New from Ramp data: the latest threat to the AI trade. AI companies' revenues are heavily dependent on a small set of customers. 80% of OpenAI and Anthropic's enterprise revenues come from 1% of their customers, and it's not getting better.
This is a level of concentration risk unseen in any other software category we track. The companies in the top 1% skew heavily toward the tech sector and AI products and services.
What happens in a market correction? All these companies are highly correlated, and an increasing share of our economy is invested in them. Especially as we approach blockbuster IPOs for OpenAI and Anthropic.
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