Business
Dr Alan Thompson reports that OpenAI says 92% of Fortune 500 companies are subscribed to GPT, and the average spend by each organization has now hit US$18,000,000 per year.
By Andressen Horowitz calculations, thet estimate that the model API (including fine-tuning) market ended 2023 around $1.5–2B run-rate revenue, including spend on OpenAI models via Azure. Given the anticipated growth in the overall market and concrete indications from enterprises, spend on this area alone will grow to at least $5B run-rate by year end, with significant upside potential. Enterprises have prioritized genAI deployment, increased budgets and reallocated them to standard software lines, optimized use cases across different models, and plan to push even more workloads to production in 2024, which means they’ll likely drive a significant chunk of this growth.
Over the past 6 months, enterprises have issued a top-down mandate to find and deploy genAI solutions. Deals that used to take over a year to close are being pushed through in 2 or 3 months, and those deals are much bigger than they’ve been in the past
Brian Wang is a Futurist Thought Leader and a popular Science blogger with 1 million readers per month. His blog Nextbigfuture.com is ranked #1 Science News Blog. It covers many disruptive technology and trends including Space, Robotics, Artificial Intelligence, Medicine, Anti-aging Biotechnology, and Nanotechnology.
Known for identifying cutting edge technologies, he is currently a Co-Founder of a startup and fundraiser for high potential early-stage companies. He is the Head of Research for Allocations for deep technology investments and an Angel Investor at Space Angels.
A frequent speaker at corporations, he has been a TEDx speaker, a Singularity University speaker and guest at numerous interviews for radio and podcasts. He is open to public speaking and advising engagements.
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“Dr Alan Thompson reports that OpenAI says 92% of Fortune 500 companies are subscribed to GPT, and the average spend by each organization has now hit US$18,000,000 per year. In…”
Source Link: https://www.nextbigfuture.com/2024/06/status-of-ai-business-adoption.html
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