The AI Story Wall Street Doesn't Want to Hear

Ramp's data shows top AI spenders' growth is stalling and discounting rising, threatening the revenue doubling needed to justify AI capex.

• Revenue is opaque: OpenAI and Anthropic are private, so the public relies on leaks — one report pegged OpenAI revenue at $70B/year, another at $50B, a 30% gap.
• Extreme concentration: Ramp data shows the top 1% of businesses drive 80% of OpenAI/Anthropic spend, spending up to $10,000/employee/month vs. a median of $12-15.

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