Business spending on AI surged 500% this year to $13.8 billion, says Menlo Ventures

Business spending on Generative AI surged 500% this year, from $2.3 billion in 2023 to $13.8 billion, according to data released by Menlo ventures.

The report also found that OpenAI ceded market share in enterprise ai, declining from 50% to 34%. Anthropic doubled its market share from 12% to 24%.

The results came from a survey of 600 enterprise IT Decision-Makers from companies with 50 or more employees, according to the report.

Reference Sources

1. fortune - AI enters a new phase, and the Fortune 50 AI Innovators list identifies the companies leading it
2. cnbc - Business spending on AI surged 500% this year to $13.8 billion, says Menlo Ventures

China’s Xi announces steps to support ‘Global South’ at G20 summit

Chinese President Xi Jinping announced measures designed to support the "global South" at a gathering of leaders of the group of 20 (G20) major economies in Rio de Janeiro. in his first remarks at the G20 summit, Xi said China would support global development with eight actions, including building a "high-quality" belt and road initiative, his signature foreign policy plan that directs large Chinese investments to infrastructure projects in the developing world.

He also announced that China, along with Brazil, South Africa and the African Union, were launching an "open science international cooperation initiative" designed to funnel scientific and technological innovations to the global South.

Reference Sources

1. dwen - Germany's Scholz, China's Xi hold talks at G20
2. bernama - 'The World Is Worse': President Lula Opens G20 Leaders' Summit In Brazil
3. spagov - Foreign Minister Leads the Kingdom’s Delegation at 2nd Session of the G20 Summit
4. straitstimes - Xi asks Germany’s Scholz to help resolve issue of EU tariffs on Chinese EVs
5. bussinesstimes - China’s Xi announces steps to support ‘Global South’ at G20 summit

Bitcoin ETF options begin trading, ushering in a new way for investors to hedge their bitcoin exposure

Bitcoin has surged over 32% since November 5 to an all-time high of more than $91,000 dollars as traders bet President-elect Donald Trump's promised support for Digital assets would lead to a less restrictive regulatory regime.

Bitcoin has a lively derivatives market, but in the us it is still tiny compared to other asset classes and is largely limited to institutional players. options trading on Blackrock's popular Ishares Bitcoin trust Etf (Ibit) began trading on the Nasdaq Tuesday, ushering in a new way to trade and speculate on the price of Bitcoin.

Ibit traded 73,000 options contracts in the first 60 Mins of trading Tuesday, placing the fund in the top 20 of the most active Nonindex options.

Reference Sources

1. usatoday - Cryptocurrency 'elation' grows as bitcoin basks in Trump glow
2. cnbc - Bitcoin ETF options begin trading, ushering in a new way for investors to hedge their bitcoin exposure
3. straitstimes - Asia crypto hot spots reap gains from record Trump trade rally
4. thestarmy - Bitcoin breaches $94,000 for the first time
5. eurodayfr - Bitcoin at $200,000: 4 catalysts for an incredible scenario according to Bernstein

The CommonWealth English daily news digest is a service curated by CommonWealth English team with the help of AI tools.

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Uploaded by Ian Huang