{
  "docId": "019dd923-622c-750b-8b99-b43d907adb44",
  "docSlug": "3c210b1fcba7",
  "documentTitle": "Tempus AI, Inc. (TEM)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2025-05-28 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 16,
  "pageCount": 76,
  "prevPage": 15,
  "nextPage": 17,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "overcrowded",
  "nDataPoints": 2,
  "notes": "Uses direct quotes to highlight the CEO's promotional rhetoric.",
  "elementsJson": [
    "headline_text",
    "paragraph",
    "quote_block",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b99-b43d907adb44/16",
  "deckHref": "/decks/019dd923-622c-750b-8b99-b43d907adb44",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b99-b43d907adb44.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-b43d907adb44#slide-16",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "In contrast, after a decade both Nvidia and Tesla had already reached $2 billion in revenue (more than 2x TEM's revenue) and both were able to have at least one cash flow positive year.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd952-fb91-749f-a6ae-dcffcf754c9b",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.22,
        "w": 0.94,
        "x": 0.03,
        "y": 0.17
      },
      "kind": "paragraph",
      "text": "In the past, CEO Lefkofsky has been criticized for making overly optimistic claims and positioning his companies for comparisons to market leaders. For example, investors became convinced Starbelly.com would be the next Dell.com and he tried to position Groupon against Costco. (1,2) This time around, he makes aspirational claims to retail investors by tossing in comparisons with Nvidia and Tesla. He suggests that Tempus is likely to reach a similar inflection point, and that vast upside is around the corner. However, ten years since being founded in 2015, there is no evidence that Tempus has generated a profit or positive cash flow. In contrast, after a decade both Nvidia and Tesla had already reached $2 billion in revenue (more than 2x TEM's revenue) and both were able to have at least one cash flow positive year.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "5f4955d7-7f91-486d-8144-a4fecffba890",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.94,
        "x": 0.03,
        "y": 0.43
      },
      "kind": "quote",
      "text": "I think Tempus will have its Nvidia moment... I don't know if it's going to come in a year, or two, or three or four? I don't know. But, at some point it will be when these models start to get paid for and ordered at scale and we start generating large unforeseen amounts of revenue.",
      "attrs": null,
      "subkind": "testimonial",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "3653b2e5-561a-4ba6-bc55-a9907fc73b03",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.13,
        "w": 0.94,
        "x": 0.03,
        "y": 0.52
      },
      "kind": "quote",
      "text": "I use the Tesla example because I think it's really interesting... The technology wrapped around that Tesla was just demonstrably better than other EVs 5 or 10 years ago which led in large part to the growth. It's the same things with Tempus. We have a technological advantage over our competitors.",
      "attrs": null,
      "subkind": "testimonial",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "83c79864-904d-458d-b702-6816a5dd3ce5",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.94,
        "x": 0.03,
        "y": 0.66
      },
      "kind": "quote",
      "text": "I think over time, these kind of models that make EKGs smarter... They will be reimbursed and I suspect if Tempus is ever a really big company, like as big as Tesla, it's because we have lots of these models and they are routinely being reimbursed. Given what I saw a few weeks ago, I think that will happen, it's just a matter of time.",
      "attrs": null,
      "subkind": "testimonial",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "abd7ef31-5c09-4286-a31e-f982d4573338",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "quote",
      "text": "\"I think Tempus will have its Nvidia moment, this moment where people are like, wait a minute, like how big could that be? I don't know if it's going to come in a year, or two, or three or four? I don't know. But, at some point it will be when these models start to get paid for and ordered at scale and we start generating large unforeseen amounts of revenue.\" — Eric Lefkofsky. \"I use the Tesla example because I think it's really interesting. ... The technology wrapped around that Tesla was just demonstrably better than other EVs 5 or 10 years ago which led in large part to the growth. It's the same things with Tempus. We have a technological advantage over our competitors.\" — Eric Lefkofsky. \"I think over time, these kind of models that make EKGs smarter, make genetic tests smarter, make blood tests smarter, make CAT scan smarter, these will become pervasive and 100s or 1,000s. They will be reimbursed and I suspect if Tempus is ever a really big company, like as big as Tesla, it's because we have lots of these models and they are routinely being reimbursed. Given what I saw a few weeks ago, I think that will happen, it's just a matter of time.\" — Eric Lefkofsky.",
