A-D terms

51 percent attack

An attack in which one participant controls most of a proof-of-work network's computing power and can disrupt transaction ordering or double-spend.

Also matched as: 51% attack

accretive acquisition

A merger or purchase that increases the acquiring company's earnings per share.

accretive acquisitions

Acquisitions expected to increase the buyer's earnings per share after the transaction.

accretive m a

Acquisitions that increase the acquiring company's earnings per share immediately upon integration.

accretive ma

Acquisitions that increase earnings per share and add value to the existing portfolio.

accretive share buybacks

Repurchasing shares to increase earnings per share and enhance shareholder value.

addressable market

Addressable market is the portion of the broader market that a business can realistically target with its offering, geography, and distribution.

adjusted ebitda

EBITDA modified to exclude selected items that management considers non-recurring or not representative of ongoing operations.

advanced packaging

Semiconductor assembly techniques that combine dies, chiplets, memory, or interconnects in one package to improve performance, density, or efficiency.

agentic ai

Autonomous artificial intelligence systems capable of performing complex tasks and decision-making without constant human intervention.

agentic ai workflows

Autonomous software systems capable of executing complex tasks, reducing human labor requirements and corporate overhead.

agentic commerce

Commercial activity in which software agents discover, negotiate, purchase, or sell goods and services with limited human intervention.

agentic workflows

Processes in which AI agents plan and execute multi-step tasks with limited human intervention.

ai capex

Capital spending on chips, data centers, power, networking, and other infrastructure used to develop or run AI systems.

ai capex bubble

A market concern that AI infrastructure investment may exceed sustainable demand or economic returns.

ai capex cycle

The investment cycle for data centers, chips, power, networking, and other AI infrastructure.

Also matched as: AI capital expenditure cycle

ai hyperscalers

Large cloud or technology operators that build and run AI computing infrastructure at very large scale.

ai inference

The process of using a trained AI model to generate a prediction, classification, or other output from new input.

ai infrastructure

The compute, networking, storage, power, cooling, software, and facilities used to develop and operate AI systems.

ai integration

Incorporating artificial intelligence into existing business processes to enhance service delivery and value.

ai premium

The portion of a valuation attributed to expected benefits from artificial intelligence.

ai supercycle

A proposed long-duration investment cycle driven by widespread adoption of AI and the infrastructure needed to support it.

algorithmic efficiency

Improvement in the amount of useful output a model or algorithm produces for a given amount of compute, memory, energy, or time.

all weather compounder

A company capable of delivering consistent growth across various economic cycles and market conditions.

alpha gap

A difference between an investment view of potential excess return and the excess return implied by current market expectations.

annual recurring revenue

Annual recurring revenue (ARR) measures the normalized yearly value of contracted recurring revenue, typically excluding one-time items.

Also matched as: arr

antibody drug conjugates

Antibody-drug conjugates (ADCs) are targeted therapies that link an antibody to a cytotoxic agent to deliver treatment more selectively.

Also matched as: antibody drug conjugate, adcs

antitrust scrutiny

Antitrust scrutiny is regulatory examination of conduct, pricing, mergers, or market power that may reduce competition or harm consumers.

apollo go

Apollo Go is a robotaxi platform brand used for autonomous ride-hailing services in selected cities.

arpu expansion

ARPU expansion refers to growth in average revenue per user, often driven by pricing, usage intensity, mix shift, or upselling.

arr growth

The increase in annual recurring revenue over a specified period.

artificial intelligence

Computer systems designed to perform tasks that ordinarily require human perception, reasoning, learning, language, or decision-making.

asset cap

A regulatory or contractual limit on the total assets an institution may hold.

asset light model

Business structure requiring minimal capital expenditure to scale operations and generate revenue.

aukus

AUKUS is a security partnership among Australia, the United Kingdom, and the United States focused on defense technology and strategic cooperation.

autonomous agents

Software systems that perceive context, make decisions, and execute tasks with limited direct human intervention.

autonomous ai agents

AI-based software agents that plan and execute tasks with limited direct human intervention.

autonomous delivery

Delivery of goods using self-operating vehicles, drones, or robots.

autonomous systems

Machines or software that perceive conditions and act with limited direct human control.

average revenue per user

Average revenue per user (ARPU) measures the revenue generated per customer, subscriber, or account over a specified period.

