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The AI value chain / Company index

Company directory

Five layers. Twenty-five sublayers.
The atlas and the wider company research directory.

The atlas includes up to ten companies per sublayer. Companies may appear in several sublayers; this directory also retains the other researched companies.

40 of 333 companiesAlphabetical order
Companies, their layer and sublayer, revenue where available, and the evidence-based reason for inclusion in the atlas. Other researched companies remain monitored.
CompanyLayer / sublayerRevenueWhy included in the atlas
ABBABBN.SW · Public companyElectrical distribution, protection and industrial automation
Energy/GridArchived
Energy/Grid
$9.7B
Group revenueQ3 2026 continuing operationsCompany-stated · As of 2026-09-30Source: ABB · ABB Q3 2026 results; opens in a new tab
Archived on 2026-10-25; not updated since

Not selected under the 5LC Importance Index, v1, 2026-10-25. Last Importance rank: 69.

Archived on 2026-10-25; not updated since

Not selected under the 5LC Importance Index, v1, 2026-10-25. Last Importance rank: 69.

AbridgePrivate companyClinical documentation and decision support within health-system workflows
Applications/Vertical AIArchived
Applications/Vertical AI
Revenue not available
in this profile
Archived on 2026-10-25; not updated since

Not selected under the 5LC Importance Index, v1, 2026-10-25. Last Importance rank: 80.

Archived on 2026-10-25; not updated since

Not selected under the 5LC Importance Index, v1, 2026-10-25. Last Importance rank: 80.

Accelink002281.SZ · Public companyVertically integrated Chinese maker of optical chips and transceivers
Infrastructure/Networking and opticsTop 10
Infrastructure/Networking and optics
RMB 11.93B
RevenueFY2025 (calendar 2025); up 44.20% from RMB 8,272.3 millionFiling · As of 2025-12-31Source: Accelink Technologies (CNINFO) · Wuhan Accelink Technologies Co., Ltd. 2025 Annual Report, full text (Chinese); opens in a new tab
Networking and optics

Among the fastest documented growth in AI-related activity here: sales of data-centre and access modules rose about 66% in 2025, to RMB 8.5 billion.

Criteria and sources ↗
Networking and optics

Among the fastest documented growth in AI-related activity here: sales of data-centre and access modules rose about 66% in 2025, to RMB 8.5 billion.

Criteria and sources ↗
Accton2345.TW · Public companyNetwork design and manufacturing for cloud and AI infrastructure
Infrastructure/Networking and opticsArchived
Infrastructure/Networking and optics
TWD 286.4B
RevenueJanuary–September 2026Filing · As of 2026-09-30Source: Taiwan Stock Exchange · September 2026 monthly revenue; opens in a new tab
Archived on 2026-10-25; not updated since

Not selected under the 5LC Importance Index, v1, 2026-10-25. Last Importance rank: 12.

Archived on 2026-10-25; not updated since

Not selected under the 5LC Importance Index, v1, 2026-10-25. Last Importance rank: 12.

AdobeADBE · Public companyCreative, document and marketing applications with integrated generative AI.
Models/Specialist modelsTop 10
Models/Specialist models
Specialist models

About 7% of image and video model revenue; replacing it would take about five months.

Criteria and sources ↗
Specialist models

About 7% of image and video model revenue; replacing it would take about five months.

Criteria and sources ↗
Advantest6857.T · Public companyElectrical test systems for logic, memory and advanced packages
Chips/ToolsTop 10
Chips/Tools
JPY 1.13T
RevenueFY2025, ended March 31, 2026Company-stated · As of 2026-03-31Source: Advantest · Integrated Annual Report 2026; opens in a new tab
Tools

Importance rank 7 of 35 · 3.3% of the sublayer's AI output · largest part: Test equipment, 42.9% share, 1.4 years to replace

Criteria and sources ↗
Tools

Importance rank 7 of 35 · 3.3% of the sublayer's AI output · largest part: Test equipment, 42.9% share, 1.4 years to replace

Criteria and sources ↗
AEPAEP · Public companyRegulated transmission, distribution and generation across eleven states
Energy/UtilitiesTop 10
Energy/Utilities
Utilities

Its wires connect about 10% of operating data-centre capacity in the United States; replacing it would take about a year and a half.

