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Models

Pretraining

59/ 100
What it is

Teaching a model general skills by training it on huge amounts of data.

Ranks moderate (59/100) — set apart by structural importance (78) and cross-layer reach (76).

28
Companies exposed
19
Makers & suppliers
Buildout
Horizon
Active
Status

Why it matters

It converts compute capacity into base model capability.

Why now

Frontier models need ever-larger coherent clusters, tying capability to scarce compute.

If Pretraining runs short

Compute shortfalls slow the pace of frontier model progress.

In depth · editorial + model

Pretraining is teaching a model its general skills by running it over huge amounts of data before it is specialized for any task. It is the step that converts raw compute capacity into base-model capability — the foundation on which everything else, from fine-tuning to serving, is later built. It matters now because frontier models increasingly need ever-larger blocks of tightly-connected compute working as one coherent cluster, which ties the pace of capability directly to scarce, hard-to-assemble compute.

If the compute runs short, the pace of frontier progress slows — capability is gated by how much coherent compute a lab can marshal, not by ambition. The exposed names are the frontier and challenger labs whose roadmaps depend on securing those clusters — Safe Superintelligence, DeepSeek, Zhipu AI, Moonshot AI, and MiniMax — alongside data and infrastructure suppliers such as Scale AI that feed the training process.

How to think about it

  • Capability is gated by coherent compute

What to watch

  • Cluster sizes for frontier runs
  • GPU/packaging availability

Frequently asked

What is Pretraining?

Teaching a model general skills by training it on huge amounts of data.

Why does Pretraining matter for AI?

It converts compute capacity into base model capability.

Who makes Pretraining?

The companies the model tags as producers or suppliers of Pretraining: Zhipu AI (Z.ai), DeepSeek, Moonshot AI, Scale AI, MiniMax, StepFun.

Which companies are most exposed to Pretraining?

Safe Superintelligence, Zhipu AI (Z.ai), DeepSeek, Moonshot AI, Scale AI, MiniMax — 28 companies in total are mapped to Pretraining.

What happens if Pretraining runs short?

Compute shortfalls slow the pace of frontier model progress.

Where does Pretraining sit in the AI value chain?

Pretraining sits in the Models layer of the AI value chain.

Go deeper on Pretraining

  • The materials, geographies and policies it depends on — heat-mapped
  • Substitutes, relief valves and the domino chains if it tightens
  • The live tension score, momentum and news drivers
  • Four levels of analysis — from plain-English to strategic

model v0.7.0 · research, not advice

Model scores are illustrative reads from our model of the AI value chain — not investment advice.

as of 2026-07-17Medium confidence model v0.7.0
The whole chain