At DVC, we’ve spent a decade watching the AI market up close — backing companies and working closely with the portco founders. This year, we decided to share the framework we’ve built with the world. This is how the State of AI Report was born: a living, continuously updated analysis of the AI economy across every layer, from silicon and energy to foundation models and applications. We update it with AI and review it personally — because in a market that moves this fast, a static annual…