The Physical Layer

AI and energy infrastructure, explained plainly.

Companies

Nebius

On the map: Who runs the capacity

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

  1. The builders

    Crusoe builds AI campuses; Lancium plans Abilene's power. Nebius, CoreWeave and Lambda rent GPU clusters. DayOne runs Johor campuses.

    Contracted, energised, running: how Abilene, Nebius and Jane Street's AI capacity really arrives · 25 September 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.