{ "schema": "great-expansion/v1", "revision": "r1", "cutoff": "2026-09-18", "published": "2026-09-19", "sources": [ { "id": "fin-alphabet-facts", "title": "Alphabet annual XBRL facts", "publisher": "SEC EDGAR / Alphabet", "url": "https://data.sec.gov/api/xbrl/companyfacts/CIK0001652044.json", "publicationDate": "FY2018-FY2025 filings", "retrievedAt": "2026-09-19", "accessNote": "Public filing facts; exact annual accession and XBRL tags retained in the extract. API requires a declared research User-Agent. Extracted facts only, not a redistributed report." }, { "id": "fin-amazon-facts", "title": "Amazon annual XBRL facts", "publisher": "SEC EDGAR / Amazon", "url": "https://data.sec.gov/api/xbrl/companyfacts/CIK0001018724.json", "publicationDate": "FY2018-FY2025 filings", "retrievedAt": "2026-09-19", "accessNote": "Public filing facts. The productive-assets tag is checked against the rendered Purchases of property and equipment cash-flow row." }, { "id": "fin-microsoft-facts", "title": "Microsoft annual XBRL facts", "publisher": "SEC EDGAR / Microsoft", "url": "https://data.sec.gov/api/xbrl/companyfacts/CIK0000789019.json", "publicationDate": "FY2018-FY2026 filings", "retrievedAt": "2026-09-19", "accessNote": "Public filing facts. Annual July-June periods selected; FY2026 kept outside the four-firm common panel." }, { "id": "fin-meta-facts", "title": "Meta annual XBRL facts", "publisher": "SEC EDGAR / Meta", "url": "https://data.sec.gov/api/xbrl/companyfacts/CIK0001326801.json", "publicationDate": "FY2018-FY2025 filings", "retrievedAt": "2026-09-19", "accessNote": "Public filing facts. Historical gross/net re-presentations reconciled with disposal proceeds; exact accessions retained." }, { "id": "fin-alphabet-2025", "title": "Alphabet FY2025 Form 10-K", "publisher": "SEC EDGAR / Alphabet", "url": "https://www.sec.gov/Archives/edgar/data/1652044/000165204426000018/goog-20251231.htm", "publicationDate": "2026-02-05", "retrievedAt": "2026-09-19", "accessNote": "Rendered cash-flow and revenue tables checked against XBRL facts; factual extracts only." }, { "id": "fin-amazon-2025", "title": "Amazon FY2025 Form 10-K", "publisher": "SEC EDGAR / Amazon", "url": "https://www.sec.gov/Archives/edgar/data/1018724/000101872426000004/amzn-20251231.htm", "publicationDate": "2026-02-06", "retrievedAt": "2026-09-19", "accessNote": "Gross Purchases of property and equipment cash outflow; finance-lease acquisitions excluded. Factual extracts only." }, { "id": "fin-microsoft-2026", "title": "Microsoft FY2026 Form 10-K", "publisher": "SEC EDGAR / Microsoft", "url": "https://www.sec.gov/Archives/edgar/data/789019/000119312526323660/msft-20260630.htm", "publicationDate": "2026-07-29", "retrievedAt": "2026-09-19", "accessNote": "Completed FY2026 with FY2024/FY2025 comparatives. Common-panel figures stop at FY2025. Issuer and SEC attribution; no report redistribution." }, { "id": "fin-meta-2025", "title": "Meta FY2025 Form 10-K", "publisher": "SEC EDGAR / Meta", "url": "https://www.sec.gov/Archives/edgar/data/1326801/000162828026003942/meta-20251231.htm", "publicationDate": "2026-01-29", "retrievedAt": "2026-09-19", "accessNote": "Cash purchases of $69.691bn are distinct from $72.215bn including finance-lease principal. Factual extracts only." }, { "id": "fin-nvidia-2026", "title": "NVIDIA FY2026 Form 10-K: Revenue by End Market", "publisher": "SEC EDGAR / NVIDIA", "url": "https://www.sec.gov/Archives/edgar/data/1045810/000104581026000021/nvda-20260125.htm", "publicationDate": "2026-02-25", "retrievedAt": "2026-09-19", "accessNote": "Exact FY2025/FY2026 end-market revenue, USD millions, p. 78. Company-defined platforms; factual extracts only." }, { "id": "fin-nvidia-release-2025", "title": "NVIDIA fourth-quarter and fiscal 2025 results", "publisher": "NVIDIA Newsroom", "url": "https://nvidianews.nvidia.com/news/nvidia-announces-financial-results-for-fourth-quarter-and-fiscal-2025", "publicationDate": "2025-02-26", "retrievedAt": "2026-09-19", "accessNote": "First-party earnings release used to reconcile rounded total and Data Center revenue; issuer copyright retained." }, { "id": "fin-nvidia-release-2026", "title": "NVIDIA fourth-quarter and fiscal 2026 results", "publisher": "NVIDIA Newsroom", "url": "https://nvidianews.nvidia.com/news/nvidia-announces-financial-results-for-fourth-quarter-and-fiscal-2026", "publicationDate": "2026-02-25", "retrievedAt": "2026-09-19", "accessNote": "First-party earnings release used to reconcile rounded total and Data Center revenue; issuer copyright retained." }, { "id": "gov-01", "title": "Waymo One: The next step on our self-driving journey", "publisher": "Waymo", "url": "https://waymo.com/blog/2018/12/waymo-one-next-step-on-our-self-driving/", "publicationDate": "2018-12-05", "retrievedAt": "2026-09-19", "accessNote": "Public first-party company release; copyright retained. Factual extracts and original event coding only." }, { "id": "gov-02", "title": "Isomorphic Labs and Novartis research collaboration", "publisher": "Isomorphic Labs / PR Newswire", "url": "https://www.prnewswire.com/news-releases/isomorphic-labs-announces-strategic-multi-target-research-collaboration-with-novartis-302027387.html", "publicationDate": "2024-01-07", "retrievedAt": "2026-09-19", "accessNote": "Issuer release hosted by a distributor; no reuse license identified. Original coding, not a clinical-outcome claim." }, { "id": "gov-03", "title": "A message on Stadia and our long-term streaming strategy", "publisher": "Google", "url": "https://blog.google/products/stadia/message-on-stadia-streaming-strategy/", "publicationDate": "2022-09-29", "retrievedAt": "2026-09-19", "accessNote": "First-party shutdown announcement specifying the end of user access; no full-page redistribution." }, { "id": "gov-04", "title": "One Medical Joins Amazon", "publisher": "One Medical", "url": "https://www.onemedical.com/mediacenter/one-medical-joins-amazon/", "publicationDate": "2023-02-22", "retrievedAt": "2026-09-19", "accessNote": "Verified in a browser after generic fetch restrictions. The page distinguishes 1Life administrative services from physician-owned clinical corporations." }, { "id": "gov-05", "title": "Zoox is live in Las Vegas!", "publisher": "Zoox", "url": "https://zoox.com/journal/las-vegas", "publicationDate": "2025-09-10", "retrievedAt": "2026-09-19", "accessNote": "First-party browser-verified public-service launch. No materiality or revenue inference." }, { "id": "gov-06", "title": "Microsoft Dragon Copilot", "publisher": "Microsoft", "url": "https://news.microsoft.com/source/2025/03/03/microsoft-dragon-copilot-provides-the-healthcare-industrys-first-unified-voice-ai-assistant-that-enables-clinicians-to-streamline-clinical-documentation-surface-information-and-automate-task/", "publicationDate": "2025-03-03", "retrievedAt": "2026-09-19", "accessNote": "First-party announcement; availability claims are separated from verified operation. Copyright retained." }, { "id": "gov-08", "title": "Bringing More Players Into Our Gaming Vision", "publisher": "Xbox / Microsoft", "url": "https://news.xbox.com/en-us/2020/06/22/bringing-more-players-into-our-gaming-vision/", "publicationDate": "2020-06-22", "retrievedAt": "2026-09-19", "accessNote": "First-party Mixer closure announcement; factual event dates only." }, { "id": "gov-10", "title": "Mercedes-Benz and NVIDIA software-defined computing architecture", "publisher": "NVIDIA", "url": "https://nvidianews.nvidia.com/news/mercedes-benz-and-nvidia-to-build-software-defined-computing-architecture-for-automated-driving-across-future-fleet", "publicationDate": "2020-06-23", "retrievedAt": "2026-09-19", "accessNote": "First-party collaboration announcement; future deployment not assumed completed." }, { "id": "gov-11", "title": "NVIDIA Project GR00T and Isaac robotics platform", "publisher": "NVIDIA", "url": "https://nvidianews.nvidia.com/news/foundation-model-isaac-robotics-platform", "publicationDate": "2024-03-18", "retrievedAt": "2026-09-19", "accessNote": "First-party tool/platform announcement; not factory operation." }, { "id": "gov-12", "title": "NVIDIA and Schrodinger accelerate drug discovery", "publisher": "NVIDIA", "url": "https://nvidianews.nvidia.com/news/nvidia-partners-with-schrodinger-to-further-accelerate-drug-discovery-worldwide", "publicationDate": "2021-04-12", "retrievedAt": "2026-09-19", "accessNote": "First-party