The full deck. Every figure, source and caveat is written out in the article version, which is the better read on a phone.

Slide 1, Cover. The AI Ecosystem Ledger
1 Cover
Slide 2, Contents.
2 Contents
Slide 3, Since May: baseline vs. actual. Three months into a three-year projection, the ecosystem is running $2.8 trillion hot to the base case.
3 Since May: baseline vs. actual
Slide 4, The 2029 cases. Re-based from today: $24 trillion bear, $51 trillion base, $80 trillion bull by 2029.
4 The 2029 cases
Slide 5, The measured universe. Twenty-four entities, four groups, one total that everything else in this deck reconciles to.
5 The measured universe
Slide 6, Growth, 2019 to today. $6.0 trillion to $35.4 trillion in seven years, and the last three months moved as much as a typical year.
6 Growth, 2019 to today
Slide 7, Demand, in full. The demand build, segment by segment, with every assumption exposed.
7 Demand, in full
Slide 8, SpaceX after the IPO. The largest IPO in history is down 52% from its peak and 20% below its offer price, with the lockup expiring tomorrow.
8 SpaceX after the IPO
Slide 9, The labs. All three labs are now public or filed to be, and the largest IPO in history is trading 20% below its offer price.
9 The labs
Slide 10, Tomorrow: the unlock. Tomorrow's unlock is the first full-float price discovery on a trillion-dollar AI asset, and each outcome maps to a 2029 case.
10 Tomorrow: the unlock
Slide 11, Appendix.
11 Appendix
Slide 12, Does demand absorb supply?. Demand overtakes the buildout by 2029 only if capex growth falls from 77% a year to under 9%.
12 Does demand absorb supply?
Slide 13, Why it ran hot: circulation. Roughly 30% of the ecosystem's value traces to capital that never left the ecosystem, and this quarter the accounting became visible in the S&P 500's headline earnings.
13 Why it ran hot: circulation
Slide 14, The pilot-to-production gap. 95% of enterprise AI pilots return nothing measurable, and abandonment more than doubled in a year.
14 The pilot-to-production gap
Slide 15, Five interlocking layers. Every dollar in the ecosystem sits in exactly one layer, and the layers sum to the total.
15 Five interlocking layers
Slide 16, The semiconductor stack. Layer 1 is $13.35 trillion across five tiers, and every tier carries a comparable figure.
16 The semiconductor stack