@taskmaster4450le "## [Business spending on AI surged 500% this year ..." by taskmaster4450le

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hive-167922 · @taskmaster4450le · Nov 21 '24

@taskmaster4450le "## [Business spending on AI surged 500% this year ..."

## [Business spending on AI surged 500% this year to $13.8 billion, says Menlo Ventures](https://www.cnbc.com/2024/11/20/business-spending-on-ai-surged-500percent-this-year-to-13point8-billion-says-menlo-ventures.html)
Enterprise spending on generative AI surged 500% this year, hitting $13.8 billion — up from just $2.3 billion in 2023, according to a new Menlo Ventures report.

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.

#ai #enterprise #openai #spending #technology #anthropic

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@taskmaster4450le · Nov 21 '24

@taskmaster4450le "Menlo is an investor in Anthropic. OpenAI did not ..."

Menlo is an investor in Anthropic. OpenAI did not immediately respond to a request for comment.

Tim Tully, a partner at Menlo Ventures, told CNBC in an interview that the power shift is thanks in part to the advancement of Claude 3.5 and because the majority of companies are using three or more large AI models. Although OpenAI and Anthropic dominated companies' AI model use, he said, people are "juggling models" and that habit is "not a well-understood piece of data."

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@taskmaster4450le · Nov 21 '24

@taskmaster4450le ""Developers are pretty savvy — they know how to go..."

"Developers are pretty savvy — they know how to go back and forth between models fairly quickly," Tully explained. "They're choosing the model that fits their use case best... and that's likely Claude 3.5."

Meta's market share stayed at 16% and Cohere's share remained at 3%. Google's rose from 7% to 12%, and Mistral's lost one percentage point, declining to 5% in 2024.

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