technology collaboration; source rights retained." }, { "id": "gov-14", "title": "Buy it in ChatGPT: Instant Checkout", "publisher": "OpenAI", "url": "https://openai.com/index/buy-it-in-chatgpt/", "publicationDate": "2025-09-29", "retrievedAt": "2026-09-19", "accessNote": "Browser-verified first-party terms and launch account; locale redirect observed. Merchant responsibilities and prospective Shopify coverage retained." }, { "id": "gov-15", "title": "Introducing Astra for Law", "publisher": "OpenAI", "url": "https://openai.com/index/astra-for-law/", "publicationDate": "2026-09-17", "retrievedAt": "2026-09-19", "accessNote": "Browser-verified limited-access release. Vendor benchmarks are not treated as independent outcomes." }, { "id": "gov-16", "title": "Sora is here", "publisher": "OpenAI", "url": "https://openai.com/index/sora-is-here/", "publicationDate": "2024-12-09; discontinuation note 2026-04-26", "retrievedAt": "2026-09-19", "accessNote": "Browser-verified launch page and later product discontinuation note. No inference about all subsequent video capability." }, { "id": "gov-17", "title": "Claude for Financial Services", "publisher": "Anthropic", "url": "https://www.anthropic.com/news/claude-for-financial-services", "publicationDate": "2025-07-15; updated 2026-04-10", "retrievedAt": "2026-09-19", "accessNote": "First-party product and customer account. Service-provider status is not inferred from software use." }, { "id": "gov-18", "title": "Claude for Healthcare and Life Sciences", "publisher": "Anthropic", "url": "https://www.anthropic.com/news/healthcare-life-sciences", "publicationDate": "2026-01-11", "retrievedAt": "2026-09-19", "accessNote": "First-party description of connectors, skills and professional-use boundaries." }, { "id": "gov-19", "title": "Introducing Claude for Education", "publisher": "Anthropic", "url": "https://www.anthropic.com/news/introducing-claude-for-education", "publicationDate": "2025-04-02", "retrievedAt": "2026-09-19", "accessNote": "First-party product and campus agreements, not university operation." }, { "id": "gov-20", "title": "Introducing Claude", "publisher": "Anthropic", "url": "https://www.anthropic.com/news/introducing-claude", "publicationDate": "2023-03-14", "retrievedAt": "2026-09-19", "accessNote": "First-party launch and partner-use disclosure; no continuity inferred after the event." }, { "id": "gov-21", "title": "Ten years of Google's AI-specialized TPU chips", "publisher": "Google Cloud", "url": "https://cloud.google.com/transform/ai-specialized-chips-tpu-history-gen-ai", "publicationDate": "2024-07-31", "retrievedAt": "2026-09-19", "accessNote": "Retrospective first-party history; year-level date precision retained." }, { "id": "gov-22", "title": "Inf1 instances with AWS Inferentia", "publisher": "AWS", "url": "https://aws.amazon.com/blogs/aws/amazon-ec2-update-inf1-instances-with-aws-inferentia-chips-for-high-performance-cost-effective-inferencing/", "publicationDate": "2019-12-03", "retrievedAt": "2026-09-19", "accessNote": "First-party operational launch; source copyright retained." }, { "id": "gov-23", "title": "OpenAI and Microsoft computing partnership", "publisher": "Microsoft", "url": "https://news.microsoft.com/2019/07/22/openai-forms-exclusive-computing-partnership-with-microsoft-to-build-new-azure-ai-supercomputing-technologies/", "publicationDate": "2019-07-22", "retrievedAt": "2026-09-19", "accessNote": "First-party investment and partnership terms, not an acquisition record." }, { "id": "gov-24", "title": "Anthropic partners with Google Cloud", "publisher": "Anthropic", "url": "https://www.anthropic.com/news/anthropic-partners-with-google-cloud", "publicationDate": "2023-02-03", "retrievedAt": "2026-09-19", "accessNote": "First-party procurement and co-design announcement." }, { "id": "gov-25", "title": "MTIA v1: Meta's first-generation inference accelerator", "publisher": "Meta AI", "url": "https://ai.meta.com/blog/meta-training-inference-accelerator-AI-MTIA/", "publicationDate": "2023-05-18", "retrievedAt": "2026-09-19", "accessNote": "First-party development disclosure; broad deployment not assumed." }, { "id": "gov-26", "title": "Expanding access to safer AI with Amazon", "publisher": "Anthropic", "url": "https://www.anthropic.com/news/anthropic-amazon", "publicationDate": "2023-09-25", "retrievedAt": "2026-09-19", "accessNote": "First-party minority-investment and cloud terms; unchanged governance explicitly noted." }, { "id": "gov-27", "title": "Microsoft's silicon-to-service approach: Maia", "publisher": "Microsoft", "url": "https://news.microsoft.com/source/features/ai/in-house-chips-silicon-to-service-to-meet-ai-demand/", "publicationDate": "2023-11-15", "retrievedAt": "2026-09-19", "accessNote": "Browser-verified design announcement with prospective deployment timing." }, { "id": "gov-28", "title": "New tools for building agents", "publisher": "OpenAI", "url": "https://openai.com/index/new-tools-for-building-agents/", "publicationDate": "2025-03-11", "retrievedAt": "2026-09-19", "accessNote": "Browser-verified developer-tool release." }, { "id": "gov-29", "title": "Introducing Claude 4", "publisher": "Anthropic", "url": "https://www.anthropic.com/news/claude-4", "publicationDate": "2025-05-22", "retrievedAt": "2026-09-19", "accessNote": "First-party model release and Claude Code general availability." }, { "id": "gov-30", "title": "Expanding use of Google Cloud TPUs and services", "publisher": "Anthropic", "url": "https://www.anthropic.com/news/expanding-our-use-of-google-cloud-tpus-and-services", "publicationDate": "2025-10-23", "retrievedAt": "2026-09-19", "accessNote": "First-party future capacity commitment; not proof of deployed or owned capacity." }, { "id": "gov-31", "title": "OpenAI and Broadcom strategic collaboration", "publisher": "OpenAI", "url": "https://openai.com/index/openai-and-broadcom-announce-strategic-collaboration/", "publicationDate": "2025-10-13", "retrievedAt": "2026-09-19", "accessNote": "Browser-verified co-design and planned procurement; no commissioning evidence by the cutoff." }, { "id": "gov-32", "title": "Anthropic announces American AI infrastructure investment", "publisher": "Anthropic", "url": "https://www.anthropic.com/news/anthropic-invests-50-billion-in-american-ai-infrastructure", "publicationDate": "2025-11-12", "retrievedAt": "2026-09-19", "accessNote": "First-party facility program with Fluidstack; title and operating control unresolved." }, { "id": "gov-33", "title": "Expanding Meta's custom silicon for AI workloads", "publisher": "Meta", "url": "https://about.fb.com/news/2026/03/expanding-metas-custom-silicon-to-power-our-ai-workloads/", "publicationDate": "2026-03-11", "retrievedAt": "2026-09-19", "accessNote": "First-party deployment disclosure, separated from future chip-generation plans." }, { "id": "gov-34", "title": "Anthropic and Amazon expand compute collaboration", "publisher": "Anthropic", "url": "https://www.anthropic.com/news/anthropic-amazon-compute", "publicationDate": "2026-04-20", "retrievedAt": "2026-09-19", "accessNote": "First-party disclosure mixing current use and prospective capacity; those statuses are retained separately." }, { "id": "gov-35", "title": "Partnerships Between Cloud Service Providers and AI Developers: Section 6(b) study", "publisher": "Federal Trade Commission", "url": "https://www.ftc.gov/system/files/ftc_gov/pdf/p246201_aipartnerships6breport_redacted.pdf", "publicationDate": "2025-01-14", "retrievedAt": "2026-09-19", "accessNote": "Public redacted US government report. Three selected partnerships; rights vary, possible effects are not established outcomes. Relevant pages: 2, 16-20, 32-34." }, { "id": "lit-coase", "title": "The Nature of the Firm", "publisher": "Wiley / Economica", "url": "https://doi.org/10.1111/j.1468-0335.1937.tb00002.x", "publicationDate": "1937-11-01", "retrievedAt": "2026-09-19", "accessNote": "Public DOI metadata; publisher rights. This release redistributes only bibliographic facts and original analytical summaries." }, { "id": "lit-williamson", "title": "Transaction-Cost Economics: The Governance of Contractual Relations", "publisher": "University of Chicago Press", "url": "https://doi.org/10.1086/466942", "publicationDate": "1979-10-01", "retrievedAt": "2026-09-19", "accessNote": "Public bibliographic metadata; full publisher