Ara Kharazian(@arakharazian):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.

2026.09.02 17:37

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.