Criteria and sources ↗
Utilities

Its wires connect about 10% of operating data-centre capacity in the United States; replacing it would take about a year and a half.

Criteria and sources ↗
AESAES · Public companyContracted renewable generation, storage and regulated utilities
Energy/GenerationArchived
Energy/Generation
$12.23B
Consolidated revenueFY 2025Filing · As of 2025-12-31Source: AES · AES 2025 Annual Report; opens in a new tab
Archived on 2026-10-25; not updated since

Not selected under the 5LC Importance Index, v1, 2026-10-25. Last Importance rank: 53.

Archived on 2026-10-25; not updated since

Not selected under the 5LC Importance Index, v1, 2026-10-25. Last Importance rank: 53.

AirTrunkPrivate companyHyperscale data-center campuses across Asia-Pacific
Infrastructure/CampusesArchived
Infrastructure/Campuses
Revenue not available
in this profile
Archived on 2026-10-25; not updated since

Not selected under the 5LC Importance Index, v1, 2026-10-25. Last Importance rank: 18.

Archived on 2026-10-25; not updated since

Not selected under the 5LC Importance Index, v1, 2026-10-25. Last Importance rank: 18.

Ajinomoto Build-up Film (ABF)Business unitInsulating film inside AI chip package substrates, made by Ajinomoto
Chips/Packaging and testTop 10
Chips/Packaging and test
Revenue not available
in this profile
Packaging and test

Importance rank 4 of 28 · 1.3% of the sublayer's AI output · largest part: Substrate build-up film, 95% share, 2.8 years to replace

Criteria and sources ↗
Packaging and test

Importance rank 4 of 28 · 1.3% of the sublayer's AI output · largest part: Substrate build-up film, 95% share, 2.8 years to replace

Criteria and sources ↗
AlibabaBABA · Public companyQwen models, cloud infrastructure and in-house AI chips
Applications/Consumer, search and adsInfrastructure/Cloud+ 2 other sublayersTop 10
Applications/Consumer, search and adsInfrastructure/Cloud+ 2 other sublayers
CNY 1.02T
RevenueYear ended 2026-03-31Filing · As of 2026-03-31Source: SEC EDGAR · 20-F · filed 2026-05-20; opens in a new tab
Consumer, search and ads · 4 atlas roles

About 4% of general AI assistant users and 3% of AI search users (Qwen and Quark); replacing it would take about three months.

Criteria and sources ↗
Consumer, search and ads · 4 atlas roles

About 4% of general AI assistant users and 3% of AI search users (Qwen and Quark); replacing it would take about three months.

Criteria and sources ↗
AlignedPrivate companyHyperscale campuses in the Americas
Infrastructure/CampusesArchived
Infrastructure/Campuses
Revenue not available
in this profile
Archived on 2026-10-25; not updated since

Not selected under the 5LC Importance Index, v1, 2026-10-25. Last Importance rank: 9.

Archived on 2026-10-25; not updated since

Not selected under the 5LC Importance Index, v1, 2026-10-25. Last Importance rank: 9.

AlphabetGOOGL · Public companyGoogle's parent: Gemini models, TPUs, Google Cloud and Search.
Chips/Chip designApplications/Data platforms+ 8 other sublayersTop 10
Chips/Chip designApplications/Data platforms+ 8 other sublayers
$402.84B
RevenueYear ended 2025-12-31Filing · As of 2025-12-31Source: SEC EDGAR · 10-K · filed 2026-02-05; opens in a new tab
Chip design · 10 atlas roles

Importance rank 5 of 24 · 1.6% of the sublayer's AI output · largest part: Custom accelerators, 22.7% share, 1.1 years to replace

Criteria and sources ↗
Chip design · 10 atlas roles

Importance rank 5 of 24 · 1.6% of the sublayer's AI output · largest part: Custom accelerators, 22.7% share, 1.1 years to replace

Criteria and sources ↗
AlphaSensePrivate companyAI search and agents over licensed market and expert content
Applications/Vertical AIArchived
Applications/Vertical AI
Revenue not available
in this profile
Archived on 2026-10-25; not updated since

Not selected under the 5LC Importance Index, v1, 2026-10-25. Last Importance rank: 38.

