Companies Tried to Spend Less on Cloud. Then AI Showed Up.

Business technology leaders are expecting their cloud spending to grow in 2024, an increase linked in part to the growth of new generative artificial intelligence services.

“Our cloud usage is up, for example, driven by our use of generative AI in drug discovery,” said Diogo Rau, executive vice president, chief information and digital officer of pharmaceutical company Eli Lilly. “The cloud is important for generative AI because it makes it possible to set up projects quickly and enables large, parallel computations to increase speed.”