At a glance 3

Introduction 5

Executive summary 10

CHAPTER 1

Growth takes off in future arenas 21

CHAPTER 2

Arenas are reshaping the industrial landscape 31

CHAPTER 3

Omniscalers are escalating competition across arenas 58

CHAPTER 4

The arenas are concentrated in the United States and China 66

CHAPTER 5

Arena implications and actions for decision-makers 78

Future arenas compendium 83

AI foundation 84

Digitization 88

Electrification 94

Hard tech 98

New bio-frontiers 104

Acknowledgments 107

Endnotes 108

Technical appendix 119