Karim Rahemtulla, Co-Founder, Monument Traders Alliance Dear Reader, In 1922, a New York radio station aired the world's first commercial advertisement. It was 10 minutes long, cost the advertiser $50, and sold apartment rentals in Queens. Nobody thought much of it at the time. But within two decades, radio advertising exploded from $4 million to $216 million - a 4,400% surge. One American electronics company, RCA, rode that wave to a 200x gain. It was one of the largest stock run-ups in market history. The same pattern played out with television. In 1941, the first TV commercial aired. There were 40,000 TV sets in American homes... and that mass adoption caused ad revenue to skyrocket from $1 million to $70.8 billion by 2007. The Modern Ad Wave While radio and TV brought a new stratosphere of revenue ad growth, these gains were modest compared to what would come next. In 1994, the first banner ad appeared on the internet – and since then, internet advertising has grown from $100 million to over $650 billion. Google has dominated the internet ad space... and today the company is worth $4 trillion. Social media giant Facebook minted billionaires when its network started running ads in 2007. This tech and ad combination is what I call the "Millionaire Pattern." Here's the pattern in its essence... A new medium captures massive attention. Advertising gets turned on. A handful of investors who saw it coming get rich. And now, in the age of AI, I'm convinced this pattern is about to play out on an even BIGGER scale. A New Sheriff in Town For two decades, Google has controlled the internet's advertising infrastructure - raking in $237.8 billion in a single year, with ads accounting for 77% of all its revenue. But in 2022, AI language model ChatGPT (owned by OpenAI) arrived. And quietly, steadily, it's been following the Millionaire pattern to a T. First, ChatGPT grew its user base to 800 million weekly users on a free tier with no ads. This was the audience buildup - acquiring users at a scale to make eventual monetization extraordinarily valuable. Since the start of this year, OpenAI has been quietly testing ads on ChatGPT. Once its ad switch gets flipped fully on, it could usher in a new wealth wave. But there's an additional catalyst beyond ads. | 
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