Nathaniel Whittemore(@nlw):While I think this is more worthy of debate than a lot of concerns, I think there’s another way to interpret this: it suggests the TAM is *massive* if the 1% represent early adopters rather than unique demand exceptions.

2026.09.03 13:51

While I think this is more worthy of debate than a lot of concerns, I think there’s another way to interpret this: it suggests the TAM is *massive* if the 1% represent early adopters rather than unique demand exceptions.

Ara Kharazian@arakharazian

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.