8 …Overview …Increasingly, two hefty forces – technological and geopolitical – are intertwining. Andrew Bosworth (Meta Platforms CTO), on a recent ‘Possible’ podcast described the current state of AI as our space race and the people we’re discussing, especially China, are highly capable… there’s very few secrets. And there’s just progress. And you want to make sure that you’re never behind. The reality is AI leadership could beget geopolitical leadership – and not vice-versa. This state of affairs brings tremendous uncertainty…yet it leads us back to one of our favorite quotes – Statistically speaking, the world doesn’t end that often, from former T. Rowe Price Chairman and CEO Brian Rogers. As investors, we always assume everything can go wrong, but the exciting part is the consideration of what can go right. Time and time again, the case for optimism is one of the best bets one can make. The magic of watching AI do your work for you feels like the early days of email and web search – technologies that fundamentally changed our world. The better / faster / cheaper impacts of AI seem just as magical, but even quicker. No doubt, these are also dangerous and uncertain times. But a long-term case for optimism for artificial intelligence is based on the idea that intense competition and innovation… increasingly-accessible compute…rapidly-rising global adoption of AI-infused technology…and thoughtful and calculated leadership can foster sufficient trepidation and respect, that in turn, could lead to Mutually Assured Deterrence. For some, the evolution of AI will create a race to the bottom; for others, it will create a race to the top. The speculative and frenetic forces of capitalism and creative destruction are tectonic. It’s undeniable that it’s ‘game on,’ especially with the USA and China and the tech powerhouses charging ahead. In this document, we share data / research / benchmarks from third parties that use methodologies they deem to be effective – we are thankful for the hard work so many are doing to illustrate trending during this uniquely dynamic time. Our goal is to add to the discussion.