• Seem Like Change Happening Faster Than Ever? Yes, It Is • AI User + Usage + CapEx Growth = Unprecedented • AI Model Compute Costs High / Rising + Inference Costs Per Token Falling = Performance Converging + Developer Usage Rising • AI Usage + Cost + Loss Growth = Unprecedented • AI Monetization Threats = Rising Competition + Open-Source Momentum + China’s Rise • AI & Physical World Ramps = Fast + Data-Driven • Global Internet User Ramps Powered by AI from Get-Go = Growth We Have Not Seen Likes of Before • AI & Work Evolution = Real + Rapid 129 1 2 3 4 5 6 7 8 Outline