The investment bank estimates that upstream AI enablers—including power generation and transmission, semiconductors, data centres, cloud services and data management—account for the largest share of the private AI contenders’ combined estimated value, at $35 billion. Companies in this category include renewable energy platforms such as Greenko Group and Fourth Partner Energy, data centre operators such as CtrlS Data Centers and Nxtra Data, and AI computing infrastructure provider Neysa. Downstream AI adopters, valued at an estimated $18 billion, include businesses applying AI across healthcare, enterprise services, conversational AI and computer vision, such as Gupshup, Kore.ai and NetraDyne. Foundational AI model developers and training companies, including Sarvam AI and Deccan AI, form a smaller segment, valued at $2 billion.
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