Outline10 Technology Compounding = Numbers Behind The Momentum11 Technology Compounding Over Thousand-Plus Years = Better + Faster + Cheaper → More… Note: Chart expressed in trillions of real GDP as measured Synthetic Fertilizer Transistors PCs Internet Smartphones Cloud12 …Technology Compounding Over Fifty-Plus Years = Better + Faster + Cheaper → More Note: PC units as of 2000. Desktop internet users as of 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

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