{
  "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": 217,
  "pageCount": 313,
  "prevPage": 216,
  "nextPage": 218,
  "slideType": "case_study",
  "function": "illustrate_case",
  "density": "overcrowded",
  "nDataPoints": 6,
  "notes": "Includes a screenshot of a social media post by Lina Khan and a callout box.",
  "elementsJson": [
    "headline_text",
    "bullet_list",
    "paragraph",
    "callout_box",
    "photo",
    "screenshot"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-5e88-73ef-bd5d-0d0f98caffe1/217",
  "deckHref": "/decks/019dd923-5e88-73ef-bd5d-0d0f98caffe1",
  "deckJsonHref": "/decks/019dd923-5e88-73ef-bd5d-0d0f98caffe1.json",
  "deckAnchorHref": "/decks/019dd923-5e88-73ef-bd5d-0d0f98caffe1#slide-217",
  "components": [
    {
      "bbox": {
        "h": 0.05,
        "w": 0.18,
        "x": 0.79,
        "y": 0.44
      },
      "kind": "callout",
      "text": "‘You’re welcome’: Biden’s antitrust chief points to Figma IPO as vindication of his policy",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "37464a94-879b-4ac6-a477-c369a0c2ce94",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "callout",
      "text": "You’re welcome: Biden’s antitrust chief points to Figma IPO as vindication of his policy",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd952-47c2-727e-a408-3ac7b65554da",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.3,
        "w": 0.25,
        "x": 0.72,
        "y": 0.44
      },
      "kind": "image",
      "text": "Photo of Lina Khan",
      "attrs": null,
      "subkind": "photo",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "2dc6851c-1c68-44cf-8a8d-ab41f3a5d632",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.25,
        "x": 0.68,
        "y": 0.72
      },
      "kind": "image",
      "text": "Screenshot of Lina Khan's tweet",
      "attrs": null,
      "subkind": "screenshot",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "95102455-1270-4145-9677-754b4fd0b3e9",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.25,
        "w": 0.68,
        "x": 0.02,
        "y": 0.4
      },
      "kind": "list",
      "text": "Adobe sought to acquire Figma for $20B in 2022 but after 15 months of antitrust scrutiny, the two saw no path toward regulatory approval. Figma pursued an IPO on July 31, 2025, instead. At the end of Figma’s debut, the company was worth close to $57B after the stock tripled during trading hours. Figma’s stock price has since dropped from that first-day high, but investors still view it as a solid public grade tech company.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "2789ff28-1f7a-4fcc-be94-28fc195126e0",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.68,
        "x": 0.02,
        "y": 0.68
      },
      "kind": "list",
      "text": "Wiz, too, was considering an IPO before agreeing to an acquisition by Alphabet in the weeks following Trump’s inauguration. Wiz originally rejected a $23B offer in July ‘24 out of regulatory concerns + IPO dreams. Does Wiz now have seller’s remorse?",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "ccc4ada3-6edc-4070-a105-fdcde67923aa",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "Market Capitalization: $57B",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd952-47c2-727e-a408-40d96585b7ef",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.18,
        "w": 0.96,
        "x": 0.02,
        "y": 0.2
      },
      "kind": "paragraph",
      "text": "The FTC and DOJ challenged fourteen startup acquisitions between 2020 and 2023 whereas in the seven years prior (2012-2019), the two agencies challenged only three. Both Khan and DOJ Antitrust Chief Jonathan Kanter operated under the theory that Big Tech choked the startup ecosystem by acquiring startups with the intent of killing competition. Silicon Valley scoffed at the theory, but Figma’s strong IPO may validate the thinking.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "8f271d21-b414-401b-9364-24f5ccfaa620",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "quote",
      "text": "A great reminder that letting startups grow into independently successful businesses, rather then be bought up by existing giants, can generate enormous value. A win for employees, investors, innovation, and the public. — Lina Khan",
      "attrs": null,
      "subkind": null,
      "toolName": "Authority citation",
      "toolSlug": "authority-citation",
      "confidence": null,
      "componentId": "019dd952-47c2-727e-a408-3f354ddcc95b",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.4,
        "x": 0.02,
        "y": 0.14
      },
      "kind": "title",
      "text": "Figma’s IPO: Lina Khan...vindicated?",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "c4f6b996-ab9e-4996-8f80-b32c441bf47f",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [
    {
      "name": "Storytelling: audience calibration",
      "slug": "audience",
      "agent": "storyteller",
      "layer": "slide",
      "matchId": "512792fb-d52c-4d4d-bcfc-811b94f43bb6",
      "evidence": "'You’re welcome’: Biden’s antitrust chief points to Figma IPO as vindication of his policy",
      "confidence": 0.5
    }
  ],
  "frameworks": [],
  "arcBeats": [
    {
      "to": 282,
      "from": 190,
      "beatId": "019dd95a-0682-776c-8e35-a256fe16ea9c",
      "arcName": "The Triple Take",
      "arcSlug": "triple-take",
      "beatName": "The Implications (So What)",
      "beatSlug": "triple-take-the-implications-so-what",
      "evidence": "Sections 3-4 frame political and safety consequences of the technical/industry trends.",
      "position": 2,
      "confidence": 70,
      "parentBeatName": "Reflection",
      "parentBeatSlug": "reflection"
    },
    {
      "to": 282,
      "from": 190,
      "beatId": "019dd95a-0682-776c-8e35-b713af60bf88",
      "arcName": "The Onion",
      "arcSlug": "onion",
      "beatName": "Core Insight",
      "beatSlug": "onion-core-insight",
      "evidence": "Politics and Safety reveal the structural risks at the core.",
      "position": 4,
      "confidence": 45,
      "parentBeatName": "Turn",
      "parentBeatSlug": "turn"
    }
  ],
  "loops": [
    {
      "to": 218,
      "from": 191,
      "name": "Zoom In",
      "slug": "06-zoom-in",
      "bestFor": "Technical deep-dives, case studies, detailed analysis",
      "matchId": "019dd95a-07fe-70ce-8d3e-b6147e7c2c76",
      "evidence": "Trump 47 → Action Plan → chip-export zigzags → state laws → FTC actions → antitrust outcomes.",
      "position": 11,
      "objective": "Drill into US AI policy from Action Plan to enforcement",
      "structure": "The Big Picture -> Key Area of Focus -> Specific Detail -> Implication",
      "confidence": 70,
      "description": "Start broad, then progressively focus on specific details that prove your point"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}