Can there be another massive increase in scale? Once you’ve connected everyone, how do you create a bigger market? Global installed base, 2019 (bn) 6 ? 5 4 3 2 1 0 Mainframes PCs in 1994 Web in 2007 Smartphones in 2019 Global population over 14 Source: UN, GSMA, ITU, Apple, Google, CNNIC, @BenedictEvans Benedict Evans –– January 2020 62