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  "documentTitle": "2025 Air Street Capital The State of AI Report 2025",
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  "notes": "The chart uses a stacked bar approach to represent the composition of the $7.5B investment across various companies, compared against the total value of those investments and the hypothetical NVIDIA investment.",
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      "text": "The answer is lime green: that $7.5B would be worth $85B in NVIDIA stock today (12x!) vs. the $14B (2x) in its contenders.",
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      "text": "Comparison of total investment vs. current NAV of challengers vs. current NAV of NVIDIA",
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      "text": "Net Asset Value: $89.2B",
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      "text": "~$7.5B has been invested in major Western AI chip challengers since 2016. What would have happened if investors had just bought the equivalent amount of NVIDIA stock at that day's price? The answer is lime green: that $7.5B would be worth $85B in NVIDIA stock today (12x!) vs. the $14B (2x) in its contenders.",
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      "text": "Note: Market pricing and valuation data retrieved as of 3 Oct 2025. NAV = net asset value after accounting for equity dilution,",
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      "text": "Tracking the returns on investments in NVIDIA's Western challengers",
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