Tech Incumbent AI Rollouts = Microsoft – Copilot (2/23) Note: We assume zero users in the launch month. We assume 15B cumulative chats as of 12/24 due to Microsoft’s 1/24 announcement of 5B cumulative chats, and 12/24 announcement of 10B more chats being held in 2024. We assume the Verge’s announcement of ‘There have also been over 1 billion chats on Bing Chat’ as of 8/23 is wholly inclusive of Copilot chat volumes as of that date. Source: Microsoft announcements & earnings reports, The Verge citing Microsoft disclosures (8/23) Microsoft: Copilot – 8/23-12/24, per Microsoft To empower people to unlock the joy of discovery, feel the wonder of creation and better harness the world’s knowledge, today we’re improving how the world benefits from the web by reinventing the tools billions of people use every day, the search engine and the browser. Today, we’re launching an all new, AI-powered Bing search engine and Edge browser, available in preview now at Bing.com, to deliver better search, more complete answers, a new chat experience and the ability to generate content. We think of these tools as an AI copilot for the web. - Official Microsoft Blog, 2/23 Cumulative Chats, B 202 AI – Tech Incumbents = Broad & Steady Product / Feature Rollouts 0 5 10 15 8/23 12/23 4/24 8/24 12/24 Microsoft Copilot Cumulative Chats Held (B)