On April 16, 2026, at Stanford Graduate School of Business, Jensen Huang described artificial intelligence as a “five-layer cake”—a conceptual model spanning energy, chips, datacenters, models, and applications. This same framing appeared earlier at the World Economic Forum Annual Meeting, where the idea of AI as infrastructure—not software—was repeatedly emphasized. “AI is not just software. … Continue reading Five-Layer AI Economy: What Is It? Who Are the Key Players? — Mapping Power, Influence, and Value Across the Full Stack of Intelligence