The Path to

General-Purpose
Robots
Sri Viswanath, Vibhor Khanna, Yijia Liang, Abhi Srinivas, Zach Cherian

July 2024
Disclaimer
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YOU SHOULD CAREFULLY READ THE IMPORTANT DISCLOSURES IN THE APPENDIX.

2
Key Topics

1. Past & Present: Where is Robotics Today?

2. The Dawn of a New Era: General-Purpose Robots

3. When is the ChatGPT Moment for Robotics?

4. Future: A Thriving Robotics Ecosystem

3
The ‘curse’ of robotics today: demos are not always reality

Robots get it right for a demo… …after failing many times!

Click to play this video Click to play this video

Click to play this video

Click to play this video Click to play this video

Source: Boston Dynamics. For illustrative purposes only. See Appendix-Disclosures for additional information. 4
Robots have been in the field for decades

1961
First industrial robot,
delivered to GM

20 humans
Equivalent estimated
output of “Unimate”
robot in factory welding

Source: IEEE Spectrum. For illustrative purposes only. See Appendix-Disclosures for additional information. 5
Home robots have been around 50+ years for niche use cases

1958 2014
First automatic pool Grillbot automated
cleaner developed grill cleaner
announced

2002 2020
Roomba vacuum cleaner Unitree A1 robot
launched dog launched

Source: Aqua Magazine, IRobot, Grillbots.com, Unitree. For illustrative purposes only. See Appendix-Disclosures for additional information. 6
Robotics adoption has been linear historically
Industrial Robots Home Robots
Industrial robots per 10,000 manufacturing FTE iRobot cumulative shipments

175 32M

151
150
140

124 24M
125
108
100 98
85 16M
75 74
65
58
53
50
8M

25

2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2017 2018 2019 2020 2021 2022 2023

Source: The Robot Report / IFR, iRobot, Coatue opinion and analysis as of July 2024. For illustrative purposes only. There is no guarantee that Coatue’s views and projections regarding the future potential of AI and robotics are accurate or that any particular Coatue investment or fund will benefit from the AI or robotics trend.
All information based on available data and are subject to change at any time based on additional information received. See Appendix-Disclosures for important disclosures. 7
Many robotics startups struggled with commercialization and cost
Examples of robotics projects that Possible factors that led to failure
wound down operations in 2022-2023

Struggled to bring useful robot to

1 market

Difficulty finding early adopters in core

2 segments

Tough unit economics given high

3 upfront CapEx

Source: The Robot Report, Coatue opinion and analysis as of July 2024. For illustrative purposes only. Logos listed above as examples of the applicable statements or trends; do not necessarily represent Coatue investments. There is no guarantee that Coatue’s views and projections regarding the future potential of AI and
robotics are accurate or that any particular Coatue investment or fund will benefit from the AI or robotics trend. All information based on available data and are subject to change at any time based on additional information received. See Appendix-Disclosures for important disclosures. 8
Robot hardware has been rapidly developing across form factors

Collaborative & Autonomous Drones Quadrupeds Humanoids

Traditional Industrial Mobile

1M+ 120K+ 1M+ $3K 20+

Companies building
Quadruped robot
Shipped in 2021-2022 Shipped in 2022 Drone deliveries in 2023 humanoid robots from
starting price in 2024
2013 - present

Source: IFR, Roboticsfornow.com, Wall Street Journal, Unitree, Goldman Sachs, Coatue opinion and analysis as of July 2024. For illustrative purposes only. Logos listed above as examples of the applicable statements or trends; do not necessarily represent Coatue investments. There is no guarantee that Coatue’s views and
projections regarding the future potential of AI and robotics are accurate or that any particular Coatue investment or fund will benefit from the AI or robotics trend. All information based on available data and are subject to change at any time based on additional information received. See Appendix-Disclosures for important 9
disclosures, including regarding projections and trends.
We believe the path to general-purpose robotics is AI
Available now Coming soon

Single-Purpose Robots General-Purpose Robots

Adaptive learning for many tasks and

Pre-programmed for specific tasks
situations

Source: Coatue opinion and analysis as of July 2024. For illustrative purposes only. There is no guarantee that Coatue’s views and projections regarding the future potential of AI and robotics are accurate or that any particular Coatue investment or fund will benefit from the AI or robotics trend. All information based on available
data and are subject to change at any time based on additional information received. See Appendix-Disclosures for important disclosures. 10
We expect spatial AI models to accelerate generalizability
As LLMs enable language reasoning, spatial AI models enable physical world reasoning

