Welcome to the golden age of AI. We are living through a sea change in how we use software to navigate our world. We can now chat with it using English or our native language. lt can go beyond processing to thinking or reasoning. As a result, ar­ ti昀椀cial intelligence can become intelligent augmentation, liberating us to forge new relationships and adopt innovative behaviors. 2 We are technology optimists at May昀椀eld. Our view on AI can be summarized as AI + Human = Human , as in Human Squared. We believe that AI teammates will work alongside humans to automate tasks, accelerate productivity, augment capabilities, and amplify creativity, advancing humans to superhuman leveis. As a result, we will see the rise of a new hybrid workforce, with AI teammates for every business persona. Having lived through multiple paradigm shifts, we have identi昀椀ed the model through which AI will be deliv­ ered and consumed, which we have named Cognition-as-a-Service (CaaS). This follows prior mega waves of laaS (lnfrastructure-as-a-Service), PaaS (Platform-as-a-Service) and SaaS (Software-as-a-Service). Our AI focus is on ali six layers of the CaaS stack - semiconductors/infrastructure, models, data, middleware, applications and teammates. We refer to the bottom four layers as cognitive plumbing which are the tech­ nologies required to build AI enabled apps and agents/services. With AI optimism as our foundation, CaaS as our thesis, the cognitive plumbing layer as our primary focus, $1.2 billion in available capital across three funds, conviction on leading rational 昀椀nancing rounds, and with a proven craftsperson approach to early stage investing, we have built a vibrant portfolio of 20+ companies which are well capitalized and executing on their missions. We have been advocating our POV with our community of founders, CXO/enterprise buyer leaders, technol­ ogy luminaries, academics and researchers, peer investors, and the press. Our POV along with our reputa­ tion as a 昀椀rm built for founders, by founders, who partners with founders for life, has resonated with many extraordinary founders. We are looking forward to partnering with them to build enduring companies that establish AI as a ubiquitous force for good.