101 CapEx Spend @ Big Six* Tech Companies = +63% Y/Y & Accelerated… 1ChatGPT WAU data as of 11/23 & 12/24 due to data availability. *Note: Big Six USA technology companies include Apple, Nvidia, Microsoft, Alphabet / Google, Amazon, & Meta Platforms / Facebook. Only AWS CapEx & revenue shown for Amazon (i.e. excludes Amazon retail CapEx). AWS CapEx estimated per Morgan Stanley – equals AWS net additions to property & equipment less finance leases and obligations. Source: Capital IQ (3/25), OpenAI disclosures (3/25) Global ChatGPT Weekly Active Users, MM (Red Line) 0 70 140 210 280 350 $0 $50 $100 $150 $200 $250 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 CapEx Spend, $B (Blue Bars) 2023-2024 Change: Big Six CapEx = +63% ChatGPT WAUs = +200%1 CapEx Spend – Big Technology Companies = Inflected With AI’s Rise Big Six* USA Public Technology Company CapEx Spend ($B) vs. Global ChatGPT Weekly Active Users (MM) – 2014-2024, per Capital IQ & OpenAI