The global AI value chain, as one terminal.

ATLAS maps the entire AI supply chain end-to-end and ranks 113 public + 32 private companies across 19stack segments by fundamentals, technicals, AI strategic exposure, valuation, and risk — grounded in Leopold Aschenbrenner's Situational Awareness thesis.

Mcap-weighted YoY

40.4%

rev growth across the universe

Aggregate TTM revenue

$5.36T

$504.01B FCF

Aggregate TAM (segments)

$2.60T

Stack segments

9 bottleneck ≥4

Severe bottlenecks (=5)

single points of failure

SPY 12m benchmark

27.2%

used for RS scoring

Thesis at a glance

Aschenbrenner's Situational Awareness, distilled

Open →

AGI by 2027 is plausible

Plausible

Capability gains have been driven by predictable scaling. If trends continue, models could be doing serious cognitive work by the late 2020s.

Compute is the bottleneck and the accelerant

Likely

Each ~10x of training compute has unlocked a qualitative capability step. The next 10x requires unprecedented capital, power, and silicon.

Infrastructure bottlenecks are real and binding

Established

Power transformers, EUV scanners, HBM packaging, and grid interconnects are all running multi-year backlogs.

The AI stack

19 layers, colored by tier. Click any tile for the segment deep-dive.

Demand

Consumer AI

AI-native chat, search, creation, and assistant products targeting individuals.

Workflow incumbents and AI-native challengers embedding AI into sales, service, engineering, finance, and operations.

Apps & security

Model security, data protection, identity, runtime defense, posture management, and AI governance tooling.

AI software

Data platforms, vector stores, observability, eval, orchestration, and the plumbing that turns models into reliable production systems.

Frontier labs and challengers building LLMs, multimodal, reasoning, and agentic systems.

Distribution

Hyperscale clouds, sovereign clouds, and neoclouds reselling GPU capacity, storage, networking, and managed AI services.

Compute systems

AI servers, racks, ODMs, liquid-cooling integration, and the supply chain that assembles raw chips into deployable compute.

Colocation REITs, hyperscale-grade campuses, and GPU-as-a-service operators leasing compute to AI labs and enterprises.

Turbines, transformers, switchgear, behind-the-meter generation, liquid cooling, and the utilities serving new data center load.

Silicon & memory

GPUs, TPUs, custom hyperscaler ASICs, and merchant inference silicon designed for training and serving large models.

HBM, DDR, LPDDR, NAND, and enterprise storage stacks. HBM in particular is the gating factor for accelerator bandwidth.

Switches, optical interconnects, NICs, DPUs, and the optics modules connecting GPUs, racks, and data centers.

Manufacturing

Contract manufacturers that turn chip designs into silicon, at progressively smaller process nodes.

CoWoS, HBM stacking, 2.5D/3D interposers, substrates, and the assembly that ties chips, memory, and IO together.

Lithography, deposition, etch, ion implantation, inspection, metrology, and test equipment used inside fabs.

Licensable CPU, GPU, interconnect, and memory-controller architectures used as building blocks for custom silicon.

Software toolchains used to design, verify, and tape out modern chips, plus reusable IP blocks shipped with the tools.

Inputs

Silicon wafers, specialty gases, photoresists, advanced substrates, rare earths, and high-purity chemicals that feed semiconductor manufacturing.

Disrupted

Companies whose business models face revenue or margin pressure from AI substitution: outsourced IT services, BPO, low-end content, and seat-priced software.

Where the AI supply chain lives

Approximate global share by segment and country. Click a cell to see companies in that intersection.

Country dominance heatmap

Approximate global share by segment (revenue / installed capacity). Click any cell to see companies in that segment from that country.