access restricted. No full-text redistribution." }, { "id": "lit-grossman-hart", "title": "The Costs and Benefits of Ownership", "publisher": "University of Chicago Press / Harvard DASH", "url": "https://doi.org/10.1086/261404", "publicationDate": "1986-08-01", "retrievedAt": "2026-09-19", "accessNote": "Public metadata and indexed author manuscript; source rights retained. Original summary only." }, { "id": "lit-hart-moore", "title": "Property Rights and the Nature of the Firm", "publisher": "University of Chicago Press / Harvard DASH", "url": "https://doi.org/10.1086/261729", "publicationDate": "1990-12-01", "retrievedAt": "2026-09-19", "accessNote": "Public metadata and indexed author manuscript; no full-text redistribution." }, { "id": "lit-baker-gibbons-murphy", "title": "Relational Contracts and the Theory of the Firm", "publisher": "MIT Press / MIT Sloan", "url": "https://doi.org/10.1162/003355302753399445", "publicationDate": "2002-02-01", "retrievedAt": "2026-09-19", "accessNote": "Publisher article restricted; institutional description public. Original mechanism summary only." }, { "id": "lit-lafontaine-slade", "title": "Vertical Integration and Firm Boundaries: The Evidence", "publisher": "American Economic Association", "url": "https://www.aeaweb.org/articles?id=10.1257/jel.45.3.629", "publicationDate": "2007", "retrievedAt": "2026-09-19", "accessNote": "Public abstract and citation; full-text access may be restricted. No article redistribution." }, { "id": "lit-babina", "title": "Artificial Intelligence, Firm Growth, and Product Innovation", "publisher": "Journal of Financial Economics / author repository", "url": "https://alexxihe.github.io/jfe.pdf", "publicationDate": "2024-01", "retrievedAt": "2026-09-19", "accessNote": "Public author PDF; published article CC BY 4.0. Factual extracts and an original summary, not proprietary replication microdata." }, { "id": "lit-blr-published", "title": "Generative AI at Work: published version", "publisher": "Quarterly Journal of Economics", "url": "https://doi.org/10.1093/qje/qjae044", "publicationDate": "2025-02-04", "retrievedAt": "2026-09-19", "accessNote": "CC BY-NC 4.0; factual results and original summary only. Published and revised sample is 5,172." }, { "id": "lit-blr-v1", "title": "Generative AI at Work: original preprint v1", "publisher": "arXiv", "url": "https://arxiv.org/pdf/2304.11771v1", "publicationDate": "2023-04-23", "retrievedAt": "2026-09-19", "accessNote": "Public author preprint retained as a version-control reference: 5,179 agents and 14% headline. Not the release estimate." }, { "id": "lit-blr-v2", "title": "Generative AI at Work: revised preprint v2", "publisher": "arXiv", "url": "https://arxiv.org/pdf/2304.11771v2", "publicationDate": "2024-11-06", "retrievedAt": "2026-09-19", "accessNote": "Public revised author preprint: 5,172 agents and 15%. No full-text redistribution." }, { "id": "lit-cybernetic-paper", "title": "The Cybernetic Teammate, Working Paper 33641", "publisher": "NBER", "url": "https://www.nber.org/system/files/working_papers/w33641/w33641.pdf", "publicationDate": "2025-04", "retrievedAt": "2026-09-19", "accessNote": "Public working-paper PDF; NBER copyright. Extracted sample and estimates only." }, { "id": "lit-cybernetic-hbs", "title": "The Cybernetic Teammate: workplace collaboration and expertise", "publisher": "Harvard Business School AI Institute", "url": "https://aiinstitute.hbs.edu/the-cybernetic-teammate-how-ai-is-reshaping-collaboration-and-expertise-in-the-workplace/", "publicationDate": "2025", "retrievedAt": "2026-09-19", "accessNote": "Public institutional research account; standard website copyright." }, { "id": "lit-humlum-vestergaard", "title": "Still Waters, Rapid Currents, Working Paper 33777", "publisher": "NBER", "url": "https://www.nber.org/system/files/working_papers/w33777/w33777.pdf", "publicationDate": "2026-03 revision", "retrievedAt": "2026-09-19", "accessNote": "Public NBER PDF, copyright retained. Revised title and March 2026 version replace the original 2025 working-paper metadata." }, { "id": "lit-ide-talamas-jpe", "title": "Artificial Intelligence in the Knowledge Economy", "publisher": "Journal of Political Economy", "url": "https://doi.org/10.1086/737233", "publicationDate": "2025-12-01", "retrievedAt": "2026-09-19", "accessNote": "Public publication metadata; publisher rights. A theoretical model, not observed legal-boundary data." }, { "id": "lit-ide-talamas-v12", "title": "Artificial Intelligence in the Knowledge Economy: author preprint v12", "publisher": "arXiv", "url": "https://arxiv.org/pdf/2312.05481v12", "publicationDate": "2025-05-17", "retrievedAt": "2026-09-19", "accessNote": "Public author preprint; no full-text redistribution." }, { "id": "lit-acemoglu-technology", "title": "Vertical Integration and Technology: Theory and Evidence", "publisher": "Journal of the European Economic Association", "url": "https://doi.org/10.1111/j.1542-4774.2010.tb00546.x", "publicationDate": "2010-09-01", "retrievedAt": "2026-09-19", "accessNote": "Public abstract and metadata; submitted version indexed by the University of Zurich. Original summary only." }, { "id": "history-ford-rouge", "title": "Ford Rouge Factory Tour: History and Timeline", "publisher": "The Henry Ford", "url": "https://www.thehenryford.org/collections/explore/popular-research-topics/ford-rouge-factory-tour-history-and-timeline", "publicationDate": "Undated institutional history", "retrievedAt": "2026-09-19", "accessNote": "Public institutional history; standard website copyright. Publication year is not inferred from retrieval. Source records at least 6,000 suppliers, a 1981 steel-company separation and 1989 sale." }, { "id": "lit-langlois", "title": "The Vanishing Hand: The Changing Dynamics of Industrial Capitalism", "publisher": "University of Connecticut / Oxford University Press", "url": "https://media.economics.uconn.edu/working/2002-21.pdf", "publicationDate": "2002-11 working paper; 2003-04 journal article", "retrievedAt": "2026-09-19", "accessNote": "Public institutional working-paper PDF. Journal DOI: 10.1093/icc/12.2.351. Original analytical summary only." } ], "financials": [ { "firm": "alphabet", "fiscalYear": 2018, "periodEnd": "2018-12-31", "capexUsd": 25139000000, "revenueUsd": 136819000000, "sourceIds": [ "fin-alphabet-facts" ], "note": "Gross cash purchases of property and equipment; consolidated global operations; calendar fiscal year. Revenue uses the stated 10-K tag for each year. Not AI-only spending. PPE concept: us-gaap:PaymentsToAcquirePropertyPlantAndEquipment; accession 0001652044-19-000004. Revenue concept: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax; accession 0001652044-19-000004. Source unit USD million, multiplied by 1,000,000." }, { "firm": "alphabet", "fiscalYear": 2019, "periodEnd": "2019-12-31", "capexUsd": 23548000000, "revenueUsd": 161857000000, "sourceIds": [ "fin-alphabet-facts" ], "note": "Gross cash purchases of property and equipment; consolidated global operations; calendar fiscal year. Revenue uses the stated 10-K tag for each year. Not AI-only spending. PPE concept: us-gaap:PaymentsToAcquirePropertyPlantAndEquipment; accession 0001652044-20-000008. Revenue concept: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax; accession 0001652044-20-000008. Source unit USD million, multiplied by 1,000,000." }, { "firm": "alphabet", "fiscalYear": 2020, "periodEnd": "2020-12-31", "capexUsd": 22281000000, "revenueUsd": 182527000000, "sourceIds": [ "fin-alphabet-facts" ], "note": "Gross cash purchases of property and equipment; consolidated global operations; calendar fiscal year. Revenue uses the stated 10-K tag for each year. Not AI-only spending. PPE concept: us-gaap:PaymentsToAcquirePropertyPlantAndEquipment; accession 0001652044-21-000010. Revenue concept: us-gaap:Revenues; accession 0001652044-21-000010. Source unit USD million, multiplied by 1,000,000." }, { "firm": "alphabet", "fiscalYear": 2021, "periodEnd": "2021-12-31", "capexUsd": 24640000000, "revenueUsd": 257637000000, "sourceIds": [ "fin-alphabet-facts" ], "note": "Gross cash purchases of property and equipment; consolidated global operations; calendar fiscal year. Revenue uses the stated 10-K tag for each year. Not AI-only spending. PPE concept: us-gaap:PaymentsToAcquirePropertyPlantAndEquipment; accession 0001652044-22-000019. Revenue