Black's counterplay comes too late.
1. e2e4  1... e7e5  2. g1f3  2... b8c6  3. f1c4  3... g8f6  4. d2d3  4... f8c5  5. e1g1  5... d7d6  6. c2c3  6... e8g8  7. h2h3  7... a7a6  8. a2a4  8... h7h6  9. f1e1  9... f8e8  10. b2b4  10... c5a7  11. b1d2  11... c8e6 An important position for modern Italian Opening theory. I have great difficulty with the number of possible plans and move-orders for both sides in this opening, but I must say that the sequence so far has been very logical and understandable, which is not always the case. 12. c4e6  12... e8e6  13. c1b2 With the development of the bishop, White is ready to advance the pawn to b5, attacking the black knight. Ideas with d4, fighting for the center, or c4, opening the bishop's diagonal, also become possible. 13... d6d5 I have the impression that this move is a bit premature. 14. b4b5  14... c6e7  15. e4d5  15... d8d5  16. c3c4 This is the point. White exchanges the d3-pawn for the one on e5. 16... d5d3  17. f3e5 This natural capture is a novelty. 17... d3f5 The best square for the queen. 18. d1f3  18... a8d8 Black has many interesting alternatives. 19. d2b3 Black has some problems on the queenside with the white knight jumping to a5 or with the c4-c5 plan, closing out the bishop on a7. 19... c7c6 Caruana felt this was wrong. 20. c4c5 Closing out the bishop and securing the d4-square for the knight. Black has to be very careful now. 20... c6b5 A miscalculation that has catastrophic consequences. 21. f3b7 The queenside collapses. 21... f5c2  22. b3d4 Maybe this was the move that Black missed. White is easily winning now. 22... c2c5  23. d4e6  23... c5f2  24. g1h1  24... f7e6  25. b7e7 