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  "documentTitle": "2025 Benedict Evans 2025 Autum AI eats the world",
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      "text": "Oracle is a cash-generative legacy business losing share to cloud and now to AI -> Gear up and burn your way into the new thing?",
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      "text": "OpenAI has mindshare and expensive stock, but no platform, infra or moat -> Swap your paper for hard assets and market position",
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      "text": "Nvidia has $77bn of TTM FCF* and TSMC can't keep up with demand -> Use your excess cash to buy demand, FOMO and platform lock-in",
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      "text": "Free Cash Flow: $77bn",
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      "text": "*Source: Nvidia",
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      "text": "What would you do if your company was sitting on a bubble?",
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