Business investment in generative AI reached $13.8 billion in 2024, marking a 500% increase from $2.3 billion in 2023, according to a new report from Menlo Ventures. Hayden Field reports for CNBC that OpenAI’s enterprise market share dropped from 50% to 34%, while Anthropic doubled its share to 24%. The findings, based on a survey of 600 enterprise IT decision-makers, reveal that companies typically use three or more AI models simultaneously. Code generation emerged as the primary use case for generative AI, with more than half of respondents identifying it as their dominant application. Foundation models, including ChatGPT, Gemini, and Claude, received the largest share of enterprise investment at $6.5 billion.