{
  "docId": "019dd923-5e88-73ef-bd5d-0d0f98caffe1",
  "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",
  "aspectRatio": 1.777,
  "pageNumber": 131,
  "pageCount": 313,
  "prevPage": 130,
  "nextPage": 132,
  "slideType": "data_table",
  "function": "analyze_data",
  "density": "dense",
  "nDataPoints": 40,
  "notes": "The slide links the $8.6bn D&A figure from the capex table to the annual cost table.",
  "elementsJson": [
    "data_table"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-5e88-73ef-bd5d-0d0f98caffe1/131",
  "deckHref": "/decks/019dd923-5e88-73ef-bd5d-0d0f98caffe1",
  "deckJsonHref": "/decks/019dd923-5e88-73ef-bd5d-0d0f98caffe1.json",
  "deckAnchorHref": "/decks/019dd923-5e88-73ef-bd5d-0d0f98caffe1#slide-131",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "1GW GPU cluster: $50bn capex, $8.6bn D&A p.a.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd952-41ac-7180-a828-b4fd7c6ac62c",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "Total annual costs: $11bn",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd952-41ac-7180-a828-b89b5d3ee130",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.5,
        "x": 0.15,
        "y": 0.94
      },
      "kind": "source-note",
      "text": "Source: Corporate reports and NSR estimates and analysis. Pierre Ferragu | Global Technology Research | GlobalTech@newstreetresearch.com | 26 September 2025",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "16aee419-11a8-41f2-9b82-591112658572",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.6,
        "w": 0.35,
        "x": 0.12,
        "y": 0.25
      },
      "kind": "table",
      "text": "1GW NVL 72 GB200 capex/D&A table showing breakdown of $50bn capex and $8.6bn D&A across GPUs, CPUs, networking, and infrastructure.",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "6cdee3bf-abc6-43c9-8525-799a19003a68",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.6,
        "w": 0.35,
        "x": 0.54,
        "y": 0.25
      },
      "kind": "table",
      "text": "1GW NVL 72 GB200 DC Economics table showing $11bn fully loaded annual costs, split into D&A, cash costs, electricity, and maintenance.",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "9bd22615-78ca-4b65-9c9f-cf8d93512abc",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.35,
        "x": 0.05,
        "y": 0.14
      },
      "kind": "title",
      "text": "A 1GW AI data center cheat sheet",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "75770fec-3e80-43e7-99dd-a08efdeaf12f",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [
    {
      "name": "Action Titles",
      "slug": "action-titles",
      "agent": "Architect",
      "layer": "slide",
      "matchId": "019dd95a-1055-74e0-a95c-6ecbde719a57",
      "evidence": "Title 'cheat sheet' signals at-a-glance reference.",
      "confidence": 80
    },
    {
      "name": "Concrete Language",
      "slug": "concrete-language",
      "agent": "Storyteller",
      "layer": "slide",
      "matchId": "019dd95a-1055-74e0-a95c-710cb9634140",
      "evidence": "$50bn capex, $8.6bn D&A, $11bn — concrete cost structure.",
      "confidence": 90
    },
    {
      "name": "Quantification",
      "slug": "quantification",
      "agent": null,
      "layer": "slide",
      "matchId": "85bc196b-edb9-4c95-ac1a-87be74c40cb6",
      "evidence": "The slide presents detailed financial data, such as $11bn fully loaded annual costs and $50bn capex.",
      "confidence": 0.9
    }
  ],
  "frameworks": [],
  "arcBeats": [
    {
      "to": 189,
      "from": 12,
      "beatId": "019dd95a-0682-776c-8e35-9f380673831f",
      "arcName": "The Triple Take",
      "arcSlug": "triple-take",
      "beatName": "The Facts (What)",
      "beatSlug": "triple-take-the-facts-what",
      "evidence": "Sections 1-2 lay out research findings and industry data with charts and case studies.",
      "position": 1,
      "confidence": 70,
      "parentBeatName": "Setup",
      "parentBeatSlug": "setup"
    },
    {
      "to": 189,
      "from": 90,
      "beatId": "019dd95a-0682-776c-8e35-b06421e14afb",
      "arcName": "The Onion",
      "arcSlug": "onion",
      "beatName": "Deeper Layer",
      "beatSlug": "onion-deeper-layer",
      "evidence": "Industry section exposes economics, infra, geopolitics beneath research.",
      "position": 3,
      "confidence": 45,
      "parentBeatName": "Development",
      "parentBeatSlug": "development"
    }
  ],
  "loops": [
    {
      "to": 135,
      "from": 122,
      "name": "Why Now",
      "slug": "15-why-now",
      "bestFor": "Sales pitches, fundraising, requesting immediate budget approval",
      "matchId": "019dd95a-07fe-70ce-8d3e-a63e356de409",
      "evidence": "Stargate $500B (p.122), 5GW clusters by 2028 (p.129), power shortfalls (p.132), fusion PPAs (p.135).",
      "position": 7,
      "objective": "Establish urgency of compute/power buildout as window of opportunity",
      "structure": "The Context (Trends) -> The Trigger Event -> The Window of Opportunity",
      "confidence": 75,
      "description": "Create temporal urgency by proving that the window of opportunity is opening or closing"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}