Latest news: Constellation signs a long-term deal with Google to fund 890 MW of new nuclear output at existing reactors in PJM, a deal Constellation and Google announced together
Latest news: AEP plans to put about $4 billion into a Bloom fuel cell plant near Cheyenne, Wyoming, to supply Google under a long-term power purchase agreement
Latest news: Prysmian agrees to acquire Atkore at an enterprise value of about $3.8 billion, saying the deal positions it to lead the electrification and AI-driven infrastructure markets
Latest news: Eaton agrees to acquire Italy's COL Group for an enterprise value of €810 million, expanding manufacturing capacity for data center and utility markets in Europe
Latest news: Ecolab reports Global High-Tech organic sales up 29% on data center and chip demand, and calls AI infrastructure and computing 'the fastest-growing market in the world'
Latest news: ASML says AI-driven demand will exceed its planned chip-tool supply in 2027 and 2028, after what it called record third-quarter sales of 11.7 billion euros
Latest news: Qualcomm and Amazon agree to build custom AI data-center chips, and Qualcomm gives Amazon a warrant tied to up to $60 billion of purchases
Latest news: NiSource says Microsoft signed a long-term energy agreement that adds about 1,100 MW of new generation for its northwest Indiana data center campus
Latest news: Nebius says its agreement with AIB Data Centers adds dedicated capacity in the southeastern United States for training and inference workloads
The electricity that feeds AI, and the grid that carries it.
Latest play AEP plans to invest about $4 billion in a 702 MW Bloom fuel cell plant near Cheyenne, Wyoming, to supply Google under a 20-year power purchase agreement
Latest play TSMC raises its 2026 sales growth outlook to about 44% after third-quarter revenue of $46.72 billion topped its guidance, and says demand stays strong
The companies that rent computing power to AI labs and businesses.
Latest play NiSource says Microsoft signed a 20-year energy agreement that adds about 1,100 MW of new generation for its northwest Indiana data center campus from 2028
Latest play Anthropic says it signed a long-term lease for the first 95 MW phase of EverWind's planned Point Tupper, Nova Scotia data center campus, due in late 2027
Samsung expects about 107.4 trillion won of third quarter operating profit on about 195 trillion won of sales, up from 12.17 trillion won of profit a year earlier. Healthy.
Quote, 8 Oct 2026: "Consolidated Operating Profit: Approximately 107.40 trillion Korean won"
ASML says its "supply as currently planned for both 2027 and 2028 will not fully meet the demand of our customers", after what it called record third quarter sales of 11.7 billion euros. Healthy.
Microsoft says its Maia chips will scale to multiple gigawatts from 2027 and become the main system running AI answers across its products. Healthy.
Quote, 12 Oct 2026: "We will scale our Azure Maia family to multi-gigawatt deployments starting in 2027, making Maia the primary inference system for Microsoft products and services."
Camtek says AI chip packaging demand gives it an initial 2027 revenue outlook of over $800 million, after what it called record third quarter revenue. Healthy.
Quote, 14 Oct 2026: "2027 initial revenue outlook at over $800 million"
EverWind says it reached a long term lease with a frontier AI developer for the first 95 MW phase of its planned Point Tupper campus, due in late 2027. Nothing is built yet.
Quote, 16 Oct 2026: "EverWind has reached a long-term lease agreement with a leading frontier AI developer for the initial phase of the Point Tupper campus."
AEP says it plans to spend about $4 billion on a 702 MW Bloom fuel cell plant near Cheyenne, Wyoming, with Google taking the power for 20 years.
Quote, 14 Oct 2026: "a new 702-megawatt fuel cell generation project near Cheyenne, Wyoming, under a long-term 20-year power purchase agreement (PPA) with Google"
GlobalFoundries says a multi year $2 billion agreement will make its Malta, New York site a US source of silicon interposers for TSMC's advanced packaging, ramping in the first half of 2028.
Quote, 8 Oct 2026: "Volume production is expected to begin ramping at GF's Malta site during the first half of 2028"
Character.AI says it started a voluntary Chapter 11 process for a sale of the company run under court supervision. The platform stays up for now, and the company says it will be wound down if no bid keeps it running. Injured list.
Quote, 12 Oct 2026: "Today, we're sharing that Character.ai has initiated a voluntary Chapter 11 bankruptcy process to facilitate a court-supervised sale of the company."
Late November or early December: Character.AI sale
Character.AI says it expects the sale to wrap up by the end of November or early December.
Quote, 12 Oct 2026: "We currently expect that the court-supervised sale process will be complete by the end of November or perhaps early December 2026."
