context
at position 35–40%
100 slides where a page of type context falls in the 35–40% range of its deck.
2025 Bond Cap Artificial Intelligence AI 2025
“Data Centers = Key Beneficiary of AI CapEx Spend”
The companies that get this right may do more than run servers – they will shape the geography of AI economics for the next decade.
2025 Bond Cap Artificial Intelligence AI 2025
AI and energy observations / quotes (in italics) here and the two pages that follow are from ‘World Energy Outlook Special Report – Energy and AI’ (link) from IEA (International Energy Agency)* – 4/10/25
There is no AI without energy – specifically electricity.
1.5% · electricity consumption
2025 Bond Cap Artificial Intelligence AI 2025
Data Centers = Electricity Guzzlers
AI's power demands are increasing – and its progress is increasingly bottlenecked not by data or algorithms, but by the grid and strains related to demand.
2025 Bond Cap Artificial Intelligence AI 2025
“AI Model Compute Costs High / Rising + Inference Costs Per Token Falling = Performance Converging + Developer Usage Rising”
In the short term, it's hard to ignore that the economics of general-purpose LLMs look like commodity businesses with venture-scale burn.
2025 Bond Cap Artificial Intelligence AI 2025
“AI Model Compute Costs High / Rising + Inference Costs Per Token Falling = Performance Converging + Developer Usage Rising”
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.
2025 Bond Cap Artificial Intelligence AI 2025
“AI Inference ‘Currency’ = Tokens”
Additional context: 1MM tokens = ~750,000 words...roughly 3,500 pages of a standard book (12-point font, double-spaced) 5,000 ChatGPT responses*
1MM · token count
2019 Bond Cap Internet Trends 2019
“Pre-1995 Winning Businesses = Use Human Data / Insights To Improve Customer Experiences...”
Pre-1995 Winning Businesses = Use Human Data / Insights To Improve Customer Experiences...
2019 Bond Cap Internet Trends 2019
...1990s-2000s...
Internet + Mobile Devices + Cloud
2019 Bond Cap Internet Trends 2019
“Data Plumbing Tools = Helping Businesses Real-Time...”
Consolidated Full Presentation
“Being part of the JPMC ecosystem broadens our scale and distribution”
Card contributed ~50% of new CCB customers in 2022 – providing a significant deepening opportunity to the franchise
~50% · New CCB customers
Budgetanalyse af Forsvaret 2017
Introduktion til det understøttende materiel- og IT-område (I/II)
405 · DKK million
Transformation Ebook
“Build critical capabilities.”
If an organization's structure can be thought of as its skeleton, then roles and collaboration make up its nervous system.
COPERNICUS Market report February 2019
“EO SUPPORTS URBAN AUTHORITIES THROUGH 2 TYPES OF ACTIVITIES”
Developing sustainable carbon circularity Looking at advance
“For each biofuel, what is the best combination of processing method and feedstock?”
2020 Benedict Evans 2020 January Shoulders of Giants
“Is that a 'tech' company? Or is it a TV company using a new channel?”
Rise of Agentic AI Report
“Trust in AI agents to manage large enterprise use cases is declining”
Trust is a major hurdle. Businesses need confidence in AI systems before granting them any level of autonomy.
60% · trust level
2022 Benedict Evans 2022 The New Gatekeepers
Advertising? Marketing? Price discrimination?
Retailers are hooked on the heroin of this promotional money, and even the few who say they need to wean themselves from these payments know it is a difficult and arduous process.
7.5% · Retail revenue
2026 University of Sydney The 2026 Skills Horizon
“The Clash: Abundance vs Attention”
You have to balance these tensions. You can't afford to miss critical developments, yet the information environment actively works against your ability to focus.
2023 Benedict Evans 2023 AI and Everything Else
“2013: how is Machine Learning useful?”
That’s clever... but so what?
RAIL FREIGHT IN CENTRAL ASIA AND MIDDLE EAST
“International organizations play an important role in the development of rail freight in Central Asia”
Accelerating Sustainable and Inclusive Growth
Inclusive growth
We are proud to report a 2023 weighted pay ratio of 99 percent, which represents the ratio of female to nonfemale colleagues based on total compensation by colleague grouping and level by country.
99% · weighted pay ratio
2024 Benedict Evans 2024 AI eats the world
“What is this? We’re still working it out”
2024 Benedict Evans 2024 AI eats the world
“Machine learning, automated learning”
Instead of telling a computer how to think, give it the data and get it to work it out for itself
Investor Day Presentation 140623 FINAL
“HEALTHCARE: A STRATEGIC PRIORITY”
2016 Benedict Evans 2016 Mobile is Eating the World
“At the top and bottom of the stack”
A $10 widget could run on a cheap DSP with a commodity camera, looking for just one thing – people, leaks, cars...