      "attrs": null,
      "subkind": null,
      "toolName": "Authority citation",
      "toolSlug": "authority-citation",
      "confidence": null,
      "componentId": "019dd952-fb91-749f-a6ae-e067ddae2e7f",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.94,
        "x": 0.03,
        "y": 0.92
      },
      "kind": "source-note",
      "text": "1) “Fulfilling the Promise of the Internet at Starbelly.com” and “Investors call Sarbelly.com the Dell.com of decorated products” from Starbelly press releases\n2) “Looks like Groupon Wants to Take on Costco (And Amazon Pantry, Too)”, May 1, 2014, Vox.com\nSource: Scottish Mortgage Trust, Tempus AI: Pioneering AI-Enabled Healthcare, Feb 2025",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "e36cbfd9-4c61-4aad-ac4e-53fbcc71e937",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.65,
        "x": 0.31,
        "y": 0.03
      },
      "kind": "title",
      "text": "CEO Lefkofsky’s Aspirational And Promotional Claims Appeal To Retail Investors",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "a0311ef2-ee3a-4af6-806b-f8340c71fc50",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.94,
        "x": 0.03,
        "y": 0.39
      },
      "kind": "title",
      "text": "Lefkofsky’s Recent Interview Quotes",
      "attrs": null,
      "subkind": "subtitle",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "d3a1e154-b06e-41a4-a291-9853e2bff3f7",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [
    {
      "name": "Action Titles",
      "slug": "action-titles",
      "agent": "Architect",
      "layer": "slide",
      "matchId": "019de87d-ee28-76b9-bced-d2b1747c9ac4",
      "evidence": "Title labels claims 'Aspirational and Promotional'",
      "confidence": 88
    },
    {
      "name": "Annotation",
      "slug": "annotation",
      "agent": "Designer",
      "layer": "slide",
      "matchId": "019de87d-ee4e-708a-ad6f-de13b94fd595",
      "evidence": "Yellow highlights inside CEO quotes",
      "confidence": 92
    }
  ],
  "frameworks": [
    {
      "name": "ceo-quote-contradiction",
      "slug": null,
      "matchId": "b3833bd0-8d59-4752-a684-7cd4c4739ac0",
      "evidence": "Contrasting CEO quotes with historical financial performance data.",
      "confidence": 0.9
    },
    {
      "name": "CEO Quote Contradiction",
      "slug": null,
      "matchId": "019de87e-040a-71ca-961d-636debf539c2",
      "evidence": "Lefkofsky quotes comparing TEM to Nvidia/Tesla",
      "confidence": 90
    }
  ],
  "arcBeats": [
    {
      "to": 69,
      "from": 12,
      "beatId": "019de87d-e40d-7574-b4dc-522b102a6735",
      "arcName": "The Consultant's Gambit",
      "arcSlug": "consultants-gambit",
      "beatName": "Evidence & Proof",
      "beatSlug": null,
      "evidence": "Five evidence sections: insiders, AI hype, partnerships, accounting, billing.",
      "position": 4,
      "confidence": 78,
      "parentBeatName": null,
      "parentBeatSlug": null
    },
    {
      "to": 69,
      "from": 12,
      "beatId": "019de87d-e501-7638-91f7-175bec763c5d",
      "arcName": "The Mountain",
      "arcSlug": "mountain",
      "beatName": "Rising Action",
      "beatSlug": null,
      "evidence": "Mounting evidence across insiders, AI, partnerships, accounting, billing.",
      "position": 2,
      "confidence": 55,
      "parentBeatName": null,
      "parentBeatSlug": null
    }
  ],
  "loops": [
    {
      "to": 23,
      "from": 13,
      "name": "Pattern Hunter",
      "slug": "02-pattern-hunter",
      "bestFor": "Time-pressed audiences, building consensus, when data is strong",
      "matchId": "019de87d-e5ba-70ab-87bb-ae358bd09266",
      "evidence": "Repeated villain critiques of Lefkofsky/Keywell/Leonsis/Barris linking each to prior restatements/SEC issues.",
      "position": 2,
      "objective": "Build pattern of insider misconduct across multiple companies",
      "structure": "Evidence A -> Evidence B -> Evidence C -> Pattern/Conclusion",
      "confidence": 86,
      "description": "Group multiple pieces of evidence that together point to a pattern or conclusion"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}