Archived on 2026-10-25; not updated since

Not selected under the 5LC Importance Index, v1, 2026-10-25. Last Importance rank: 38.

AmadeusAMS.MC · Public companyTravel-technology transaction platform embedding AI into bookings
Applications/Vertical AITop 10
Applications/Vertical AI
€6.52B
Group revenueFY2025, up 6.1% (8.5% at constant currency); adjusted EBIT EUR 1,893.8 million (29.1% margin); profit EUR 1,335.6 million; free cash flow EUR 1,302.2 millionCompany-stated · As of 2025-12-31Source: Amadeus IT Group · Amadeus FY 2025: Amadeus accelerates revenue growth and expands profitability; opens in a new tab
Vertical AI

About 6% of AI software revenue in retail, travel and other services; replacing it would take about eight months.

Criteria and sources ↗
Vertical AI

About 6% of AI software revenue in retail, travel and other services; replacing it would take about eight months.

Criteria and sources ↗
AmazonAMZN · Public companyCloud infrastructure, custom processors and AI services through Amazon Web Services.
Chips/Chip designApplications/Data platforms+ 4 other sublayersTop 10
Chips/Chip designApplications/Data platforms+ 4 other sublayers
$716.92B
Contract revenueYear ended 2025-12-31Filing · As of 2025-12-31Source: SEC EDGAR · 10-K · filed 2026-02-06; opens in a new tab
Chip design · 6 atlas roles

Importance rank 6 of 24 · 1.2% of the sublayer's AI output · largest part: Custom accelerators, 16.1% share, 0.9 years to replace

Criteria and sources ↗
Chip design · 6 atlas roles

Importance rank 6 of 24 · 1.2% of the sublayer's AI output · largest part: Custom accelerators, 16.1% share, 0.9 years to replace

Criteria and sources ↗
AMDAMD · Public companyServer processors, AI accelerators and adaptive computing
Chips/Chip designTop 10
Chips/Chip design
$34.64B
Contract revenueYear ended 2025-12-27Filing · As of 2025-12-27Source: SEC EDGAR · 10-K · filed 2026-02-04; opens in a new tab
Chip design

Importance rank 4 of 24 · 3.5% of the sublayer's AI output · largest part: Merchant accelerators, 3.7% share, 0.6 years to replace

Criteria and sources ↗
Chip design

Importance rank 4 of 24 · 3.5% of the sublayer's AI output · largest part: Merchant accelerators, 3.7% share, 0.6 years to replace

Criteria and sources ↗
AmkorAMKR · Public companyOutsourced semiconductor packaging and testing
Chips/Packaging and testTop 10
Chips/Packaging and test
$6.71B
Contract revenueYear ended 2025-12-31Filing · As of 2025-12-31Source: SEC EDGAR · 10-K · filed 2026-02-20; opens in a new tab
Packaging and test

Importance rank 6 of 28 · 4.4% of the sublayer's AI output · largest part: Assembly and test, 21% share, 0.7 years to replace

Criteria and sources ↗
Packaging and test

Importance rank 6 of 28 · 4.4% of the sublayer's AI output · largest part: Assembly and test, 21% share, 0.7 years to replace

Criteria and sources ↗
AmphenolAPH · Public companyCopper, optical and power connections for servers and networks.
Infrastructure/Networking and opticsTop 10
Infrastructure/Networking and optics
Networking and optics

About 44% of data-centre copper links and connectors and 20% of fibre connectivity; replacing it would take about eight months.

Criteria and sources ↗
Networking and optics

About 44% of data-centre copper links and connectors and 20% of fibre connectivity; replacing it would take about eight months.