2023 AI Here and Now Gartner Business Quarterly 3Q23
“Prepare for AI Regulation by Addressing 4 Critical Areas”
The general counsel (GC) can help organizations develop corporate AI strategy by prioritizing them.
An Introduction to Our Group Oct 2025
Capgemini key stats
€22.1 BN · Revenue
2017 Benedict Evans 2017 Ten Year Futures
“We’ve all heard of ‘AI’ by now”
Capgemini Group Presentation 2025
Capgemini at-a-glance
€22.1 BN · Revenue
2022 Global Marketing Trends
“As data becomes more important to customer strategies, marketers are gravitating toward hiring people with more analytical skills. How do new marketing talent strategies enable this shift—while retaining the creative part?”
63% of college-educated employees are working remotely
63% · remote work prevalence
Accenture Tech Vision 2025
“It's time to bring generative AI to customer-facing roles with the gravity it requires.”
It's time to bring generative AI to customer-facing roles with the gravity it requires. Done poorly, businesses could see the magic of their brands eclipsed. Done right, it's the beginning of a new er
Accenture Tech Vision 2025
The Technology
Enterprises are clearly eager to bring generative AI and greater autonomy to customer-facing roles. But to do this in a way that will strengthen—rather than harm—ties with customers, they will need a
How nine digital frontrunners can lead on AI in Europe
Digital infrastructure and data availability
IPSOS GLOBAL TRUSTWORTHINESS MONITOR
The relationship between trust and regulation
regulation brings certainty which is highly desirable in business planning
79% · Agreement (%)
Total Enterprise Reinvention
Post-Pandemic Transformation— The successes and the challenges
Of the 11 functional areas we assessed, executives said their organizations had already reinvented, on average, processes in six functions.
6 of 11 · functions reinvented
ovid-19 Special Primer (2020)
“THIS COULD BECOME AN ISSUE FOR THE GCC AS VITAMIN D DEFICIENCY IS COMMON”
Despite the plentiful sunshine, vitamin D deficiency is prevalent in the Middle East, reaching epidemic proportions in certain populations.
ovid-19 Special Primer (2020)
“THERE ARE THREE MAJOR TRANSMISSION ROUTES FOR SARS-COV-2 TO BE SPREAD”
Both the U.S. Centers for Disease Control and Prevention and the WHO consider this to be the most frequent mode of COVID-19 transmission.
Boardroom Agenda 2022
What is ESG and why is it important continued
2025 Benedict Evans 2025 Spring AI eats the world
““Feeds & speeds” and a lot of acronyms”
Hundred of models, dozens of benchmarks and acronyms - MTOK replaces MHz
Fresenius SE 2023 06 13 14 Goldman Sachs 44th Annual Global
“Fresenius Helios – Powerful set of care provision assets”
Leading healthcare services delivering value for >24 million patients yearly
€7.0B · FY 22 Net Sales
Trends in the truck & trailer market
“Roland Berger has conducted approximately 80 interviews with market experts to evaluate the truck & bus and trailer market”
83 · Number of interviews
The Future of Food Challenges & opportunities
Conscious choices
Transformation to healthy diets by 2050 will require substantial dietary shifts. This includes a more than doubling in the consumption of healthy foods such as fruits, vegetables, legumes and nuts, an
The Future of Food Challenges & opportunities
Closer to home
Belgium is not leading the pack in terms of a healthy diet.
modern retirement monthly report en
“How will your spending change throughout retirement?”
