Wedbush Securities has been monitoring dozens of large firms, including Fortune 500 companies over the past few weeks, according to a Monday industry note. Of the companies analyzed, overall, the firm estimates that AI now comprises roughly 12% of many IT budgets for 2025, up from 10% in January. In some cases, AI takes up to 15% of the budget, reflecting how many CIOs plan to accelerate their AI strategies over the next six to nine months. The companies analyzed were across verticals such as financial services, health care, transportation, logistics, manufacturing, software, and the services industry. 

“About 70% of customers we have spoken with heading down the AI path have accelerated their AI budget dollars and initiatives over the last six months,” according to the firm.

Dan Ives, managing director at Wedbush, shared some insight about the research findings. In November and December, his firm found that customers were in the strategic planning stage for AI, Ives told me. But the application of the technology has picked up speed, he said. Enterprises are more readily identifying high-priority use cases, Ives said. He attributes that to tech companies like Palantir and Salesforce among others making use cases more evident, he noted.

Companies are also seemingly more knowledgeable about AI governance solutions and data security, especially when it comes to implementing generative AI. When the technology became widely popular in late 2022 due to OpenAI’s ChatGPT, many companies tread lightly at first, especially in the financial services sector. Another interesting finding: According to McKinsey, a CEO’s oversight of AI governance is one element most correlated with higher self-reported bottom-line impact from an organization’s generative AI use. That’s particularly true at larger companies, according to the firm.

“It’s an arms race,” Ives said of AI. “Enterprises can’t slow down AI spending because of tariffs or near-term macro uncertainty.” Why? If they slow it down, they lose their spot in line for Nvidia chips, for example. “You’ll have to get to the back of the line,” he said.

Speaking of Nvidia, Wedbush estimates that for every dollar spent on Nvidia chips, there is an “$8-$10 multiplier across the rest of the tech ecosystem.” So essentially, the use of Nvidia chips creates more spending on AI by tech companies and customers.

During a keynote address at Nvidia’s annual GTC conference last week, CEO Jensen Huang said manufacturers interested in implementing AI into their product lines will soon need two factories, including one solely for AI, Fortune reported.

“Every industry, every company that has factories will have two factories in the future,” Huang said. He offered examples: “Factories for cars, factories for AI for cars. Factories for smart speakers, factories for AI for the smart speakers.” 

The enterprise AI consumption phase will continue throughout 2025, Wedbush predicts. “We’re still in the early stages of what I really view as a fourth industrial revolution,” Ives said.

Sheryl Estrada
sheryl.estrada@fortune.com

Leaderboard

Laura Anderson was appointed CFO and SVP of administration for the National Football League’s Chicago Bears. Anderson joins the Bears after most recently serving as the CFO and treasurer for the Big Ten Conference. Before that, Anderson supported ESI Consultants as a senior financial consultant, leading the internal operations of the firm, after serving as an audit consultant for Chicago’s Arthur Andersen LLP. 

Chris Donahue was promoted from CFO to CEO at Argo Group International Holdings, Inc., an underwriter of specialty insurance products. Donahue succeeds Jessica Buss, who has served as Argo’s CEO since November 2023, the same month he joined as CFO. David Chan was appointed CFO, having served as Argo’s chief accounting officer since 2022. Chan previously held senior roles at AmTrust Financial Services, Inc., Moody’s Investor Services, and PwC.

Big Deal

“AI is transforming finance, CFOs say. Here’s how,” is a new report by the World Economic Forum. Six CFOs from different industries and regions offer their insights on how financial leaders are approaching artificial intelligence. “AI integration is essential in corporate strategy, CFOs should ensure positive return of investments from AI, and interdisciplinary teams should cultivate AI expertise,” according to Kalin Anev Janse, CFO of the European Stability Mechanism. 

Going deeper

Fortune has released America’s Most Innovative Companies in 2025 list. From AI to autonomous vehicles, one company keeps setting the bar higher. For the third year in a row, Google’s parent company, Alphabet has come out on top.

The 300 companies on this year’s list brought in over $12.6 trillion in revenue for the latest 12 months, with the median revenue figure at $22 billion. The majority of companies on the 2025 list are based in California, in line with the previous years’ lists. And while the top three companies are all in the technology sector, health care made up a bigger portion of this year’s list than any other sector, with 63 companies represented.

This is the third year Fortune has published its list of America’s Most Innovative Companies in partnership with Statista.

Overheard

“As a member of the ‘sandwich generation,’ I’m both a caregiver to my mother and my children—and how that affects my financial readiness for the future is top of mind for me.”

—Sangeeta Moorjani, head of Tax Exempt Market for Fidelity Investments, writes in a new Fortune opinion piece. “In my role at Fidelity, my team and I help employers develop and deliver those personalized options that can help maximize wealth,” she writes. “Employers can lead that sea change—and many do, but there’s still further to go.”