Ramp data reveals a slowdown in AI spending growth to 1.5% for August and September.
Amid declining API costs from OpenAI and Anthropic price cuts, engineering teams are shifting toward more cost-efficient models and stricter resource budgeting.
The role of competition and efficiency
This slowdown does not mean that businesses are abandoning the technology, but that they have become more careful with their spending. Intense price competition between companies such as OpenAI and Anthropic plays a significant role. For example, OpenAI has reduced prices for the use of GPT-6 models Sol and Luna, while Anthropic has made corresponding moves for Fable 5.1 and Opus 5.5.
At the same time, businesses are now adopting more economical practices, such as limiting budgets and turning to tools that cost less for specific tasks, such as Jev.
Valuations and investor expectations
Market changes have also affected the valuations of technology companies themselves. Anthropic’s estimated valuation has fallen from $2 trillion to $1,2-1,3 trillion, and it is expected to receive a low credit rating after its IPO. Similarly, OpenAI has reduced its own proposed valuation from $1,4 trillion to $1,25 trillion.
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Investors remain cautious about the future. For now, there is no clear indication that new personal digital assistants will deliver the same financial returns that scheduling tools have delivered to companies.
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