Dylan Patel: Jane Street and Meta capture AI's value, not OpenAI or Anthropic
MatthewBerman · x · 2026-08-26
Dylan Patel of SemiAnalysis argues that most of the value generated by AI models is not captured by OpenAI or Anthropic but by downstream users — "thankfully, so far, it is mostly just being given to the users."
Two examples: Jane Street, with an exclusive OpenAI contract for GPT-5.6 ultra fast mode and one of Anthropic's biggest customers, makes far more money from the tokens it buys than Anthropic earns in profit; Meta, once rumored to be as much as 10% of Anthropic's business, extracts huge internal efficiencies from its token spend. Matthew Berman quipped: isn't that exactly how markets are supposed to work?
Related event: SemiAnalysis Founder: AI Profits Flow Downstream, Not to OpenAI(2 posts)→
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