Temasek's CEO Dilhan Pillay explained that Temasek's investments reflect the company's view of AI as a structural, long-term driver of value creation. To capture this AI-led tailwind, Temasek is deploying capital across five areas of the AI value chain: energy and data centres, semiconductors, cloud services providers, foundation models, and AI applications and software infrastructure. Even a global investment company like Temasek has its fair share of investment blunders. Still, it helps to reference the areas Temasek is investing in, and to ask whether companies in those areas make sense for your own investing objectives. Crucially, this chokepoint is anchored by TSMC, which controls more than 90% of global most advanced chip manufacturing.