Strip away the logos and the AI buildout is a single physical process. An electron leaves a generator, crosses six orders of magnitude in voltage, sheds roughly a tenth of its energy in conversion before it ever reaches a chip, does its work, and leaves the building as heat. This terminal maps the venture landscape along that journey, eleven stages from siting to orchestration, instead of by market category, because market taxonomies get rebuilt every time the constraint shifts and the flow never does. The frame, argued in full in the ❖ THESIS tab, is simple. The flow is lossy, and it moves only as fast as its narrowest point. So the interesting companies either shorten the flow, removing losses, steps, or waiting, or own a point it cannot route around, a position made of physics or law. The best of them do both, in order: shorten to enter, own to stay.

SOLID BORDER = SEQUENTIAL STAGE ON THE ELECTRON'S PATH · DASHED BORDER = CROSS-CUTTING STAGE THAT SPANS MULTIPLE POINTS OF THE FLOW