# The Denominator — AI Economy Intelligence

> Reporting and analysis on the AI economy: who spends on AI, who earns from it and what it changes. Coverage spans AI budgets and pricing, AI across the enterprise and its security, the model labs, AI infrastructure (compute, chips, power and data centers), physical AI and robotics, AI in investing, wealth management and banking, AI agents in commerce, the returns on enterprise AI platforms, and AI leadership.

> For anyone who needs to understand the business of AI: executives, investors, analysts, founders, engineers, policymakers and journalists.

> Every story is dated and sourced.

## Sections

- [AI Treasury](https://thedenominator.ai/ai-treasury): what AI costs companies and how it is financed and governed: token prices, list versus effective price, commitments, chargeback and AI budgets
- [AI Estate](https://thedenominator.ai/ai-estate): what companies run on AI and how well: models, gateways, agents, governance and sprawl; and AI security: agent identity, attacks on AI systems and the breaches that reach companies
- [Model Labs](https://thedenominator.ai/model-labs): OpenAI, Anthropic, Google and the other frontier labs: model releases, pricing, contract terms, capacity and enterprise revenue
- [AI Capacity](https://thedenominator.ai/ai-capacity): AI infrastructure: compute, neoclouds, hyperscaler capacity, chips, power, data centers and compute markets
- [Physical AI](https://thedenominator.ai/physical-ai): AI in the physical world: robotaxis and autonomous vehicles, robots and humanoids, drones and defense systems, and satellites, and what they cost and change for the companies that pay for them
- [AI Wealth](https://thedenominator.ai/ai-wealth): how AI is changing investing, advice and banking: advisers, wealth firms, brokerages, banks, asset managers, fintechs and their regulators; never investment advice
- [Agentic Commerce](https://thedenominator.ai/agentic-commerce): how AI and agents change discovery, buying, payment and service across retail and e-commerce, travel and hospitality, fashion and luxury, and media and entertainment
- [AI Moneyball](https://thedenominator.ai/ai-moneyball): what enterprises get back from Salesforce, ServiceNow, SAP, Workday and other enterprise platforms, and from the systems integrators that implement them
- [AI Leadership](https://thedenominator.ai/ai-leadership): the CEO leading the AI change: operating model, decision rights, board fluency and talent