That's a publicly reported number and widely cited. It includes all revenue from the labs and hyperscalers. Menlo Ventures themselves reported that all enterprise AI spend in 2025 totaled $37B.
Yes, hyperscalers claim there's a lot of demand. A lot of that demand isn't actually priced, e.g. demand for Nano Banana.
Essentially, it is applicable to businesses that create cross-side network effects between developers and users. This includes Salesforce, but wouldn't include businesses that create developer tools or infrastructure for instance.
Slack and Zoom's business model are often conflated, but they are very distinct in reality. Slack is built on network effects, while Zoom is built on virality. This also makes Zoom far more vulnerable.
Yes, hyperscalers claim there's a lot of demand. A lot of that demand isn't actually priced, e.g. demand for Nano Banana.