Corporate AI Spending Surges 21-Fold Over the Past Year, Ramp Co-CEO Says

Companies have increased their AI spending by nearly 21 times over the past year. [1] Eric Glyman, Ramp Co-Founder and Co-CEO, discussed this rapid growth in AI-related expenditures on Bloomberg's "The Close." [1]

This unprecedented surge is driven by both the significant returns AI can deliver and concerns among businesses about inefficient or excessive spending by employees. [1]

The dramatic 21-fold increase in AI spending highlights a rapid corporate pivot toward adopting AI technologies for potential high returns, while simultaneously exposing anxieties over cost control and shadow IT at the employee level. Companies are aggressively investing, but the dual focus on returns and excessive employee spending suggests a tension between rapid adoption and governance. What the sources don't address: How much of this 21-fold increase represents net-new budget versus funds reallocated from traditional software tools.