CRACKS IN THE AI THESIS PART 3

Summary from the TLDR Founders newsletter

Ramp's October AI Index reports that just 1% of firms in its data account for 80% of spending on OpenAI and Anthropic. That makes revenue unusually dependent on a small group of heavy users. Their September spending per employee was 3.1% below July's peak, even as overall token volumes rose. The index proposes falling model prices as the main explanation. If your AI revenue depends on usage, track what share comes from your largest accounts and whether their spending is recovering before forecasting revenue from token growth.