“It's not a demand issue … firms are using more AI by pretty much any measure. … Those tokens have come down so significantly in price because of this price war that their actual spend has remained relatively flat.”

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…out to me is just the overall AI spend month over month, 2% growth, which is just significantly lower than what we've seen in previous months when you've been tracking this. Tell us a little bit about what we saw in terms of token spending and what it says about the AI business at the moment.

Yeah, just looking at the data that you found on the average price per token. So for OpenAI and Anthropic, token prices fell almost 15% last month. The average price per million tokens at Anthropic is 55 cents. OpenAI, it's 50 cents. I mean, is this a story of open weight models, presumably mostly…

You know, I wouldn't even blame it on the Chinese models. Not that they don't matter, but in our data set, Chinese models have less than 5% of the market as far as business spend goes. You know, I honestly think that if you were to ban all the Chinese models tomorrow, you would still see this kind…

Just looking at Anthropic specifically, last week you said that their Q4 business spend is on track to increase between 15 and 25% quarter over quarter. And just for context, the previous quarter, we learned that their revenue grew 47%. And I believe that before we learned that number, you had put…