Criteria and sources ↗
AnthropicPrivate companyClaude models, coding agents and enterprise AI services
Models/Frontier labsApplications/Developer tools+ 2 other sublayersTop 10
Models/Frontier labsApplications/Developer tools+ 2 other sublayers
Frontier labs · 4 atlas roles

Importance rank 1 of 30 · 63.4% of the sublayer's AI output · largest part: Coding and software agents, 77.3% share, 0.7 years to replace

Criteria and sources ↗
Frontier labs · 4 atlas roles

Importance rank 1 of 30 · 63.4% of the sublayer's AI output · largest part: Coding and software agents, 77.3% share, 0.7 years to replace

Criteria and sources ↗
AppenAPX.AX · Public companyHuman training data across global and Chinese AI markets
Models/Data and evaluationArchived
Models/Data and evaluation
Archived on 2026-10-25; not updated since

Not selected under the 5LC Importance Index, v1, 2026-10-25. Last Importance rank: 11.

Archived on 2026-10-25; not updated since

Not selected under the 5LC Importance Index, v1, 2026-10-25. Last Importance rank: 11.

Applied DigitalAPLD · Public companyBuilds and leases purpose-built AI data-centre campuses to hyperscalers
Infrastructure/CampusesTop 10
Infrastructure/Campuses
$611.3M
RevenueFY2026 (year to 31 May 2026), continuing operations, up 167%; includes US$270.6 million of tenant fit-out services and about US$99.8 million of base rent. Net loss attributable to common stockholders US$249.2 millionCompany-stated · As of 2026-05-31Source: Applied Digital Corporation · Applied Digital Reports Fiscal Fourth Quarter and Full Year 2026 Results; opens in a new tab
Campuses

Among the fastest documented growth in AI-related activity here: live capacity rose from 286 to 461 MW in about a year, with contracted capacity not yet live of about 2.7 times that.

Criteria and sources ↗
Campuses

Among the fastest documented growth in AI-related activity here: live capacity rose from 286 to 461 MW in about a year, with contracted capacity not yet live of about 2.7 times that.

Criteria and sources ↗
Applied MaterialsAMAT · Public companyMaterials processing and process control for semiconductor manufacturing
Chips/ToolsTop 10
Chips/Tools
$28.37B
Contract revenueYear ended 2025-10-26Filing · As of 2025-10-26Source: SEC EDGAR · 10-K · filed 2025-12-12; opens in a new tab
Tools

Importance rank 3 of 35 · 10% of the sublayer's AI output · largest part: Wafer processing, 25.2% share, 1 year to replace

Criteria and sources ↗
Tools

Importance rank 3 of 35 · 10% of the sublayer's AI output · largest part: Wafer processing, 25.2% share, 1 year to replace

Criteria and sources ↗
AppLovinAPP · Public companyAdvertising software whose recommendation models match campaigns with mobile audiences
Applications/Consumer, search and adsArchived
Applications/Consumer, search and ads
$5.48B
RevenueYear ended 2025-12-31Filing · As of 2025-12-31Source: SEC EDGAR · 10-K · filed 2026-02-19; opens in a new tab
Archived on 2026-10-25; not updated since

Not selected under the 5LC Importance Index, v1, 2026-10-25.

Archived on 2026-10-25; not updated since

Not selected under the 5LC Importance Index, v1, 2026-10-25.

ArenaPrivate companyHuman-preference data and commercial model evaluation
Models/Data and evaluationTop 10
Models/Data and evaluation
Revenue not available
in this profile
Data and evaluation

About 19% of independent model evaluation; replacing it would take about a year.

Criteria and sources ↗
Data and evaluation

About 19% of independent model evaluation; replacing it would take about a year.

Criteria and sources ↗
AristaANET · Public companySupplies Ethernet switches, routers and network operating software.
Infrastructure/Networking and opticsTop 10
Infrastructure/Networking and optics
Networking and optics

About 17% of data-centre switch sales; replacing it would take about five months.

Criteria and sources ↗
Networking and optics

About 17% of data-centre switch sales; replacing it would take about five months.

