Stack / Compute & physical / sub-layer 1

Semiconductors & AI chip startups

Indicators

Rent concentration in semiconductors

concentratinglagging85/95

75.0%as of 2026-07-26(2 obs)

Concentration among covered chip filers (HHI)

unclearleading60/95

0.85 indexas of 2026-06-30(2 obs)

Non-Nvidia share of AI compute shipped (H100-equivalents)

emergingleading50/95

26.0%as of 2026-03-31(3 obs)

Hardware price-performance growth (doubling time)

consistent with normalleading40/95

1282 daysas of 2025-11-06(20 obs)

Venture flow

$95.8M

23-06

$180M

23-12

$174M

24-03

$445M

24-12

$148M

25-03

$141M

25-06

$762M

26-03

Primary-round dollars per calendar quarter: Form D amount sold where the entity files, Epoch's press-compiled rounds otherwise. Amendments replace their originals; SPVs, secondaries and debt are excluded.

Entities · 17

Entity	Role	Since	Verified	Latest observation
Advanced Micro DevicesCIK 0000002488	primary	—	● yes	$11.5B · revenue.q · 2026-06-27
Ayar Labs	primary	—	○ not yet	none
Broadcom	primary	—	○ not yet	none
Celestial AICIK 0001822129	primary	—	● yes	Form D filed 2025-03-12 (0001822129-25-000001) · filing.pt · 2025-03-12
Cerebras	primary	—	○ not yet	none
d-Matrix	primary	—	○ not yet	none
Etched	primary	—	○ not yet	none
Extropic	primary	—	○ not yet	none
Fractile	primary	—	○ not yet	none
Groq	primary	—	○ not yet	none
LightmatterCIK 0001768622	primary	—	● yes	Form D filed 2024-10-25 (0001768622-24-000001) · filing.pt · 2024-10-25
MatXCIK 0002004726	primary	—	● yes	Form D filed 2026-03-10 (0002004726-26-000003) · filing.pt · 2026-03-10
NVIDIA CorpCIK 0001045810	primary	—	● yes	$12.9B · hugging_face.pt · 2026-09-03
PositronCIK 0002077932	primary	—	● yes	Form D filed 2026-05-12 (0002077932-26-000002) · filing.pt · 2026-05-12
SambaNova	primary	—	○ not yet	none
TenstorrentCIK 0002031944	primary	—	● yes	Form D filed 2026-09-09 (0002031944-26-000001) · filing.pt · 2026-09-09
TSMC	primary	—	○ not yet	none

Seed lists come from the capture brief and are verified against filings one by one. A name here is not a claim about size or funding until an observation attaches.