NEW: AI Spend FALLS in the latest Ramp AI Index. Price cuts, in addition to cheaper and more efficient models at standard and lite levels, are pushing down the cost of using AI. And it’s not open-source. This decline is driven by competition between OpenAI + Anthropic. via ramp.com/data/ai-index

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.

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.