Ramp, a corporate card giant, tracked payment data from over 70,000 U.S. businesses and found that just 1% of these companies accounted for 80% of commercial spending on OpenAI and Anthropic, and this highly concentrated demand is peaking. Ara Kharazian, Ramp's chief economist, noted in his October AI Index report that token usage continues to climb, but actual dollar spending growth has nearly stalled, rising only 1.5% in early October from its August peak, with paid user penetration also flattening. The core driver of stagnant spending is price deflation, with Anthropic's actual token price index falling from over $1.70 in mid-September to a record low of $0.83. Goldman Sachs warned that token demand growth must outpace price reductions to support computing power investments, while Citadel founder Ken Griffin believes the market is "almost certainly" in an AI bubble. OpenAI has indicated a preference to postpone its IPO until 2027.