steve hsu(@hsu_steve):Grok on September Ramp data. ANT S-1 reports $65B annualized revenue run rate based on July data. Effective price: $1.15 → $0.68 per million tokens from the March peak (−41%). Top 1% spend per employee: $7,976 → $7,205 in August (−9.7%). New paid adoption still rising, but slowly: Anthropic +0.34pp to 43.8%, OpenAI +0.09pp to 39.8%. Frontier-model token share off an August peak: ~53% → ~45%, with volume shifting into cheaper Sonnet/Terra-class models.

2026.09.29 15:02

Grok on September Ramp data. ANT S-1 reports $65B annualized revenue run rate based on July data. Effective price: $1.15 → $0.68 per million tokens from the March peak (−41%). Top 1% spend per employee: $7,976 → $7,205 in August (−9.7%). New paid adoption still rising, but slowly: Anthropic +0.34pp to 43.8%, OpenAI +0.09pp to 39.8%. Frontier-model token share off an August peak: ~53% → ~45%, with volume shifting into cheaper Sonnet/Terra-class models.

Callum Williams@econcallum

2026.09.28 19:53

If this data from @tickerplus is even broadly correct, isn't this really, really bad?

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