LLMs

Text only Model learns relationships Reasoning over

between words text-based queries

Spatial AI
Models

Model learns relationships Reasoning over physical

Multiple modalities between physical objects interactions

Source: Weaviate, Covariant, TED, Figure. Coatue opinion and analysis as of July 2024. For illustrative purposes only. There is no guarantee that Coatue’s views and projections regarding the future potential of AI and robotics are accurate or that any particular Coatue investment or fund will benefit from the AI or robotics trend.
All information based on available data and are subject to change at any time based on additional information received. See Appendix-Disclosures for important disclosures. 11
Key Topics

1. Past & Present: Where is Robotics Today?

2. The Dawn of a New Era: General-Purpose Robots

3. When is the ChatGPT Moment for Robotics?

4. Future: A Thriving Robotics Ecosystem

12
Many tasks that are easy for humans are hard for robots

1 2 3

Spatial
Dexterity Recovery
Awareness

Click to play this video Click to play this video Click to play this video

Source: UC Berkeley, DARPA, CMU, Coatue opinion and analysis as of July 2024. For illustrative purposes only. There is no guarantee that Coatue’s views and projections regarding the future potential of AI and robotics are accurate or that any particular Coatue investment or fund will benefit from the AI or robotics trend. See
Appendix-Disclosures for important disclosures. 13
Data scarcity is currently a major bottleneck for robotics AI
Modality Largest Dataset Size Example AI Models

Text 15T
Tokens
Tokens

Image 6B
ImagesPairs
Image-Text

Video 2.6B
Audio/Visual
Videos Features
Not enough for
general-purpose
AI model

Robotics 2.4M
2.4M
Episodes
Robot Scenes

Source: FineWeb, LAION-5B, YouTube 8-M, Open X-Embodiment, Coatue opinion and analysis as of July 2024. For illustrative purposes only. Logos listed above as examples of the applicable statements or trends; do not necessarily represent Coatue investments. There is no guarantee that Coatue’s views and projections
regarding the future potential of AI and robotics are accurate or that any particular Coatue investment or fund will benefit from the AI or robotics trend. All information based on available data and are subject to change at any time based on additional information received. See Appendix-Disclosures for important disclosures. 14
Open research has accelerated progress
Research publications in robotics, showing select examples

30K Open X-Embodiment: Robotic

Learning Datasets and RT-X Models

25K

20K Zero-Shot Visual Imitation

Attention Is All You Need

15K

Mobile ALOHA:
10K

5K

2016 2017 2018 2019 2020 2021 2022 2023/24

Source: Arxiv, Coatue opinion and analysis as of July 2024. For illustrative purposes only. Logos listed above as examples of the applicable statements or trends; do not necessarily represent Coatue investments. There is no guarantee that Coatue’s views and projections regarding the future potential of AI and
robotics are accurate or that any particular Coatue investment or fund will benefit from the AI or robotics trend. See Appendix-Disclosures for important disclosures.
15
Several data collection approaches are promising: Teleoperation

Teleoperation Hard to scale and

less generalizable

AR Data

Simulation Click to play this video

Video
Learning

Source: ALOHA, Coatue opinion and analysis as of July 2024. For illustrative purposes only. There is no guarantee that Coatue’s views and projections regarding the future potential of AI and robotics are accurate or that any particular Coatue investment or fund will benefit from the AI or robotics trend. All information based on
available data and are subject to change at any time based on additional information received. See Appendix-Disclosures for important disclosures, including regarding projections and trends. 16
Several data collection approaches are promising: AR Data

Teleoperation

AR Data Low headset usage

Simulation Click to play this video

Video
Learning

Source: Honda Research Institute, Coatue opinion and analysis as of July 2024. For illustrative purposes only. There is no guarantee that Coatue’s views and projections regarding the future potential of AI and robotics are accurate or that any particular Coatue investment or fund will benefit from the AI or robotics trend. All
information based on available data and are subject to change at any time based on additional information received. See Appendix-Disclosures for important disclosures, including regarding projections and trends. 17
Several data collection approaches are promising: Simulation

Teleoperation

AR Data

Gap between
Simulation simulation and real-
Click to play this video
world translation
(“Sim2Real”)