Also matched as: arpu

average unit volumes

Average sales generated by each operating location or unit over a specified period.

Also matched as: average unit volume, AUV

backlog

The total value of signed contracts yet to be fulfilled, representing future revenue visibility.

Also matched as: backlogs

backlog conversion

The process of turning booked orders into delivered revenue and cash flow over time.

balance sheet

A financial statement showing assets, liabilities, and equity at a specific point in time.

balance sheet recession

An economic downturn in which households or businesses prioritize reducing debt over spending or investment.

balance sheet runoff

A reduction in a central bank's securities holdings as assets mature or are sold without full reinvestment.

base editing

A precise gene-editing technology allowing single-nucleotide changes without inducing double-strand DNA breaks.

basel iii endgame

A set of proposed or adopted rules completing Basel III capital requirements, including revised treatment of credit, market, and operational risk.

baseload power

The minimum level of electricity demand that a power system must supply continuously.

bear steepener

A yield-curve move in which long-term interest rates rise faster than short-term rates.

beautiful deleveraging

A controlled reduction of debt levels within the economic system to improve long-term productivity.

beta slippage

Mathematical erosion of capital in leveraged ETFs caused by daily rebalancing during periods of high market volatility.

big cycle

A long-duration cycle in debt, monetary order, domestic politics, or geopolitics that can reshape economies and markets.

biosecure act

Biosecure Act refers to legislation aimed at limiting reliance on certain biotechnology suppliers or data-linked firms for national security reasons.

biosimilar competition

Competition from highly similar versions of an approved biologic medicine after exclusivity or market protections weaken.

biosimilars

Biologic medicines shown to be highly similar to an approved reference product with no clinically meaningful differences.

blockade economics

The economic effects of restricting transport, trade routes, or access to essential goods through a physical or policy blockade.

bolt on acquisitions

Purchases of smaller businesses intended to add products, capabilities, customers, or geographic reach to an existing operation.

Also matched as: bolt-on acquisitions

bond proxy

An equity or other asset valued partly for stable income and therefore often sensitive to changes in bond yields.

book value

The net asset value of a company calculated as total assets minus total liabilities.

brand moat

A durable competitive advantage created by brand recognition, trust, loyalty, or perceived differentiation.

brics de dollarization

Efforts among BRICS countries to reduce use of the US dollar in trade, financing, reserves, or settlement.

brics mbridge

A cross-border digital-settlement initiative involving multiple central banks and jurisdictions, including several BRICS participants.

buyback program

A corporate authorization to repurchase outstanding shares.

Also matched as: repurchase program

buyout premium

The additional value paid by an acquirer above the current market price to secure control.

capex cycle

A recurring period of rising and falling capital investment across an industry or economy.

Also matched as: capital expenditure cycle

capital allocation

The decision process for directing capital among operations, investment, acquisitions, debt repayment, dividends, and share repurchases.

capital appreciation

The increase in the market value of an asset over a specific investment horizon.

capital buffers

Extra capital held to absorb losses and protect solvency during stress periods.

capital controls

Government-imposed measures to regulate the flow of foreign capital into and out of the domestic economy.

capital destruction

A lasting loss of invested capital caused by poor returns, impairment, dilution, or uneconomic investment.

capital discipline

A consistent practice of funding only investments expected to meet defined return and risk thresholds.

capital efficiency

How much value or profit is produced for each unit of invested capital.

capital expenditure

Capital expenditure (CAPEX) is spending on long-lived assets or major improvements expected to support operations over multiple periods.

Also matched as: capital expenditures, capex

capital expenditure cycle

A recurring period of rising and falling investment in long-lived assets.

capital flight

Rapid outflow of assets from a country due to economic or political instability.

capital impairment

A reduction in the recoverable or economic value of invested capital.

capital intensity

A business condition where large upfront spending on assets and infrastructure is needed to operate and grow.

capital intensive

Describes a business that requires substantial investment in physical or long-lived assets to operate and grow.

capital light

Refers to a business model requiring less capital to generate revenue and maintain operations.

capital light model

Business model requiring minimal capital expenditure to generate revenue and growth.

capital misallocation

Deployment of capital into uses that earn inadequate risk-adjusted returns or destroy value.

