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  "documentTitle": "2025 Bond Cap Artificial Intelligence AI 2025",
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      "text": "This trend aligns with Jevons Paradox, first proposed back in 1865* – that technological advancements that improve resource efficiency actually lead to increased overall usage of those resources.",
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      "text": "But infrastructure is not just standing still. In fact, it's advancing faster than almost any other layer in the stack, and at unprecedented rates. As noted on page 136, NVIDIA’s 2024 Blackwell GPU uses 105,000 times less energy to generate tokens than its 2014 Kepler predecessor.",
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      "text": "Yet again, we see this as one of the perpetual 'a-ha's' of technology: costs fall, performance rises, and usage grows, all in tandem. This trend is repeating itself with AI.",
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      "text": "These improvements in hardware efficiency are critical to offset the strain of increasing AI and internet usage on our grid. This trend aligns with Jevons Paradox, first proposed back in 1865* – that technological advancements that improve resource efficiency actually lead to increased overall usage of those resources.",
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      "text": "To understand the trajectory of AI compute, it helps to revisit an idea from the early days of PC software. 'Software is a gas...it expands to fill its container,' said Nathan Myhrvold, then CTO of Microsoft in 1997. AI is proving no different.",
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      "text": "*British economist William Stanley Jevons first observed this phenomenon in 19th-century Britain, where he noticed that improvements in the efficiency of coal-powered steam engines were not reducing coal consumption but rather increasing it.",
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