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  "documentTitle": "2025 Bond Cap Artificial Intelligence AI 2025",
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  "notes": "The chart uses a combination of bar charts for CapEx and a line chart for ChatGPT users to illustrate the inflection point in AI investment.",
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      "text": "2023-2024 Change: Big Six CapEx = +63% ChatGPT WAUs = +200%1",
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      "text": "1ChatGPT WAU data as of 11/23 & 12/24 due to data availability. *Note: Big Six USA technology companies include Apple, Nvidia, Microsoft, Alphabet / Google, Amazon, & Meta Platforms / Facebook. Only AWS CapEx & revenue shown for Amazon (i.e. excludes Amazon retail CapEx). AWS CapEx estimated per Morgan Stanley – equals AWS net additions to property & equipment less finance leases and obligations. Source: Capital IQ (3/25), OpenAI disclosures (3/25)",
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      "text": "Big Six* USA Public Technology Company CapEx Spend ($B) vs. Global ChatGPT Weekly Active Users (MM) – 2014-2024, per Capital IQ & OpenAI",
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