The map
The AI value chain, from chips to credit.
Thirteen sectors in the order the money moves, from the silicon to the capital that pays for it. Each cell counts the thesis pages in the sector, their tests and the tests of the Parts that sit there, and how many have resolved. Reference date: .
14 theses · 101 tests · 0 resolved
Semiconductors & Compute Silicon
Who designs, makes and equips the logic chips that do AI compute.
5 theses · 44 tests · 0 resolved
Memory & Storage
The memory and storage that feed the accelerators and hold the data.
6 theses · 40 tests · 0 resolved
Networking, Interconnect & Optics
What moves data between chips, servers, racks and data centers.
17 theses · 134 tests · 0 resolved
Hyperscalers, Cloud & Compute Services
Who rents compute and runs models for others, and spends the capex.
6 theses · 36 tests · 0 resolved
Data Centers & Physical Infrastructure
The buildings, land, racks, cooling and in-building electrical gear.
9 theses · 87 tests · 0 resolved
Power, Energy & Grid
The electricity that reaches the fence, who generates it, who moves it and who pays.
0 theses · 0 tests · 0 resolved
Materials, Industrial Supply Chain & Construction
The physical inputs and the trades that build everything above.
7 theses · 57 tests · 0 resolved
Foundation Models & AI Intelligence
Who trains and serves the models, and the economics of doing it.
4 theses · 29 tests · 0 resolved
AI Software, Applications & Agents
Who turns model output into software people and firms pay for.
0 theses · 0 tests · 0 resolved
Physical AI, Robotics & Autonomy
AI that moves in the physical world, and the parts it is made of.
3 theses · 19 tests · 0 resolved
AI Security, Trust & Governance
The spend on protecting, identifying and governing AI systems and their users.
8 theses · 50 tests · 0 resolved
AI Adoption, Productivity & Industry Transformation
Where AI changes the costs and revenues of the rest of the economy.
11 theses · 111 tests · 2 resolved
AI Financing, Credit & Capital Structure
Who lends to, invests in and insures the buildout, and on what terms.
A Part can sit in more than one sector, and its tests then count in each. A thesis sits in one sector, the one where the revenue it is about falls. The map counts questions and tests, never companies, and lists nothing to buy or sell. Analysis and opinion, not investment advice.