U.S. companies' spending on generative artificial intelligence (AI) surged sixfold this year compared to 2022, according to a recent report.

On November 20, CNBC reported that Menlo Ventures, a venture capital firm, revealed in a study that corporate investment in generative AI skyrocketed from $2.3 billion in 2023 to $13.8 billion this year, marking a 500% increase.

The report also highlighted shifts in market share within the generative AI sector. OpenAI, the developer of ChatGPT, saw its share decline from 50% last year to 34% this year. Meanwhile, Anthropic, supported by Amazon, increased its share from 12% to 24%.

The findings are based on a survey of 600 IT leaders from companies with over 50 employees. Menlo Ventures’ Tim Tully attributed these shifts to improvements in Anthropic’s Claude 3.5 chatbot model and the adoption of multiple large AI models by many organizations.