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. It also singles out vertically integrated mega-caps — large companies with expertise spanning more than one of those areas. 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.