Video
Learning

Source: NVIDIA, Coatue opinion and analysis as of July 2024. For illustrative purposes only. There is no guarantee that Coatue’s views and projections regarding the future potential of AI and robotics are accurate or that any particular Coatue investment or fund will benefit from the AI or robotics trend. All information based on
available data and are subject to change at any time based on additional information received. See Appendix-Disclosures for important disclosures, including regarding projections and trends. 18
Several data collection approaches are promising: Video Learning

Teleoperation

AR Data

Simulation Click to play this video

Video In early research

Learning

Source: HumanPlus. For illustrative purposes only. There is no guarantee that Coatue’s views and projections regarding the future potential of AI and robotics are accurate or that any particular Coatue investment or fund will benefit from the AI or robotics trend. All information based on available data and are subject to change
at any time based on additional information received. See Appendix-Disclosures for important disclosures, including regarding projections and trends. 19
GPU costs have dropped, leading to cheaper model training
A100 spot pricing on Azure ($/hr)

$6.00 -75%

$5.50

$5.00

$4.50

$4.00

$3.50

$3.00

$2.50

$2.00

$1.50
Azure A100
$1.00

$0.50

$0.00
6/23 7/23 8/23 9/23 10/23 11/23 12/23 1/24 2/24 3/24 4/24 5/24 6/24

Source: Azure. For illustrative purposes only. There is no guarantee that any particular Coatue investment or fund will benefit from the AI or robotics trend. See Appendix-Disclosures for important disclosures. 20
Robot components are expected to get cheaper
L3 LiDAR sensor costs Humanoid coreless motor costs
$8,000 $800

$7,200

$6,400
$600
$5,600

$4,800

$4,000 $400

$3,200

$2,400
$200
$1,600

$800

2020 2025 2030 2035 2040 2024 2028 2032 2036

Source: Goldman Sachs. For illustrative purposes only. There is no guarantee that Coatue’s views and projections regarding the future potential of AI and robotics are accurate or that any particular Coatue investment or fund will benefit from the AI or robotics trend. All information based on available data and are subject to
change at any time based on additional information received. See Appendix-Disclosures for important disclosures, including regarding projections and trends. 21
Robot components have gotten better
Battery cost Battery energy density
$800 per kWh 450 per Wh/L

$600

300

$400

150

$200

2012 2016 2020 2024 2007 2010 2013 2016 2019

Source: Bloomberg NEF Research, Office of Energy Efficiency and Renewable Energy, Coatue opinion and analysis as of July 2024. For illustrative purposes only. There is no guarantee that Coatue’s views and projections regarding the future potential of AI and robotics are accurate or that any particular Coatue investment or
fund will benefit from the AI or robotics trend. See Appendix-Disclosures for important disclosures, including regarding projections and trends. 22
Overall humanoid hardware cost expected to dramatically decrease
Humanoid component costs (one-time) vs. Human wage (annual)

$250K

$200K
Cost of humanoid

$150K

$100K
US wage

$50K

2022 2024 2026 2028 2030 2032 2034 2036

Source: Goldman Sachs, BLS, Coatue opinion and analysis as of July 2024. For illustrative purposes only. There is no guarantee that Coatue’s views and projections regarding the future potential of AI and robotics are accurate or that any particular Coatue investment or fund will benefit from the AI or robotics trend. All
information based on available data and are subject to change at any time based on additional information received. See Appendix-Disclosures for important disclosures, including regarding projections and trends. 23
Some humanoids today operate faster than humans
Humanoid walking speed

3.3

2.5 2.5

Average human
2.0 walking speed

1.5
1.42 m/s
1.2
1.1
1.0
0.8
0.6 0.6

Walker SOPHIA Pepper CyberOne Mercury Figure 01 Digit Optimus Asimo Atlas H1 (Unitree)
(UBTech) (Hanson (Softbank) (Xiaomi) (Elephant) (Figure) (Agility) (Tesla) (Honda) (Boston
Robotics) Dynamics)

Source: Goldman Sachs, Figure AI. For illustrative purposes only. Humanoids listed above as examples of the applicable statements or trends; do not necessarily represent Coatue investments. There is no guarantee that Coatue’s views and projections regarding the future potential of AI and robotics are accurate or that any
particular Coatue investment or fund will benefit from the AI or robotics trend. All information based on available data and are subject to change at any time based on additional information received. See Appendix-Disclosures for important disclosures. 24
Human-like dexterity is on the way

