Ramp sees AI token spend grow 1.5% after July’s 42%

Token spend among companies in Ramp’s data grew only 1.5% across August and September, after a 42% month-over-month jump in July, even as token volumes kept rising. Ramp’s lead economist Ara Kharazian puts it down to OpenAI and Anthropic price cuts rather than weak demand. Anthropic said in a filing that its own cuts slashed revenue growth by about $600 million.

Spend picked up again in October, up 8.9% from September 23 to October 23, though Kharazian calls the headwinds strong. Anthropic, heading toward its IPO, had already shown slower revenue growth for the third quarter in its amended S-1.