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Kleiner Perkins partner Mary Meeker speaking Wednesday at Code Conference. Photo by Asa Mathat for Vox Media.

Venture capitalist and former Wall Street analyst Mary Meeker today presented her annual Internet Trends report, which is eagerly anticipated and analyzed by tech executives and investors.

Top trend: "At 3.6 billion, the number of Internet users has surpassed half the world’s population. When markets reach mainstream, new growth gets harder to find — evinced by 0% new smartphone unit shipment growth in 2017."

  • Adults spend an average of 5.8 hours per day with digital media, 3.3 hours of which is via mobile devices.
  • 20% of all purchases in China are e-commerce, which is the highest such mark.
  • Amazon has expanded its e-commerce marketshare from 20 to 28%, based on GMV. 49% of users begin products searches at Amazon, versus 36% via traditional search engines.
  • 6% of all e-commerce referrals now come via social media like Facebook and Twitter.
  • American IT companies represent 25% of MSCI market cap, compared to 33% at the dotcom peak.
  • More Chinese Internet users are willing to share personal data in exchange for benefits than are U.S. users (38% vs. 25%).
  • Meeker, while presenting her report at the Code Conference, said that "Google, in effect, is evolving from an ad platform to a commerce platform," while Amazon is doing the reverse.
  • She also said that direct-to-consumer retail is booming, fueled by the impact of social media as a source for referrals, and that "shopping is increasingly entertainment."

Go deeper

Updated 1 hour ago - Sports

Olympics dashboard

Team USA's Simone Biles during the women's team final on day four of the Tokyo 2020 Olympic Games at Ariake Gymnastics Centre on Tuesday in Japan. Photo: Fred Lee/Getty Images

🤸🏾‍♀️: Simone Biles reacts to "love and support" after withdrawing from all-around gymnastics and team finals, citing her mental health

🏃: U.S. pole vaulter Sam Kendricks withdraws from Games after positive coronavirus test

🏊‍♂️: Caeleb Dressel wins gold in men's 100m freestyle —Bobby Finke wins gold in first men's Olympic 800m freestyle

📷: In photos: Tokyo Olympics day 6 highlights

🗓: The Olympic events to watch today

💵: Olympic athletes see more sponsorship opportunities

🏃‍: Female Olympians push back against double standard in uniforms

Go deeper: Full Axios coverage - Medal tracker

Felix Salmon, author of Capital
2 hours ago - Economy & Business

Giant earnings growth for the world's largest companies

Illustration: Aïda Amer/Axios

Never in the history of capitalism have the world's biggest companies grown as fast as the tech giants in recent years.

Why it matters: A series of stunning earnings reports this week — with another one likely to arrive Thursday afternoon, from Amazon — has underscored the astonishing growth among a group of companies that were already some of the most profitable of all time.

Biden administration outlines goals to slow migration

Vice President Kamala Harris speaks during a press conference in Guatemala City on June 7. Photo: Jim Watson/AFP via Getty Images

Vice President Kamala Harris has big goals for improving conditions in Central America to help slow migration from the region toward the United States.

Driving the news: Senior administration officials unveiled five sweeping goals during a call on Wednesday: Bettering economic prospects; rooting out corruption; promoting human rights, labor rights, and a free press; preventing gang violence; and combating sexual, gender-based and domestic violence.