The AI Stack
Equity Research for AI
Akyla covers the full five-layer AI stack: energy, chips, infrastructure, models, applications. We connect industry signals to company-level earnings, valuation, catalysts, and risk, with models and source materials built for deeper underwriting.
LAYER 05
Applications
Where economic value is captured
What we are testing
Who owns the workflow, the proprietary data and the right to charge for intelligence?
27 companies · 1 live
LAYER 04
Models
Where intelligence is produced
What we are testing
Does model quality remain differentiated, or does inference become a falling-cost commodity?
4 companies · 0 live
LAYER 03
Infrastructure
Where AI factories are built
What we are testing
Which bottlenecks convert capex into durable pricing power: GPUs, optics, networking, cooling, power or MW?
44 companies · 3 live
LAYER 02
Chips
Where electricity becomes compute
What we are testing
Who controls performance per watt, HBM, packaging, yield and the custom-vs-merchant silicon economics?
24 companies · 6 live
LAYER 01
Energy
Where the physical ceiling is set
What we are testing
Who controls scarce, dispatchable megawatts — and who gets paid when interconnection becomes the bottleneck?
19 companies · 0 live
Other coverage
Published names outside the AI stack
The research architecture
An application cannot scale without models; models cannot scale without infrastructure; infrastructure cannot scale without chips; chips cannot run without power. We track the entire chain because a bottleneck in one layer changes the earnings power, bargaining leverage and valuation of every layer around it.
Inside every report
All the analytics, not just the takeaway.
The kind of work you'd build yourself if you had the time. Open the numbers, stress the assumptions, and see exactly how the call is constructed.
The book
Our portfolio
Our live model portfolio. Holdings and position weights, refreshed daily from the brokerage. Free to view with your email.