |
| Graphic Packaging Holding Maker of paperboard cartons, cups, and packaging for food and beverage brands | Losing its protection |
| HF Sinclair Independent US oil refiner running seven plants and 1,750+ Sinclair gas stations | Losing its protection |
| ICON Technology, Inc. ICON prints buildings with giant robotic 3D printers, mixing military contracts with home construction | Losing its protection |
| Lumen Technologies Lumen leases fiber network capacity to enterprises and AI cloud providers. | Losing its protection |
| Mercedes-Benz Group German maker of premium and luxury cars including Mercedes-Maybach, AMG, and S-Class | Losing its protection |
| PBF Energy PBF Energy runs six US oil refineries with about 1,000,000 barrels a day of capacity | Losing its protection |
| Pegatron Corporation Taiwanese contract manufacturer assembling iPhones, laptops, and now AI servers for Apple and others | Losing its protection |
| POSCO Holdings South Korea's largest steelmaker, now also mining and refining lithium for batteries | Losing its protection |
| QuantumScape Corporation US maker of solid-state EV batteries, still pre-revenue after 16 years | Losing its protection |
| Redwood Materials, Inc. US company recycling EV batteries into cathode materials, now also building energy storage systems | Losing its protection |
| Relativity Space, Inc. Rocket maker pivoting from 3D printing to Terran R launches and AI-satellite bets | Losing its protection |
| Rivian Automotive, Inc. Rivian builds and sells electric trucks, SUVs, and vans from its own US plants | Losing its protection |
| Stanley Black & Decker Maker of DEWALT, Craftsman, and Stanley tools, plus industrial fasteners | Losing its protection |
| Stratasys Ltd. Israeli maker of industrial 3D printers, materials, and aerospace-grade additive manufacturing systems | Losing its protection |
| Tesla Tesla builds electric vehicles and energy storage, banking its valuation on future robotaxis and robots | Losing its protection |
| Top Glove Corporation Bhd World's largest disposable rubber glove maker, based in Malaysia | Losing its protection |
| Velo3D, Inc. Velo3D builds large-format metal 3D printers for aerospace and defense parts. | Losing its protection |
| VinFast Auto Ltd. Vietnamese automaker selling EVs mostly at home, kept alive by its founder's cash | Losing its protection |
| Volkswagen Group German auto group selling VW, Audi, and Porsche vehicles worldwide | Losing its protection |
| Wistron Corporation Taiwanese contract manufacturer building AI servers, mostly for Nvidia customers | Losing its protection |
| Xiaomi Corporation Chinese maker of phones, smart devices, and EVs under one connected ecosystem | Losing its protection |
| ZF Friedrichshafen AG German auto supplier making transmissions, chassis, and driving-assist systems for major carmakers | Losing its protection |
| Arevo Defunct carbon fiber 3D printing bike/frame maker, IP now owned by Stratasys | Little protection left |
| Desktop Metal Metal 3D printing tech, now a bankruptcy-sale asset relaunched as an AI manufacturing startup | Little protection left |
| Lucid Group, Inc. Lucid makes luxury electric sedans and SUVs, backed almost entirely by Saudi Arabia's PIF | Little protection left |
| Markforged Markforged makes industrial 3D printers for metal and composite parts | Little protection left |
| Northvolt AB Defunct Swedish battery gigafactory maker; assets now owned by Lyten after 2025 bankruptcy | Little protection left |
| Optimum Communications Optimum (formerly Altice USA) runs cable/broadband, video and mobile service across the New York area and beyond | Little protection left |
Questions people ask
- Will steel companies survive the AI era?
- It depends heavily on exposure to Chinese overcapacity. Nippon Steel and JSW Steel are holding up better because of protected markets or strong domestic positions, while POSCO and JFE Holdings are losing ground as Chinese exports and lower-cost rivals eat into their share.
- Are EV battery makers going to make it?
- Northvolt already didn't, going bankrupt in 2025 after BMW cancelled a $2 billion order and moved to Samsung SDI. LG Chem is still fighting Chinese cathode makers on price, while Panasonic faces the same squeeze from CATL and BYD's scale.
- Which manufacturing companies are safest from AI disruption?
- Companies with physical scarcity or exclusive technology are safest, like ASML with its EUV chip machines, Saudi Aramco with the cheapest oil to pump, and GE Aerospace with a locked three-player engine market.
- Is Boeing losing to Airbus?
- Yes, Airbus now holds about 62% of the duopoly's order backlog versus Boeing's 38%, as delivery delays and safety issues have pushed buyers toward Airbus.
- Why are Chinese automakers taking over EV market share?
- BYD is cutting prices by 34% and selling 4.27 million units, which is hurting both Chinese state automakers like Dongfeng and GAC and their joint ventures with Honda and Toyota, some of which have seen sales fall over 50%.
- Are contract manufacturers like Pegatron at risk?
- Pegatron is under real pressure because Foxconn controls 40-43% of AI-server assembly work and Tata now owns 60% of Pegatron's India iPhone plant, leaving Pegatron with a shrinking slice of both phone and server assembly.
What to watch
- Chinese steel and PVC export volumes rising further
- BYD and other Chinese EV makers cutting prices again
- Fiber and 5G home internet subscriber growth at AT&T, Verizon, and T-Mobile
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