capital requirements

Regulatory mandates requiring banks to hold specific capital levels to ensure solvency and stability.

capital return

Cash or value distributed to investors, commonly through dividends, share repurchases, or return-of-capital payments.

capital return program

A planned policy for distributing capital to shareholders through dividends, repurchases, or similar actions.

capital returns

Distributions of capital to investors, commonly through dividends or share repurchases.

capital structure

The mix of debt and equity used to finance a business.

capitulation pricing

Pricing that reflects forced selling or unusually severe pessimism rather than an orderly assessment of value.

carry trade

Borrowing in low-interest currencies to invest in higher-yielding assets, vulnerable to interest rate shifts.

casgevy

Casgevy is a branded gene-editing therapy name often used as shorthand for one-time genomic treatments targeting inherited disease mechanisms.

cash burn

The rate at which a company consumes its cash reserves to fund operations before achieving profitability.

cash compounder

A business that generates high returns on invested capital and reinvests cash to grow value over time.

cash fortress

A strong balance sheet with significant cash reserves providing downside protection against financial distress.

central bank digital currency

Central bank digital currency (CBDC) is a digital form of sovereign money issued or backed by a central bank.

Also matched as: cbdc, central bank digital currencies

cet1 capital

Common equity tier 1 capital, the core loss-absorbing capital used in bank solvency regulation.

channel stuffing

Inflating reported sales by sending distributors more inventory than underlying demand supports.

chapter 11

A legal process for corporate reorganization under bankruptcy protection to manage debt and operations.

chapter 11 bankruptcy

A legal process allowing a company to reorganize its debts while continuing operations under court supervision.

chapter 11 restructuring

A legal process allowing a company to reorganize its debts and assets while continuing operations.

chips act

US legislation providing incentives, research funding, and policy support for domestic semiconductor manufacturing and supply-chain resilience.

civilizational infrastructure

Essential physical or digital systems that support broad economic and social activity.

claims inflation

Rising costs of settling insurance claims due to economic factors or increased repair expenses.

co packaged optics

An architecture that places optical components close to or within a switch or compute package to increase bandwidth and reduce electrical power loss.

Also matched as: co-packaged optics

cognitive labor

Work centered on analysis, judgment, communication, or other knowledge-intensive tasks.

combined ratio

Measures underwriting profitability by comparing claims and expenses to earned premiums.

commercial aftermarket

Parts, maintenance, and service revenue earned after commercial equipment has been sold.

commercial real estate

Commercial real estate includes property used primarily for business activity, such as offices, retail sites, warehouses, hotels, and multifamily income assets.

commoditization

The process where services become indistinguishable, leading to price-based competition and severe margin erosion.

commodity inflation

Commodity inflation is a rise in the prices of raw materials or basic inputs that increases costs across supply chains and industries.

commodity shocks

Sudden changes in the availability or price of raw materials that affect inflation, production costs, or economic activity.

commodity supercycle

A prolonged period of unusually strong commodity demand and prices, often linked to large investment or industrial cycles.

common equity tier 1 ratio

Common equity tier 1 (CET1) ratio measures highest-quality core capital relative to risk-weighted assets.

Also matched as: cet1 ratio

common prosperity

Beijing's policy mandate aimed at reducing wealth inequality, influencing corporate strategy and regulatory compliance.

compliance costs

Expenses incurred to understand, implement, monitor, and document compliance with laws, regulations, or standards.

compounder

A business or asset that can reinvest earnings or cash flows at attractive returns over an extended period.

compounding machine

A business capable of reinvesting capital at high rates of return over long periods.

concentration risk

Exposure to outsized losses because revenue, capital, suppliers, or holdings depend on a small number of sources.

conglomerate discount

The tendency for diversified companies to trade at a lower valuation than the sum of their parts.

connected tv

Television content and advertising delivered through internet-connected televisions or streaming devices.

consent decree

Consent decree is a legally binding settlement in which parties agree to specific obligations without fully litigating the underlying dispute.

consumer discretionary

Sector classification for non-essential goods sensitive to macroeconomic cycles and consumer spending power.

consumer discretionary spending

Household spending on non-essential goods and services after basic needs are met.

consumer stagflation

Economic state of stagnant growth combined with high inflation impacting consumer purchasing power.

consumer trade down

Shift in spending habits toward lower-priced goods during economic downturns.

consumption based pricing

A pricing model in which customer charges vary with measured usage rather than a fixed seat or subscription count.

