AI spend is concentrated, labs are in price and product wars

VANDA • BRANDON CARL
01

Top 1% driving spend bolstered by VCs

Source: Ramp / Apollomonthly / employee
Top 1%Top 10%Median
02

Security spend most acute near-term

Source: CVE Trackernew CVEs / month
03

Personal agent retention is low

Source: Morgan Stanley via @intelfabs
MuseInstagramGoogleFacebook
04

Frontier labs are again Pareto optimal

Source: Artificial Analysis
Artificial Analysis Intelligence Index versus cost per task chart
05

Closed model prices declining

Source: Silicon DataUSD per million tokens
06

Sharp decline in unit intelligence prices

Source: Brandon Carlrelative cost improvement
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