symmetric monoidal (∞,1)-category of spectra
2-natural transformation?
A monad with arities is a monad that admits a generalized nerve construction. This allows us to view its algebras as presheaves-with-properties in a canonical way.
This generalized nerve construction also generalizes the construction of the syntactic category of a Lawvere theory.
Let $\mathcal{C}$ be a category, and $i_A : \mathcal{A} \subset \mathcal{C}$ a subcategory. As explained at dense functor, for any object $X$ of $\mathcal{C}$, there is a canonical cocone over the forgetful functor $(\mathcal{A} \downarrow X) \to \mathcal{C}$, which we call the canonical $\mathcal{A}$-cocone at $X$. The subcategory $\mathcal{A} \subset \mathcal{C}$ is called dense if this cocone is colimiting for every object $X$ of $C$.
If $\mathcal{C}$ be a category and $i_A : \mathcal{A} \subset \mathcal{C}$ is a dense subcategory, then the $\mathcal{A}$-nerve functor is given by
A monad $(T,\mu,\eta)$ on $\mathcal{C}$ is said to have arities $\mathcal{A}$ if $\nu_{\mathcal{A}} \circ T$ sends canonical $\mathcal{A}$-cocones to colimiting cocones.
The nerve theorem consists of two statements:
I. If $\mathcal{A}$ is dense in $\mathcal{C}$ and if $T$ is a monad with arities $\mathcal{A}$ on $\mathcal{C}$, then $\mathcal{C}^T$ has a dense subcategory $\Theta_T$ given by the free $T$-algebras on objects of $\mathcal{A}$.
It follows (?) that the nerve functor $\nu_{\Theta_T} : \mathcal{C}^T \to [\Theta_T^{op}, \mathrm{Set}]$ is full and faithful. This allows us to view $T$-algebras as presheaves (on $\Theta_T$) with a certain property. The second part of the nerve theorem tells us what this property is.
II. Let $j: \mathcal{A} \to \Theta_T$ be the free algebra functor. A presheaf $P : \Theta_T^{op} \to \mathrm{Set}$ is in the essential image of $\nu_{\Theta}$ if and only if the restriction along $j$,
is in the essential image of $\nu_A$.
For now, see the paper of Berger, Melliès, and Weber below…
See the discussion at
The associated paper is
These ideas are clarified and expanded on in