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  "documentTitle": "2025 Bond Cap Artificial Intelligence AI 2025",
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      "text": "No doubt, this dynamic combination of competition / capital / entrepreneurship will rapidly advance AI, a riddle is determining which business models will be the last ones standing.",
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      "text": "In AI, it may indeed be different this time, and the leader(s) will make it up on volume and be able to monetize users in the future. Though now, ‘different this time’ also means that competition is unprecedented...",
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      "text": "That said, in technology investing every once in awhile they can be gold – Amazon, Alphabet (Google), Meta (Facebook), Tesla, Tencent, Alibaba, Palantir...",
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      "text": "The tipping point for personal computers was the introduction of Apple’s Macintosh (1984) and Microsoft’s Windows 3.0 (1990). With the Internet it was Netscape’s IPO (1995). With the Mobile Internet it was Apple’s iPhone App Store launch (2008). With Cloud Computing it was the launch of AWS (Amazon Web Services) foundational products (2006-2009). With AI it was the launch of NVIDIA’s A100 GPU chip (2020) and OpenAI’s public version of ChatGPT (2022). In effect, the global competition for AI kicked in with the launch of China’s DeepSeek (1/25) and Jack Ma’s attendance at Chinese President Xi Jinping’s symposium of Chinese business leaders (2/25).",
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      "text": "We have never seen so many founder-driven / assisted (ex. Apple) companies* with market capitalizations in excess of $1 trillion – most with gross margins of +50% plus free cash flow – attacking the same opportunity at the same time in a relatively transparent world, adding in high stakes competition between global powers – China and the United States.",
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      "text": "The money to fund AI’s growth (and losses) comes from big companies with big free cash flow and big balance sheets, in addition to wealthy and ambitious capital providers from around the world.",
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      "text": "*Companies include NVIDIA, Microsoft, Amazon, Alphabet (Google), Meta (Facebook) & Tesla",
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