Business spending on AI surged 500% this year to $13.8 Billion, says Menlo Ventures

Business spending on generative AI surged 500% this year, from $2.3 billion in 2023 to $13.8 billion, according to data released by Menlo Ventures on Wednesday.

The report also found that OpenAI ceded market share in enterprise AI, declining from 50% to 34%. Anthropic doubled its market share from 12% to 24%. The results came from a survey of 600 enterprise IT decision-makers from companies with 50 or more employees, per the report. Menlo is an investor in Anthropic. OpenAI did not immediately respond to a requ…