The Top 10 SaaStr Learnings from Mary Meeker’s Latest Report on AI
SaaStr
JUNE 1, 2025
The Infrastructure Math Is Unprecedented The Capital Intensity Is Off The Charts: Big Six tech CapEx: $212B annually (63% YoY growth) Microsoft AI business: $13B run-rate (175% YoY growth) NVIDIA data center revenue: $39B quarterly (78% YoY growth) Amazon AWS CapEx as % of revenue: 49% (vs. 80% cheaper than predecessor, costs 0.2%
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