Ramp Data Shows AI Spending Stalling as Anthropic Nears Its IPO

What happened

Ramp data shows AI spending growth slowed in August and September even as token volumes rose, with token spend increasing 1.5% across those two months after growing 42% in July. Ramp lead economist Ara Kharazian attributes the gap to price cuts, competition, and companies managing AI costs more carefully. Spending re-accelerated in October, but he questions whether emerging products such as personal agents can sustain the industry’s earlier growth.

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The story so far

Ramp data shows AI token spending growth slowed sharply in August and September, then picked up again in October. Token spend rose 1.5% across August and September, after growing 42% in July, even as token volumes increased. Ramp lead economist Ara Kharazian attributed the slowdown to price cuts, competition, and companies managing AI costs more carefully. He questioned whether newer products such as personal agents can sustain the industry’s earlier growth.