concept: us-gaap:Revenues; accession 0001652044-22-000019. Source unit USD million, multiplied by 1,000,000." }, { "firm": "alphabet", "fiscalYear": 2022, "periodEnd": "2022-12-31", "capexUsd": 31485000000, "revenueUsd": 282836000000, "sourceIds": [ "fin-alphabet-facts" ], "note": "Gross cash purchases of property and equipment; consolidated global operations; calendar fiscal year. Revenue uses the stated 10-K tag for each year. Not AI-only spending. PPE concept: us-gaap:PaymentsToAcquirePropertyPlantAndEquipment; accession 0001652044-23-000016. Revenue concept: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax; accession 0001652044-23-000016. Source unit USD million, multiplied by 1,000,000." }, { "firm": "alphabet", "fiscalYear": 2023, "periodEnd": "2023-12-31", "capexUsd": 32251000000, "revenueUsd": 307394000000, "sourceIds": [ "fin-alphabet-facts" ], "note": "Gross cash purchases of property and equipment; consolidated global operations; calendar fiscal year. Revenue uses the stated 10-K tag for each year. Not AI-only spending. PPE concept: us-gaap:PaymentsToAcquirePropertyPlantAndEquipment; accession 0001652044-24-000022. Revenue concept: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax; accession 0001652044-24-000022. Source unit USD million, multiplied by 1,000,000." }, { "firm": "alphabet", "fiscalYear": 2024, "periodEnd": "2024-12-31", "capexUsd": 52535000000, "revenueUsd": 350018000000, "sourceIds": [ "fin-alphabet-facts", "fin-alphabet-2025" ], "note": "Gross cash purchases of property and equipment; consolidated global operations; calendar fiscal year. Revenue uses the stated 10-K tag for each year. Not AI-only spending. PPE concept: us-gaap:PaymentsToAcquirePropertyPlantAndEquipment; accession 0001652044-25-000014. Revenue concept: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax; accession 0001652044-25-000014. Source unit USD million, multiplied by 1,000,000." }, { "firm": "alphabet", "fiscalYear": 2025, "periodEnd": "2025-12-31", "capexUsd": 91447000000, "revenueUsd": 402836000000, "sourceIds": [ "fin-alphabet-facts", "fin-alphabet-2025" ], "note": "Gross cash purchases of property and equipment; consolidated global operations; calendar fiscal year. Revenue uses the stated 10-K tag for each year. Not AI-only spending. PPE concept: us-gaap:PaymentsToAcquirePropertyPlantAndEquipment; accession 0001652044-26-000018. Revenue concept: us-gaap:Revenues; accession 0001652044-26-000018. Source unit USD million, multiplied by 1,000,000." }, { "firm": "amazon", "fiscalYear": 2018, "periodEnd": "2018-12-31", "capexUsd": 13427000000, "revenueUsd": 232887000000, "sourceIds": [ "fin-amazon-facts" ], "note": "The XBRL productive-assets tag is broader than PPE, but the selected rendered cash-flow row is Purchases of property and equipment. Gross cash outflow; finance-lease acquisitions excluded. Includes retail/logistics and AWS, not AI-only assets. PPE concept: us-gaap:PaymentsToAcquireProductiveAssets; accession 0001018724-19-000004. Revenue concept: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax; accession 0001018724-19-000004. 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Source unit USD million, multiplied by 1,000,000." }, { "firm": "amazon", "fiscalYear": 2023, "periodEnd": "2023-12-31", "capexUsd": 52729000000, "revenueUsd": 574785000000, "sourceIds": [ "fin-amazon-facts" ], "note": "The XBRL productive-assets tag is broader than PPE, but the selected rendered cash-flow row is Purchases of property and equipment. Gross cash outflow; finance-lease acquisitions excluded. Includes retail/logistics and AWS, not AI-only assets. PPE concept: us-gaap:PaymentsToAcquireProductiveAssets; accession 0001018724-24-000008. Revenue concept: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax; accession 0001018724-24-000008. 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Source unit USD million, multiplied by 1,000,000." }, { "firm": "microsoft", "fiscalYear": 2025, "periodEnd": "2025-06-30", "capexUsd": 64551000000, "revenueUsd": 281724000000, "sourceIds": [ "fin-microsoft-facts", "fin-microsoft-2026" ], "note": "Additions to property and equipment in the cash-flow statement, excluding noncash financed additions. Fiscal year July through June, not calendar-aligned with peers. Consolidated global operations. PPE concept: us-gaap:PaymentsToAcquirePropertyPlantAndEquipment; accession 0000950170-25-100235. Revenue concept: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax; accession 0000950170-25-100235. Source unit USD million, multiplied by 1,000,000." }, { "firm": "meta", "fiscalYear": 2018, "periodEnd": "2018-12-31", "capexUsd": 13915000000, "revenueUsd": 55838000000, "sourceIds": [ "fin-meta-facts" ], "note": "Gross purchases, not later net-of-disposal-proceeds comparatives or the lease-inclusive headline capex metric. 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Gross/net restatements for 2020-2023 are reconciled in the raw adjustments table. Global operations; calendar fiscal year. PPE concept: us-gaap:PaymentsToAcquirePropertyPlantAndEquipment; accession 0001326801-23-000013. Revenue concept: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax; accession 0001326801-22-000018. Source unit USD million, multiplied by 1,000,000." }, { "firm": "meta", "fiscalYear": 2022, "periodEnd": "2022-12-31", "capexUsd": 31431000000, "revenueUsd": 116609000000, "sourceIds": [ "fin-meta-facts" ], "note": "Gross purchases, not later net-of-disposal-proceeds comparatives or the lease-inclusive headline capex metric. Gross/net restatements for 2020-2023 are reconciled in the raw adjustments table. Global operations; calendar fiscal year. PPE concept: us-gaap:PaymentsToAcquirePropertyPlantAndEquipment; accession 0001326801-23-000013. Revenue concept: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax; accession 0001326801-23-000013. Source unit USD million, multiplied by 1,000,000." }, { "firm": "meta", "fiscalYear": 2023, "periodEnd": "2023-12-31", "capexUsd": 27266000000, "revenueUsd": 134902000000, "sourceIds": [ "fin-meta-facts" ], "note": "Gross purchases, not later net-of-disposal-proceeds comparatives or the lease-inclusive headline capex metric. Gross/net restatements for 2020-2023 are reconciled in the raw adjustments table. Global operations; calendar fiscal year. PPE concept: us-gaap:PaymentsToAcquirePropertyPlantAndEquipment; accession 0001326801-24-000012. Revenue concept: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax; accession 0001326801-24-000012. Source unit USD million, multiplied by 1,000,000." }, { "firm": "meta", "fiscalYear": 2024, "periodEnd": "2024-12-31", "capexUsd": 37256000000, "revenueUsd": 164501000000, "sourceIds": [ "fin-meta-facts", "fin-meta-2025" ], "note": "Gross purchases, not later net-of-disposal-proceeds comparatives or the lease-inclusive headline capex metric. Gross/net restatements for 2020-2023 are reconciled in the raw adjustments table. Global operations; calendar fiscal year. PPE concept: us-gaap:PaymentsToAcquirePropertyPlantAndEquipment; accession 0001326801-25-000017. Revenue concept: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax; accession 0001326801-25-000017. Source unit USD million, multiplied by 1,000,000." }, { "firm": "meta", "fiscalYear": 2025, "periodEnd": "2025-12-31", "capexUsd": 69691000000, "revenueUsd": 200966000000, "sourceIds": [ "fin-meta-facts", "fin-meta-2025" ], "note": "Gross purchases, not later net-of-disposal-proceeds comparatives or the lease-inclusive headline capex metric. Gross/net restatements for 2020-2023 are reconciled in the raw adjustments table. Global operations; calendar fiscal year. PPE concept: us-gaap:PaymentsToAcquirePropertyPlantAndEquipment; accession 0001628280-26-003942. Revenue concept: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax; accession 0001628280-26-003942. Source unit USD million, multiplied by 1,000,000." } ], "episodes": [ { "id": "alphabet-waymo-one-2018", "firm": "alphabet", "activity": "Waymo One", "sector": "Passenger transport", "eventDate": "2018-12-05", "eventType": "Commercial-service launch", "stageLow": 4, "stageHigh": 4, "legacyCore": true, "statusAtEvent": "Commercial service introduced to existing early riders; trained drivers initially supervised vehicles", "exitDate": null, "summary": "Waymo delivered a transportation service rather than only licensing