Ara Kharazian
@arakharazian.bsky.social
Lead Economist at Ramp ramp.com/data
NEW from Ramp AI Index: AI spend *declined* among the top 1% of businesses spending on AI.
In August, the top 1% of businesses spent $7.2K per employee per month, down 10% from a July peak ($8K).
We're seeing more cracks in the AI thesis as a number of drivers show spend topping out.
In August, the top 1% of businesses spent $7.2K per employee per month, down 10% from a July peak ($8K).
We're seeing more cracks in the AI thesis as a number of drivers show spend topping out.
September 9, 2026 at 3:25 PM
NEW from Ramp AI Index: AI spend *declined* among the top 1% of businesses spending on AI.
In August, the top 1% of businesses spent $7.2K per employee per month, down 10% from a July peak ($8K).
We're seeing more cracks in the AI thesis as a number of drivers show spend topping out.
In August, the top 1% of businesses spent $7.2K per employee per month, down 10% from a July peak ($8K).
We're seeing more cracks in the AI thesis as a number of drivers show spend topping out.
New from Ramp data: the latest threat to the AI trade. AI companies' revenues are heavily dependent on a small set of customers.
80% of OpenAI and Anthropic's enterprise revenues come from 1% of their customers, and it's not getting better.
80% of OpenAI and Anthropic's enterprise revenues come from 1% of their customers, and it's not getting better.
September 2, 2026 at 6:10 PM
New from Ramp data: the latest threat to the AI trade. AI companies' revenues are heavily dependent on a small set of customers.
80% of OpenAI and Anthropic's enterprise revenues come from 1% of their customers, and it's not getting better.
80% of OpenAI and Anthropic's enterprise revenues come from 1% of their customers, and it's not getting better.