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  "documentTitle": "2022 Accel The Reset",
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  "authorName": "Accel",
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  "notes": "The slide uses a line chart to visualize market performance divergence and quantifies the 'value gap' between current index performance and a historical growth trendline.",
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      "kind": "callout",
      "text": "c.30% historical CAGR implying $800B value gap. c.30% CAGR in line with cloud infrastructure. Implied Multiple: c.9x",
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      "text": "Accel Euroscape Index vs NASDAQ Index performance over time",
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      "kind": "disclaimer",
      "text": "Note: Selection of US, Europe and Israeli cloud companies. Companies that comprise the Accel Euroscape indices are listed in the appendix. Cloud growth rates are most recent quarter (YoY, c/c) Source: Accel Analysis, Company Filings, Capital IQ",
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      "text": "Cloud growth rates: AWS 33%, Azure 46%, Google Cloud 36%",
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      "text": "Value gap: $800B",
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