Click to play this video

Source: Clone Robotics. For illustrative purposes only. There is no guarantee that Coatue’s views and projections regarding the future potential of AI and robotics are accurate or that any particular Coatue investment or fund will benefit from the AI or robotics trend. All information based on available data and are subject to
change at any time based on additional information received. See Appendix-Disclosures for important disclosures, including regarding projections and trends. 25
More humanoid initiatives are emerging
Select humanoid launches

10

1 1 1
0 0 0 0 0
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Source: Morgan Stanley Research, Kepler Robotics, AgiBot, The Robot Report, EqualOcean, Huawei Central, Coatue opinion and analysis as of July 2024. For illustrative purposes only. Logos listed above as examples of the applicable statements or trends; do not necessarily represent Coatue investments. There is no
guarantee that Coatue’s views and projections regarding the future potential of AI and robotics are accurate or that any particular Coatue investment or fund will benefit from the AI or robotics trend. See Appendix-Disclosures for important disclosures. 26
We expect humanoid autonomy to accelerate as with AVs
Level of autonomy Autonomous vehicles Humanoids

L5 Fully autonomous Fully autonomous, generalizable across tasks

L4 Highly autonomous Highly autonomous for most tasks

<10
Next 5 years?
years!

Self-driving with Task-specific with light

L3 light intervention intervention

L2 Advanced locomotion and some

Tesla Autopilot
dexterity
~20
~50 Years
Years
First full-scale
L1 Cruise control Basic motion humanoid made
in early 1970s

Source: Waseda University, SAIC, Xiao & Gao (Vehicle System Dynamics), Coatue opinion and analysis as of July 2024. For illustrative purposes only. There is no guarantee that Coatue’s views and projections regarding the future potential of AI and robotics are accurate or that any particular Coatue investment or fund will
benefit from the AI or robotics trend. See Appendix-Disclosures for important disclosures. 27
We believe hardware robustness will enable extraordinary abilities!

Robots exhibiting increased durability…

Superhero-level
humanoids next?

…and increasingly able to do more with

better hardware
Source: DellyTech, Unitree, Tesla, Coatue opinion and analysis as of July 2024. For illustrative purposes only. There is no guarantee that Coatue’s views and projections regarding the future potential of AI and robotics are accurate or that any particular Coatue investment or fund will benefit from the AI or robotics trend. All
information based on available data and are subject to change at any time based on additional information received. See Appendix-Disclosures for important disclosures, including regarding projections and trends. 28
Key Topics

1. Past & Present: Where is Robotics Today?

2. The Dawn of a New Era: General-Purpose Robots

3. When is the ChatGPT Moment for Robotics?

4. Future: A Thriving Robotics Ecosystem

29
The ChatGPT Moment for robotics is coming soon…?

For illustrative purposes only. See Appendix-Disclosures for important disclosures. 30

Three big “WOW!” Moments in technology in the last 20 years

Autonomous
iPhone ChatGPT & LLMs Robotics
Vehicles

2007 2022 2024 Coming soon

Source: Waymo, CleanTechnica, Figure, Coatue opinion and analysis as of July 2024. For illustrative purposes only. Logos listed above as examples of the applicable statements or trends; do not necessarily represent Coatue investments. There is no guarantee that Coatue’s views and projections regarding the future potential
of AI and robotics are accurate or that any particular Coatue investment or fund will benefit from the AI or robotics trend. All information based on available data and are subject to change at any time based on additional information received. See Appendix-Disclosures for important disclosures, including regarding projections 31
and trends.
These characteristics often help create a “WOW!” moment in tech

Virality & Adoption Rapidly goes mainstream via word-of-mouth

Use Cases Exciting use cases from day one

Cost Price point accessible to majority

Ecosystem Thriving developer community

Source: Coatue opinion and analysis as of July 2024. For illustrative purposes only. There is no guarantee that Coatue’s views and projections regarding the future potential of AI and robotics are accurate or that any particular Coatue investment or fund will benefit from the AI or robotics trend. All information based on available
data and are subject to change at any time based on additional information received. See Appendix-Disclosures for important disclosures, including regarding projections and trends. 32
Prediction: Robot Moment won’t look like ChatGPT Moment
2007 2022 2024 Coming soon