Anthropic researchers say small AI models may be months away from being able to copy themselves onto cheap connected devices like off brand TV boxes. In their tests a 9B model got inference running on 8 of 9 hardware types. Research and opinion, not a company move.
Quote, 12 Oct 2026: "In our evaluations, a 9B model got inference running on 8 of the 9 hardware types we tested."
Opinions are cheap. What is being built is a fact.
AI is not one industry. It is a chain: power stations, fabrication equipment, chips, memory, data centers, cloud platforms, models, software, and the machines that put it all into the physical world. The map shows that chain as it actually stands, every company in its layer, every connection with the source and the date attached.
Start anywhere. Click NVIDIA and see who makes its chips, who buys them and who competes. Click a power company and see which data centers it feeds. That is the part of the boom-or-bust question you can check for yourself.
Nine conditions that need to stay true for the AI build to keep getting paid for. They come from people close to the money and the building. Unlike opinions, conditions can be checked, so each one is tracked against dated, sourced events. Every row names who said it and links to where. The call moves when the evidence does.
Can they actually plug it all in?Toward NiSource says Microsoft signed a 20-year energy agreement that adds about 1,100 MW of new generation for its northwest Indiana data center campus from 2028 16 Oct 2026+
A chip is useless without power, a building and a grid connection. This row tracks whether the physical build-out lands anywhere near the pace the spending assumes.
About 25 GW of new AI compute actually comes online in 2027, against SemiAnalysis’s 43 GW forecast. In his words: “I would suggest Dylan’s forecast to 43 gigawatt next year is too aggressive … I think the total amount we’re actually going to stand up is somewhere closer to 25 gigawatt.” The limits he named: permitting and local opposition, grid interconnection delays, skilled labor shortages and sold-out power equipment.
Stated by Brad Gerstner (Altimeter Capital), All-In Summit, 15 Sep 2026 · source ↗ · by 31 Dec 2027
Supports29 Sep 2026 Broadcom-TOPPAN joint venture AST opens Singapore's first high-end FC-BGA substrate facility; production targeted for December 2026 AST via Singapore EDB ↗
Supports30 Sep 2026 HPE discloses a 1.2 billion dollar Vultr order for AMD Helios AI racks, its first Helios order HPE (Business Wire syndication) ↗
Supports30 Sep 2026 CoreWeave says NVIDIA Vera Rubin NVL72 is in production on its cloud, with Cognition as the first production customer CoreWeave (investor newsroom) ↗
Supports14 Sep 2026 Meta expands Eagle Mountain Utah data center; Utah investment above 3 billion dollars Meta Data Centers ↗
Supports29 Sep 2026 NRC issues first U.S. construction permit for a BWRX-300 at TVA Clinch River; GE Vernova Hitachi design GE Vernova ↗
Supports2 Oct 2026 Applied Digital brings Polaris Forge 1 to 250 MW operational critical IT load after adding 75 MW Applied Digital ↗
Supports1 Oct 2026 Dell, JERA and RHAELM sign an MoU for a Japan AI-infrastructure model, tied to a Chiba project of up to 400 MW JERA ↗
Supports1 Oct 2026 Michigan approves DTE contracts to power a Google data center, including up to 1,600 MW of renewables and 480 MW of storage Michigan Public Service Commission ↗
Supports30 Sep 2026 Constellation and Amazon sign a 20-year PPA for 690 MW at Calvert Cliffs, including about 190 MW of new capacity Constellation Energy ↗
Supports30 Sep 2026 Nebius signs for 50 MW of critical IT capacity at an AIB southeastern U.S. data center AIB Data Centers (GlobeNewswire) ↗
Supports2 Oct 2026 Oracle commits to absorb about $300 million of Point Beach nuclear costs for Wisconsin ratepayers, subject to PSC approval Oracle (PR Newswire) ↗
Minor18 Oct 2026 Microsoft ends its deal at Nscale's planned Loughton AI data center after the grid operator said it could not supply enough power until the early to mid-2030s, UK media report BBC News: Microsoft pulls out of UK's largest AI data centre ↗
Next fixture: State permitting actions (Texas audit outcome, Virginia 2027 legislation); utility interconnection announcements.
Is borrowing still cheap enough to build?Against US 10-year Treasury yield crosses 5% for the first time since 2007 23 Sep 2026+
Data centers are built with borrowed money. When long-term interest rates rise, every project gets more expensive to finance, whatever the demand looks like.
