The Value Chain Register

Course economics and each course’s test are the desk’s, from NBER Working Paper 35865 as drawn in the stack on the indices dashboard; they are schematics of a representative buildout, not a measurement of any one project. A company’s course is read from the layer and role the AI 100 files it under — several companies span more than one course, and each is placed where the bulk of its business sits. Value is market capitalisation for a listed company and the latest primary or secondary mark for a private one. Revenue, debt, cash, EBIT, EBITDA, interest, operating cash flow and capex are filed figures over the trailing twelve months, in US dollars. Exposure to the build-out is the desk’s estimate and nothing more: no filing breaks revenue down by “sold into a datacenter” or tags a bond as raised against one, so revenue exposure is read from segment disclosure and customer concentration, and debt exposure from what the borrowing was raised to pay for. A figure marked * is the typical figure for the course rather than an estimate of that company’s own. Not investment advice.