FUTURUM'S FOUR LAYERS OF AGENTIC AI ECONOMY APPLICATIONS & AGENTS LAYER • $META scaling consumer agents through Muse & specialized models • $AXON putting AI on officers cameras with AI ARR now above $100M • $GOOGL bringing Gemini agents across Search, Android & Workspace • $MSFT distributing Copilot agents across world's largest enterprise customer base • $APP using next-gen AI models to price & target ads across gaming & e-commerce • $SHOP plugging merchants into every major shopping agent as AI-driven orders grow 3x • $PLTR giving AI agents operating context to act on real enterprise data through its ontology INFERENCE PLATFORMS & CLOUD LAYER • $IREN owning land, power & data centers under its AI cloud • $MSFT $AMZN $GOOGL $ORCL running largest AI clouds in world • $NBIS building vertically integrated AI cloud with zero Texas exposure • $CRWV providing specialized GPU cloud capacity for hyperscalers & labs • $NET running agents on isolates instead of containers as "the first agentic cloud" • $DOCN offering a simpler cloud for developers as AI agents start choosing infrastructure COMPUTE, NETWORKING, MEMORY & TIMING LAYER • $MU $SKHY supplying memory every AI system is short on • $CBRS delivering speed for inference with wafer-scale chips • $AVGO supplying Ethernet & custom AI chips for hyperscalers • $AEHR testing expensive chips before they go into production • $CRDO adding high-speed links as AI systems spread across more chips • $NVDA supplying accelerators, networking & software for AI infrastructure • $SITM keeping every chip, switch & optical link in sync with precision timing • $ARM collecting royalties on nearly every CPU challenging x86 in data center • $AMD powering agents with EPYC CPUs & Helios racks alongside Instinct GPUs • $ALAB connecting accelerators with content per chip roughly doubling each generation • $MRVL supplying custom AI chips & optical DSPs with its pending $LITE deal adding in-house lasers POWER, COOLING & PHYSICAL INFRASTRUCTURE LAYER • $GEV building gas turbines for self-powered campuses • $CEG $VST pairing data centers directly with nuclear power • $NVTS bringing GaN power chips into 800V AI data centers • $FPS supplying electrical gear that every power scenario needs • $BE generating on-site power for data centers that can't wait for grid • $VRT cooling & powering racks that get hotter & denser every generation • $ON converting power efficiently as data centers move to 800V architectures

FUTURUM EQUITIES PODCAST EPISODE #53# Daniel and I will be live today at 1 PM ET exclusively on the Futurum Equities YouTube channel covering: • What to expect from $NVDA earnings next week • What the $MRVL & $GOOGL deal really says about AI infrastructure • Why $TEM could be the next AI rerating as personalized cancer therapy makes tumor sequencing increasingly critical • What an October Anthropic IPO could mean for the AI trade and how it could reshape capital flows across the sector • Why Citadel’s Situational Awareness unwind may explain part of the August AI infrastructure selloff We’ll leave the last 15-20 minutes for live Q&A so bring your questions!