58 …AI User Adoption (ChatGPT as Proxy) = Materially Faster + Cheaper vs. Other Foundational Technology Products *Public launch of ChatGPT = first release to the public as a free research preview (11/22). Note: Per Ford Corporate, the Model T could be sold for between $260 and $850. We use $850 in 1908 dollars for our figures above. For TiVo, we use the launch of consumer sales on 3/31/99, when TiVo charged $499 for its 14-hour box set. We do not count TiVo subscription costs. We also use the iPhone 1’s 4GB entry level price of $499 in 2007. Source: Heartcore Capital, CNBC, Museum of American Speed, World Bank, Ford Corporate, Gizmodo, Apple, Encyclopedia Britannica, Federal Reserve Bank of St. Louis, Wikimedia Commons, UBS Days to Reach 1MM Customers / Users – 1908-2022 ~2,500 ~1,680 74 5 0 1,500 3,000 Ford Model T (1908) TiVo (1999) iPhone (2007) ChatGPT* (2022) Days to Reach 1MM Customers / Users Purchase Price (2024 $) $29,330 $945 $756 $0 Consumer / User AI Adoption = Unprecedented