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Top stories today:
- U.S. startups face longest Series B closure times since 2012
- AI spending worldwide to hit $632B in 2028, with 29% CAGR
- Apple Podcasts gets web app
- Procreate, iPad design app, vows to never incorporate GenAI
- Bing only leads Google in Microsoft-owned IE, Edge
0. Data and calendar
All values as of 6 AM ET / 3 AM PT, other than S&P500 and NASDAQ close (4 PM ET / 1 PM PT).
All times are ET.
1. U.S. startups face longest Series B closure times since 2012
28 monthsā median time between Series A & B funding.
1,600 (36%) secure Series B out of 4,400 startups raising Series A in 2020/21.
AI and other hot sectors are exception.
Elon's xAI closed $6B Series B in 6 months after last round.
2. AI spending worldwide to hit $632B in 2028, with 29% CAGR between 2024ā28
Augmented claims processing will see fastest growth, followed by digital commerce:
GenAI will outpace overall AI market with 5-year CAGR of 59.2%.
$202B GenAI spending by 2028-end, marking 32% of overall AI spending.
Software will drive 50%+ of overall AI market.
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4. Apple Podcasts gets web app for listening to your favorite podcast online
Apple.
