Ramp data shows AI token spend growth collapsing from 42% to 1.5%
GaryMarcus · x · 2026-11-07
Gary Marcus shares TechCrunch reporting on Ramp data: enterprise AI spending flatlined in late summer, with token spend growing just 1.5% across August–September versus 42% month-over-month growth in July. Price competition and savvier customers may be capping revenue for OpenAI and Anthropic.
Key points:
- Nearly all AI spend comes from venture-backed, high-growth tech companies
- The top 1% of firms dipped below their $10,000 per-employee summer peak in Aug–Sep
- A slowdown in that cohort is "sufficient to slow down revenue entirely, despite rising volumes"
Marcus uses this to reinforce his cautious stance on the "AI Trade."
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