Index for this post (1) About Mary Meeker (2) About Bond Capital (3) Fav Quote from report (4) India’s AI usage --“Jai Jio” (5) Innovators Dilemma RIP (6) ChatGPT use - Engagement Trap (7) ChatGPT is under attack (8) AI has low APRU (for now) (9) Goodbye Vertical SaaS? (10)

About Mary Meeker 👩‍💼 Known as the ”Queen of the Internet” Was part of the Morgan Stanley TMT team which led the Netscape IPO (which kicked off the dot com boom in 1996). Bill Gurley was her colleague! She published the 1st edition of the “Internet Trends Report” in 1996 - a

About BOND Capital 🏦 ~$5.75bn in AUM across 3 funds: Fund I ~$1.25bn (2019) Fund II ~$2bn (2021) Fund III ~$2.5bn (2022) Mary Meeker started BOND Capital with 3 former Kleiner partners. They added Jay Simons in 2021 (ex President @ Atlassian) Investment strategy: Capture

Fav Quote from report 💭 My fav. quote is in the image below 2 more honorable mentions: “Like electricity and other general purpose technologies in the past, AI and cloud data centers represent the next stage of industrialization.” — Brad Smith, Vice Chair and President,

India's AI usage --"Jai Jio" 🇮🇳 (a) India is the 2nd largest market for OpenAI’s ChatGPT app 🤯 13.5% of global users of ChatGPT’s mobile app come from India (b) And, more surprising, India is the largest “opt-in” market to DeepSeek 🤯 7% of global users of DeepSeek’s mobile

Innovators Dilemma RIP 💀 Look @ CAPEX v/s revenue acceleration at the incumbents The idea of the slow & lumbering incumbent is no longer true in Tech - these co’s have: (a) Bought talent via historic acqui-hires (b) Bought leaders (e.g. Snowflake acquired Neeva) (c) Shipped

ChatGPT use - AI Engagement (Trap) 🫂 Interesting chart: Time spent in-app has x2’ed for ChatGPT in 2 yrs Few caveats to flag here: (a) This is only US mobile app data | doesn’t factor in non-USA & web data (b) Implicit product impact → longer waiting times for Deep Research

ChatGPT is under attack 🛡️ ChatGPT may be first mover w/ dominant share; but the Q remains - will it become the Google or will it be forgotten like AltaVista? Look @ the growth charts for DeepSeek, Grok and Claude When I look at my own AI usage, Grok competes against ChatGPT

AI has low APRU (for now) 💰 Compared to Consumer Social, Consumer AI yet has a long way to go On an annual basis, APRU is: Alphabet ~$63 Meta ~$40 Spotify ~$23 OpenAI ~$15 I’m bullish OpenAI will exceed Alphabet levels via: (a) Ads or generative search injections (b) Higher

Goodbye Vertical SaaS? 👋 With Cursor, it is easier than ever to build software. The 2015 playbook was vertical SaaS Will the 2025 playbook be horizontal platforms? Big Q → the report succinctly says: "Whoever can abstract the right layer on the interface capture the logic

Next Billion Users will be AI native? 🌍 10 yrs ago, Google launched the NBU (Next Billion Users) project centered on linguistic & low connectivity accessibility for Tech to onboard the next 1bn Internet users Today, “NBU” is shifting from language centric to AI centric i.e.

🫖Bonus: Key Qs which this report leaves us with: (a) Who will build the developer platform of choice for AI applications? (b) Which AI chat application will emerge victorious? (c) Will vertical SaaS continue, or will horizontal platforms dominate? (d) Will the incumbent

Despite not publishing a long form report for over 5 years, Mary Meeker hasn’t lost her edge - this report had a clear data backwards narrative: Today’s winners aren’t clear winners, infrastructure is changing & so will applications. We’re only at the beginning of another Tech

Great way to spend my Sunday - ended up bombarding many AI centric WhatsApp groups which I am a part of! Link to report ⤵️ https://www.bondcap.com/report...

If you got to the end of this, my POV on AI is: (i) Application Wars will be replaced with Developer Wars | which is why OpenAI hired a CEO for Applications - they need to build the App Store equivalent ASAP. (ii) The CAPEX supercycle will end badly for several players esp.

Rewarded myself for completing today's work - Cold Brew from Blue Tokai. First coffee in a long time!