The Physical Layer

AI and energy infrastructure, explained plainly.

Companies

AMD

On the map: Memory · Cooling

Named in 2 pieces. Each entry below is that piece's own description of what the company makes, from its exposure map.

  1. The buyers who design it

    Nvidia and AMD design AI chips; Amazon's Annapurna Labs is the first named NVHBM partner.

    Memory, not maths, sets the pace of AI, so the biggest buyer now designs it · 31 October 2026

  2. The halls that choose

    Microsoft, Google, Meta, Amazon and Jane Street run data centres, filled with chips Nvidia and AMD design.

    Heat and water decide where AI goes: liquid to the chip, a choice on the roof · 21 August 2026

This maps who operates in each layer. It is not a recommendation, and naming a company is not a view on its shares. Personal research, not investment advice.