← Every exhibit

Figure 1From “What AI did to cost of goods sold is not visible in the line everyone quotes.”

The panel summary: three weightings, one direction

Every weighting rises between one and three points across the window. The dispute is not about the direction; it is about whether this line could show an AI effect at all.

Cite Embed

Figure 1The panel summary: three weightings, one direction

A grouped bar chart comparing three gross-margin weightings in 2022Q1 and 2026Q1. Revenue-weighted gross margin rises from 73.9 to 75.4 percent, equal-weighted gross margin from 70.8 to 72.6 percent, and the median firm from 72.6 to 75.4 percent. All three measures rise over the panel window.2022Q12026Q10%20%40%60%80%100%73.9%75.4%Revenue-weighted70.8%72.6%Equal-weighted72.6%75.4%Median firmWeightingGross margin (%)

Source: SEC EDGAR XBRL company facts; balanced panel of 53 BVP Nasdaq Emerging Cloud Index constituents, 2022Q1 to 2026Q1, 901 firm-quarters. Panel, code and exclusions: isoglu.com/research/gross-margin-panel/.

PNG4:3, 1600 × 1200, with the title, the source line and the attribution set in the image isoglu-2026-what-ai-did-to-cost-of-goods-sold-fig01.png

From the essay

Cite or embed

APA 7

Isoglu, S. (2026). The panel summary: three weightings, one direction [Figure]. isoglu.com. https://isoglu.com/insights/exhibits/isoglu-2026-what-ai-did-to-cost-of-goods-sold-fig01/

BibTeX
@misc{isoglu-2026-what-ai-did-to-cost-of-goods-sold-fig01,
  author = {Isoglu, Sinan},
  title = {{The panel summary: three weightings, one direction}},
  year = {2026},
  howpublished = {Figure 1, isoglu.com},
  url = {https://isoglu.com/insights/exhibits/isoglu-2026-what-ai-did-to-cost-of-goods-sold-fig01/},
  note = {From the essay {What AI did to cost of goods sold is not visible in the line everyone quotes.}}
}
Embed this exhibit

Copy this HTML to use the PNG exhibit on your site with its source line and a link back to the exhibit page.

<figure>
  <a href="https://isoglu.com/insights/exhibits/isoglu-2026-what-ai-did-to-cost-of-goods-sold-fig01/">
    <img src="https://isoglu.com/social/isoglu-2026-what-ai-did-to-cost-of-goods-sold-fig01.png" alt="Figure 1: The panel summary: three weightings, one direction" width="3200" height="2400">
  </a>
  <figcaption>Figure 1: The panel summary: three weightings, one direction. Source: SEC EDGAR XBRL company facts; balanced panel of 53 BVP Nasdaq Emerging Cloud Index constituents, 2022Q1 to 2026Q1, 901 firm-quarters. Panel, code and exclusions: isoglu.com/research/gross-margin-panel/. <a href="https://isoglu.com/insights/exhibits/isoglu-2026-what-ai-did-to-cost-of-goods-sold-fig01/">View exhibit</a>.</figcaption>
</figure>

Related exhibits

Figure 2Figure

The line everyone quotes, drawn over seventeen quarters

What AI did to cost of goods sold is not visible in the line everyone quotes.

Figure 4Figure

The three numbers off your own cloud bill

What AI did to cost of goods sold is not visible in the line everyone quotes.

Figure 3Figure

Four tests, two instruments, no survivor

What AI did to cost of goods sold is not visible in the line everyone quotes.

Every exhibit

Contact

Bring the question you're working on.

Research, a guest lecture, or a commercial question.