Economy-wide inflation has some influence on retirees' spending, but won't be the most important factor for most families
Gartner Introduction 2025
“Our business and technology insights include topics that impact all functions”
Altagamma 2018 Worldwide Luxury Market Monitor
“FOOTPRINT CONSOLIDATION... RESHAPING THE STORE OF THE FUTURE”
DIGITAL PENETRATION WILL LEAD TO PHYSICAL DISRUPTION: NETWORK CONSOLIDATION. STORES WILL INEVITABLY CHANGE: FROM POINT OF SALES TO POINT OF TOUCH
Review of efficiency of the operation of the federal courts
Jury Service
PwC Women in Work 2025
Setting the scene for our longitudinal productivity analysis
Figure 2a showcases how post-pandemic the UK's performance on the WiW Index has slowed down vs the OECD and G7 average, as noted in Section 1, indicating a concerning trend towards declining gender eq
Review of efficiency of the operation of the federal courts
Jury Selection Procedures
By law, employers must allow employees time off (paid or unpaid) for jury service. The law also forbids any employer from firing, intimidating, or coercing any permanent employee because of their fede
Work, workforce, workers Reinvented in the age of generative
The trifecta of opportunities: economy, business, people
potentially creating an additional $10.3 trillion in economic value by 2038
$10.3 trillion · additional economic value by 2038 (people-centric scenario)
Lazard LCOE+
Introduction
Trend Compendium 2050 Full Version
“Migration is a complex topic – Not every migrant has crossed a border, not every immigrant is a refugee”
These distinctions are important because different migrants are entitled to different rights and levels of protections from host governments and international organizations; equally, some distinctions
323m · Migrant stock
Global third-party risk management survey 2022
Integrated & holistic third-party management
70% of those surveyed this year confirmed the top reason for driving a more integrated/holistic approach to TPM it is the organizational desire to increase efficiency by avoiding duplication across fu
70% · percentage of respondents
Breakthrough Brigade Innovation Growth
The Breakthrough Brigade: characteristics and behaviours
Our findings challenge a common fallacy: that large incumbents are incapable of delivering the ideas, speed-to-market, processes, and culture needed to make breakthrough innovation happen.
£10 billion · annual revenue
CO2 Emissions Report
“CO2 EMISSIONS ARE INCREASING. CAR MAKERS MUST ACT”
While much of the burden of developing more sustainable mobility lies with manufacturers, governments also have a role to play.
Brazil Digital Report
“Most startups are funded with own, friends & family money”
54% of Brazilian start-ups begin their businesses with the founders, family and friends funding
54% · funding source
presentation us tl strategy sma
Investment philosophy
Technology Leaders typically possess the following attributes. We seek to find those whose magnitude and/or duration of growth is underappreciated.
Accelerating net zero 2050
The Task Force on Climate-related Financial Disclosures
Blockchain and Digital Assets
“Digital assets are tokens of value created on a blockchain”
The art of AI maturity Advancing from practice to performanc
Focusing beyond financial metrics
Achievers score 8% higher than Experimenters on customer experience
8% · Achiever lead in customer experience
Hyper-disruption demands constant reinvention
“Today, risks cut across sectors”
81% of respondents say risks in other sectors now affect their business
81% · respondents saying risks in other sectors now affect their business
Women @ Work 2023: 7 The Gender Equality Leaders are benefit
“Outside of the workplace, women’s rights, finances, health, and personal safety are top concerns”
Under-represented groups have heightened concerns
59% · Percentage of respondents concerned
Transport & Logistics Barometer
“Why are port acquisitions a hot topic?”
Make the leap, take the lead: Tech strategies for innovation
“We call these companies Leapfroggers.”
We call these companies Leapfroggers.
18% · Leapfroggers share of sample
Ready for take-off Why niche markets are the next big thing
Combining societal and commercial value in new market assessments
If this solution is scaled, our modelling estimates that the construction sector in Dubai could see an additional $3.2-8.4 billion in revenues as well as a 2-6% reduction in emissions.
$3.2-8.4 billion · incremental construction-sector revenues in Dubai from scaled 3D printing
How can Australia’s agriculture sector realise opportunity i
“Australian exports may face tariffs from international markets due to decisions made at home”
The Australian Government has committed to reduce greenhouse gas emissions across the nation at least 26-28 percent below 2005 levels by 2030.
26-28% ·
Deloitte SEA CFO Forum Southeast Asia Business Outlook
Managing risks
Deloitte believes that risk management is not simply about making people more aware of risks and more proficient at managing them. Rather, our approach is to intelligently manage risks through SMART.
How can Australia’s agriculture sector realise opportunity i
National context
State governments are supporting landowners with land restoration and biodiversity efforts. However, there is need for a coordinated approach among governments to unlock economic and employment opport
75% · Net zero target
Reinventing with a Digital Core
Refreshing the digital core with engineering and generative AI
Every component—engine, tires, aerodynamics—is meticulously engineered to work as a cohesive, high-performance system.
1,200 · volunteer engineers in generative AI Community of Practice
Insights from the leading edge of generative AI adoption
“Generative AI: Have we seen this movie before?”
Generative AI's speed factor may give organizations less time to ruminate or dabble with small-scale pilots—while reducing the margin for error—and increasing the consequences of inaction.
Making finance the predictive powerhouse How to create an ag
What agility looks like
FP&A teams that are ready for what's coming next have their data house in order. After all, data is the currency of finance.
Roland Berger Trend Compendium 2030 Megatrend 4 Climate chan
“The main lever to reduce greenhouse gases and thus global warming is the reduction of CO2 from fuel combustion”
The Intergovernmental Panel on Climate Change (IPCC) states that a level of about 450 ppm in 2100 is needed to reach the 2°C goal.
