AI spending among US companies is accelerating: The top 1% of US businesses spent a record median of $7,400 per employee per month on AI in July, according to Ramp. This compares to a record $650 per employee for the top 10% of businesses and $11.95 per employee for the median firm. Over the last several months, AI spend per employee has more than tripled for all these groups. The surge is widening the gap between categories, with the top 1% now spending more than 600 times as much per employee as the typical company. To put this into perspective, the top 1% of US businesses were spending less than $1,000 per employee per month on AI in early 2024. AI investment is becoming increasingly concentrated among a handful of companies.

AI is hungry for power, putting pressure on energy grids. Can India build a system resilient enough to keep up with its ambitious AI goals? Tata Power CEO Praveer Sinha joins Bloomberg’s Menaka Doshi on Emerging to discuss

AI’s greatest promise to travellers is personalised advice. For those tired of following the social-media herd, this will be welcome Illustration: Nicolás Ortega

AI is hungry for power, putting pressure on energy grids. Can India build a system resilient enough to keep up with its ambitious AI goals? Tata Power CEO Praveer Sinha joins Bloomberg’s Menaka Doshi on Emerging to discuss