VC
PitchBook's 25-layer map of the AI investment stack
A 43-page PitchBook analyst note that lays out a 25-layer AI technology stack — from energy and chips through models, infrastructure, agents and applications — and maps where private capital is flowing in each layer. Its four takeaways: the stack is the new map for investors and corporate strategists; 'digital labor' shifts people from execution to orchestrating agent fleets; enterprises are moving from AI pilots to agentic deployments that re-architect the corporate stack; and enterprise software revenue is shifting from seats and licenses to outcome-based pricing for digital work performed. Useful for positioning a company on the stack when talking to investors.
