Six Layers of AI

Jensen Huang calls AI a "five-layer cake" - energy at the bottom, then chips, data centers, models, and applications at the top, with each layer only possible because of everything beneath it. We added a sixth: Foundation Model Companies, the labs and organizations actually building the models that make the rest of the stack useful. They felt too important to leave out.

For each layer, I've pulled together the publicly traded companies playing in that space - because the easiest way to follow an infrastructure buildout is to follow the money.