Criteria and sources ↗
ArmARM · Public companyProcessor architecture, compute subsystems and production CPUs
Chips/Chip designArchived
Chips/Chip design
$4,920M (up 23%): royalty $2,613M, license and other $2,307M
Revenue, FY2026USDFiscal year ended 2026-03-31Filing · As of 2026-03-31Source: Arm Holdings plc via SEC EDGAR · Arm Holdings plc Form 20-F for the fiscal year ended March 31, 2026; opens in a new tab
Archived on 2026-10-25; not updated since

Not selected under the 5LC Importance Index, v1, 2026-10-25. Last Importance rank: 9.

Archived on 2026-10-25; not updated since

Not selected under the 5LC Importance Index, v1, 2026-10-25. Last Importance rank: 9.

ASE TechnologyASX · Public companySemiconductor packaging, testing and electronic assembly
Chips/Packaging and testTop 10
Chips/Packaging and test
Packaging and test

Importance rank 2 of 28 · 8% of the sublayer's AI output · largest part: Assembly and test, 40% share, 1 year to replace

Criteria and sources ↗
Packaging and test

Importance rank 2 of 28 · 8% of the sublayer's AI output · largest part: Assembly and test, 40% share, 1 year to replace

Criteria and sources ↗
ASMLASML · Public companyLithography systems for advanced logic and memory manufacturing
Chips/ToolsTop 10
Chips/Tools
Tools

Importance rank 1 of 35 · 11.4% of the sublayer's AI output · largest part: Lithography machines, 91.4% share, 4 years to replace

Criteria and sources ↗
Tools

Importance rank 1 of 35 · 11.4% of the sublayer's AI output · largest part: Lithography machines, 91.4% share, 4 years to replace

Criteria and sources ↗
ASMPT0522.HK · Public companyEquipment for semiconductor bonding and electronics assembly
Chips/Packaging and testArchived
Chips/Packaging and test
HKD 13.74B
Continuing revenue, FY2025Year ended December 31, 2025Filing · As of 2025-12-31Source: ASMPT · Annual Report 2025; opens in a new tab
Archived on 2026-10-25; not updated since

Not selected under the 5LC Importance Index, v1, 2026-10-25. Last Importance rank: 14.

Archived on 2026-10-25; not updated since

Not selected under the 5LC Importance Index, v1, 2026-10-25. Last Importance rank: 14.

ASUS2357.TW · Public companyTaiwanese PC and component brand now selling AI servers and racks
Infrastructure/Servers and systemsTop 10
Infrastructure/Servers and systems
Revenue not available
in this profile
Servers and systems

Importance rank 10 of 27 · 1.6% of the sublayer's AI output · largest part: GPU servers and racks outside mainland China, 2.1% share, 0.3 years to replace

Criteria and sources ↗
Servers and systems

Importance rank 10 of 27 · 1.6% of the sublayer's AI output · largest part: GPU servers and racks outside mainland China, 2.1% share, 0.3 years to replace

Criteria and sources ↗
AT&SATS.VI · Public companyIC substrates and printed circuit boards for semiconductor packages and systems
Chips/Packaging and testArchived
Chips/Packaging and test
€1.79B
Revenue, FY2025/26Year ended March 31, 2026Filing · As of 2026-03-31Source: AT&S Austria Technologie & Systemtechnik AG · Annual Financial Report 2025/26; opens in a new tab
Archived on 2026-10-25; not updated since

Not selected under the 5LC Importance Index, v1, 2026-10-25. Last Importance rank: 18.

Archived on 2026-10-25; not updated since

Not selected under the 5LC Importance Index, v1, 2026-10-25. Last Importance rank: 18.

AtlassianTEAM · Public companyWork management and knowledge software with enterprise AI agents.
Applications/Enterprise software and agentsArchived
Applications/Enterprise software and agents
Archived on 2026-10-25; not updated since

Not selected under the 5LC Importance Index, v1, 2026-10-25. Last Importance rank: 25.

Archived on 2026-10-25; not updated since

Not selected under the 5LC Importance Index, v1, 2026-10-25. Last Importance rank: 25.

AVC3017.TW · Public companyCold plates, manifolds and mechanical assemblies for AI servers.
Infrastructure/Power and coolingTop 10
Infrastructure/Power and cooling
Power and cooling

About 24% of the cold plates, heat sinks and fans on AI servers; replacing it would take about nine months.