Also matched as: consumption-based pricing

contract development and manufacturing organization

Contract development and manufacturing organization (CDMO) refers to a firm that provides outsourced development, production, and related services for drug or biotech programs.

Also matched as: cdmo

convertible debt

Debt instruments convertible into equity, impacting balance sheet risk and potential shareholder dilution.

cost of capital

Cost of capital is the required return investors demand to fund a business, project, or asset, reflecting risk and financing mix.

cost of goods sold

Cost of goods sold (COGS) represents the direct costs of producing or delivering the goods sold by a business.

Also matched as: cogs

cost of risk

Credit-loss expense relative to average loans or another defined exposure base, used to assess lending risk and profitability.

cost plus contracts

Contracts that reimburse allowable costs and add a specified fee or margin.

Also matched as: cost-plus contracts

cost to income ratio

Key efficiency metric measuring operating expenses as a percentage of operating income.

credit card competition act

A US legislative proposal that would require certain card-issuing banks to support more than one unaffiliated payment network for routing transactions.

credit cycle

A recurring pattern of easier credit, rising borrowing, tighter lending, defaults, deleveraging, and recovery.

cross border travel

Travel in which a person crosses a national border, often affecting international payments, tourism, and transport demand.

Also matched as: cross-border travel

cross chain interoperability protocol

Cross-Chain Interoperability Protocol (CCIP) is a messaging and transfer standard designed to move data or assets between separate blockchain networks.

Also matched as: ccip

cross selling synergies

Additional revenue expected from selling more products or services to the combined customer base after a transaction.

Also matched as: cross-selling synergies

currency headwinds

Adverse effects of exchange-rate movements on reported results, competitiveness, cash flows, or asset values.

current account

A balance-of-payments measure covering trade in goods and services plus net income and transfers.

current account surplus

A condition in which current-account receipts from trade, income, and transfers exceed corresponding payments.

custom asics

Application-specific integrated circuits designed for a narrow task, often improving speed and energy efficiency versus general-purpose chips.

custom silicon

Specialized chips designed for specific workloads like AI inference to optimize power and performance.

customer acquisition costs

The sales and marketing cost required to acquire a new customer.

Also matched as: customer acquisition cost, CAC

cycle victim

Cycle victim describes a business, asset, or sector whose performance deteriorates mainly because of unfavorable economic or industry cycles.

cycle winner

A business or asset positioned to benefit from a particular phase of an economic, industry, or market cycle.

cyclical correction

A decline associated with a normal reversal in an economic, industry, or market cycle rather than permanent structural deterioration.

cyclical digestion

A period in which customers or markets absorb excess inventory, capacity, or investment after rapid cyclical expansion.

cyclical headwinds

Adverse pressures associated with the current phase of an economic, industry, or market cycle.

cyclical trough

The low point in a business or market cycle before potential recovery.

cyclical value trap

An apparently inexpensive cyclical asset whose earnings or valuation may deteriorate further as the cycle weakens.

danaher business system

The Danaher Business System is Danaher Corporation's management framework for continuous improvement, operating discipline, and execution.

data gravity

The tendency for applications, services, and users to cluster around large or difficult-to-move datasets.

data moat

A durable competitive advantage created by proprietary, difficult-to-replicate, or continuously improving data.

de dollarization

Reduced reliance on the US dollar for reserves, trade, financing, or settlement.

Also matched as: de-dollarization, dedollarization

dead cat bounces

Temporary price recoveries in a declining asset that do not signal a fundamental trend reversal.

dead money

Refers to an investment that fails to appreciate in value over a significant period.

death spiral

A self-reinforcing deterioration in which weakening fundamentals trigger actions that cause further decline.

debasement trade

An investment position intended to benefit when currency purchasing power declines.

debt covenants

Contractual conditions in a debt agreement that require or prohibit specified financial and operating actions.

debt cycle

Periodic fluctuations in credit availability and interest rates affecting corporate refinancing costs.

debt deleveraging

Reduction of debt relative to income, assets, equity, or cash flow.