The 10-year Treasury yield stays below about 5.5%, and oil retreats. In his words: “If rates were to go to five and a half on the 10-year, that’s going to be a big burden … on the equity market,” and “rates are following oil prices to a certain extent.” He gave no numeric level for oil. The 5% warning level on this row is AI Map’s own, set in advance.
Are governments slowing it down?Against FERC rejects the core of PJM's large-load plan, keeping only a 50 MW definition and a registry 9 Oct 2026+
States and countries are writing the rules for data centers now. Those rules cover power, water, permits and tax. The condition is not that nothing happens, but that what happens adds cost and process without stopping the build out.
Rules on AI and data centers add cost and process without halting the build-out. In his words: “Regulation’s a threat. It’s a risk.” He called for “common sense, pragmatic solutions,” pointed to the 67 fission reactors shut down after activist pressure, and said: “Can’t allow this to occur to AI.”
Against30 Sep 2026 FTC confirms an investigation into OpenAI, Anthropic and other AI companies over consumer risks; civil investigative demands reported within weeks Associated Press (via Spectrum News) ↗
Against29 Sep 2026 FERC suspends PJM's 6.8 GW emergency power procurement to 28 February 2027 PJM Inside Lines ↗
Are the AI labs actually making money?Against OpenAI's annualized revenue is roughly $50bn, not the ~$68-70bn reported in September, per FT, Bloomberg and CNBC 8 Oct 2026+
Almost everything else rests on this. The data centers, the chips and the power deals are all being financed against an expectation that the companies making AI models grow revenue very fast. This row tracks whether they do.
The top three AI labs lift combined annualized revenue from about $100B (July 2026) to at least $180B by the end of 2026. In his words: “I think they need to collectively get to at least $180 billion by the end of the year … just to keep the AI trade intact.” He put the takeoff case at about $8B a month for a leading lab, against $4B.
Stated by Brad Gerstner (Altimeter Capital), All-In Summit, 15 Sep 2026 · source ↗ · by 31 Dec 2026
Supports29 Sep 2026 OpenAI's annualized recurring revenue nears 70 billion dollars, up more than 70% since July, per Axios and a Reuters source Axios ↗
Next fixture: Next disclosed or credibly reported monthly run-rate from OpenAI and Anthropic.
Can anyone pay for all these data centers?Against Broadcom to lend Anthropic up to $42 billion to lease its chips, prospectus shows (Reuters) 1 Oct 2026+
The largest technology companies are spending on a scale normally seen in railways and oil. The question is whether the money coming back from AI arrives quickly enough to cover it.
Revenue from the labs renting AI capacity grows fast enough to pay for the build-out. In his words: “If you’re going to build a trillion and a half dollars a year in capex, somebody has to pay for it … Microsoft’s not paying for it. They’re building it to rent it.” He said that revenue has to go from about $200B at the end of 2026 “to 450 to 800 or a trillion dollars just to keep up.”
Against28 Sep 2026 Anthropic's IPO prospectus, reviewed by Reuters, shows 518 billion dollars of future cloud and compute obligations against 4.6 billion dollars of 2025 revenue Reuters (via Yahoo Finance) ↗
Against29 Sep 2026 Anthropic's 518 billion dollars of compute obligations, split by partner in its draft prospectus: about 80% is non-cancelable or payable regardless of usage Reuters (via KSL.com syndication) ↗
Against1 Oct 2026 Broadcom to lend Anthropic up to $42 billion to lease its chips, prospectus shows (Reuters) Reuters (via The Star syndication) ↗
Supports30 Sep 2026 SoftBank completes acquisition of DigitalBridge for about 3.1 billion dollars; DigitalBridge becomes a controlled subsidiary SoftBank Group (press release) ↗
Minor1 Oct 2026 SoftBank completes its 30 billion dollar OpenAI follow-on with the final 10 billion dollar tranche; cumulative investment 64.6 billion dollars, about 13%; bridge loan repaid SoftBank Group press release ↗
Minor2 Oct 2026 Broadcom's banks begin raising $60 billion of debt for AI chips for Anthropic and others; Blackstone leads $18 billion junior tranche (Bloomberg) Dataconomy, reporting Bloomberg News ↗
Will one of the big AI labs go public?Against OpenAI's CEO rules out a 2026 IPO, calling now an ill-advised moment to go public 12 Sep 2026+
A listing would force a frontier lab to publish real numbers on a schedule. Whatever it did for the share price, it would replace a lot of guesswork with filings.