Scorecard iPhone ChatGPT & LLMs Waymo Robotics

Adoption & Physical

Virality limitations to
adoption

Potential
Use Cases across many
tasks

Cost Costs still high

Nascent
Ecosystem
ecosystem

Source: Coatue opinion and analysis as of July 2024. For illustrative purposes only. Logos listed above as examples of the applicable statements or trends; do not necessarily represent Coatue investments. There is no guarantee that Coatue’s views and projections regarding the future potential of AI and robotics are accurate
or that any particular Coatue investment or fund will benefit from the AI or robotics trend. All information based on available data and are subject to change at any time based on additional information received. See Appendix-Disclosures for important disclosures, including regarding projections and trends. 33
From seeing to experiencing, then owning robots
In-movie robots Out-of-home robots In-home robots

Built into
Meant to entertain you Direct ownership
customer experience

Robot in coffee shop fully Consumer owns

Fictional and fun!
handles customers multi-task robot at home

Source: Coatue opinion and analysis as of July 2024. For illustrative purposes only. Logos listed above as examples of the applicable statements or trends; do not necessarily represent Coatue investments. There is no guarantee that Coatue’s views and projections regarding the future potential of AI and robotics are accurate
or that any particular Coatue investment or fund will benefit from the AI or robotics trend. All information based on available data and are subject to change at any time based on additional information received. See Appendix-Disclosures for important disclosures, including regarding projections and trends. 34
Coatue View: How human(oids) might grow up
1 year 3 years 5 years 15 years

Newborn
Walking Speaking Writing Driving
Capabilities

In-Home Humanoid Humanoid Humanoid Humanoid

Humanoid cleaner chef concierge nanny
Capabilities

Out-of-Home Humanoid Humanoid Humanoid Humanoid

Humanoid warehouses stores firefighter surgeon
Capabilities

Source: Canva, Coatue opinion and analysis as of July 2024. For illustrative purposes only. There is no guarantee that Coatue’s views and projections regarding the future potential of AI and robotics are accurate or that any particular Coatue investment or fund will benefit from the AI or robotics trend. All information based on
available data and are subject to change at any time based on additional information received. See Appendix-Disclosures for important disclosures, including regarding projections and trends. 35
Key Topics

1. Past & Present: Where is Robotics Today?

2. The Dawn of a New Era: General-Purpose Robots

3. When is the ChatGPT Moment for Robotics?

4. Future: A Thriving Robotics Ecosystem

36
Funding for AI robotics startups has inflected
Investors pouring capital into next-gen robotics startups

Funding Number of rounds

Cumulative Funding Cumulative number of rounds

$5.0B 550

$4.5B 500

450
$4.0B

400
$3.5B
350
$3.0B
300
$2.5B
250
$2.0B
200
$1.5B
150

$1.0B
100

$0.5B 50

7/12 7/13 7/14 7/15 7/16 7/17 7/18 7/19 7/20 7/21 7/22 7/23 7/24

Source: Coatue opinion and analysis as of July 2024. This analysis is based on Coatue discretion and includes elements of subjectivity, encompassing funding and rounds based on manual tagging of what Coatue believes to best represent AI robotics companies based on their current and future reported capabilities. This
analysis may not be exhaustive, but directionally captures the historical trend. For illustrative purposes only. There is no guarantee that Coatue’s views and projections regarding the future potential of AI and robotics are accurate or that any particular Coatue investment or fund will benefit from the AI or robotics trend. All 37
information based on available data and are subject to change at any time based on additional information received. See Appendix-Disclosures for important disclosures, including regarding projections and trends.
Leading talent is starting robotics companies

Company

Home Foundation
Robot Type Humanoid Humanoid Foundation Model
Robots
Stealth
Model
Humanoid

Chelsea Finn Kyle Vogt

Deepak Pathak Elon Musk
Founders Brett Adcock Bernt Bornich Karol Hausman Paril Jain Brad Porter
Abhinav Gupta Milan Kovac
Sergey Levine Luke Holoubek

Funding $845M $140M $70M $150M $140M $300M N/A

Background

Source: Coatue opinion and analysis as of July 2024. For illustrative purposes only. Logos listed above as examples of the applicable statements or trends; do not necessarily represent Coatue investments. There is no guarantee that Coatue’s views and projections regarding the future potential of AI and robotics are accurate
or that any particular Coatue investment or fund will benefit from the AI or robotics trend. All information based on available data and are subject to change at any time based on additional information received. See Appendix-Disclosures for important disclosures, including regarding projections and trends. 38
An ecosystem for AI robots has started to emerge
Apps
Vertically-Integrated
(SW+HW)

