[
  {
    "term": "Frontier firm",
    "definition": "A company operating near the leading edge of a strategically important technology and capable of financing or coordinating infrastructure at unusually large scale."
  },
  {
    "term": "Frontier platform",
    "definition": "A frontier firm whose models, networks, distribution, interfaces, or services become a shared operating layer for other organizations."
  },
  {
    "term": "Hard financial systemic risk",
    "definition": "Distress that materially impairs credit, funding, payments, clearing, or major financial intermediaries."
  },
  {
    "term": "Macro-financial amplification",
    "definition": "Transmission from valuation or investment shocks into consumption, collateral, capital expenditure, suppliers, utilities, employment, or regional public finance without necessarily impairing core financial functions."
  },
  {
    "term": "Operational criticality",
    "definition": "Reliance on a service whose interruption cannot be absorbed or replaced within the required recovery time and loss tolerance."
  },
  {
    "term": "Strategic importance",
    "definition": "Relevance to defense, communications, science, industrial capacity, public administration, or national autonomy."
  },
  {
    "term": "Resolvability",
    "definition": "The ability to continue or transfer critical services while ordinary losses, ownership change, and restructuring occur."
  },
  {
    "term": "Boundary case",
    "definition": "An extreme case used to reveal a mechanism; it is not representative evidence unless the mechanism survives comparison with ordinary, failed, and countervailing cases."
  },
  {
    "term": "Valuation-dependent acquisition capacity",
    "definition": "The ability to use highly valued equity as consideration; a higher relative valuation can reduce percentage dilution but does not eliminate dilution, overpayment, or integration risk."
  },
  {
    "term": "Model neutrality",
    "definition": "Meaningful, auditable choice among model providers across availability, release timing, price, latency, routing override, credentials, data use, and portable workflow context."
  },
  {
    "term": "Hyperscaler intermediation",
    "definition": "A market structure in which cloud, identity, data, security, routing, procurement, and billing abstract multiple model providers behind one managed enterprise control plane."
  },
  {
    "term": "Managed control plane",
    "definition": "Routing, policy, evaluation, observability, failover, cost, and governance functions operated by a provider while specified decision rights and evidence remain with the customer."
  },
  {
    "term": "Sovereign-capable deployment",
    "definition": "A workload-specific architecture in which the organization has legal authority, audit evidence, portable context, a tested alternative within its recovery objective, and the ability to sustain critical operation through a defined disruption."
  },
  {
    "term": "Open-weight model",
    "definition": "A model whose trained parameters are available under a license, even if training code, data, or process are not fully open."
  },
  {
    "term": "Managed digital labor",
    "definition": "An ongoing service in which a provider operates AI agents and human exception processes to execute defined work."
  },
  {
    "term": "Outcome-as-a-service",
    "definition": "A commercial model priced against completed transactions, savings, service levels, or business results rather than tokens or seats."
  },
  {
    "term": "Secure latency-compliant cost per successful task",
    "definition": "Fully loaded compute, energy, integration, supervision, security, compliance, expected-error, and delay cost divided by verified outcomes delivered within the required service level."
  },
  {
    "term": "Founder and key-person control risk",
    "definition": "Dependence created when voting power, technical authority, strategic relationships, succession, or affiliated transactions are concentrated in one person or a small insider group."
  },
  {
    "term": "Openness stack",
    "definition": "The separate dimensions of weights, architecture, code, license rights, data provenance, evaluation transparency, reproducibility, and deployment portability; no single dimension establishes full openness."
  },
  {
    "term": "Open ecosystem, concentrated substrate",
    "definition": "A market structure in which models and applications are plural or portable while chips, fabrication, cloud, identity, control planes, or data-center infrastructure remain concentrated."
  },
  {
    "term": "Model-derived training and distillation",
    "definition": "Use of model outputs to evaluate, adapt, or train another system; its legal and competitive treatment depends on license, contract, provenance, extraction method, and applicable law."
  },
  {
    "term": "Primary frontier firm",
    "definition": "A firm whose principal strategic identity is a frontier model, frontier application, or integrated frontier platform. Baseline cases: SpaceX/xAI, OpenAI, and Anthropic."
  },
  {
    "term": "Material index weight",
    "definition": "At least 1.0% float-adjusted weight in the S&P 500 or Nasdaq-100 on the trigger date."
  },
  {
    "term": "Major infrastructure project",
    "definition": "A data-center, generation, transmission or equipment program with at least 1 GW of planned load/capacity or at least $10B of committed capital."
  },
  {
    "term": "Matched comparison",
    "definition": "A pre-specified control selected on observable size, sector, beta, leverage, contract structure, region, workload or other variables named in the relevant hypothesis before the event window."
  },
  {
    "term": "Verified outcome",
    "definition": "A completed task that meets pre-specified correctness, safety and latency requirements. Reliability and latency are included in the outcome definition rather than multiplied again."
  },
  {
    "term": "Not observable",
    "definition": "A formal protocol state used when required treated and comparison data are unavailable. It supports neither the hypothesis nor the null."
  },
  {
    "term": "AI factory",
    "definition": "A commissioned production system combining accelerators, host processors, memory, advanced packaging, interconnect, network, storage, software, power, cooling, facility, and operators. Ordered chips or announced MW are not an AI factory."
  },
  {
    "term": "Hardware portability",
    "definition": "The demonstrated ability to move a defined workload between accelerator ecosystems within a stated time, cost, performance-loss, security, and recovery threshold."
  },
  {
    "term": "Economically productive MW",
    "definition": "Energized capacity that is rack-ready, commissioned, software-usable, utilized, and delivering successful latency-compliant work after power, depreciation, networking, maintenance, and operating cost."
  },
  {
    "term": "Adjudication state",
    "definition": "One of six protocol outcomes: not triggered; triggered/window open; support met; null met; mixed/indeterminate; not adjudicable."
  },
  {
    "term": "Common hardware-substrate shock",
    "definition": "A foundry, memory, packaging, interconnect, platform-security, power or other shared-input event that affects multiple material issuers and therefore cannot be treated as an idiosyncratic firm shock."
  },
  {
    "term": "Conditional support-pattern frequency",
    "definition": "The share of simulated draws satisfying a support Boolean under disclosed priors and dependence assumptions, conditional on a qualifying event and complete measurement. It is not a verdict probability, calibrated forecast, null estimate, or observability estimate."
  },
  {
    "term": "Material AI-system issuer",
    "definition": "A public issuer with material index weight and direct control of a critical AI-stack layer whose distress could transmit an AI-related shock. NVIDIA qualifies at the baseline; other issuers enter only through frozen inclusion criteria."
  },
  {
    "term": "Event-level verdict",
    "definition": "The six-state result for one qualifying event at its fixed endpoint. It is not automatically a conclusion about the general hypothesis."
  },
  {
    "term": "Hypothesis-level verdict",
    "definition": "A replicated conclusion formed only under the minimum-event, diversity, support-share, null-share and missing-data rules in Table 12.1A."
  }
]