On June 3, Mary Meeker, known as the "Queen of the Internet," released a 340-page report titled "Trends — Artificial Intelligence" on May 30. The report is characterized by the word "unprecedented" throughout and emphasizes that the development, adoption, investment, and application speed of AI technology has far exceeded any previous technological revolution.
Core Viewpoint: AI Transformation Speed Disrupts Historical Perception
In the report, Meeker pointed out that the explosive growth in AI user numbers, technological iteration, and capital investment presents a curve moving "upward to the right." For example, the number of ChatGPT users surged from 0 to 800 million in 17 months. The proportion of users outside North America reached 90% in just three years, compared to the internet which took 23 years to achieve similar penetration rates. Capital expenditures by six major U.S. tech companies (Apple, Nvidia, Microsoft, etc.) have skyrocketed under the AI wave, with an estimated expenditure of $212 billion in 2024, representing an annual compound growth rate of 63%.
(Source: Bond Capital)
Industry Impact: Developer Ecosystem Becomes Core Competition
The report particularly emphasized the decisive role of developers in the AI competition. The number of developers within leading chip manufacturer ecosystems grew from nearly zero in 2005 to approximately 6 million in 2025, reflecting the rapid spread of AI technology and the aggregation of talent. Meeker referenced Microsoft's former CEO Steve Ballmer’s classic rallying cry of "Developers! Developers! Developers!" pointing out that platforms capable of effectively attracting top global developers will gain an advantage in competition.
(Source: Bond Capital)
Future Outlook: Coexistence of Uncertainty and Opportunity
"The genie is out of the bottle and cannot be put back in," Meeker emphasized in the interview. The impact of AI on employment, society, and geopolitics is irreversible. The current AI sector exhibits characteristics of "high growth, high consumption, and high valuation." Although leading companies like OpenAI have achieved billions of dollars in revenue, they are also facing skyrocketing computing costs, and their business models remain untested. She believes this is an era full of opportunities for wealth creation and destruction, and only those who understand and adapt to change can stand firm in the future defined by AI.
(Source: Bond Capital)