driving technology.", "rationale": "Direct operating participation in passenger transport at the documented launch.", "sourceIds": [ "gov-01" ], "limitation": "The launch does not establish continuous operation through 2026 or material economic scale." }, { "id": "alphabet-stadia-exit", "firm": "alphabet", "activity": "Stadia", "sector": "Consumer gaming", "eventDate": "2022-09-29", "eventType": "Exit announcement", "stageLow": 4, "stageHigh": 4, "legacyCore": true, "statusAtEvent": "Consumer gaming service entering wind-down", "exitDate": "2023-01-18", "summary": "Google operated the consumer gaming service and announced its closure.", "rationale": "An operating service can exit; this observation must not remain in a current operating stock.", "sourceIds": [ "gov-03" ], "limitation": "The first date here is the shutdown announcement, not Stadia's launch. The exit did not end Google's other gaming or streaming activities." }, { "id": "microsoft-linkedin", "firm": "microsoft", "activity": "LinkedIn Talent and professional marketplace", "sector": "Labor-market intermediation", "eventDate": "2026-06-30", "eventType": "Annual-report observation", "stageLow": 2, "stageHigh": 2, "legacyCore": true, "statusAtEvent": "Active business in the reporting period", "exitDate": null, "summary": "LinkedIn connects professionals and sells Talent, Marketing, Premium and Sales solutions.", "rationale": "Matching and interface control do not make LinkedIn the employer supplying the matched labor.", "sourceIds": [ "fin-microsoft-2026" ], "limitation": "The observation date is not an entry date. No AI-caused entry is inferred." }, { "id": "microsoft-xbox-gaming", "firm": "microsoft", "activity": "Xbox and first-party gaming", "sector": "Gaming and entertainment", "eventDate": "2026-06-30", "eventType": "Annual-report observation", "stageLow": 4, "stageHigh": 4, "legacyCore": true, "statusAtEvent": "Active business in the reporting period", "exitDate": null, "summary": "Microsoft reports first-party games, hardware, subscriptions, cloud gaming and related services.", "rationale": "Direct industry production and operation, rather than technology supply alone.", "sourceIds": [ "fin-microsoft-2026" ], "limitation": "A broad reporting category and an established business; not evidence of generative-AI-caused entry." }, { "id": "microsoft-mixer-exit", "firm": "microsoft", "activity": "Mixer", "sector": "Livestreaming", "eventDate": "2020-06-22", "eventType": "Exit announcement", "stageLow": 4, "stageHigh": 4, "legacyCore": true, "statusAtEvent": "Closure of the operating service announced", "exitDate": "2020-07-22", "summary": "Microsoft announced that Mixer sites and apps would redirect to Facebook Gaming.", "rationale": "An owned livestreaming service was explicitly wound down.", "sourceIds": [ "gov-08" ], "limitation": "The first date is the exit announcement, not the launch. The closure does not mean all associated technology left Microsoft." }, { "id": "meta-advertising", "firm": "meta", "activity": "Advertising placements", "sector": "Advertising", "eventDate": "2025-12-31", "eventType": "Annual-report observation", "stageLow": 4, "stageHigh": 4, "legacyCore": true, "statusAtEvent": "Active revenue-generating business", "exitDate": null, "summary": "Meta directly sells advertising placements.", "rationale": "The firm supplies an operating advertising service and recognizes its revenue.", "sourceIds": [ "fin-meta-2025" ], "limitation": "This is a core business and a reporting-period observation, not a new diversification event." }, { "id": "meta-reality-labs", "firm": "meta", "activity": "Quest, VR software and content", "sector": "Consumer electronics and immersive media", "eventDate": "2025-12-31", "eventType": "Annual-report observation", "stageLow": 4, "stageHigh": 4, "legacyCore": true, "statusAtEvent": "Products and segment revenue reported", "exitDate": null, "summary": "Reality Labs sells consumer hardware, software and content.", "rationale": "Current sold offerings place Meta in the consumer-product value chain, beyond API supply.", "sourceIds": [ "fin-meta-2025" ], "limitation": "The segment also includes long-horizon research. Only existing sold offerings support the operating classification." }, { "id": "nvidia-drive-mercedes", "firm": "nvidia", "activity": "DRIVE collaboration with Mercedes-Benz", "sector": "Automotive", "eventDate": "2020-06-23", "eventType": "Partnership announcement", "stageLow": 0, "stageHigh": 0, "legacyCore": true, "statusAtEvent": "Co-development and future rollout announced", "exitDate": null, "summary": "NVIDIA supplied the computing architecture, chips, software and infrastructure.", "rationale": "Mercedes-Benz remained the vehicle manufacturer; the collaboration does not make NVIDIA a car producer.", "sourceIds": [ "gov-10" ], "limitation": "A projected rollout date is not proof that every planned deployment occurred." }, { "id": "nvidia-schrodinger", "firm": "nvidia", "activity": "DGX and Clara collaboration with Schrodinger", "sector": "Pharmaceutical research", "eventDate": "2021-04-12", "eventType": "Partnership announcement", "stageLow": 0, "stageHigh": 0, "legacyCore": true, "statusAtEvent": "Joint optimization announced", "exitDate": null, "summary": "NVIDIA supplied compute systems and frameworks to a drug-discovery platform.", "rationale": "The collaborator supplied the pharmaceutical workflow; NVIDIA's role was a technology input.", "sourceIds": [ "gov-12" ], "limitation": "No drug-development outcome or continued 2026 status is inferred." }, { "id": "alphabet-isomorphic-novartis", "firm": "alphabet", "activity": "Isomorphic Labs and Novartis", "sector": "Pharmaceutical research", "eventDate": "2024-01-07", "eventType": "Research collaboration signed", "stageLow": 3, "stageHigh": 4, "legacyCore": false, "statusAtEvent": "Research collaboration announced", "exitDate": null, "summary": "Isomorphic undertook small-molecule discovery work with milestone and royalty arrangements.", "rationale": "Direct research output supports stage 3; operating participation in the discovery value chain supports a possible stage 4 interpretation.", "sourceIds": [ "gov-02" ], "limitation": "No medicine approval, manufacturing or commercial medicine sale is established. Exact parent-subsidiary operational-control rights were not audited." }, { "id": "amazon-one-medical", "firm": "amazon", "activity": "One Medical", "sector": "Primary care", "eventDate": "2023-02-22", "eventType": "Acquisition completed", "stageLow": 4, "stageHigh": 4, "legacyCore": false, "statusAtEvent": "Acquisition completed; care-support business operating", "exitDate": null, "summary": "Amazon acquired 1Life, an administrative and management-services company participating in primary-care delivery.", "rationale": "This is direct operating participation through an acquired services business, with a distinct clinical-entity boundary.", "sourceIds": [ "gov-04" ], "limitation": "Affiliated physician-owned professional corporations, not 1Life, deliver medical services. Do not read this as Amazon owning the clinical practices." }, { "id": "amazon-zoox-public-service", "firm": "amazon", "activity": "Zoox robotaxi service", "sector": "Passenger transport", "eventDate": "2025-09-10", "eventType": "Public-service launch", "stageLow": 4, "stageHigh": 4, "legacyCore": false, "statusAtEvent": "Public Las Vegas ride-hailing service launched", "exitDate": null, "summary": "Amazon subsidiary Zoox operated the transport service with its purpose-built fleet.", "rationale": "Direct passenger-transport operation, not just licensing an autonomous-driving system.", "sourceIds": [ "gov-05" ], "limitation": "Availability is not proof of material revenue, fleet scale or uninterrupted later operation." }, { "id": "microsoft-dragon-copilot", "firm": "microsoft", "activity": "Dragon Copilot", "sector": "Healthcare", "eventDate": "2025-03-03", "eventType": "Product announcement", "stageLow": 1, "stageHigh": 1, "legacyCore": false, "statusAtEvent": "Unveiled; US and Canada general availability announced for May 2025", "exitDate": null, "summary": "The tool supports documentation, information retrieval and administrative tasks.", "rationale": "Clinicians and provider organizations remain responsible for care.", "sourceIds": [ "gov-06" ], "limitation": "The announcement is not proof of