{"product_id":"who-makes-money-in-ai","title":"Who Makes Money in AI","description":"\u003cp style=\"box-sizing: border-box; padding: 0px; margin: 0px 0px 14px; color: #0f1111; font-family: \" amazon ember arial sans-serif font-size:=\"\" background-color:=\"\"\u003e\u003cspan style=\"box-sizing: border-box;\"\u003eBetween the last trading day of 2022 and now, roughly nine trillion dollars ($9T) of market value went to the companies that design and fabricate silicon. The software companies that own the systems of record, the businesses nearly every strategy framework had named as the winners, added two hundred and forty-six billion ($246B) and trailed the index.\u003c\/span\u003e\u003c\/p\u003e\u003cp style=\"box-sizing: border-box; padding: 0px; margin: -4px 0px 14px; color: #0f1111; font-family: \" amazon ember arial sans-serif font-size:=\"\" background-color:=\"\"\u003e\u003cspan style=\"box-sizing: border-box;\"\u003eAn AI company's ceiling is set by where it stands in the stack. Position determines gross margin, how much capital a dollar of forward revenue requires, when cash arrives relative to when it is spent, and how often the underlying asset has to be rebuilt. Execution decides where a company lands inside that band. Position decides which band it is in, and the bands barely overlap. Two companies with identical revenue, growth and churn can be entirely different financial objects, and nothing on a standard metrics dashboard separates them.\u003c\/span\u003e\u003c\/p\u003e\u003cp style=\"box-sizing: border-box; padding: 0px; margin: -4px 0px 14px; color: #0f1111; font-family: \" amazon ember arial sans-serif font-size:=\"\" background-color:=\"\"\u003e\u003cspan class=\"a-text-bold\" style=\"box-sizing: border-box; font-weight: 700 !important;\"\u003eWho Makes Money in AI\u003c\/span\u003e\u003cspan style=\"box-sizing: border-box;\"\u003e maps twelve positions in the stack and puts a price on each one.\u003c\/span\u003e\u003c\/p\u003e\u003cp style=\"box-sizing: border-box; padding: 0px; margin: -4px 0px 14px; color: #0f1111; font-family: \" amazon ember arial sans-serif font-size:=\"\" background-color:=\"\"\u003e\u003cspan style=\"box-sizing: border-box;\"\u003e• Where every dollar of end-customer spend ends up, tier by tier, and how much each layer keeps\u003cbr style=\"box-sizing: border-box;\"\u003e• How long each position's advantage lasts, with the observable that tells you the clock is running out. The shortest one on the board is three to four months.\u003cbr style=\"box-sizing: border-box;\"\u003e• Why revenue and cash are different numbers in this market, and where the gap between them kills companies that are growing fast\u003cbr style=\"box-sizing: border-box;\"\u003e• What one accelerator earns against what it cost, and the single number no operator in the industry discloses\u003cbr style=\"box-sizing: border-box;\"\u003e• How much capital each position needs, from whom, and in which instrument\u003cbr style=\"box-sizing: border-box;\"\u003e• What a lender will advance against recurring revenue, and the covenant that quietly decides who ends up owning the company\u003cbr style=\"box-sizing: border-box;\"\u003e• What an acquirer pays for each position, and the three observable properties that set that price\u003cbr style=\"box-sizing: border-box;\"\u003e• A due diligence sequence for investors: the ten questions a data room answers in an afternoon, the reporting stack to require at the first board meeting, and what still works when a company has fourteen customers and no revenue history to run the numbers on\u003c\/span\u003e\u003c\/p\u003e\u003cp style=\"box-sizing: border-box; padding: 0px; margin: -4px 0px 14px; color: #0f1111; font-family: \" amazon ember arial sans-serif font-size:=\"\" background-color:=\"\"\u003e\u003cspan style=\"box-sizing: border-box;\"\u003eWritten for founders deciding what to build, operators running a profit and loss where the cost of goods moves every quarter, and investors and due diligence teams who can price a company and cannot yet price a position.\u003c\/span\u003e\u003c\/p\u003e\u003cp style=\"box-sizing: border-box; padding: 0px; margin: -4px 0px 0px; color: #0f1111; font-family: \" amazon ember arial sans-serif font-size:=\"\" background-color:=\"\"\u003e\u003cspan style=\"box-sizing: border-box;\"\u003eNitin Kumar is a global chief executive officer and scale operator who has built and scaled five businesses and taken two of them to exit. He has added value to more than a thousand mergers and acquisitions across commercial, operational and technical due diligence, and on the integrations and separations that follow them. He is a globally recognized pricing expert retained by venture and private equity funds as an operating partner, a former management consulting partner with leadership roles at Deloitte, PwC and FTI Consulting, and currently co-founder and Chief Executive Officer of The F* Word.\u003c\/span\u003e\u003c\/p\u003e","brand":"NFK","offers":[{"title":"Perfect Bound","offer_id":68129043841328,"sku":"9798992302424","price":29.99,"currency_code":"GBP","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0262\/2357\/5085\/files\/9798992302424.jpg?v=1792422163","url":"https:\/\/www.thegreatbritishbookshop.co.uk\/products\/who-makes-money-in-ai","provider":"The Great British Bookshop","version":"1.0","type":"link"}