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Thirteen sectors of the AI economy. A lit sector has a thesis with questions; a dark one lights up when its first thesis arrives.

• Semiconductors & Compute Silicon

  16 theses65 questions62 openWho designs, makes and equips the logic chips that do AI compute.

• Memory & Storage

  5 theses21 questions21 openThe memory and storage that feed the accelerators and hold the data.

• Networking, Interconnect & Optics

  6 theses32 questions32 openWhat moves data between chips, servers, racks and data centers.

• Hyperscalers, Cloud & Compute Services

  23 theses79 questions73 openWho rents compute and runs models for others, and spends the capex.

• Data Centers & Physical Infrastructure

  6 theses30 questions30 openThe buildings, land, racks, cooling and in-building electrical gear.

• Power, Energy & Grid

  11 theses45 questions44 openThe electricity that reaches the fence, who generates it, who moves it and who pays.

• Materials, Industrial Supply Chain & Construction

  No thesis yetThe physical inputs and the trades that build everything above.

• Foundation Models & AI Intelligence

  10 theses39 questions39 openWho trains and serves the models, and the economics of doing it.

• AI Software, Applications & Agents

  5 theses27 questions26 openWho turns model output into software people and firms pay for.

• Physical AI, Robotics & Autonomy

  No thesis yetAI that moves in the physical world, and the parts it is made of.

• AI Security, Trust & Governance

  3 theses18 questions18 openThe spend on protecting, identifying and governing AI systems and their users.

• AI Adoption, Productivity & Industry Transformation

  8 theses42 questions42 openWhere AI changes the costs and revenues of the rest of the economy.

• AI Financing, Credit & Capital Structure

  20 theses56 questions53 open2 settledWho lends to, invests in and insures the buildout, and on what terms.

The pulse of a sector: the mean chance that the Call’s side wins over the sector’s open questions with a known side, read three ways (the house, the readers from five, the machines); it shows from two questions.