Capital links in the industry network show a small group of companies on more than one cap table. We look at what that overlap means when a policy event hits one of them.
Frontier modelsUnited StatesCapital links are a different layer from supply links. A company can sit on the supply side of one lab and the investor side of another, and a policy event can reach it through either.
In this sample, we group frontier labs by the investors they share. The overlap is small but not trivial, and it changes how a single event should be read.
If a filing affects one lab’s compute supply, shared investors face correlated exposure across their holdings. The network makes that overlap visible before it appears in a filing.