A McKinsey survey conducted on May 30 reveals that by March 2024, 72% of organizations have adopted AI in at least one area. Approximately 50% of respondents indicated their organizations use AI in two or more business functions. These figures have risen from 55% and 33% in 2023, respectively.

The use of generative AI has nearly doubled, increasing from 33% in 2023 to 65% in 2024. From 2018 to 2023, AI adoption ranged from 47% to 58%, but McKinsey notes a significant increase in the past year, highlighting a break from long-term stagnation.

More respondents are using AI both personally and professionally, with senior executives showing the largest growth in usage. The Asia-Pacific region and Greater China have seen the greatest increases in AI adoption.

AI is most commonly applied in marketing and sales (34%) and product/service development (23%), with 17% of respondents using AI in IT functions, an area not previously identified by McKinsey.

Investment trends show firms are almost equally likely to allocate 5% of their digital budgets to generative AI as to analytical AI. Generative AI investments often reduce HR costs and increase revenue by over 5% in supply chain and inventory management. Analytical AI investments frequently yield cost benefits in service operations and revenue gains in sales.

Nvidia, which holds a dominant share of the AI chip market (70%-95% according to Mizuho Securities), announced a new generation of AI chips, Rubin, on June 2, following the previous Blackwell chips. Nvidia reported record-breaking revenue at the end of May. AMD, Nvidia's competitor, also unveiled a new line of AI chips on May 3.