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  "documentTitle": "2025 Bond Cap Artificial Intelligence AI 2025",
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  "notes": "The chart uses a split background to contrast the initial cloud build-out phase with the current AI/ML build-out phase.",
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      "text": "CapEx as % of Revenue (AWS as Proxy) – AI vs. Cloud Buildouts = 49% (2024) vs. 4% (2018) vs. 27% (2013), per Morgan Stanley",
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