AI SPEND PER EMPLOYEE SLUMPED AT TOP FIRMS IN AUGUST — SUMMER DOLDRUMS OR A WARNING SIGN?

Summary from the TLDR Founders newsletter

Ramp's August card data covers 70,000 companies, and it is the number your board will compare your AI spend against. More than half of companies pay for at least one AI product, but that share barely grew, up 0.4% on July. At the heaviest spenders, spend per employee fell almost 10% to $7,205, and part of that is price. The average cost of a million tokens has dropped to $0.68 from a March peak of $1.15, so the same usage costs less each month. If you sell AI, customers' bills are shrinking without them buying less.