Mary Meeker, the famed internet analyst turned venture capitalist, today published her first Trends report since 2019 — focused on the AI revolution.

• Silicon Valley execs and investors are sure to pour over all 340 pages, but I chatted with Meeker this morning to distill some top takeaways. What follows is an edited version of our conversation:

Axios: What was the most important thing you learned?

Meeker: "We've never seen anything like the user growth of ChatGPT, particularly outside the U.S., and it shows how the global dynamics of tech and distribution have changed.

• I wasn't around for the evolution of the mainframe or mini-computer, but have read up on it and was around for the PC, desktop internet, mobile internet, cloud, and now AI. This is such a faster pace of change.
• It's also fascinating to imagine what might have happened if Microsoft hadn't come in and given OpenAI capital and focused them on its cloud platform. Google was very early in AI, but it couldn't have launched a product that hallucinated like OpenAI did. Startups can do crazy things."

Does OpenAI have an insurmountable lead, at least in terms of consumer AI?

"Early leaders fail when they fall behind on innovation or price themselves out of the market, but OpenAI shows no signs of doing either. I think it and ChatGPT will be around for a long time.

• That said, they also have intense competition the likes of which we've never seen before. Both startups and incumbents. Everyone is engaged. It's a period for lots of wealth creation and wealth destruction."

How should early-stage VCs try to suss out potential winners from losers?

"I recently rewatched one of Steve Ballmer's speeches at an early Windows conference where he kept repeating the word 'developers.' And he's right, that the companies that get the best developers often win. It's got to be the focus."

If people are key, and the U.S. is in a race with China, what do you think about the Trump administration's recent moves to block foreigners from studying here?

"America has to be a place where the brightest people in the world want to come ... Our tech ecosystem would not be where it is today without a lot of first-generation immigrants and even more second-generation immigrants.

• I think this administration has shown an ability to make foundational calls, but then also to change. And I go back to the first Trump administration and its focus on immigrants who could really contribute to America in positive ways.
• It would be in err to tilt too far, and I hope the right decisions are made."

The U.K. government announced plans to require the country's large pension funds to invest in private markets and domestic companies, setting asset allocation targets.

Why it's the BFD: The move is opposed by many top British pension managers, including some of those who previously made voluntary commitments to domestic investment, who argue the mandate could violate their fiduciary duties.

The bottom line: The U.K. is basically conceding that it can't attract adequate capital the old-fashioned way.

• Grammarly, a writing assistant valued by VCs at $13 billion, raised $1b in non-dilutive financing from General Catalyst. axios.link/455YuEV

• ClickHouse, a Palo Alto, Calif-based database startup, raised $350m at a $6.35b valuation. Khosla Ventures led, joined by Bond Capital, Institutional Venture Partners, Battery Ventures, Bessemer Venture Partners, Index Venture, Lightspeed Venture Partners, Benchmark and Coatue. axios.link/4kKWFlo

• SnorkelAI, a Redwood City, Calif.-based provider of AI model evaluation tools, raised $100m in Series D funding at a $1.3b valuation. Addition led, joined by Prosperity 7 Ventures, Greylock and Lightspeed, BNY and QBE. axios.link/43HJvi4

• David Protein, a maker of high-protein bars, raised $75m in Series A funding at a $725m post-money valuation. Greenoaks led, joined by Valor Equity Partners. axios.link/3HeDO3v

🚑 Vima Therapeutics, a Cambridge, Mass.-based movement disorder biotech, raised $60m in Series A funding. Atlas Venture led, joined by Access Industries and Canaan Partners. axios.link/4mF75V9

⚡ Heron Power, a Santa Cruz, Calif.-based developer of solid-state transformers, raised $38m in Series A funding. Capricorn Investment Group led, joined by Breakthrough Energy Ventures, Energy Impact Partners, Gigascale Capital, Powerhouse Ventures, Valor Equity Partners, TJB Straubel, and Zach Kirkhorn. axios.link/3Z9LFpg

🚑 Acclaro Medical, a Smithfield, R.I.-based maker of lasers that reduce the effect of skin aging, raised $23m in Series B funding. Accelmed Partners led, joined by 3E Bioventures Capital. axios.link/3Hi825O

