AI: enterprise adoption, models & investment

Investment angle: Anthropic surpassed OpenAI in US business AI adoption for the first time in April 2026, per Ramp's index of over 50,000 businesses — Claude captured 34.4% of enterprise spending share versus OpenAI's 32.3%, a reversal few predicted given OpenAI's early consumer dominance. The engine behind the shift is a single product: Claude Code, Anthropic's agentic coding tool, now the fastest-growing product in company history, with Claude holding 42-54% of enterprise coding spend versus OpenAI's roughly 21%. Anthropic's revenue also went from $87 million to a $7 billion annualized run rate in under two years. Both companies remain enormous by valuation — OpenAI near $830-920 billion, Anthropic around $350-965 billion depending on the funding round cited — but enterprise buyers are increasingly choosing based on reliability in production, not brand recognition.