AI chips, models, apps, interfaces, and agents are dismantling the legacy cloud/software/services stack and redrawing the map of technology ecosystems. Model builders and agentic platforms now collide with reenergized players in hardware, software, and an expanded layer that includes both data and knowledge — each racing to shape the future of computing. This report arms technology leaders to cut through the noise and 1) define the new portfolio that AI demands, 2) decode the shifting incentive structures driving ecosystem power and co-innovation, and 3) extract outsized value from partners.