If the rise of AI feels unlike any previous tech revolution — think mobile, social media, or even cloud computing — that’s because it is.

Venture capitalist Mary Meeker, famously dubbed the “Queen of the Internet” for her influential Internet Trends reports, just released a massive 340-page slideshow detailing the breakneck pace of AI development. Fittingly titled “Trends — Artificial Intelligence,” the report uses the word “unprecedented” on 51 separate pages — and backs it all up with hard data.

“The pace and scope of change related to the artificial intelligence technology evolution is indeed unprecedented, as supported by the data,” Meeker writes.

It’s a timely comeback for Meeker, who hasn’t published a trends report since 2019. Now, as the founder and general partner at Bond Capital — and formerly a leading force at Kleiner Perkins, where she invested in giants like Facebook, Spotify, and Square — Meeker is back to chronicle what may be the most explosive tech transformation yet.

Here are some of the standout insights from her report:

ChatGPT hit 800 million users in just 17 months. That kind of scale-up? Totally unprecedented.
Companies are hitting sky-high annual recurring revenues faster than ever. Again — unprecedented.
Inference costs are plummeting. While training AI models can now cost up to $1 billion, the cost to use these models has dropped by 99% in just two years, according to Stanford data cited in the report.
Hardware is advancing at lightning speed. Nvidia’s new Blackwell GPU is 105,000 times more energy-efficient per token than its 2014 Kepler version. That’s not a typo.
Open-source and international players are keeping pace. Especially Chinese models, which are replicating capabilities quickly and cost-effectively.
Big tech is going all in on chips. Google’s TPUs and Amazon’s Trainium processors aren’t experiments — they’re core infrastructure for the future of cloud-based AI.

But not everything is racing ahead.

Despite the hype and massive venture capital investments, Meeker notes that AI companies haven’t yet delivered financial returns on par with other tech revolutions. The reason? Building AI requires enormous infrastructure costs. So while users and businesses benefit from faster, cheaper, better tools, it’s still unclear which AI players will turn out to be the next Google or Amazon.