Investment Map · AI Value Chain
AI Industry Chain
8 layers · 173 companies · one capital flow
From applications, foundation models and capital to cloud, data center infrastructure, servers, chips and the semiconductor supply chain — market cap, PE and 1-year performance for 173 core companies.
$40.39T
Total mcap / valuation
173
Companies
133
Listed
40
Unlisted (val.)
86/46
1Y up / down
01
Each layer spends; the next one earns
Capital FlowAI capex, not consumer demand, is the main driver. Applications pay token fees to models; models rent compute from clouds; clouds turn capex into data centers, racks and chips. Every layer's revenue is the previous layer's cost.
Demand · downstreamSupply · upstream
Click a layer to focus the map below.
02
The full value chain
Full ChainRead top-down — demand at the top, supply at the bottom. Each layer lists its modules and companies; search or filter to isolate a segment.
AI Coding & Dev Tools4 · $130B
AI Search & Knowledge2 · $37.2B
Generative Content5 · $48.0B
Vertical Industry Apps4 · $48.9B
Enterprise Software AI6 · $1.25T
Embodied AI / Autonomous Driving3 · $1.56T
Frontier Foundation Models6 · $2.61T
Open-Source & Regional Models6 · $139B
Data & Model Services4 · $75.9B
Industrial & Sovereign Capital3 · $343B
Venture Capital4 · $0.0B
Hyperscale Cloud5 · $12.57T
GPU Cloud9 · $166B
Regional & Sovereign Cloud5 · $1.13T
Power Distribution8 · $654B
Backup Power4 · $434B
Cooling & Liquid Cooling7 · $161B
Network Switching4 · $653B
Optical Modules & Devices7 · $356B
Power Generation & Grid2 · $360B
AI Server ODM7 · $390B
Branded Systems7 · $458B
PCB5 · $138B
CCL (Copper Clad Laminate)4 · $131B
Connectors & Cables5 · $312B
GPU / AI Acceleration4 · $6.11T
Inference Chips2 · $29.4B
Custom ASIC4 · $1.79T
CPU / Architecture IP3 · $861B
Storage / HBM3 · $2.74T
Interconnect Chips3 · $108B
EDA / Design Tools2 · $166B
Foundry4 · $2.27T
Semiconductor Equipment9 · $1.82T
Materials6 · $118B
Package Substrates3 · $108B
Packaging & Testing4 · $131B
ListedUnlisted (valuation)1Y up / down
03
Value distribution & dispersion
DistributionMarket cap prices the future, PE prices current earnings, and 1Y change shows the path capital has already taken.
Market cap / valuation by layer
By Layer · USD1Y movers (Top 8 / Bottom 8)
Momentum · 1YListed companies only, ranked by 1-year change.
Market cap × PE (listed companies)
Mcap × PELog scale on the X axis. Companies with PE > 500 or losses are excluded. Colors follow the industry layer.
04
Full Company Table
All DataSort any column; click a row for details. Unlisted companies show their latest funding valuation.
