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.