⚡ Volteras, a London-based data streaming platform for EV ecosystems, raised $11.1m in Series A funding. Union Square Ventures led, joined by Exor and Long Journey Ventures. axios.link/3HgCFsl

• FarmQA, a Fargo, N.D.-based agriculture intelligence platform, raised $4m in seed funding. Gener8tor 1889 led, joined by O'Leary Ventures. axios.link/4dFoadH

• Amplix, a tech advisory firm owned by Gemspring Capital, acquired Hampton, N.J.-based The Hastings Group. amplix.com

• CVC Capital Partners and Tabreed are in talks to buy Abu Dhabi-based Multiply Group's district cooling business for more than $1b, per Reuters. axios.link/3Z6Q5gu

🎵 HarbourView Equity Partners agreed to purchase select catalog assets from Rodney "Darkchild" Jerkins. axios.link/3FeHLop

🚑 Travel Nurse Across America, a staffing portfolio company of Gridiron Capital, agreed to merge with TotalMed, a portfolio company of Stella Point Capital. axios.link/3Hb3n5F

• Valeas Capital Partners agreed to acquire a majority stake in TicketManager, a provider of enterprise event ticket and guest management solutions. ticketmanager.com

🦈 Pinkfong, a South Korean media company behind "Baby Shark," applied for an IPO on the Kosdaq. axios.link/43OjM8N

🚑 Pioneer Acquisition I, a health care SPAC, filed for a $220m IPO. axios.link/4mzBMLH

• Dai-ichi Life Holdings of Japan agreed to acquire a $1.1b stake in U.K. money manager M&G (LSE: MNG), as part of a distribution partnership. axios.link/3Fi8XTc

⚡ EOG Resources (NYSE: EOG) agreed to buy Utica Shale-focused Encino Acquisition Partners for $5.6b (including debt). Sellers would include CPP Investments. axios.link/3HjY97y

🚑 EssilorLuxottica (Paris: EL), the French eyeglass giant, agreed to buy ophthalmology platform Optegra from MidEuropa. axios.link/3Hgs00G

• Scopely, the gaming giant indirectly owned by Saudi PIF, completed its $3.5b purchase of Niantic's games business, including Pokémon GO. Niantic backers include Spark Capital, CapitalG, Javelin Venture Partners, and IVP. axios.link/3FwepBN

• Thoma Bravo hired Lazard to find a buyer for Apryse, a Denver-based document processing software provider that could fetch over $3b, per Reuters. axios.link/45y8Z3Q

⚡ Eletrobras, a Brazilian power company, has received early interest in its nuclear unit from Chinese state-owned firms, per Bloomberg. axios.link/3Fxmwhu

• Japan Educational Foundation agreed to acquire New York-based fashion school LIM College. axios.link/44ZgxfL

• Wells Fargo (NYSE: WFC) agreed to sell its rail equipment leasing unit for $4.4b to a new JV between GATX (NYSE: GATX) and Brookfield Infrastructure (NYSE: BIP). axios.link/4klGCur

⚡ Zeo Energy (Nasdaq: ZEO) agreed to pay $10m in stock to buy Heliogen, a Pasadena, Calif.-based solar energy company valued at $2b when it went public via SPAC in 2021. axios.link/3SoLMcN

🚑 Cancer Focus Fund is seeking to raise $250m for its second fund, per Endpoints. axios.link/43QxeZH

🌍 Earth Foundry, an early-stage climate tech firm, cut its fundraising target to $50m from $100m, per Axios Pro. axios.link/3HfNZ7S

• L Catterton raised around $11b in new fund commitments, including $6.75 for its tenth flagship buyout vehicle. axios.link/3Z2w0bi

• Terminus Capital Partners, an Atlanta-based PE firm focused on business software, raised $250m for its debut fund. terminuscp.com

• David Wyles is leaving Greenhill & Co. to become a London-based partner with Perella Weinberg Partners. axios.link/3HuLE97

The Fed's favored inflation indicator cooled more than expected in April, although consumers also pulled back sharply on their spending, per new data released Friday by the U.S. Commerce Department. Go deeper.