Enterprise AI spending is hitting a reality check as companies discover they've burned through budgets faster than expected, forcing venture investors and startups to help businesses measure actual return on their AI investments.

What happened: Companies that aggressively pushed AI adoption earlier this year—a trend called "tokenmaxxing"—are now facing the bill. Uber reportedly exhausted its annual AI budget in a few months, some organizations cut Claude licenses, and Meta shut down its internal leaderboard. NEA partner Tiffany Luck is now focused on how startups are helping enterprises track return on AI spend.

Why it matters: The gap between AI hype and measurable business results is real. Companies rushed to deploy AI tools without a clear plan for measuring whether the investment actually paid off. This tension between enthusiasm and accountability is reshaping how businesses think about AI budgets and ROI.

What to watch: Luck's work centers on personal agents and what she calls "magic moments" in consumer business—the specific, high-value uses where AI can deliver clear wins. The conversation also touches on this year's AI IPOs, suggesting the investment community is actively watching which companies can prove their AI spending drives real returns.