Ramp AI Index: October AI spend up just 2% as OpenAI and Anthropic growth falls to single digits
RebeccaBellan · x · 2026-11-12
Ramp's latest AI Index shows corporate AI consumption decelerating sharply:
- October AI spend rose just 2% month-over-month; OpenAI and Anthropic token-spend growth fell to low single digits (2% and 1%), after Anthropic dropped -13% in September and OpenAI -4% in August — a stark contrast to the 20–66% monthly growth seen February–July
- Spend mix: engineering teams drive 72% of spend, followed by customer service and leadership
- The author argues markets should look to new fronts in the AI trade given modest growth and new competitive dynamics
A high-frequency signal from corporate card data often used to gauge model vendors' business momentum.
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