Ramp data shows AI token spending nearly flat in late summer

TechCrunch reports Ramp's data shows token spending grew only 1.5 percent across August and September, after 42 percent growth in July, even as token volumes rose. October picked up, with 8.9 percent growth from September 23 to October 23. Ramp's lead economist said a slowdown among the heaviest-spending 1 percent of firms is enough to slow overall revenue.

Why it matters: It is one dataset, but it questions the assumption that frontier lab revenue keeps compounding at recent rates.