debt for equity swap

A restructuring mechanism where creditors exchange debt claims for ownership stakes to avoid bankruptcy.

debt load

Significant financial burden requiring constant cash flow to maintain solvency and service interest.

debt maturity wall

A concentration of debt maturities within a short period that creates elevated repayment or refinancing needs.

debt monetization

Central-bank creation of money to purchase or support government debt financing.

debt refinancing

Replacing existing debt with new borrowing, often to change maturity, interest cost, currency, or covenants.

debt servicing costs

Interest and related payments required to maintain outstanding debt obligations.

debt to gdp

Debt divided by gross domestic product, used to compare debt burdens with economic output.

Also matched as: debt-to-GDP, debt-to-gdp ratio, debt to GDP ratio

debt wall

A period when large amounts of debt mature in a short window and refinancing risk rises.

defense prime

A lead contractor that manages and integrates major defense programs for a government customer.

defense primes

Large lead contractors responsible for integrating and delivering major defense systems or programs.

defense production act

A US law that authorizes the federal government to prioritize contracts and expand production capacity for national-defense needs.

defense supercycle

A prolonged period of elevated defense spending, procurement, and industry investment.

deflationary spiral

A self-reinforcing cycle of falling prices, weaker demand, lower income, and further price declines.

deglobalization

A shift away from globally integrated supply chains toward regional or domestic production and trade.

deindustrialization

A long-term decline in an economy's manufacturing output, employment, capacity, or industrial competitiveness.

deleveraging

The process of reducing total debt and leverage to strengthen financial stability.

demand destruction

A reduction in demand caused by prices, scarcity, substitution, policy, or weaker economic conditions.

devsecops

A software-development approach that integrates security controls and testing throughout development and operations.

digestion phase

A period in which customers or markets absorb excess inventory, capacity, or investment after rapid expansion.

digital commodity

A digital asset or service treated as standardized and widely substitutable by market participants.

digital infrastructure

Core digital systems such as cloud, networks, and data platforms that other services depend on to operate.

digital transformation

The use of digital technology to redesign products, operations, customer experiences, or business models.

digital twin

A digital representation of a physical asset, process, or system that is updated with data for monitoring, simulation, or optimization.

digital twins

Digital representations of physical assets, processes, or systems used for monitoring, simulation, or optimization.

digital utility

A digital service treated like essential infrastructure because users rely on it continuously for core operations.

dilution

Reduction in ownership percentage for existing shareholders caused by the issuance of new equity shares.

dilutive capital raises

Issuing new shares to raise funds, which reduces the ownership percentage of existing shareholders.

dilutive equity

Issuance of new shares that reduces the ownership percentage and earnings per share for existing shareholders.

dilutive equity raise

An equity financing that increases shares outstanding and reduces existing owners' percentage ownership.

dilutive equity raises

Issuing new shares to fund operations, which reduces the ownership percentage of existing shareholders.

direct to chip cooling

A cooling method that transfers heat directly from processors or other components to a liquid-cooled cold plate.

Also matched as: direct-to-chip cooling

discount rate

The rate used to convert future cash flows or values into present value.

discretionary spending

Consumer expenditure on non-essential goods sensitive to economic downturns and inflation.

distressed asset

An asset priced under stress due to high uncertainty, weak liquidity, or impaired credit conditions.

distressed ma

The acquisition, sale, or restructuring of a financially stressed business or its assets.

Also matched as: distressed M&A

distressed multiple

A low valuation multiple assigned when investors price in elevated credit, earnings, or liquidity risk.

distressed valuation

A depressed valuation level caused by high perceived risk, weak confidence, or financial stress.

dividend payout ratio

The proportion of earnings, or sometimes cash flow, distributed to shareholders as dividends.

dividend yield

A financial ratio showing how much a company pays out in dividends each year relative to stock price.

Also matched as: dividend yields

dual class structure

A share structure with two or more classes carrying different voting rights.

Also matched as: dual-class structure

duopoly pricing power

The ability of two dominant suppliers in a market to sustain prices or margins because competition is limited.

dupixent

Dupixent is the brand name for dupilumab, a biologic medicine used for several inflammatory conditions.

durable moat

Competitive advantage protecting market share and pricing power against potential entrants.