Ramp data shows AI spending remains heavily concentrated among a very small group of corporate customers. According to the company, just 1% of businesses generated 80% of spending on OpenAI and Anthropic, while growth in that spending has been close to flat for nearly two months. In September, average spending per company in this top tier reached $9,568, up 11.7% from the prior month but still 3.1% below the July peak. Ramp chief economist Ara Kharazian said the slowdown was mainly tied to lower prices for leading models. Ramp also said token usage kept rising even as related spending in August and September showed almost no growth. CNBC reporter Kate Rooney added that about 80% of the highest-spending companies were venture-backed. Separately, Apollo said AI spending growth had stalled, while Citadel CEO Ken Griffin warned of a possible chip oversupply that could push GPU prices lower. Goldman Sachs has estimated that AI capital spending drove about half of earnings growth in the S&P 500.
Ramp data shows that just 1% of companies accounted for 80% of AI spending on OpenAI and Anthropic, with growth in that spending close to flat for nearly two months, according to Techub News.
Average spending by this top 1% of customers reached $9,568 in September, up 11.7% month over month, though still 3.1% below the July peak. Ramp chief economist Ara Kharazian said the slowdown was mainly due to lower prices for leading models.
Ramp said usage of token-based billing units for AI models continued to rise, but related spending in August and September showed almost no growth. CNBC reporter Kate Rooney said about 80% of the highest-spending companies were backed by venture capital.
Apollo, the asset manager, also said growth in AI spending had stalled. Citadel CEO Ken Griffin warned that chips could face oversupply, which could lead to lower GPU prices. Goldman Sachs estimated that AI capital spending drove about half of earnings growth in the S&P 500.
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