later availability or continuity; Microsoft is not established as the care provider." }, { "id": "nvidia-isaac-groot", "firm": "nvidia", "activity": "Isaac and GR00T robotics platform", "sector": "Industrial automation", "eventDate": "2024-03-18", "eventType": "Platform announcement", "stageLow": 0, "stageHigh": 0, "legacyCore": false, "statusAtEvent": "Models and tools announced; some availability prospective", "exitDate": null, "summary": "NVIDIA supplied models, simulation, orchestration, libraries and hardware to robot manufacturers.", "rationale": "The disclosed role is technology supply rather than operation of customers' robots or factories.", "sourceIds": [ "gov-11" ], "limitation": "Announcement-stage evidence is not a census of subsequent industrial deployment." }, { "id": "openai-instant-checkout", "firm": "openai", "activity": "Instant Checkout in ChatGPT", "sector": "Retail commerce", "eventDate": "2025-09-29", "eventType": "Product launch", "stageLow": 2, "stageHigh": 2, "legacyCore": false, "statusAtEvent": "Initially available to US users and Etsy sellers; Shopify described as forthcoming", "exitDate": null, "summary": "ChatGPT mediated discovery and checkout while merchants retained the sale and fulfillment.", "rationale": "Merchants accepted orders, processed payments, fulfilled purchases, handled returns and retained the customer relationship.", "sourceIds": [ "gov-14" ], "limitation": "The announced Shopify reach was prospective rather than launch coverage. Platform intermediation is not merchant ownership." }, { "id": "openai-astra-law", "firm": "openai", "activity": "Astra for Law", "sector": "Legal services", "eventDate": "2026-09-17", "eventType": "Limited-access launch", "stageLow": 1, "stageHigh": 1, "legacyCore": false, "statusAtEvent": "Trusted Access for selected firms; API described as forthcoming", "exitDate": null, "summary": "Research, analysis and drafting tools support a law firm's expertise.", "rationale": "OpenAI does not provide legal representation; lawyers remain accountable for authorities and advice.", "sourceIds": [ "gov-15" ], "limitation": "Restricted availability and vendor benchmarks do not establish industry-wide adoption or a legal-practice business." }, { "id": "openai-sora-standalone", "firm": "openai", "activity": "Original standalone Sora product", "sector": "Media production", "eventDate": "2024-12-09", "eventType": "Product launch", "stageLow": 3, "stageHigh": 3, "legacyCore": false, "statusAtEvent": "Standalone video-generation product launched to Plus and Pro users", "exitDate": "2026-04-26", "summary": "The product generated specified video output for end users and was later discontinued.", "rationale": "The audit counts direct generation of a substantive video output as production, not operation of a film studio.", "sourceIds": [ "gov-16" ], "limitation": "This is author-coded output production, not end-to-end film production. The exit applies to this standalone product, not every later video-generation capability." }, { "id": "anthropic-financial-analysis", "firm": "anthropic", "activity": "Claude for Financial Services", "sector": "Financial services", "eventDate": "2025-07-15", "eventType": "Product launch", "stageLow": 1, "stageHigh": 1, "legacyCore": false, "statusAtEvent": "Financial Analysis Solution launched", "exitDate": null, "summary": "Claude assists analysts with research, models, compliance and connected data.", "rationale": "Financial institutions remain the service operators.", "sourceIds": [ "gov-17" ], "limitation": "No banking, brokerage, insurance or fiduciary role is established by the vendor announcement." }, { "id": "anthropic-healthcare", "firm": "anthropic", "activity": "Claude for Healthcare", "sector": "Healthcare", "eventDate": "2026-01-11", "eventType": "Product launch", "stageLow": 1, "stageHigh": 1, "legacyCore": false, "statusAtEvent": "Connectors and skills available at publication", "exitDate": null, "summary": "Claude coordinates information and supports providers, payers and clinicians.", "rationale": "The disclosed tools assist professionals; the page directs users to professionals for personal guidance.", "sourceIds": [ "gov-18" ], "limitation": "No provider-of-record role or clinical-practice ownership is established." }, { "id": "anthropic-education", "firm": "anthropic", "activity": "Claude for Education", "sector": "Higher education", "eventDate": "2025-04-02", "eventType": "Product launch", "stageLow": 1, "stageHigh": 1, "legacyCore": false, "statusAtEvent": "Specialized product and campus agreements launched", "exitDate": null, "summary": "Learning mode assists students, faculty and administrators.", "rationale": "Universities continue to deliver and accredit education.", "sourceIds": [ "gov-19" ], "limitation": "Campus access is not ownership or operation of a university." }, { "id": "anthropic-juni-tutor", "firm": "anthropic", "activity": "Claude in Juni Tutor Bot", "sector": "Education", "eventDate": "2023-03-14", "eventType": "Partner use disclosed", "stageLow": 0, "stageHigh": 0, "legacyCore": false, "statusAtEvent": "Partner integration disclosed at Claude launch", "exitDate": null, "summary": "Juni supplied the tutoring service and Anthropic supplied the model capability.", "rationale": "Providing the model does not make the provider the tutoring-service operator.", "sourceIds": [ "gov-20" ], "limitation": "The 2023 disclosure does not establish continued operation in 2026." } ], "milestones": [ { "id": "google-tpu-internal", "firm": "alphabet", "date": "2015", "title": "TPU v1 used internally", "relationship": "First-party chip design and use", "status": "Retrospectively documented operation", "description": "Google's 2024 history dates internal TPU deployment to 2015.", "sourceIds": [ "gov-21" ], "limitation": "Year precision only; no semiconductor-fabrication ownership is established." }, { "id": "google-cloud-tpu", "firm": "alphabet", "date": "2018", "title": "Cloud TPU offered externally", "relationship": "First-party capability supplied through cloud", "status": "Retrospectively documented launch", "description": "The first Cloud TPU generation became available for customer training and inference in early 2018.", "sourceIds": [ "gov-21" ], "limitation": "Early 2018 is retained at year precision, not converted into an invented exact date." }, { "id": "microsoft-openai-2019", "firm": "microsoft", "date": "2019-07-22", "title": "Microsoft and OpenAI compute partnership", "relationship": "Investment, procurement and co-development", "status": "Agreement announced", "description": "Microsoft announced a $1bn investment, joint Azure supercomputing and commercialization arrangements.", "sourceIds": [ "gov-23" ], "limitation": "Investment and contractual rights are not a completed acquisition of OpenAI." }, { "id": "aws-inf1", "firm": "amazon", "date": "2019-12-03", "title": "Inferentia-powered Inf1 launches", "relationship": "First-party accelerator design and cloud supply", "status": "Operational launch", "description": "AWS offered EC2 Inf1 instances using its Inferentia chips.", "sourceIds": [ "gov-22" ], "limitation": "Design and use of accelerators do not establish ownership of semiconductor fabrication." }, { "id": "google-anthropic", "firm": "anthropic", "date": "2023-02-03", "title": "Anthropic selects Google Cloud", "relationship": "Cloud procurement and co-design", "status": "Agreement announced", "description": "The parties described GPU and TPU access and joint work on computing systems.", "sourceIds": [ "gov-24" ], "limitation": "A cloud relationship is not ownership of the model developer." }, { "id": "claude-launch", "firm": "anthropic", "date": "2023-03-14", "title": "Claude launches through chat and API", "relationship": "Model, application and distribution", "status": "Product launch", "description": "Claude became available after a closed alpha.", "sourceIds": [ "gov-20" ], "limitation": "A software launch does not show entry into every customer industry." }, { "id": "meta-mtia-v1", "firm": "meta", "date": "2023-05-18", "title": "MTIA first generation disclosed", "relationship": "First-party accelerator design", "status": "Development announcement", "description": "Meta described an inference accelerator and associated software stack.", "sourceIds": [ "gov-25" ], "limitation": "Broad production deployment and