A frontier-lab IPO goes ahead this year without a halt or postponement. In his words: “I think we are going to see an IPO this year,” and a halt or postponement of the Anthropic IPO “would obviously be a major issue. I don’t think that’s going to happen.”
Is the rally still tied to earnings?Toward TSMC raises its 2026 sales growth outlook to about 44% after third-quarter revenue of $46.72 billion topped its guidance, and says demand stays strong 15 Oct 2026+
The claim being tested is that this does not look like 2000, because the gains come from rising profits rather than rising valuations. That is checkable every quarter.
Market gains stay driven by earnings rather than rising valuations. In his words: “This is not about multiple expansion. This is an earnings driven market expansion,” with NVIDIA at “14 times next year’s fully taxed GAAP earnings. This is no bubble like it was in 2000.” He also flagged that semiconductors were 70% of the Nasdaq’s return, “both good and bad.”
Supports30 Sep 2026 Micron's fiscal Q4 revenue reaches 54.2 billion dollars, up from 11.3 billion a year earlier, at an 87% gross margin; next quarter guided to 61.5 billion Micron Technology (press release via GlobeNewswire) ↗
Is AI making ordinary companies more productive?Nothing has yet cleared the bar this tracker requires. That is a real answer, not a gap.+
Not whether people use it, but whether it shows up in what companies actually report. This is the difference between AI as a cost and AI as a return.
AI lifts companies’ margin expansion from the historical ~38 basis points a year toward ~100. In his words: “Can we turn the 38 bips to 100 bips of margin expansion because of AI? The answer is obviously yes.” His examples were companies growing revenue without growing headcount.
No signal has cleared the bar for this row yet. The tracker counts published, dated events from the last 90 days, and analyst estimates and internal projections that are not in a filing never count toward a verdict.
Next fixture: Q3 2026 earnings commentary on AI-driven margins.
Is anyone actually using AI agents?Nothing has yet cleared the bar this tracker requires. That is a real answer, not a gap.+
Launches and download estimates are easy. This row waits for something a company discloses itself: sustained use, paid conversion, or revenue broken out.
Consumer AI agents become a real, token-hungry category. In his words: “We’re going to have consumer agents in everybody’s pocket … This could be another trillion dollar category, but it’s definitely going to consume massive tokens.” AI Map counts only company-disclosed usage, paid conversion or transactions toward this row, not downloads.
No signal has cleared the bar for this row yet. The tracker counts published, dated events from the last 90 days, and analyst estimates and internal projections that are not in a filing never count toward a verdict.
Next fixture: A company-disclosed usage, subscriber or transaction figure for a consumer agent (Meta, OpenAI or Anthropic), or a quarter in which agent revenue is broken out.
These are conditions AI Map tracks, not predictions and not our opinion of whether any of it is a good idea. Each row names whoever stated the threshold and links to where they said it. Where the wording is our own paraphrase, the row says so. We are not affiliated with, endorsed by or reviewed by anyone cited. A row moves against the condition when a major dated event points against it, and with the condition when the qualifying evidence only points toward it. When nothing has cleared the bar, the row stays open. Analyst estimates and internal projections that are not in a filing never move a verdict, unconfirmed reports are never published, and a signal stops counting after 90 days. It is not a rating, a forecast, or a recommendation about any company or security. How a verdict is set, and what it is not.
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Real tickers where a company is publicly traded, plain-English profiles of what each one actually does, its competitors and same-layer peers, and every connection with its source, so you can go from "what is this company" to "how does it fit in" in one click.
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1X TechnologiesNorway (Moss) / United States (San Francisco Bay Area)
Most people see products. We map the system beneath them.
AI is not one industry. It is a chain of power generation, fabrication equipment, chips, data centers, cloud platforms, models, software and physical machines. This database, and the relationship map behind it, show how those layers depend on one another, and the evidence behind every connection.
01
Map relationships
Follow suppliers, customers, partners, spending, ownership and competition across the full AI stack.
02
Show the evidence
Every published connection is tied to a readable source, date, classification and statement of its limits.
03
Separate signal from hype
Current operations, dated announcements and competitive comparisons stay visibly distinct, and every record carries the date its evidence was published and the date it was last reviewed.
04
Explain it plainly
Built for intelligent non-specialists who want the system without reading hundreds of filings.
FOUNDER'S NOTE
“AI optimism without bullshit.”
Acts of Evolution is an independent educational research project founded by Steven Dudley. It begins with a simple question: what is actually being built, why does it matter, and how are the companies building it connected?
We cover opportunity and constraint with equal seriousness. Inclusion in this database is not an endorsement of a company or its securities.
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