Criteria and sources ↗
Power and cooling

About 24% of the cold plates, heat sinks and fans on AI servers; replacing it would take about nine months.

Criteria and sources ↗
BaiduBIDU · Public companySearch, AI applications and cloud infrastructure built around ERNIE.
Applications/Consumer, search and adsModels/Frontier labs+ 1 other sublayersTop 10
Applications/Consumer, search and adsModels/Frontier labs+ 1 other sublayers
13.1 (down 19% YoY)
Baidu General Business online marketing revenue, quarterRMB billionQ2 2026Company-stated · As of 2026-06-30Source: Baidu, Inc. (PR Newswire) · Baidu Announces Second Quarter 2026 Results; opens in a new tab
Consumer, search and ads · 3 atlas roles

About 8% of people using AI answers in search; replacing it would take about five months.

Criteria and sources ↗
Consumer, search and ads · 3 atlas roles

About 8% of people using AI answers in search; replacing it would take about five months.

Criteria and sources ↗
Baker HughesBKR · Public companyGas turbines, generators and industrial energy equipment
Energy/Power equipmentArchived
Energy/Power equipment
$27.73B
Total company revenueFY2025 (year to 2025-12-31)Filing · As of 2025-12-31Source: Baker Hughes · Baker Hughes 2025 Annual Report; opens in a new tab
Archived on 2026-10-25; not updated since

Not selected under the 5LC Importance Index, v1, 2026-10-25. Last Importance rank: 72.

Archived on 2026-10-25; not updated since

Not selected under the 5LC Importance Index, v1, 2026-10-25. Last Importance rank: 72.

BasetenPrivate companyProduction inference, post-training and agent execution infrastructure
Models/Inference and servingTop 10
Models/Inference and serving
Revenue not available
in this profile
Inference and serving

Importance rank 6 of 38 · 3.6% of the sublayer's AI output · largest part: Independent inference providers, 16% share, 0.3 years to replace

Criteria and sources ↗
Inference and serving

Importance rank 6 of 38 · 3.6% of the sublayer's AI output · largest part: Independent inference providers, 16% share, 0.3 years to replace

Criteria and sources ↗
Berkshire Hathaway EnergyBusiness unitBerkshire's regulated power, pipeline and transmission holding company serving data-centre growth.
Energy/GenerationEnergy/UtilitiesTop 10
Energy/GenerationEnergy/Utilities
Revenue not available
in this profile
Generation · 2 atlas roles

Among the fastest documented growth in AI-related activity here: net generation rose about 5% in 2025, to 119 TWh, and its share of US generation rose.

Criteria and sources ↗
Generation · 2 atlas roles

Among the fastest documented growth in AI-related activity here: net generation rose about 5% in 2025, to 119 TWh, and its share of US generation rose.

Criteria and sources ↗
BesiBESI.AS · Public companyPrecision die bonding and semiconductor assembly equipment
Chips/Packaging and testArchived
Chips/Packaging and test
€434.75M
RevenueSix months ended June 30, 2026, unauditedFiling · As of 2026-06-30Source: Besi · Half Year Report 2026; opens in a new tab
Archived on 2026-10-25; not updated since

Not selected under the 5LC Importance Index, v1, 2026-10-25. Last Importance rank: 11.

Archived on 2026-10-25; not updated since

Not selected under the 5LC Importance Index, v1, 2026-10-25. Last Importance rank: 11.

Black Forest LabsPrivate companyVisual models distributed through APIs, licenses and downloadable weights
Models/Specialist modelsArchived
Models/Specialist models
$96M
Estimated annualized revenueAugust 2025Inference · As of 2025-08-31Source: Sacra · Company revenue and contract estimates; opens in a new tab
Archived on 2026-10-25; not updated since

Not selected under the 5LC Importance Index, v1, 2026-10-25. Last Importance rank: 17.

Archived on 2026-10-25; not updated since

Not selected under the 5LC Importance Index, v1, 2026-10-25. Last Importance rank: 17.