owned fabrication are not established by this announcement." }, { "id": "amazon-anthropic", "firm": "anthropic", "date": "2023-09-25", "title": "Amazon and Anthropic form alliance", "relationship": "Minority investment, primary cloud and co-design", "status": "Agreement announced", "description": "The agreement combined up to $4bn of investment with AWS, Trainium and Inferentia arrangements; Anthropic said governance remained unchanged.", "sourceIds": [ "gov-26" ], "limitation": "A minority stake and supplier dependence are not common ownership." }, { "id": "microsoft-maia", "firm": "microsoft", "date": "2023-11-15", "title": "Maia 100 unveiled", "relationship": "First-party chip and system design", "status": "Announcement; deployment prospective", "description": "Microsoft unveiled Maia and integrated systems, with rollout described for early 2024.", "sourceIds": [ "gov-27" ], "limitation": "The announcement date is not a verified commissioning date." }, { "id": "openai-agent-tools", "firm": "openai", "date": "2025-03-11", "title": "OpenAI expands agent tooling", "relationship": "Developer-platform and workflow tooling", "status": "Product launch", "description": "Responses API, built-in tools, Agents SDK and observability were released.", "sourceIds": [ "gov-28" ], "limitation": "Developer-tool reach is not final-industry operation." }, { "id": "claude-code-ga", "firm": "anthropic", "date": "2025-05-22", "title": "Claude Code reaches general availability", "relationship": "Developer workflow application", "status": "Generally available", "description": "Anthropic extended its model and API offering into a development workflow product.", "sourceIds": [ "gov-29" ], "limitation": "Product availability does not establish a change in legal firm boundaries elsewhere." }, { "id": "openai-broadcom", "firm": "openai", "date": "2025-10-13", "title": "OpenAI and Broadcom plan accelerators", "relationship": "Co-design and future procurement", "status": "Announced; commissioning not verified", "description": "OpenAI would design accelerators and systems; Broadcom would supply racks and networking, with rollout planned from H2 2026.", "sourceIds": [ "gov-31" ], "limitation": "No primary commissioning evidence by the cutoff was found. Neither owned fabs nor completed capacity is inferred." }, { "id": "google-anthropic-tpu-expansion", "firm": "anthropic", "date": "2025-10-23", "title": "Anthropic expands planned TPU access", "relationship": "Procurement and capacity commitment", "status": "Announced; future capacity", "description": "Planned access to up to one million TPUs was described as part of a multi-platform compute strategy.", "sourceIds": [ "gov-30" ], "limitation": "Contracted access does not establish chip ownership or completed deployment." }, { "id": "anthropic-fluidstack", "firm": "anthropic", "date": "2025-11-12", "title": "Anthropic announces facility program", "relationship": "Dedicated capacity and partner construction", "status": "Announced; operating title unresolved", "description": "A $50bn program with Fluidstack described custom facilities expected during 2026.", "sourceIds": [ "gov-32" ], "limitation": "The source does not resolve land or building title, operating control or which facilities were online by the cutoff." }, { "id": "nvidia-fabless-boundary", "firm": "nvidia", "date": "2026-01-25", "title": "NVIDIA reports contracted manufacturing", "relationship": "Fabless design with external manufacturing", "status": "FY2026 filing observation", "description": "The filing describes outside wafer fabrication, assembly, testing and packaging.", "sourceIds": [ "fin-nvidia-2026" ], "limitation": "Technological integration should not be coded as ownership of every physical production stage." }, { "id": "meta-mtia-deployment", "firm": "meta", "date": "2026-03-11", "title": "Meta reports MTIA deployment", "relationship": "First-party design and internal operation", "status": "Operational disclosure; later generations prospective", "description": "Meta described substantial MTIA deployment and MTIA 300 in production while retaining a multi-supplier portfolio.", "sourceIds": [ "gov-33" ], "limitation": "Deployment is distinct from owned fabrication; later chip plans remain prospective." }, { "id": "anthropic-amazon-compute", "firm": "anthropic", "date": "2026-04-20", "title": "Anthropic expands AWS compute agreement", "relationship": "Procurement and investment dependence", "status": "Current use plus future commitments", "description": "Anthropic reported current Trainium2 use and additional future capacity under an expanded AWS arrangement.", "sourceIds": [ "gov-34" ], "limitation": "Reported use and future commitments are distinct; neither is proof of a transfer to common ownership." } ], "studies": [ { "id": "coase-1937", "title": "The Nature of the Firm", "authors": "Ronald H. Coase", "year": 1937, "version": "Economica 4(16), 386-405; 1 November 1937", "design": "Conceptual economic argument", "population": "No empirical population", "measuredResult": "No measured treatment effect.", "mechanism": "Managerial direction replaces markets when organizing an additional transaction internally costs less than using prices and contracts. Both forms of coordination have costs.", "doesNotEstablish": "A general coordination technology need not enlarge firms: AI can lower costs on either side of the boundary.", "sourceIds": [ "lit-coase" ] }, { "id": "williamson-1979", "title": "Transaction-Cost Economics: The Governance of Contractual Relations", "authors": "Oliver E. Williamson", "year": 1979, "version": "Journal of Law and Economics 22(2), 233-261", "design": "Analytical framework with institutional examples", "population": "Transactions differing in specificity, uncertainty and frequency", "measuredResult": "No general treatment-effect estimate.", "mechanism": "Governance responds to transaction attributes and adaptation requirements; integration is one possible safeguard.", "doesNotEstablish": "Dedicated AI assets do not automatically require ownership; contracts, standards and relational safeguards can address similar hazards.", "sourceIds": [ "lit-williamson" ] }, { "id": "grossman-hart-1986", "title": "The Costs and Benefits of Ownership: A Theory of Vertical and Lateral Integration", "authors": "Sanford J. Grossman and Oliver D. Hart", "year": 1986, "version": "Journal of Political Economy 94(4), 691-719", "design": "Formal incomplete-contract model", "population": "Modeled parties investing in nonhuman assets", "measuredResult": "No empirical treatment effect.", "mechanism": "Ownership reallocates residual control and outside options, strengthening some noncontractible investment incentives while weakening others.", "doesNotEstablish": "Integration is not costlessly superior, and technical complementarity alone does not establish optimal ownership.", "sourceIds": [ "lit-grossman-hart" ] }, { "id": "hart-moore-1990", "title": "Property Rights and the Nature of the Firm", "authors": "Oliver Hart and John Moore", "year": 1990, "version": "Journal of Political Economy 98(6), 1119-1158", "design": "Formal property-rights model", "population": "Modeled assets and relationship-specific human-capital investments", "measuredResult": "No empirical treatment effect.", "mechanism": "Control of complementary nonhuman assets changes bargaining positions and incentives to make relationship-specific investments.", "doesNotEstablish": "Owning compute or a model does not establish that downstream application specialists should have the same owner.", "sourceIds": [ "lit-hart-moore" ] }, { "id": "baker-gibbons-murphy-2002", "title": "Relational Contracts and the Theory of the Firm", "authors": "George Baker, Robert Gibbons and Kevin J. Murphy", "year": 2002, "version": "Quarterly Journal of Economics 117(1), 39-84", "design": "Repeated-game theory", "population": "Modeled relational contracts within and between firms", "measuredResult": "No empirical treatment effect.", "mechanism": "Ownership changes outside options and the temptation to renege. Relational contracts can sustain cooperation under outsourcing or integration.", "doesNotEstablish": "A durable AI partnership need not be a transitional stage toward acquisition.", "sourceIds": [ "lit-baker-gibbons-murphy" ] }, { "id": "lafontaine-slade-2007", "title": "Vertical Integration and Firm Boundaries: