The stack
Seven layers, twenty-one sub-layers, and the companies the tracker follows in each. Membership is many-to-many and dated; an entity is verified once a filing or a dataset row attaches to it. Only the compute layer has segment filings today, so most sub-layers are lists of names waiting for a series.
1. Compute & physical · Semis, hyperscalers and neoclouds, data centres and power, memory/networking.
- 1. Semiconductors & AI chip startups17 entities · 7 verified · 4 indicatorsRent concentration in semiconductors concentratingConcentration among covered chip filers (HHI) unclearNon-Nvidia share of AI compute shipped (H100-equivalents) emergingHardware price-performance growth (doubling time) consistent with normal
Advanced Micro Devices, Ayar Labs, Broadcom, Celestial AI, Cerebras, d-Matrix, Etched, Extropic, …
- 2. Hyperscalers15 entities · 10 verified · 7 indicatorsCloud backlog (remaining performance obligations) concentratingCloud segment operating margins stableConcentration among covered cloud filers (HHI) dispersingHyperscaler capex to AI revenue (trailing year) dispersingHyperscaler server useful lives (10-K estimates) not yet measurableNeocloud borrowing cost (CoreWeave facility rates) not yet measurableGPU rental price per hour unmeasured
Alphabet Inc., Amazon.com Inc., CoreWeave Inc., Crusoe, Firmus, Fluidstack, Lambda, Microsoft Corp, …
- 3. Data-centre developers & power10 entities · 2 verified
Applied Digital, Base Power, Commonwealth Fusion, Core Scientific, Exowatt, IREN, Oklo, TeraWulf, …
- 4. Memory/HBM7 entities · 2 verified
Astera Labs, Enfabrica, JetCool, LiquidStack, Micron, SK Hynix, Submer
2. Model · Frontier labs, neolabs, open-weight and Chinese labs.
- 5. Frontier labs7 entities · 5 verified · 13 indicatorsFrontier-lab revenue run-rates concentratingLab recoupment ratio emergingConcentration of business AI spend across labs (Ramp, HHI) unmeasuredPrice per unit of capability (cheapest METR-hour on OpenRouter) not yet measurableFrontier labs' share of tracked venture dollars stableFrontier lab valuation to run-rate multiple emergingLab vertical integration (acquisitions and acquihires, trailing four quarters) concentratingEnterprise multi-model usage share (Menlo) not yet measurableFrontier lab gross margin unmeasuredCompute share of lab spending unmeasuredSecondary-market marks between rounds unmeasuredModel-layer token concentration on OpenRouter (HHI, top table) not yet measurableInternal-to-public deployment gap at the frontier consistent with normal
Anthropic, Google DeepMind, Meta Platforms, OpenAI, xAI, Alphabet Inc., Scale AI
- 6. Neolabs (founded 2023+)28 entities · 8 verified · 1 indicatorNeolab capital raised per dollar of revenue unmeasured
1X, Apptronik, Black Forest Labs, Cartesia, ElevenLabs, Figure, Harmonic, Humans&, …
- 7. Open-weight & Chinese labs8 entities · 4 verified · 1 indicator
01.AI, Alibaba Qwen, Baichuan, DeepSeek, MiniMax, Moonshot AI, StepFun, Zhipu AI
3. Training input · Human data, RL environments, post-training platforms, synthetic data, licensing, evals.
- 8. Human/expert data & labelling17 entities · 2 verified · 1 indicatorExpert-data market run-rate (Mercor) faster than normal
Appen, CloudFactory, Datacurve, Handshake AI, iMerit, Invisible Technologies, Labelbox, Mercor, …
- 9. RL environments13 entities · 0 verified · 1 indicator
Applied Compute, Bespoke Labs, Endless, Fleet, Halluminate, Judgment Labs, Kaizen, Matrices, …
- 10. RLaaS / post-training / continual-learning infra10 entities · 1 verified · 1 indicator
Adaptive ML, Arcee, Engram, OpenPipe, Predibase, Trajectory, Unsloth, Applied Compute, …
- 11. Synthetic data & pipelines6 entities · 0 verified
Datology, Gretel, Mostly AI, Rendered.ai, Synthesis AI, Tonic
- 12. Permissioned data markets & licensing8 entities · 0 verified
Created by Humans, Datarade, Defined.ai, Human Native, ProRata, Protege, TollBit, Vermillio
- 13. Evals11 entities · 3 verified
Arize, Atla, Braintrust, Confident AI, Galileo, Humanloop, LangSmith, LMArena, …
4. Serving & orchestration · Inference serving, routing and gateways, agent infrastructure.
- 14. Inference serving10 entities · 4 verified
Anyscale, Baseten, DeepInfra, Fireworks, Hyperbolic, Modal, Novita, Replicate, …
- 15. Routing9 entities · 2 verified
Helicone, LiteLLM, Martian, Not Diamond, OpenRouter, Portkey, Requesty, TrueFoundry, …
- 16. Agent infrastructure11 entities · 1 verified
Arcade, Browserbase, Composio, CrewAI, Daytona, E2B, LangChain, Letta, …
5. Deployment & application · Deployment services, coding agents, vertical and consumer apps, rollups.
- 17. Deployment / FDE / implementation services5 entities · 0 verified
BetterBrain, Distyl, Fractal, Tribe AI, Turing
- 18. Coding agents & dev tools9 entities · 1 verified
Anysphere, Augment, Cognition, Factory, Lovable, Replit, Sourcegraph, StackBlitz, …
- 19. Vertical AI by domain33 entities · 11 verified · 3 indicatorsVertical versus horizontal application funding dispersingFDA-authorised devices built on a large language model consistent with normalFrontier models completing expert legal tasks end to end (Harvey LAB) emerging
11x, Abridge, Ambience, Artisan, Bland, Brightwave, Clay, Crescendo, …
- 20. Consumer AI3 entities · 1 verified · 1 indicatorWaymo paid rides per week consistent with normal
Character.AI, Replika, Perplexity
- 21. AI-native rollups / buyout vehicles5 entities · 0 verified
Crete, Dwelly, Long Lake, Thrive Holdings, Titan
6. Adopters · Enterprises and individuals using the products; indicator-only layer.
Indicator-only layer: no companies, only measures of adopters, workers and consumers.
7. Labour & consumers · Wages, employment and consumer surplus — the welfare residual; indicator-only layer.
Indicator-only layer: no companies, only measures of adopters, workers and consumers.