| Layer | Module | ||||
|---|---|---|---|---|---|
| $5.12T | 26.8 | +13.0% | SEMICONDUCTORS | GPU / AI Acceleration | |
| $3.97T | 16.3 | +30.8% | CLOUD & COMPUTE | Hyperscale Cloud | |
| $3.87T | 29.0 | +1.3% | CLOUD & COMPUTE | Hyperscale Cloud | |
| $2.70T | 20.1 | +10.0% | CLOUD & COMPUTE | Hyperscale Cloud | |
| $2.14T | 26.5 | +36.8% | SEMI SUPPLY CHAIN | Foundry | |
| $1.65T | 22.1 | -7.3% | CLOUD & COMPUTE | Hyperscale Cloud | |
| $1.54T | 41.2 | -9.9% | SEMICONDUCTORS | Custom ASIC | |
| $1.48T | 413.0 | -17.5% | APPLICATIONS | Embodied AI / Autonomous Driving | |
| $1.06T | 11.0 | +127.8% | SEMICONDUCTORS | Storage / HBM | |
| $969B | 11.5 | +329.2% | SEMICONDUCTORS | Storage / HBM | |
| $965B | — | — | FOUNDATION MODELS | Frontier Foundation Models | |
| $852B | — | — | FOUNDATION MODELS | Frontier Foundation Models | |
| $829B | 130.2 | +110.8% | SEMICONDUCTORS | GPU / AI Acceleration | |
| $703B | 5.7 | +166.5% | SEMICONDUCTORS | Storage / HBM | |
| $602B | 39.3 | +49.4% | SEMI SUPPLY CHAIN | Semiconductor Equipment | |
| $520B | — | — | FOUNDATION MODELS | Frontier Foundation Models | |
| $472B | 167.7 | +5.1% | APPLICATIONS | Enterprise Software AI | |
| $452B | — | +127.8% | SEMICONDUCTORS | CPU / Architecture IP | |
| $449B | 14.1 | -39.1% | CLOUD & COMPUTE | Regional & Sovereign Cloud | |
| $414B | 31.5 | +48.7% | DATA CENTER INFRA | Network Switching | |
| $400B | — | — | CLOUD & COMPUTE | Regional & Sovereign Cloud | |
| $381B | 19.7 | -57.3% | CLOUD & COMPUTE | Hyperscale Cloud | |
| $324B | 30.3 | +31.4% | DATA CENTER INFRA | Backup Power | |
| $298B | 32.4 | +65.2% | SEMI SUPPLY CHAIN | Semiconductor Equipment | |
| $288B | 26.4 | +205.0% | SERVERS & RACKS | Branded Systems | |
| $288B | 34.3 | +63.5% | SEMI SUPPLY CHAIN | Semiconductor Equipment | |
| $253B | 23.3 | -36.6% | CLOUD & COMPUTE | Regional & Sovereign Cloud | |
| $230B | — | — | FOUNDATION MODELS | Frontier Foundation Models | |
| $224B | 214.4 | +28.3% | SEMICONDUCTORS | CPU / Architecture IP | |
| $220B | 23.7 | +32.6% | DATA CENTER INFRA | Power Generation & Grid | |
| $217B | 114.1 | +6.6% | APPLICATIONS | Enterprise Software AI | |
| $216B | 54.1 | +15.8% | DATA CENTER INFRA | Network Switching | |
| $206B | 22.9 | +3.2% | APPLICATIONS | Enterprise Software AI | |
| $201B | 74.0 | +155.5% | SEMICONDUCTORS | Custom ASIC | |
| $193B | 40.4 | +28.3% | SEMI SUPPLY CHAIN | Semiconductor Equipment | |
| $185B | 19.8 | +11.8% | SEMICONDUCTORS | CPU / Architecture IP | |
| $180B | 36.5 | +16.5% | SERVERS & RACKS | Connectors & Cables | |
| $176B | 25.9 | -4.0% | CAPITAL | Industrial & Sovereign Capital | |
| $167B | 5.4 | -26.0% | CAPITAL | Industrial & Sovereign Capital | |
| $165B | 31.2 | +21.5% | DATA CENTER INFRA | Power Distribution | |
| $162B | 98.1 | -19.4% | APPLICATIONS | Enterprise Software AI | |
| $160B | 29.4 | -0.3% | DATA CENTER INFRA | Power Distribution | |