Low

High

Segment	🇺🇸USA$33.80T	🇹🇼Taiwan$2.40T	🇰🇷S. Korea$2.41T	🇯🇵Japan$387.16B	🇳🇱Netherlands$646.15B	🇩🇪Germany$584.69B	🇫🇷France$84.77B	🇬🇧UK$507.40B	🇨🇳China$343.49B	🇮🇳India$173.38B
Raw inputs bottleneck 3/5	18%	5%	5%	55%	—	5%	—	—	10%	—
EDA bottleneck 4/5	70%	—	—	—	—	18%	—	5%	5%	—
Semi IP bottleneck 3/5	50%	—	—	—	—	—	—	40%	5%	3%
Equipment bottleneck 5/5	38%	—	—	28%	28%	3%	—	—	3%	—
Foundries bottleneck 5/5	12%	65%	12%	2%	—	—	—	—	9%	—
Packaging bottleneck 5/5	12%	50%	12%	8%	—	—	—	—	17%	—
Accelerators bottleneck 4/5	85%	—	—	—	—	—	—	—	8%	—
Memory bottleneck 5/5	22%	—	50%	12%	—	—	—	—	12%	—
Networking bottleneck 4/5	65%	—	—	3%	2%	2%	—	2%	18%	—
Servers bottleneck 2/5	22%	60%	—	—	—	—	—	—	12%	—
Data centers bottleneck 5/5	55%	—	—	2%	2%	3%	—	4%	18%	4%
Power & grid bottleneck 5/5	35%	—	—	4%	—	15%	12%	2%	18%	5%
Cloud bottleneck 3/5	65%	—	—	—	—	—	—	—	22%	—
Models bottleneck 3/5	70%	—	—	—	—	—	4%	—	22%	—
Security bottleneck 2/5	75%	—	—	—	—	—	—	—	8%	4%

Color intensity scales with share. Cells below 2% rendered as —.·Aggregate mcap shown under each country is sourced from real Yahoo data for tracked tickers headquartered there.

Top composite-ranked companies

Composite = 35% fundamentals · 20% AI relevance · 15% valuation · 15% technicals · 15% risk-adjustment

Company	Segment	Mkt Cap	Growth	FCF%	Val	Tech	Fund	AI	Score	View
NVDANVIDIASA Put	Accelerators	$5.41T	73.2%	26.9%	19x	84	83	99	79	Overextended Momentum Trade
HXSCLSK Hynix	Memory	$991.53B	198.1%	19.5%	7x	82	80	90	78	High-growth Infrastructure Bet
TSMTSMC	Foundries	$2.08T	35.1%	17.5%	21x	85	77	92	77	Critical Bottleneck
ATEYYAdvantest	Equipment	$124.16B	41.2%	21.3%	113x	78	82	80	75	High-growth Infrastructure Bet
ANETArista Networks	Networking	$176.90B	35.1%	44.9%	32x	67	86	82	74	High-growth Infrastructure Bet
SUSchneider Electric	Power & grid	$80.09B	17.5%	13.1%	13x	87	64	78	74	Strategic Compounder
GOOGLAlphabet	Cloud	$4.71T	21.8%	6.6%	27x	87	67	94	73	Strategic Compounder
AVGOBroadcomSA Put	Accelerators	$1.98T	29.5%	37.4%	23x	85	81	90	73	Overextended Momentum Trade
SSNLFSamsung Electronics	Memory	$1.42T	69.2%	17.4%	11x	83	79	75	71	Cyclical AI Beneficiary
SNPSSynopsys	EDA	$95.58B	65.5%	38.7%	29x	55	74	78	70	Strategic Compounder

