Mary Meeker

Mary Meeker (born 1959) was the defining internet analyst of the 1990s and 2000s. As a Morgan Stanley analyst she wrote the 1995 “Internet Report” that became a bible of the dot-com boom, earning her the nickname “Queen of the Internet”; her annual Internet Trends deck, continued through her partner years at Kleiner Perkins, was the most-read slide deck in technology. In 2019 she founded the growth fund BOND, and her trend reports went quiet — until AI brought her back.

The 340-page case for AI

In May 2025 Meeker and her BOND partners published “Trends — Artificial Intelligence,” her first trends report since 2019: 340 pages of charts arguing that AI adoption is faster than anything the internet era produced. The word “unprecedented” appears on 51 pages. Among its data points: ChatGPT reached 800 million users in 17 months, and the cost of AI inference per million tokens fell 99 percent in two years. TechCrunch summarized the report’s thesis in its headline — it is not your imagination, AI really is speeding up the pace of change — and noted her framing of big tech’s chip and datacenter spending: “These aren’t side projects — they’re foundational bets.”

Meeker’s stance is that of the empirical bull: BOND invests in AI companies, and her report treats the technology’s spread as a fact to be measured rather than debated. She is careful about the economics, though — the report flags that training costs approaching $1 billion per model leave open the question of who actually profits, a caution she applied to internet companies in earlier cycles. A comparison to OpenAI’s adoption curve anchors much of the analysis.