Artificial Atlas

Who is betting on what in AI, and against whom.

Supply chain

The camps argue about how intelligence works. These companies get paid either way. None of them takes a position on the fault lines, which is why they are not labs in the atlas, and most of the listed exposure to the AI trade runs through them rather than through the camps, which are mostly private. Each row says what the company sells, which camps buy it, and any dated fact that matters, with a source. What it does not say is which one is the better position.

Sells to

Training and inference accelerators 3

The chips every camp trains on. One company sets the price.

CompanyTickerSellsSells toDated factsSources
Nvidia
 NASDAQ:NVDA GPUs and the CUDA stack for training and inference; also an investor in labs across every camp every camp
Sep 2026 Agreed to buy Hugging Face for $12.93B, expected to close in the first half of 2027. TechCrunch
 Nvidia
AMD
 NASDAQ:AMD Instinct accelerators; the second source for training and inference GPUs LLM scaling World models Physics AI AMD
Broadcom
 NASDAQ:AVGO Custom accelerators built with the hyperscalers, including Google's TPU, and data-center networking silicon LLM scaling World models Broadcom

Inference-only chips 4

Silicon built on the assumption that the transformer is settled enough to harden into hardware.

CompanyTickerSellsSells toDated factsSources
Cerebras
 private Wafer-scale chips sold as fast inference and as a cloud; has filed to go public LLM scaling Cerebras
Groq
 private LPU inference chips and the GroqCloud service LLM scaling Groq
SambaNova
 private Reconfigurable dataflow chips sold for inference LLM scaling SambaNova
Etched
 private A transformer-only ASIC; the purest bet that the architecture is final LLM scaling Etched

Foundry and fab equipment 3

Everything above runs through two or three companies that make or equip the fabs.

CompanyTickerSellsSells toDated factsSources
TSMC
 NYSE:TSM Fabricates nearly every accelerator above, including all of Nvidia's every camp TSMC
ASML
 NASDAQ:ASML The only maker of the EUV lithography machines advanced fabs need every camp ASML
Applied Materials
 NASDAQ:AMAT Fab equipment for deposition, etch and inspection every camp Applied Materials

High-bandwidth memory 3

Training is bound by memory bandwidth as much as by compute; three suppliers make HBM.

CompanyTickerSellsSells toDated factsSources
SK hynix
 KRX:000660 The leading supplier of high-bandwidth memory for accelerators LLM scaling World models SK hynix
Micron
 NASDAQ:MU High-bandwidth memory and the DRAM that surrounds it LLM scaling World models Micron
Samsung Electronics
 KRX:005930 HBM and DRAM, and a foundry of its own LLM scaling World models Samsung Electronics

Networking and servers 4

The switches and boxes that turn ten thousand GPUs into one machine.

CompanyTickerSellsSells toDated factsSources
Arista Networks
 NYSE:ANET Ethernet switching for AI clusters LLM scaling Wikipedia
Marvell
 NASDAQ:MRVL Custom silicon and interconnect for hyperscale data centers LLM scaling Marvell
Super Micro Computer
 NASDAQ:SMCI GPU servers and racks LLM scaling Wikipedia
Dell Technologies
 NYSE:DELL AI servers for enterprises and neoclouds LLM scaling Dell Technologies

Hyperscale cloud 4

The three clouds rent compute to every camp and run their own labs.

CompanyTickerSellsSells toDated factsSources
Microsoft Azure
 NASDAQ:MSFT Rents compute to OpenAI and others; runs Microsoft AI's own models every camp Microsoft Azure
Amazon Web Services
 NASDAQ:AMZN Trainium chips and the cloud Anthropic trains on; runs Amazon's own AGI lab every camp Amazon Web Services
Google Cloud
 NASDAQ:GOOGL TPUs rented to outside labs, and the compute behind Google DeepMind every camp Google Cloud
Oracle
 NYSE:ORCL Cloud capacity leased at scale to model labs; the most indebted of the clouds LLM scaling
Jul 2026 Interest expense doubled and free cash flow was negative $4.7B for the first quarter, per the credit-market reporting on the capital page. Tech Times
 Oracle

Neoclouds 3

GPU landlords built for AI demand. The most leveraged part of the trade, and where the credit-market doubts sit.

CompanyTickerSellsSells toDated factsSources
CoreWeave
 NASDAQ:CRWV GPU cloud built on Nvidia hardware and debt secured by it LLM scaling World models
Jul 2026 Five-year credit default swaps reached about 855 basis points in July 2026. 24/7 Wall St.
 CoreWeave
Nebius
 NASDAQ:NBIS GPU cloud spun out of Yandex's non-Russian assets LLM scaling World models Nebius
Nscale
 private GPU cloud that signs dedicated compute deals with labs LLM scaling Physical AI
Sep 2026 Committed $3.5B of compute to Figure, with intent to exceed $6B, and took an undisclosed equity stake. Tech Times
 Nscale

Power 6

Data centers need firm power; nuclear operators and gas plants signed the contracts.

CompanyTickerSellsSells toDated factsSources
Constellation Energy
 NASDAQ:CEG The largest US nuclear fleet, selling firm power to data centers LLM scaling Constellation Energy
Vistra
 NYSE:VST Nuclear and gas generation contracted to data-center growth LLM scaling Vistra
Talen Energy
 NASDAQ:TLN Nuclear power sold directly to a data-center campus LLM scaling Talen Energy
NextEra Energy
 NYSE:NEE The largest US renewable developer, building for data-center load LLM scaling NextEra Energy
Oklo
 NYSE:OKLO Small modular reactors pitched at data centers; no plant operating yet LLM scaling Oklo
NuScale Power
 NYSE:SMR Small modular reactor designs; no plant operating yet LLM scaling NuScale Power

Data-center real estate 2

The buildings, sold as leases.

CompanyTickerSellsSells toDated factsSources
Equinix
 NASDAQ:EQIX Colocation data centers leased to clouds and labs LLM scaling Equinix
Digital Realty
 NYSE:DLR Data-center real estate leased at hyperscale LLM scaling Digital Realty

Simulation software 1

The incumbents camp 3's learned simulators are trying to replace or plug into.

CompanyTickerSellsSells toDated factsSources
Synopsys
 NASDAQ:SNPS Chip design software and, through Ansys, the physics simulation camp 3 wants to learn Physics AI Synopsys

Missing a supplier that sells to a camp? Send it, with a source, through the corrections form. Companies that merely use AI are out of scope. The bearish side of the same trade is on the Capital page.