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  "docSlug": "5df6bd1b0447b5f6",
  "documentTitle": "2025 Air Street Capital The State of AI Report 2025",
  "authorId": "AirStreetCapital",
  "authorName": "Air Street Capital",
  "documentKindSlug": "consulting-deck",
  "documentKindLabel": "Consulting deck",
  "sourceTypeSlug": "vc_research",
  "sourceTypeLabel": "VC research",
  "presentationDate": null,
  "orientation": "landscape",
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  "density": "dense",
  "nDataPoints": 12,
  "notes": "The slide uses a leaderboard screenshot to illustrate the high costs incurred by power users.",
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      "kind": "callout",
      "text": "Cursor is a multi-billion dollar company whose unit economics are hostage to upstream model prices and rate limits set by its own competitors.",
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      "kind": "image",
      "text": "Claude Code Leaderboard screenshot",
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      "kind": "list",
      "text": "Coders love Claude Code and Cursor, but margins are fragile. The tension is stark: Cursor is a multi-billion dollar company whose unit economics are hostage to upstream model prices and rate limits set by its own competitors.\nSome users are costing upwards of 50k/month for a single seat of Claude Code. Cursor and Claude have introduced much stricter usage limits to try to crack down on the costs of power users.\nCursor’s pricing power is limited because its core COGS are the API prices of Anthropic/OpenAI. When those providers change prices, rate limits, or model defaults, Cursor’s gross margin compresses unless it caps usage or shifts workloads off upstream APIs.",
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      "kind": "metric",
      "text": "Total Spent: $775,088",
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      "text": "As the costs rack up it's unclear who is making money",
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      "beatName": "The Facts (What)",
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      "evidence": "Sections 1-2 lay out research findings and industry data with charts and case studies.",
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      "parentBeatName": "Setup",
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      "evidence": "Industry section exposes economics, infra, geopolitics beneath research.",
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      "matchId": "019dd95a-07fe-70ce-8d3e-a3f81a44ee54",
      "evidence": "GPT-5 economics → vibe coding costs → Cursor unit economics → 'When do we see profitable models?' (p.112).",
      "position": 6,
      "objective": "Trace AI economics from revenue through margins to profitability",
      "structure": "Top of Funnel -> Stage 1 Conversion -> Stage 2 Conversion -> Bottom of Funnel -> The Leak",
      "confidence": 65,
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