5 …Charts Paint Thousands of Words… AI Monetization Threats = Rising Competition + Open-Source Momentum + China’s Rise 5 Leading USA LLMs vs. China LLM Desktop User Share Note: Data is non-deduped. Share is relative, measured across six leading global LLMs. Source: YipitData (5/25) Desktop User Share, % 2/24 2/25 4/25 75% 60% 10% 21% 15% 0% Details on Page 293 USA – LLM #1 China USA – LLM #2 AI Model Compute Costs High / Rising + Inference Costs Per Token Falling = Performance Converging + Developer Usage Rising 3 Cost of Key Technologies Relative to Launch Year % of Original Price By Year (Indexed to Year 0) Note: Per-token inference costs shown. Source: Richard Hirsh; John McCallum; OpenAI Details on Page 138 0 Years 72 Years Electric Power Computer Memory AI Inference AI Monetization Threats = Rising Competition + Open-Source Momentum + China’s Rise 5.1 China vs. USA vs. Rest of World Industrial Robots Installed Note: Data as of 2023. Source: International Federation of Robotics Industrial Robots Installed Details on Page 289 AI Usage + Cost + Loss Growth = Unprecedented 4 Leading USA-Based AI LLM Revenue vs. Compute Expense Note: Figures are estimates. Source: The Information, public estimates 2022 2024 Revenue (Blue) & Compute Expense (Red) +$3.7B -$5B Details on Page 173 2023 China Rest of World (excl. China & USA) USA 2014 2023