Developer Tools & Datasets

Operations & Maintenance

Foundation Models

Manufacturers

Source: Coatue opinion and analysis as of July 2024. For illustrative purposes only. Logos listed above as examples of the applicable statements or trends; do not necessarily represent Coatue investments. There is no guarantee that Coatue’s views and projections regarding the future potential of AI and robotics are accurate
or that any particular Coatue investment or fund will benefit from the AI or robotics trend. All information based on available data and are subject to change at any time based on additional information received. See Appendix-Disclosures for important disclosures, including regarding projections and trends. 39
Robotics rides LLM tailwinds but faces AV-like headwinds
Tailwinds Headwinds

Talent & Compute Capital Data Supply Chain

Research Scarcity Constraints

$30B+
raised by top
AI model companies

Source: S&P Global, Coatue opinion and analysis as of July 2024. For illustrative purposes only. Logos listed above as examples of the applicable statements or trends; do not necessarily represent Coatue investments. There is no guarantee that Coatue’s views and projections regarding the future potential of AI and robotics
are accurate or that any particular Coatue investment or fund will benefit from the AI or robotics trend. All information based on available data and are subject to change at any time based on additional information received. See Appendix-Disclosures for important disclosures, including regarding projections and trends. 40
Wintel-like partnerships and walled-garden approaches developing
PC Era AI Robotics PC Era AI Robotics
Wintel AI+HW OEMs Mac Full-Stack

OS

Chip
(Post-2021)

HW
OEM

Source: Coatue opinion and analysis as of July 2024. For illustrative purposes only. Logos listed above as examples of the applicable statements or trends; do not necessarily represent Coatue investments. There is no guarantee that Coatue’s views and projections regarding the future potential of AI and robotics are accurate
or that any particular Coatue investment or fund will benefit from the AI or robotics trend. See Appendix-Disclosures for important disclosures, including regarding projections and trends. 41
We expect AI – not hardware – to differentiate humanoids
Undifferentiated Hardware Software & AI Layer

Cars
Porsche BMW Infiniti Toyota

Phones

iPhone Samsung Xiaomi Oppo

Robots

Source: The Startup: Art of the Living Dead, Coatue opinion and analysis as of July 2024. For illustrative purposes only. Logos listed above as examples of the applicable statements or trends; do not necessarily represent Coatue investments. There is no guarantee that Coatue’s views and projections regarding the future
potential of AI and robotics are accurate or that any particular Coatue investment or fund will benefit from the AI or robotics trend. All information based on available data and are subject to change at any time based on additional information received. See Appendix-Disclosures for important disclosures, including regarding 42
projections and trends.
Coatue View: Robotics sectors will have different market dynamics

Home Industrial

General-purpose Special-purpose,
humanoids non-humanoids
Vertical integration Partnership approach

Commercial Defense

Special-purpose
Special-purpose superhumanoids
humanoids
Vertical integration:
Partnership approach 2-3 robot primes

Source: Canva, Coatue opinion and analysis as of July 2024. For illustrative purposes only. There is no guarantee that Coatue’s views and projections regarding the future potential of AI and robotics are accurate or that any particular Coatue investment or fund will benefit from the AI or robotics trend. All 43
information based on available data and are subject to change at any time based on additional information received. See Appendix-Disclosures for important disclosures, including regarding projections and trends.
We see AI robotics creating the next disruptive platform shift
General-purpose robotics has the potential to be one of the biggest waves yet!

Robotics

AI

Cloud /
Mobile SaaS AI: The Coming
Internet Revolution
Desktop (Web 2.0)
Internet 2024 - present
(Web 1.0)
Networking 2022 - present
PC 2015 - 2020
Mainframe 2010s
2000s
1990s
1980s
1960-1980

