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  "documentTitle": "2025 Air Street Capital The State of AI Report 2025",
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  "notes": "The chart shows a significant spike in lobbying spend for 2025 Q1-Q2 compared to previous years.",
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      "text": "Buying Power: A look at Nvidia's lobbying expenditures.",
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      "text": "To maintain its presence in China, NVIDIA has rapidly built up its presence in DC. Since the first round of export restrictions, NVIDIA has grown both its internal government affairs team and its external lobbying expenditures.",
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      "text": "NVIDIA's moves reflect the company's unwillingness to abandon the Chinese chip market. From a profit-maximization perspective, China will represent a \"$50B market\" in 2026. While that potential revenue can bolster R&D spending, shipments also strengthen the CUDA ecosystem, which benefits from the ~1.5M active developers based in China. Losing these 'moat diggers' could have serious long-term consequences. Similarly, although Chinese challengers already receive large government subsidies, NVIDIA's exit from that market would directly inject capital in these organizations.",
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      "text": "After new contracts with Brownstein and BGR Group, NVIDIA gradually approaches the lobbying expenditures of the top spending tech firms (Meta: ~$14M YTD and Google: ~$8M YTD). NVIDIA's expenditures are expected to increase further this year as decisions surrounding the B30A loom closer.",
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