Trends Artificial Intelligence
趋势 人工智能

BOND  债券
May 2025  2025 年 5 月

May 30, 2025  5月 30， 2025
Mary Meeker / Jay Simons / Daegwon Chae / Alexander Krey
玛丽·米克 / 杰伊·西蒙斯 / 蔡大元 / 亚历山大·克雷
BOND  债券

We set out to compile foundational trends related to AI. A starting collection of several disparate datapoints turned into this beast. As soon as we updated one chart, we often had to update another - a data game of whack-a-mole…
我们着手汇编与 AI 相关的基础趋势。几个不同数据点的起始集合变成了这头野兽。一旦我们更新了一张图表，我们通常就不得不更新另一张图表 - 一个打地鼠的数据游戏......
a pattern that shows no sign of stopping…and will grow more complex as competition among tech incumbents, emerging attackers and sovereigns accelerates.
一种没有停止迹象的模式......并且随着技术老牌企业、新兴攻击者和主权国家之间的竞争加速，它将变得更加复杂。

Vint Cerf, one of the ‘Founders of the Internet,’ said in 1999, ‘…they say a year in the Internet business is like a dog year equivalent to seven years in a regular person’s life.’ At the time, the pace of change catalyzed by the internet was unprecedented.
“互联网创始人”之一 Vint Cerf 在 1999 年说，“......他们说，从事互联网业务的一年就像狗年，相当于普通人一生中的七年。当时，互联网推动的变化速度是前所未有的。

Consider now that AI user and usage trending is ramping materially faster…and the machines can outpace us.
现在想想 AI 用户和使用趋势正在以更快的速度增长......机器可以超过我们。
The pace and scope of change related to the artificial intelligence technology evolution is indeed unprecedented, as supported by the data. This document is filled with user, usage and revenue charts that go up-and-to-the-right… often supported by spending charts that also go up-and-to-the right.
正如数据所支持的那样，与人工智能技术发展相关的变化速度和范围确实是前所未有的。本文档中充满了用户、使用情况和收入图表，这些图表向上和向右移动......通常由同样向上和向右移动的支出图表提供支持。

Creators / bettors / consumers are taking advantage of global internet rails that are accessible to 5.5B citizens via connected devices; ever-growing digital datasets that have been in the making for over three decades; breakthrough large language models (LLMs) that - in effect - found freedom with the November 2022 launch of OpenAl’s ChatGPT with its extremely easy-to-use / speedy user interface.
创作者/投注者/消费者正在利用 5.5B 公民可以通过连接设备访问的全球互联网轨道;不断增长的数字数据集，已经制作了三十多年;突破性的大型语言模型 （LLM） 实际上在 2022 年 11 月推出的 OpenAl 的 ChatGPT 中获得了自由，它具有极其易于使用/快速的用户界面。

In addition, relatively new AI company founders have been especially aggressive about innovation / product releases / investments / acquisitions / cash burn and capital raises. At the same time, more traditional tech companies (often with founder involvement) have increasingly directed more of their hefty free cash flows toward AI in efforts to drive growth and fend off attackers.
此外，相对较新的人工智能公司创始人在创新 / 产品发布 / 投资 / 收购 / 现金消耗和融资方面特别积极。与此同时，更传统的科技公司（通常有创始人参与）越来越多地将其巨额自由现金流用于 AI，以推动增长并抵御攻击者。

And global competition - especially related to China and USA tech developments - is acute.
全球竞争——尤其是与中国和美国的科技发展相关的竞争——非常激烈。
The outline for our document is on the next page, followed by eleven charts that help illustrate observations that follow.
我们文档的大纲在下一页，后面是 11 张图表，有助于说明接下来的观察结果。
We hope this compilation adds to the discussion of the breadth of change at play - technical / financial / social / physical / geopolitical. No doubt, people (and machines) will improve on the points as we all aim to adapt to this evolving journey as knowledge - and its distribution - get leveled up rapidly in new ways.
我们希望这份汇编能增加对变化的广度的讨论——技术/财务/社会/物理/地缘政治。毫无疑问，人（和机器）将在积分上取得进步，因为我们都致力于适应这一不断发展的旅程，因为知识及其传播以新的方式迅速升级。

Special thanks to Grant Watson and Keeyan Sanjasaz and BOND colleagues who helped steer ideas and bring this report to life. And, to the many friends and technology builders who helped, directly or via your work, and are driving technology forward.
特别感谢 Grant Watson 和 Keeyan Sanjasaz 以及 BOND 的同事，他们帮助引导想法并使本报告成为现实。此外，还要感谢许多朋友和技术构建者，他们直接或通过您的工作提供帮助，并推动技术向前发展。