{
  "docId": "019dd923-5e88-73ef-bd5d-92cb9e5864da",
  "docSlug": "dfd94aead7429e9f",
  "documentTitle": "2025 Benedict Evans 2025 Autum AI eats the world",
  "authorId": "BenedictEvans",
  "authorName": "Benedict Evans",
  "documentKindSlug": "consulting-deck",
  "documentKindLabel": "Consulting deck",
  "sourceTypeSlug": "independent_analyst",
  "sourceTypeLabel": "Independent analyst",
  "presentationDate": null,
  "orientation": "landscape",
  "aspectRatio": 1.778,
  "pageNumber": 31,
  "pageCount": 90,
  "prevPage": 30,
  "nextPage": 32,
  "slideType": "industry_trends",
  "function": "present_framework",
  "density": "balanced",
  "nDataPoints": 0,
  "notes": "The slide uses a network diagram to illustrate how capital flows between AI companies and hardware providers.",
  "elementsJson": [
    "paragraph",
    "screenshot"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-5e88-73ef-bd5d-92cb9e5864da/31",
  "deckHref": "/decks/019dd923-5e88-73ef-bd5d-92cb9e5864da",
  "deckJsonHref": "/decks/019dd923-5e88-73ef-bd5d-92cb9e5864da.json",
  "deckAnchorHref": "/decks/019dd923-5e88-73ef-bd5d-92cb9e5864da#slide-31",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "Without its own cashflows, OpenAI partners with Nvidia, Oracle, Softbank, petrodollars... OpenAI is buying Nvidia chips with Nvidia's cashflow... Which comes from the hyperscalers... and using Nvidia's cash to turn AMD into an Nvidia competitor, and pay Broadcom to make its own chips...",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd952-4e52-728e-927a-7c8f60196b3a",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.85,
        "w": 0.45,
        "x": 0.5,
        "y": 0.05
      },
      "kind": "image",
      "text": "Screenshots of Financial Times and Bloomberg articles detailing the AI money machine.",
      "attrs": null,
      "subkind": "screenshot",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "cabef124-9f6a-400d-b065-cfe1e53b6ccc",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.4,
        "w": 0.4,
        "x": 0.05,
        "y": 0.35
      },
      "kind": "paragraph",
      "text": "Without its own cashflows, OpenAI partners with Nvidia, Oracle, Softbank, petrodollars... OpenAI is buying Nvidia chips with Nvidia's cashflow... Which comes from the hyperscalers... and using Nvidia's cash to turn AMD into an Nvidia competitor, and pay Broadcom to make its own chips...",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "36e6d677-9a86-48b6-a22d-1879cd7cb045",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.3,
        "x": 0.05,
        "y": 0.25
      },
      "kind": "title",
      "text": "Circular revenue",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "29c91805-8b66-4f55-9894-cc402aa7c96b",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [
    {
      "name": "Causal Chain",
      "slug": "causal-chain",
      "agent": "Architect",
      "layer": "loop",
      "matchId": "019dd95a-1b83-7130-9342-43e28bb52436",
      "evidence": "Callout traces OpenAI->Nvidia->hyperscalers loop",
      "confidence": 75
    },
    {
      "name": "Action Titles",
      "slug": "action-titles",
      "agent": "Architect",
      "layer": "slide",
      "matchId": "019dd95a-1b83-7130-9342-3cb4df40411c",
      "evidence": "Title 'Circular revenue' names the pattern",
      "confidence": 75
    },
    {
      "name": "Story Moments",
      "slug": "story-moments",
      "agent": "Storyteller",
      "layer": "slide",
      "matchId": "5e7d82d9-1dd2-4dea-bc8a-2fbcf6482f50",
      "evidence": "The slide presents a narrative about OpenAI's partnerships and revenue, indicating storytelling moments.",
      "confidence": 0.6
    }
  ],
  "frameworks": [
    {
      "name": "causal-chain",
      "slug": null,
      "matchId": "5057e4ba-a45d-464f-8d1a-a762fc62efc9",
      "evidence": "The text describes a circular flow of capital and dependencies between companies.",
      "confidence": 0.8
    }
  ],
  "arcBeats": [
    {
      "to": 48,
      "from": 14,
      "beatId": "019dd95a-07a7-7579-bd65-4f5b40875a96",
      "arcName": "The Mountain",
      "arcSlug": "mountain",
      "beatName": "Rising Action",
      "beatSlug": "mountain-rising-action",
      "evidence": "Inside tech: $400bn capex, $1.4tr OpenAI, models commoditize, value capture unclear",
      "position": 2,
      "confidence": 70,
      "parentBeatName": "Development",
      "parentBeatSlug": "development"
    },
    {
      "to": 48,
      "from": 1,
      "beatId": "019dd95a-07a7-7579-bd65-5b209794247f",
      "arcName": "The Triple Take",
      "arcSlug": "triple-take",
      "beatName": "The Facts (What)",
      "beatSlug": "triple-take-the-facts-what",
      "evidence": "Platform shift evidence + capex surge + model proliferation data",
      "position": 1,
      "confidence": 60,
      "parentBeatName": "Setup",
      "parentBeatSlug": "setup"
    }
  ],
  "loops": [
    {
      "to": 32,
      "from": 16,
      "name": "Pattern Hunter",
      "slug": "02-pattern-hunter",
      "bestFor": "Time-pressed audiences, building consensus, when data is strong",
      "matchId": "019dd95a-08f8-7619-ac2e-c14e75f113cd",
      "evidence": "Sequence of $400bn, $1.4tr, supply-constraint, hyperscaler-cashflow charts",
      "position": 2,
      "objective": "Stack capex evidence to prove unprecedented investment cycle",
      "structure": "Evidence A -> Evidence B -> Evidence C -> Pattern/Conclusion",
      "confidence": 80,
      "description": "Group multiple pieces of evidence that together point to a pattern or conclusion"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}