| $158B | 54.7 | +96.7% | SEMI SUPPLY CHAIN | Semiconductor Equipment | |
| $146B | 37.5 | +61.7% | SEMI SUPPLY CHAIN | Semiconductor Equipment | |
| $145B | 20.7 | -22.5% | SERVERS & RACKS | AI Server ODM | |
| $143B | 37.6 | -3.0% | DATA CENTER INFRA | Power Distribution | |
| $140B | 43.9 | +32.0% | DATA CENTER INFRA | Power Generation & Grid | |
| $133B | 52.1 | +61.1% | DATA CENTER INFRA | Power Distribution | |
| $108B | 35.3 | +39.7% | DATA CENTER INFRA | Optical Modules & Devices | |
| $107B | 16.2 | +18.2% | SERVERS & RACKS | AI Server ODM | |
| $105B | 15.1 | -18.4% | APPLICATIONS | Enterprise Software AI | |
| $94.0B | 50.0 | +242.0% | SEMI SUPPLY CHAIN | Packaging & Testing | |
| $88.4B | 20.3 | -56.4% | APPLICATIONS | Enterprise Software AI | |
| $87.8B | 175.9 | -0.6% | SEMICONDUCTORS | GPU / AI Acceleration | |
| $85.3B | 61.6 | -6.3% | SEMICONDUCTORS | EDA / Design Tools | |
| $81.0B | 73.9 | -5.9% | SEMICONDUCTORS | EDA / Design Tools | |
| $75.3B | 44.2 | +11.9% | DATA CENTER INFRA | Cooling & Liquid Cooling | |
| $73.6B | 28.6 | +132.0% | SERVERS & RACKS | Branded Systems | |
| $71.5B | 26.6 | +26.1% | DATA CENTER INFRA | Backup Power | |
| $70.0B | 136.3 | -14.8% | SEMICONDUCTORS | GPU / AI Acceleration | |
| $69.2B | 23.0 | +20.7% | SEMI SUPPLY CHAIN | Materials | |
| $68.2B | — | +368.3% | DATA CENTER INFRA | Optical Modules & Devices | |
| $62.0B | 86.8 | +360.0% | SERVERS & RACKS | CCL (Copper Clad Laminate) | |
| $60.3B | 20.4 | -7.7% | SERVERS & RACKS | Connectors & Cables | |
| $60.0B | — | — | APPLICATIONS | AI Coding & Dev Tools | |
| $58.6B | 68.8 | +33.4% | SEMI SUPPLY CHAIN | Semiconductor Equipment | |
| $58.5B | 21.9 | -15.6% | SERVERS & RACKS | Connectors & Cables | |
| $56.0B | 71.1 | +587.7% | SEMI SUPPLY CHAIN | Package Substrates | |
| $54.5B | 27.8 | +5.4% | DATA CENTER INFRA | Optical Modules & Devices | |
| $52.0B | 20.1 | +198.9% | SEMI SUPPLY CHAIN | Foundry | |
| $51.6B | 75.9 | -36.7% | SEMI SUPPLY CHAIN | Foundry | |
| $50.0B | — | — | FOUNDATION MODELS | Open-Source & Regional Models | |
| $48.0B | — | — | APPLICATIONS | AI Coding & Dev Tools | |
| $44.7B | 127.0 | +62.6% | SEMICONDUCTORS | Interconnect Chips | |
| $43.3B | 1108.4 | +40.1% | CLOUD & COMPUTE | GPU Cloud | |
| $41.0B | 44.8 | +185.8% | DATA CENTER INFRA | Cooling & Liquid Cooling | |
| $40.9B | 50.4 | +71.9% | DATA CENTER INFRA | Optical Modules & Devices | |
| $40.3B | 51.8 | +101.8% | SERVERS & RACKS | CCL (Copper Clad Laminate) | |
| $40.0B | 77.6 | +278.9% | DATA CENTER INFRA | Optical Modules & Devices | |
| $40.0B | 22.9 | +101.4% | SERVERS & RACKS | AI Server ODM | |
| $39.0B | — | — | APPLICATIONS | Embodied AI / Autonomous Driving | |
| $39.0B | 14.4 | +12.6% | SERVERS & RACKS | AI Server ODM | |
| $38.3B | 60.4 | +48.9% | SEMI SUPPLY CHAIN | Semiconductor Equipment | |
| $38.1B | 25.6 | -10.8% | DATA CENTER INFRA | Power Distribution | |
