Tiêu đề Coatue EMW 2025 - Keynote Disclosures.pdf ✅

Appendix - Disclosures  This presentation was prepared for Coatue’s annual East Meets West (“EMW”) keynote and reflects Coatue’s opinions and analysis on AI as of the date of this presentation. It does not constitute investment advice or a recommendation to buy or sell any securities.  This presentation is not considered advertising material in reference to Rule 206(4)-1 of the Investment Advisers Act of 1940, as amended (the “SEC Marketing Rule”).  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 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. Coatue Analysis Forward-looking Statements & Projections  This presentation contains forecasts, projections and other forward-looking statements, including (but not limited to) the occurrence or outcome of anticipated events, estimates, future 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-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 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.  Company metrics, including financial metrics, are not a proxy for any fund investment performance, and should not be understood as such. Company metrics, including any returns, are presented to illustrate macroeconomic trends only and are not intended to indicate the returns of any Coatue investment or fund.  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 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, 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.  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. Third Party Information & Market Data Artificial Intelligence (AI)  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 perspectives, or speculative assumptions. See also the disclosures regarding forward-looking statements.  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.  There are several risks and uncertainties related to the AI thesis, including but not limited to: the cost of GPUs decline as supply loosens, AI enterprise adoption ramps more slowly than Coatue expects, supply chain failing to meet needs of industry, competition in industry erodes profitability, and AI compute intensity could decline as models become more efficient.  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 portfolio companies or investments are included herein, Coatue makes no suggestion or guarantee regarding the future outcomes or performance of such companies. Companies and Trends  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 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.  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.