Source: Coatue opinion and analysis as of July 2024. For illustrative purposes only. Logos listed above as examples of the applicable statements or trends; do not necessarily represent Coatue investments. There is no guarantee that Coatue’s views and projections regarding the future potential of AI and robotics are accurate
or that any particular Coatue investment or fund will benefit from the AI or robotics trend. All information based on available data and are subject to change at any time based on additional information received. See Appendix-Disclosures for important disclosures, including regarding projections and trends. 44
Appendix - Disclosures
¡ This presentation reflects Coatue’s opinions and analysis on AI and robotics as of the date of this presentation. It does not constitute investment advice or a recommendation to
buy or sell any securities.
¡ Unless otherwise indicated, any figures and calculations herein are for informational purposes only, computed by Coatue or its advisors and not audited by any third party.
¡ Since AI and information herein is based on an emerging technology, we expect our views may evolve or shift over time. As such, information herein is subject to change at anytime without
Coatue Analysis notice.
¡ Although Coatue believes that the data expressed in this presentation is accurate and reasonable, actual results could differ materially from those projected or assumed, and such
projections are subject to change, and are subject to inherent risks and uncertainties. Neither Coatue nor its affiliates or advisors guarantees the accuracy or completeness of the
information. Accordingly, neither Coatue nor any of its affiliates, advisors or employees shall be liable to you or anyone else for any loss or damages from use of the information contained in
this presentation.

¡ This presentation contains forward-looking predictions regarding AI and its potential impacts and opportunities, all of which are subject to a number of factors and uncertainties. Any
characterization of AI herein is the opinion of Coatue, is subject to change, and should not be relied upon in making an investment decision. Given that AI is an emerging technology,
assessing the future trajectory of the AI industry is inherently challenging, and Coatue’s views on its success or failure can be subjective and based on incomplete information, limited
Artificial perspectives, or speculative assumptions. See also the disclosures regarding forward-looking statements.
¡ Companies herein are not intended to highlight or represent the Coatue portfolio, but rather the broader AI theme, which by nature may include Coatue investments. To the extent Coatue
Intelligence (AI) portfolio companies or investments are included herein, Coatue makes no suggestion or guarantee regarding the future outcomes or performance of such companies.
¡ Even if Coatue’s characterizations and opinions regarding the AI trend were to prove accurate, there is no suggestion or guarantee that Coatue will be able to identify and invest in
opportunities presented by AI. The AI industry is multifaceted, encompassing various technologies, applications, and market dynamics. Its complexity makes it susceptible to unpredictable
developments, including breakthrough innovations, disruptive technologies, or unexpected challenges.

¡ This presentation contains forecasts, projections and other forward-looking statements, including (but not limited to) the occurrence or outcome of anticipated events, estimates, future
Forward-looking performance and adaption of AI. Due to various risks and uncertainties, actual events, results of these events may differ materially from those reflected or contemplated in such forward-
Statements & looking statements. There is no guarantee that such forecasts, projections or forward-looking statements will occur and therefore should not be relied upon.
¡ Projections are forward-looking statements and actual results may differ materially from those presented herein. Projections are inherently unreliable as they are based on estimates and
Projections assumptions about events and conditions that have not yet occurred and any of which may prove to be incorrect. No assurance, representation or warranty is made that any of the projections
will occur. Coatue makes no assurance, representation or warranty as to the accuracy or reasonableness of the projections or estimates.

¡ The companies referenced herein are included for informational purposes only. The information herein does not constitute investment advice or a recommendation to buy or sell any
securities. The companies do not necessarily represent stocks or investments that Coatue owned or owns. In addition, the trends identified and discussed in this presentation reflect the
Companies and opinions of Coatue. The trends discussed do not reflect the entire universe and could be impacted by market factors, changes in laws and other factors.
Trends ¡ No third-party firm or company names, brands or logos used in this presentation are Coatue’s trademarks or registered trademarks, and they remain the property of their respective holders
and not Coatue. The inclusion of any third-party firm and/or company names, brands and/or logos does not imply any affiliation with these firms or companies. None of these firms or
companies has endorsed the investment opportunity described herein, Coatue, any affiliates of Coatue, or Coatue’s personnel.

§ Market data and industry information used throughout this memorandum is based on market and industry data and forecasts that Coatue has derived from publicly available information, various
Third Party industry publications, other published industry sources and Coatue's knowledge of the industry and the good faith estimates of Coatue management. Coatue also relied, to the extent available,
Information & upon our review of independent industry surveys and publications, and other publicly available information prepared by a number of sources. All of the market data and industry information used
herein involves a number of assumptions and limitations, and you are cautioned not to give undue weight to such estimates.
Market Data
§ Certain estimates or projections in this presentation have been provided or primarily sourced by third parties and have not been independently verified or audited by Coatue. While we believe the
sources providing company information are generally reliable, Coatue makes no representation as to the accuracy or reliability of such information.

This presentation is confidential and not intended for public use or further distribution without the prior written consent of Coatue Management, L.L.C. July 17, 2024 45