{
  "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": 168,
  "pageCount": 313,
  "prevPage": 167,
  "nextPage": 169,
  "slideType": "comparison_table",
  "function": "compare_options",
  "density": "dense",
  "nDataPoints": 4,
  "notes": "Market pricing and valuation data retrieved as of 26 Sep 2025. NAV = net asset value after accounting for equity dilution.",
  "elementsJson": [
    "headline_text",
    "paragraph",
    "bar_chart_stacked",
    "bar_chart_horizontal",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-5e88-73ef-bd5d-0d0f98caffe1/168",
  "deckHref": "/decks/019dd923-5e88-73ef-bd5d-0d0f98caffe1",
  "deckJsonHref": "/decks/019dd923-5e88-73ef-bd5d-0d0f98caffe1.json",
  "deckAnchorHref": "/decks/019dd923-5e88-73ef-bd5d-0d0f98caffe1#slide-168",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "The answer is lime green: that $6B would be worth $160B in NVIDIA stock today (26x!) vs. the $36B (6x) in its contenders.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd952-47c2-727e-a402-29d93a381076",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.4,
        "w": 0.9,
        "x": 0.05,
        "y": 0.45
      },
      "kind": "chart",
      "text": "Comparison of investment returns",
      "attrs": null,
      "subkind": "bar-stacked-100pct",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "eab419dc-2315-4d67-b5e6-f2346ff50692",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "Net Asset Value: $160.3B",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd952-47c2-727e-a402-2d87baa95601",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.1,
        "w": 0.95,
        "x": 0.02,
        "y": 0.2
      },
      "kind": "paragraph",
      "text": "~$6B has been invested in major Chinese 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 $6B would be worth $160B in NVIDIA stock today (26x!) vs. the $36B (6x) in its contenders.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "7919c926-3fb3-44ab-a831-f87a13af844c",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.5,
        "x": 0.02,
        "y": 0.9
      },
      "kind": "source-note",
      "text": "Note: Market pricing and valuation data retrieved as of 26 Sep 2025. NAV = net asset value after accounting for equity dilution.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "141e39ec-534a-4ab5-b131-c915301f8a19",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.75,
        "x": 0.02,
        "y": 0.14
      },
      "kind": "title",
      "text": "Tracking the returns on investments in NVIDIA's Chinese challengers",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "07a12fb2-c366-4467-889d-d4b858280b63",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [
    {
      "name": "2x2 matrix",
      "slug": "matrix-2x2",
      "agent": null,
      "layer": "slide",
      "matchId": "a6e44b79-a678-483b-a27c-6f22babcd3d4",
      "evidence": "Comparison of investment returns",
      "confidence": 0.7
    },
    {
      "name": "Concrete Language",
      "slug": "concrete-language",
      "agent": "Storyteller",
      "layer": "slide",
      "matchId": "019dd95a-1055-74e0-a95c-9d2bea821326",
      "evidence": "$6B → $160B (26x) vs. $36B (6x) Chinese counterfactual.",
      "confidence": 90
    },
    {
      "name": "Waterfall chart",
      "slug": "waterfall-chart",
      "agent": null,
      "layer": "slide",
      "matchId": "f68d3e61-c428-4a44-9b46-b45d7e9c08cb",
      "evidence": "The answer is lime green: that $6B would be worth $160B in NVIDIA stock today (26x!) vs. the $36B (6x) in its contenders.",
      "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": 170,
      "from": 162,
      "name": "Tale Two Worlds",
      "slug": "04-tale-two-worlds",
      "bestFor": "Competitive analysis, benchmarking, case for change",
      "matchId": "019dd95a-07fe-70ce-8d3e-b059b69d94da",
      "evidence": "'Challengers no closer to catching NVIDIA' (p.162); $7.5B in challengers vs $85B in NVIDIA stock (p.167).",
      "position": 10,
      "objective": "Contrast NVIDIA's dominance vs challenger silicon (US and Chinese)",
      "structure": "Current State -> Desired State / Benchmark -> The Gap & Implication",
      "confidence": 80,
      "description": "Show the gap between two states to drive urgency or highlight opportunity"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}