Our universe of 200+ publicly listed, AI-exposed companies spans the full AI value chain. To make sense of where each company sits, and to track how each part of the ecosystem is performing, we map every stock to one of five stacks: Power, Build, Connect, Develop, Deploy. We call this framework PBCDD, and we read it from the ground up.

Think of it as a building from the bottom: the power feeding it, the structure holding it up, the wiring that connects it, the workshop where things get made, and the rooms people actually use. Knowing which layer is leading and which is lagging is context that single-stock analysis can't give you.

AI is energy-intensive, and energy is increasingly the real constraint on how fast the whole ecosystem can grow. This stack covers the physical systems that keep everything running: energy generation, cooling, data-centre real estate, and the next-generation compute layer including quantum.

Business types: energy producers serving data centres, cooling specialists, data-centre REITs, quantum computing.

The engine room of the AI ecosystem. This is where computation gets built: chips, memory, fabrication equipment, test gear, networking components, optical interconnects, and the servers that house it all.

Business types: semiconductor designers, memory manufacturers, foundries, networking-component vendors.

The infrastructure that moves data across the ecosystem: cloud platforms, networks, data integration, storage. Without this layer, the compute in Build has nothing to talk to.

Business types: hyperscale cloud providers, networking and connectivity firms.

Where AI gets built and operated. AI development platforms, MLOps, security, compliance, observability: the tools that take a company from "we have a model" to "we have a model running in production."

Business types: AI dev tools, model deployment platforms, AI-native infrastructure software.

Where AI delivers real-world value. Enterprise SaaS rebuilt around AI, consumer AI products, vertical AI tools for specific industries. This is the layer end users actually see.

Business types: AI-powered enterprise software, consumer AI apps, vertical AI applications.

Every week we publish equal-weighted average price returns for each PBCDD stack at six time horizons: 1 week, 4 weeks, 3 months, 6 months, year-to-date, and 1 year. Each stock contributes equally to its stack's return, so a mega-cap and a mid-cap each get one vote. That shows which layer of the AI value chain is leading and which is lagging, context that single-stock rankings can't provide.

What is the AI value chain? It's the full set of activities that turn energy and raw computing into working AI products. We split it into five stacks, from the ground up: Power (energy and cooling), Build (chips and servers), Connect (networks and cloud), Develop (AI tools and models), and Deploy (the applications people use). We call this framework PBCDD.

How is the AI stock market structured? AI-exposed companies aren't one block. They sit at different layers of the value chain, and those layers behave differently. A chipmaker (Build), a hyperscaler (Connect) and a consumer AI app (Deploy) are exposed to different demand and risks. Mapping each company to a stack shows what you're actually betting on.

What are the five AI stacks? Power, Build, Connect, Develop and Deploy (PBCDD). Power is the energy and cooling beneath everything; Build is the hardware; Connect is the networks and cloud that link it; Develop is the AI toolchain; Deploy is the end-user applications.

Why track AI stocks by stack instead of one by one? Because it shows which layer of the ecosystem is leading and which is lagging, which single-stock analysis can't. It also stops you over-concentrating: most retail AI portfolios are quietly 80% in one stack (usually Build) without realising it.

Disclaimer. AI Investing Pulse provides research, data, and educational frameworks for informational purposes only. It does not constitute investment advice, a personal recommendation, or an invitation or inducement to engage in any investment activity. AI Investing Pulse is not authorised or regulated by the Financial Conduct Authority (UK), is not registered with the U.S. Securities and Exchange Commission or any U.S. state regulator, and is not registered with any Canadian provincial securities commission or CIRO. Nothing here is tailored to your individual circumstances. The value of investments can fall as well as rise and you may get back less than you invested; past performance is not a guide to future results. Always consult a qualified, regulated financial professional before making investment decisions.