139 Tech’s Perpetual A-Ha = Declining Costs + Improving Performance → Rising Adoption… Note: FRED data shows ‘Consumer Price Index for All Urban Consumers: Information Technology, Hardware and Services in U.S. City Average.’ Source: USA Federal Reserve Bank of St. Louis (FRED), International Telecommunications Union (via World Bank) (4/25) 0 25 50 75 100 0 100 200 300 400 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 USA Internet Users, MM (Blue Bars) USA Consumer Price Index: Information Technology, 1/1/89 = 100 (Red Line) AI Model Compute Costs High / Rising + Inference Costs Per Token Falling = Performance Converging + Developer Usage Rising USA Internet Users (MM) vs. Relative IT Cost – 1989-2023, per FRED & ITU