| $37.8B | 432.0 | -26.2% | APPLICATIONS | Embodied AI / Autonomous Driving | |
| $37.0B | 19.4 | +102.0% | SERVERS & RACKS | Branded Systems | |
| $36.7B | 40.0 | -0.2% | SEMI SUPPLY CHAIN | Semiconductor Equipment | |
| $33.9B | 27.9 | -2.1% | SERVERS & RACKS | AI Server ODM | |
| $33.6B | 81.6 | +272.4% | SEMI SUPPLY CHAIN | Package Substrates | |
| $33.0B | 192.3 | +423.8% | SEMICONDUCTORS | Custom ASIC | |
| $32.9B | 71.5 | +32.5% | SEMICONDUCTORS | Interconnect Chips | |
| $32.8B | 94.3 | +69.6% | DATA CENTER INFRA | Optical Modules & Devices | |
| $32.0B | — | — | FOUNDATION MODELS | Frontier Foundation Models | |
| $31.3B | 58.4 | +73.7% | SERVERS & RACKS | PCB | |
| $30.9B | — | — | CLOUD & COMPUTE | GPU Cloud | |
| $30.9B | 40.7 | +58.4% | SERVERS & RACKS | PCB | |
| $30.7B | — | -56.2% | CLOUD & COMPUTE | GPU Cloud | |
| $30.6B | — | +282.1% | FOUNDATION MODELS | Open-Source & Regional Models | |
| $30.6B | 57.3 | +7.6% | SEMICONDUCTORS | Interconnect Chips | |
| $30.0B | — | — | APPLICATIONS | AI Search & Knowledge | |
| $29.0B | — | — | FOUNDATION MODELS | Data & Model Services | |
| $28.9B | 38.0 | +47.9% | SERVERS & RACKS | PCB | |
| $27.8B | 14.3 | +61.7% | DATA CENTER INFRA | Backup Power | |
| $27.0B | 35.9 | -35.4% | SERVERS & RACKS | PCB | |
| $26.6B | — | -34.8% | CLOUD & COMPUTE | Regional & Sovereign Cloud | |
| $25.9B | — | — | SEMICONDUCTORS | Inference Chips | |
| $24.2B | 33.9 | +21.8% | SEMI SUPPLY CHAIN | Foundry | |
| $24.0B | — | — | FOUNDATION MODELS | Open-Source & Regional Models | |
| $24.0B | — | — | FOUNDATION MODELS | Data & Model Services | |
| $22.2B | 10.3 | -41.7% | SERVERS & RACKS | Branded Systems | |
| $22.0B | — | — | APPLICATIONS | Generative Content | |
| $20.7B | 35.0 | +25.2% | DATA CENTER INFRA | Cooling & Liquid Cooling | |
| $20.0B | — | — | FOUNDATION MODELS | Open-Source & Regional Models | |
| $20.0B | 45.0 | +196.1% | SERVERS & RACKS | PCB | |
| $19.6B | 64.2 | +38.7% | SEMI SUPPLY CHAIN | Materials | |
| $18.0B | — | — | CLOUD & COMPUTE | GPU Cloud | |
| $18.0B | 15.8 | +32.3% | SERVERS & RACKS | AI Server ODM | |
| $18.0B | 181.1 | +834.8% | SEMI SUPPLY CHAIN | Package Substrates | |
| $17.1B | 38.9 | -27.1% | SERVERS & RACKS | Branded Systems | |
| $16.0B | 48.0 | +50.7% | SEMI SUPPLY CHAIN | Packaging & Testing | |
| $15.8B | — | — | APPLICATIONS | Vertical Industry Apps | |
| $15.5B | — | — | APPLICATIONS | Vertical Industry Apps | |
| $15.3B | 5.8 | -61.9% | APPLICATIONS | Generative Content | |
| $15.2B | 48.8 | +204.1% | SERVERS & RACKS | CCL (Copper Clad Laminate) | |
| $14.5B | — | — | CLOUD & COMPUTE | GPU Cloud | |
| $13.6B | 77.2 | +364.5% | SERVERS & RACKS | CCL (Copper Clad Laminate) | |
| $13.3B | — | — | APPLICATIONS | AI Coding & Dev Tools | |
| $13.2B | 42.8 | +64.1% | SEMI SUPPLY CHAIN | Materials | |
| $12.9B | — | — | FOUNDATION MODELS | Data & Model Services | |
| $12.9B | 18.8 | -10.9% | SERVERS & RACKS | Branded Systems | |