402 ppm · CO2 concentration
unlocking the uk s tech talent potential
University and industry networks
The future of work: A journey to 2022
“The Blue World – corporate is king”
The globalisers take centre stage, consumer preferences dominate, a corporate career separates the haves from the have-nots.
2024 Executive Perspectives Managing Risks and Accelerating
“Deep dive: EU AI Act sets new global standard for RAI”
4-7% · Fines for noncompliance
uefa weuro 2025 approaching the summit en may 2025
THE GROWTH OF WOMEN'S FOOTBALL
The 2025 final tournament is set to receive the highest level of financial backing in the competition's history, including increased prize money and record-breaking sponsorship.
Client Creditor Overview August 2023
“Positioning as Global Hausbank enables sustainable growth”
The preferred "first call" partner for your financial needs
THE IPSOS REPUTATION COUNCIL
“'GLOCAL': STRIKING THE BALANCE BETWEEN GLOBAL AND LOCAL COMMUNICATIONS”
The challenge for global businesses is therefore a simple, if paradoxical, one: to build a reputation that is globally consistent and at the same time locally relevant.
2024 Reinvention in the Age of Generative AI Executive Summa
Reinvention in the age of generative AI
Our modeling shows that 44% of working hours in the US are in scope for automation or augmentation by applying the technology.
44% · working hours in scope for automation
Capgemini Group Presentation 2022
“WE FOCUS ON YOUR BIGGEST OPPORTUNITIES TO DRIVE VALUE”
Consumers’ sustainability sentiment and behavior before, dur
“The survey compares data from a divers sample”
COVID-19 Business Recovery Vancouver
“Learnings can be pulled from past crises & other jurisdictions”
Case studies taken from over +40 geographies & jurisdictions across the world
+40 ·
USPS Envisioning Americas Future Postal
“Universal Service Obligation: Delivery requirements are growing”
162 · Number of addresses
Five global shifts megatrends
Possible implications for individuals, organisations, and nation states
2021 Consumer Behavior Value Shake up
“$2 trillion is shifting towards the home, creating new epicenters of consumption”
$2 trillion is shifting towards the home, creating new epicenters of consumption
$2 trillion · Consumer spending shift
Reinventing Operations in Asset Management
Innovation and technology: the innovation imperative
55% of asset management firms surveyed report having a formal initiative in place to evaluate the business and operational potential of new technologies.
55% · asset management firms with a formal initiative to evaluate new technologies
IBV The Cognitive Enterprise
The Cognitive Enterprise: The finance opportunity
Re-engineer workflows to use cognitive capabilities: Reinventing finance processes to support the speed and flexibility needed by the Cognitive Enterprise, financial processes must be reinvented to re
Ready for resilience How to navigate the new tariff landscap
“Another factor that will determine the global impact of the new U.S. tariff regime is the extent to which other countries retaliate by increasing their own tariffs.”
Retail resilience report
Section 2: understanding resilience
70% of respondents ranked cyber threats among their top three concerns
70% · cyber threats
Engaging Your Organization to Deliver Results
“Our engagement needs and mechanisms are getting more complex”
Reinforcing the New South Wales Southern Shared Network (Hum
Input Data – Renewable Supply
Introduction to Ipsos
“OUR BUSINESS IS BALANCED AND DIVERSIFIED”
32% · Revenue share
What’s next for digital consumers
“Some consumers were driven to digital channels because of the COVID-19 pandemic or for convenience, but others still prefer physical channels.”
Why digital—and why not.
48% · Consumer sentiment
enhaced data extraction using gen ai ey collaboration with w
Gen AI and retrieval strategies (Cont'd)
250114 FRE prsn JPM SFO 0
“Addressing the driving forces of tomorrow's healthcare”
11,500 · operational scale
ey global ipo trends 2022 v1
“The toll of mental health and how to fuel progress with existing resources”
4.6% of health-related research has focused on mental health
4.6% · health-related research focus
Nigeria Economic Outlook
Setting the context (2/2)
23% · inflation
Decarbonization in ports and shipping
“Thus, decarbonization becomes a necessity for companies that want to flourish – Energy decarbonization is in focus now”
~76% of world GHG emissions come from energy generation and consumption sectors
~76% · GHG emissions
What if the ECB raises its policy rates? Roland Berger Insti
“The ECB's target interest rates are at historic lows, while its balance sheet has ballooned since the global financial crisis”
8.6 · EUR Trillion
Global Pricing Study 2011
Geographic and industry distribution
3,904 · respondents