TECH INDUSTRY MAPS · EDITION
See the whole system.
Then study the company.
Follow the dependencies, the bargaining points and the businesses that turn technology into cash. Each map traces one everyday action through every company that earns from it, then connects you to the company stories, models and indices behind each stage.
- Stages
- 10
- Public companies
- 75
- Company stories
- 6
- Stage indices
- 10
Who approves the card?
Who moves the parcel?
01 / THE COMMERCE MAP
You bought something online. Who gets paid?
You see a buy button. Behind it are stores, software, banks, warehouses and delivery networks. Follow the payment. Follow the parcel. Find the businesses earning along the way.
INSIDE THE COMMERCE MAP
10 businesses behind one purchase.
Each stage earns in a different way. Open it on the map, or follow its stage index.
Before you buy
- 018 public companies
Discovery & ads
The first sale is often the shopper’s attention.
- Earns from
- Ad spend & ad-tech fees
- Example
- Alphabet
- 029 public companies
Storefront software
The digital shop needs a working back office.
- Earns from
- Subscriptions & usage
- Example
- Shopify
- 037 public companies
Cloud, CDN & security
The buy button is useless if the page won’t load.
- Earns from
- Usage & service contracts
- Example
- Cloudflare
The store
- 0414 public companies
Stores & marketplaces
The familiar logo is only the beginning.
- Earns from
- Retail margin / seller fees
- Example
- Instacart
The payment
- 0515 public companies
Checkout & payments
“Payment accepted” takes more than a button.
- Earns from
- Processing & service fees
- Example
- Adyen
- 064 public companies
Card networks
The network connects the two sides.
- Earns from
- Network & service fees
- Example
- Visa
- 079 public companies
Issuers & credit
Someone approves—and may finance—the purchase.
- Earns from
- Interchange, interest & fees
- Example
- Nu Holdings
The parcel
- 0810 public companies
Warehouses & robots
Software has to find a real item on a real shelf.
- Earns from
- Fulfillment, software & equipment
- Example
- Symbotic
- 0910 public companies
Shipping & delivery
The final mile is still a physical mile.
- Earns from
- Delivery & logistics charges
- Example
- UPS
- 107 public companies
Returns & support
Delivered does not always mean sold.
- Earns from
- Handling, support & recovery
- Example
- UPS
WHERE THE MAP LEADS
From the system to a company.
The map is the starting point. The stories, models and indices go deeper.
HOW A MAP IS MADE
One question. Every business it touches.
- Start with a reader’s question. “You bought something online. Who gets paid?” defines one route through the system and what is left out.
- Lay out the lifecycle. Stages follow the order in which the customer, the money and the goods actually move.
- Source every company and role. Each role links to a source; listings are checked against exchange directories on the edition date.
- Date the edition. A changed claim gets a new edition, so the map never silently rewrites what it said.
QUESTIONS
About the maps.
What is a tech industry map?
A TechBreakdowns map follows one customer action, such as buying something online, through every business that has to work for it to happen. Each stage explains what happens, who pays whom, and which public companies earn there.
Where do the company lists come from?
Each company role links to a source, and every listing is checked against exchange directories on the edition date. The commerce edition of September 28, 2026 covers 75 public companies across 10 stages. Private companies appear only as context.
How often are the maps updated?
Maps are published as dated editions. A changed claim, company or role gets a new edition rather than a silent edit, and earlier judgments stay visible in the research history.
How do the maps connect to the indices?
Every public company on the commerce map is a member of the Commerce Index, and each stage has its own index. Membership follows the map edition in force at each monthly rebalance.