| $12.8B | 78.2 | +41.5% | DATA CENTER INFRA | Network Switching | |
| $12.0B | — | — | FOUNDATION MODELS | Frontier Foundation Models | |
| $11.5B | 30.5 | +21.9% | SEMI SUPPLY CHAIN | Packaging & Testing | |
| $11.4B | 24.3 | -21.0% | DATA CENTER INFRA | Optical Modules & Devices | |
| $11.1B | 43.2 | -4.9% | DATA CENTER INFRA | Backup Power | |
| $11.1B | 26.4 | -4.9% | DATA CENTER INFRA | Network Switching | |
| $11.0B | — | — | APPLICATIONS | Vertical Industry Apps | |
| $10.1B | — | -57.1% | CLOUD & COMPUTE | GPU Cloud | |
| $10.1B | 36.7 | -11.7% | SERVERS & RACKS | Connectors & Cables | |
| $10.0B | — | — | FOUNDATION MODELS | Data & Model Services | |
| $10.0B | 53.5 | +19.6% | SEMICONDUCTORS | Custom ASIC | |
| $9.7B | 17.5 | +20.4% | SEMI SUPPLY CHAIN | Packaging & Testing | |
| $9.0B | — | — | APPLICATIONS | AI Coding & Dev Tools | |
| $8.5B | — | -45.7% | FOUNDATION MODELS | Open-Source & Regional Models | |
| $8.5B | 115.6 | -18.1% | DATA CENTER INFRA | Cooling & Liquid Cooling | |
| $8.3B | — | — | CLOUD & COMPUTE | GPU Cloud | |
| $8.2B | 243.4 | +31.4% | DATA CENTER INFRA | Power Distribution | |
| $7.4B | 14.0 | +26.4% | SERVERS & RACKS | Branded Systems | |
| $7.2B | — | — | APPLICATIONS | AI Search & Knowledge | |
| $7.2B | 50.4 | -12.2% | DATA CENTER INFRA | Cooling & Liquid Cooling | |
| $6.6B | 16.7 | -55.5% | APPLICATIONS | Vertical Industry Apps | |
| $6.6B | 19.2 | +37.1% | SERVERS & RACKS | AI Server ODM | |
| $6.3B | 24.8 | +66.7% | SEMI SUPPLY CHAIN | Materials | |
| $5.8B | — | -47.8% | CLOUD & COMPUTE | GPU Cloud | |
| $5.7B | — | +50.4% | SEMI SUPPLY CHAIN | Materials | |
| $5.5B | — | — | FOUNDATION MODELS | Open-Source & Regional Models | |
| $5.4B | — | — | APPLICATIONS | Generative Content | |
| $5.3B | — | — | APPLICATIONS | Generative Content | |
| $4.2B | — | -29.5% | CLOUD & COMPUTE | GPU Cloud | |
| $4.1B | 227.2 | +65.8% | DATA CENTER INFRA | Cooling & Liquid Cooling | |
| $4.0B | 32.0 | +40.1% | DATA CENTER INFRA | Cooling & Liquid Cooling | |
| $3.7B | 34.6 | -8.2% | DATA CENTER INFRA | Power Distribution | |
| $3.5B | — | — | SEMICONDUCTORS | Inference Chips | |
| $3.5B | 12.5 | +92.4% | SEMI SUPPLY CHAIN | Materials | |
| $3.1B | 18.0 | -47.3% | SERVERS & RACKS | Connectors & Cables | |
| $3.0B | 35.1 | -37.0% | DATA CENTER INFRA | Power Distribution | |
| — | — | — | APPLICATIONS | Generative Content | |
| — | — | — | CAPITAL | Industrial & Sovereign Capital | |
| — | — | — | CAPITAL | Venture Capital | |
| — | — | — | CAPITAL | Venture Capital | |
| — | — | — | CAPITAL | Venture Capital | |
| — | — | — | CAPITAL | Venture Capital | |
| — | — | — | CLOUD & COMPUTE | Regional & Sovereign Cloud |
Market caps converted to USD. Unlisted companies are shown at their latest disclosed funding valuation (excluded from PE / 1Y stats). TW/JP/KR/EU markets show the most recent available snapshot. Green = up, red = down.