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  "documentTitle": "2025 Bond Cap Artificial Intelligence AI 2025",
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  "notes": "The slide uses historical examples of high-burn companies (Uber, Tesla) to frame the current AI investment landscape.",
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      "text": "It is important to remember – most of the time, when all is said and done – a business's valuation should represent the present value of its future free cash flows.",
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      "text": "Free cash flow: -$17B",
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      "text": "Tesla burned -$9.2B between 2009 and 2018 before becoming free cash flow positive in 2019. In the ten years between 2009 and 2018, it lost a cumulative -$5.6B delivering ~540K vehicles. It went public in 2010 at a market cap of $1.6B. From 2019-2024, it then earned $40B delivering 6.7MM vehicles. Its market cap is now $1.1T.",
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      "text": "...Uber burned -$17B* between 2016 and 2022 (and materially more before that) before its first free cash flow-positive year in 2023. In 2022, it had 131MM monthly active platform consumers. Uber's last equity financing was a Series G. Its fully-diluted IPO market cap was $82B, now $189B.",
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      "text": "It is important to remember – most of the time, when all is said and done – a business's valuation should represent the present value of its future free cash flows. The aforementioned companies – with aggressive cash burn – tested this premise hard, built large-scale data-driven network effects based on product excellence / constant improvement, developed technology-driven competitive advantage and ultimately proved the naysayers wrong. Only time will tell which side of the money-making equation the current AI aspirants will land.",
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      "text": "*Measured as unlevered free cash flow. Note: Present market capitalization figures are shown as of 5/14/25.",
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