The AI value chain in seven layers

The whole AI build-out on one page: seven layers from silicon to frontier bets, each with its company count and the median share of revenue AI actually drives, and every one of the 174 companies listed under the sub-tier it was placed in.

7. Frontier & Emerging Bets — 17 companies, median AI exposure 6%

Frontier bets — defense, space, robotics, health AI, quantum.

6. AI Platforms — 9 companies, median AI exposure 25%

Hyperscalers & consumer platforms that package and serve AI.

5. Software Stack — 33 companies, median AI exposure 8%

EDA, enterprise, cybersecurity & data software.

4. Energy Supply & Critical Minerals — 21 companies, median AI exposure 14%

The electricity and raw inputs feeding the whole stack.

3. Connectivity — 22 companies, median AI exposure 26%

Networking, optical & interconnect moving the data.

2. Physical Infrastructure — 38 companies, median AI exposure 20%

Power, cooling & grid gear inside the data center.

1. Silicon Layer — 34 companies, median AI exposure 33%

The chips, memory & foundries AI actually runs on.

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