Amount enterprises spent on AI this year, more than 6X the $2.3 billion spent in 2023—according to a new report from Menlo Ventures, a clear signal that enterprises are shifting from experimentation to execution, embedding AI at the core of their business strategies. 

This spike in spending reflects a wave of organizational optimism; 72% of decision-makers surveyed by the venture firm anticipate broader adoption of generative AI tools in the near future, says the report. GenAI tools are already deeply embedded in the daily work of professionals. That said. many decision-makers are still figuring out what will and won’t work for their businesses. More than a third of respondents to Menlo Ventures' survey of 600 U.S. enterprise leaders do not have a clear vision for how generative AI will be implemented across their organizations. This doesn’t mean they’re investing without direction, says the report. "It simply underscores that we’re still in the early stages of a large-scale transformation and enterprise leaders are just beginning to grasp the profound impact generative AI will have on their organizations."