Call-by-push-value is a "semantic machine code", providing a set of simple primitives from which both the call-by-value and call-by-name paradigms are built. We present its operational semantics as a stack machine, suggesting a term judgement of stacks. We then see that CBPV, incorporating these stack terms, has a simple categorical semantics based on an adjunction between values and stacks. There are no coherence requirements. We describe this semantics incrementally. First, we introduce locally indexed categories and the opGrothendieck construction, and use these to give the basic structure for interpreting the three judgements: values, stacks and computations. Then we look at the universal property required to interpret each type constructor. We define a model to be a strong adjunction with countable coproducts, countable products and exponentials. We see a wide range of instances of this structure: we give examples for divergence, storage, erratic choice, continuations, p...