Ramp data shows AI spending stalling just as Anthropic nears its IPO

Ramp data shows token spend grew only 1.5% across August and September, down from 42% month-over-month growth in July, even as token volumes rose. Ramp's lead economist Ara Kharazian attributes the slowdown to price cuts from OpenAI and Anthropic, enterprise discounts, and customers getting thriftier, warning that heavy reliance on venture-backed tech companies could cause simultaneous slowdowns. October data showed a re-acceleration, with token spend up 8.9% from September 23 to October 23.