Best fundamentals

Growth · margins · cash · balance sheet · moat · valuation discipline

Company	Segment	Mkt Cap	Growth	FCF%	Fund
ANETArista Networks	Networking	$176.90B	35.1%	44.9%	86
PLTRPalantir Technologies	AI infra SW	$328.79B	84.7%	33.6%	86
NVDANVIDIASA Put	Accelerators	$5.41T	73.2%	26.9%	83
ATEYYAdvantest	Equipment	$124.16B	41.2%	21.3%	82
AVGOBroadcomSA Put	Accelerators	$1.98T	29.5%	37.4%	81
HXSCLSK Hynix	Memory	$991.53B	198.1%	19.5%	80
SSNLFSamsung Electronics	Memory	$1.42T	69.2%	17.4%	79
ALABAstera Labs	Accelerators	$49.28B	93.4%	24.0%	78
TSMTSMC	Foundries	$2.08T	35.1%	17.5%	77
ADBEAdobe	Enterprise AI	$102.41B	12.0%	38.1%	76

Strongest technicals

Trend · momentum · 12m RS · realized vol

Company	Segment	Mkt Cap	Tech
GOOGLAlphabet	Cloud	$4.71T	87
SUSchneider Electric	Power & grid	$80.09B	87
HPEHewlett Packard Enterprise	Servers	$44.85B	86
CSCOCisco Systems	Networking	$450.70B	85
CATCaterpillar	Power & grid	$401.89B	85
AVGOBroadcomSA Put	Accelerators	$1.98T	85
TSMTSMC	Foundries	$2.08T	85
KLACKLA Corp	Equipment	$238.98B	85
ASXASE Technology	Packaging	$69.53B	85
WDCWestern Digital	Memory	$158.42B	85

Great company, bad chart

Strong fundamentals but weak price action — research-worthy disconnects.

Company	Segment	Mkt Cap	Tech	Fund
PLTRPalantir Technologies	AI infra SW	$328.79B	34	86
NOWServiceNow	Enterprise AI	$106.53B	25	75
ADBEAdobe	Enterprise AI	$102.41B	30	76
CRMSalesforce	Enterprise AI	$147.33B	21	71
DUOLDuolingo	Consumer AI	$4.98B	25	72
HUBSHubSpot	Enterprise AI	$10.41B	15	66
METAMeta Platforms	Cloud	$1.54T	29	72
INTUIntuit	Enterprise AI	$106.84B	22	68

Strong chart, weak fundamentals

Momentum without underlying quality — caveat emptor.

Company	Segment	Mkt Cap	Tech	Fund
CIFRCipher Mining	Data centers	$7.97B	81	30
IRENIris Energy	Data centers	$18.84B	79	33
SUOPYSUMCO	Raw inputs	$6.89B	81	41
INTCIntel	Foundries	$597.89B	81	45
APLDApplied Digital	Data centers	$11.29B	81	48
FLNCFluence Energy	Power & grid	$3.49B	68	49

Bottleneck companies

Top composite-ranked names sitting in stack segments with high (4) or severe (5) bottleneck pressure.

Company	Segment	Mkt Cap	Growth	FCF%	Fund	AI	Score	View
NVDANVIDIASA Put	Accelerators	$5.41T	73.2%	26.9%	83	99	79	Overextended Momentum Trade
HXSCLSK Hynix	Memory	$991.53B	198.1%	19.5%	80	90	78	High-growth Infrastructure Bet
TSMTSMC	Foundries	$2.08T	35.1%	17.5%	77	92	77	Critical Bottleneck
ATEYYAdvantest	Equipment	$124.16B	41.2%	21.3%	82	80	75	High-growth Infrastructure Bet
ANETArista Networks	Networking	$176.90B	35.1%	44.9%	86	82	74	High-growth Infrastructure Bet
SUSchneider Electric	Power & grid	$80.09B	17.5%	13.1%	64	78	74	Strategic Compounder
AVGOBroadcomSA Put	Accelerators	$1.98T	29.5%	37.4%	81	90	73	Overextended Momentum Trade
SSNLFSamsung Electronics	Memory	$1.42T	69.2%	17.4%	79	75	71	Cyclical AI Beneficiary
SNPSSynopsys	EDA	$95.58B	65.5%	38.7%	74	78	70	Strategic Compounder
KLACKLA Corp	Equipment	$238.98B	11.5%	22.1%	71	78	70	Strategic Compounder