The Evidence", "authors": "Francine Lafontaine and Margaret Slade", "year": 2007, "version": "Journal of Economic Literature 45(3), 629-685", "design": "Review of empirical evidence", "population": "Heterogeneous industries, transactions and identification strategies", "measuredResult": "Evidence on integration, prices, quantities, investment and profits varies by setting; there is no single transferable average effect.", "mechanism": "Transaction attributes, incentive allocation, efficiency and foreclosure can all matter.", "doesNotEstablish": "The review supplies neither an AI-specific boundary effect nor a context-free welfare presumption.", "sourceIds": [ "lit-lafontaine-slade" ] }, { "id": "babina-2024", "title": "Artificial Intelligence, Firm Growth, and Product Innovation", "authors": "Tania Babina, Anastassia Fedyk, Alex He and James Hodson", "year": 2024, "version": "Journal of Financial Economics 151, 103745; online 23 November 2023", "design": "US firm panel, long differences and an instrumental-variable strategy based on prior university AI-talent exposure", "population": "Principally 2010-2018 US firms; AI-skilled employment inferred from resumes and job postings", "measuredResult": "A one-standard-deviation rise in the resume-based AI measure over eight years corresponds to 19.5% higher sales, 18.1% higher employment and 22.3% higher market valuation. Product-innovation measures rise; sales per worker, TFP and process patents do not show corresponding changes.", "mechanism": "AI-skilled human capital may lower product-development costs, especially in initially larger firms.", "doesNotEstablish": "The estimates are not post-2022 generative-AI effects, legal integration or industry entry. The IV requires a valid exclusion restriction for historical university exposure.", "sourceIds": [ "lit-babina" ] }, { "id": "brynjolfsson-li-raymond-2025", "title": "Generative AI at Work", "authors": "Erik Brynjolfsson, Danielle Li and Lindsey Raymond", "year": 2025, "version": "Quarterly Journal of Economics 140(2), 889-942; published 2025; revised author preprint v2, 6 November 2024", "design": "Staggered deployment of a conversational assistant", "population": "5,172 customer-support agents at one Fortune 500 business-software company", "measuredResult": "The published/revised result is a 15% average increase in issues resolved per hour. Benefits differ by skill and experience. The early preprint's 5,179 agents and 14% headline belong to a different version.", "mechanism": "AI can diffuse the practices of high-performing workers and accelerate learning.", "doesNotEstablish": "The study does not identify outsourcing, acquisitions, firm-size changes, legal boundaries, industry entry or aggregate employment effects.", "sourceIds": [ "lit-blr-published", "lit-blr-v2", "lit-blr-v1" ] }, { "id": "cybernetic-teammate-2025", "title": "The Cybernetic Teammate: A Field Experiment on Generative AI Reshaping Teamwork and Expertise", "authors": "Fabrizio Dell'Acqua and coauthors", "year": 2025, "version": "NBER Working Paper 33641 / HBS Working Paper 25-043, April 2025", "design": "Preregistered 2 x 2 field experiment at a one-day product-development workshop", "population": "P&G: 811 participants, 776 randomly assigned professionals in the analysis, and 550 submitted-solution experimental units in the main quality regressions", "measuredResult": "Versus individuals without AI, expert-rated quality rises by 0.245 SD for teams without AI, 0.373 SD for individuals with AI and 0.392 SD for teams with AI in the baseline specification. Individuals with AI spend 16.4% less time; teams with AI spend 12.7% less time.", "mechanism": "AI can reproduce part of the knowledge-integration benefit of a cross-functional teammate and reduce functional silos.", "doesNotEstablish": "A one-day ideation experiment does not establish persistent restructuring, job losses, legal integration, outsourcing or industry entry.", "sourceIds": [ "lit-cybernetic-paper", "lit-cybernetic-hbs" ] }, { "id": "humlum-vestergaard-2026", "title": "Still Waters, Rapid Currents: Early Labor Market Transformation under Generative AI", "authors": "Anders Humlum and Emilie Vestergaard", "year": 2026, "version": "NBER Working Paper 33777, May 2025, revised March 2026; formerly Large Language Models, Small Labor Market Effects", "design": "Representative Danish surveys linked to administrative records; difference-in-differences", "population": "25,000 workers across 7,000 workplaces in 11 highly exposed occupations in the latest survey wave", "measuredResult": "Average earnings and recorded-hours estimates remain near zero, with intervals ruling out effects larger than 2% two years after ChatGPT's launch. The revised paper documents task reorganization and AI-related work.", "mechanism": "Early adjustment can appear in oversight, workflow integration and tasks before recorded hours or earnings move.", "doesNotEstablish": "The findings do not imply no long-run effects, no productivity effects or an identified change in legal firm boundaries.", "sourceIds": [ "lit-humlum-vestergaard" ] }, { "id": "ide-talamas-2025", "title": "Artificial Intelligence in the Knowledge Economy", "authors": "Enrique Ide and Eduard Talamàs", "year": 2025, "version": "Journal of Political Economy 133(12), 3762-3800; public author preprint v12, 17 May 2025", "design": "Formal general-equilibrium knowledge-hierarchy model", "population": "Modeled workers with heterogeneous knowledge; no empirical sample", "measuredResult": "No empirical treatment effect. In the model, autonomous and copilot-only AI have different distributional and output implications.", "mechanism": "Routine problem solving and exception handling are allocated differently depending on AI knowledge and autonomy.", "doesNotEstablish": "A modeled knowledge hierarchy is not a measured legal corporate boundary, acquisition or industry-entry outcome.", "sourceIds": [ "lit-ide-talamas-jpe", "lit-ide-talamas-v12" ] }, { "id": "acemoglu-technology-2010", "title": "Vertical Integration and Technology: Theory and Evidence", "authors": "Daron Acemoglu, Philippe Aghion, Rachel Griffith and Fabrizio Zilibotti", "year": 2010, "version": "Journal of the European Economic Association 8(5), 989-1033", "design": "Incomplete-contract model and UK manufacturing plant-level evidence", "population": "UK manufacturing relationships", "measuredResult": "Downstream technology intensity is positively associated with integration; upstream technology intensity is negatively associated. Both relationships strengthen where the supplier industry represents a larger cost share.", "mechanism": "Integration reallocates incentives between upstream and downstream investors.", "doesNotEstablish": "The study is not AI-specific and does not support a universal more-technology-means-more-integration rule.", "sourceIds": [ "lit-acemoglu-technology" ] }, { "id": "langlois-2003", "title": "The Vanishing Hand: The Changing Dynamics of Industrial Capitalism", "authors": "Richard N. Langlois", "year": 2003, "version": "Industrial and Corporate Change 12(2), 351-385; UConn Working Paper 2002-21", "design": "Organizational-economic history and synthesis", "population": "Historical industrial organization; no randomized or econometric treatment comparison", "measuredResult": "No causal treatment estimate.", "mechanism": "Market growth, standards and exchange institutions can resolve coordination problems that once favored large integrated firms, supporting specialization and networks.", "doesNotEstablish": "Neither all industries nor AI firms are predicted to converge inevitably on outsourcing.", "sourceIds": [ "lit-langlois" ] } ], "nvidia": [ { "fiscalYear": 2025, "periodEnd": "2025-01-26", "revenueUsd": 130497000000, "dataCenterRevenueUsd": 115186000000, "sourceIds": [ "fin-nvidia-2026", "fin-nvidia-release-2025" ], "note": "Company-defined end-market/platform revenue. Fiscal year ends in late January. Data Center is not a measure of customer-industry ownership." }, { "fiscalYear": 2026, "periodEnd": "2026-01-25", "revenueUsd": 215938000000, "dataCenterRevenueUsd": 193737000000, "sourceIds": [ "fin-nvidia-2026", "fin-nvidia-release-2026" ], "note": "Exact USD-million figures from the FY2026 10-K Revenue by End Market table, p. 78. Not calendar 2026 revenue or an industry-ownership measure." } ] }