@leadinginds

The data behind tomorrow’s business headlines. Powered by transaction data from 70k+ companies on @tryramp

ramp.com/series/leading-indicators
Joined June 2019
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36Media

Is San Francisco in its hot city era?

Article · @leadinginds
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Would you pay extra for a kid-free flight? JetBlue’s first ones just sold out. More in today's Leading Indicators: • The AI earnings scaries • What stood out in Anthropic's S-1 • A record number of companies switching AI providers Link in replies.
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Full letter: ramp.com/leading-indicators/…

The AI earnings scaries, plus "adults-only" flights

Big Tech earnings and Anthropic’s IPO will test investors’ AI appetite. Plus, JetBlue’s kid-free flights and new Ramp data on AI-switching.

ramp.com
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Anthropic (@AnthropicAI) made its IPO filing public today. We went back through the Ramp data we published this year. Here’s Claude’s 2026 via Ramp numbers 🧵
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more replies
The race kept moving after the adoption crossover. By September, 8% of businesses were changing their top AI model provider by token spend, a record three-month average in Ramp's series.
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For token buyers, there was another shift. Ramp's blended effective price per million Anthropic tokens fell from about $1.55 in January to about $0.80 in October. The figure combines input, output, and cached tokens across models.
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SF company cards are last for bars but first for restaurants (18.5% of payments, Jan–Sep 2026)
Leading Indicators
@leadingindsOct 22

Is San Francisco in its hot city era?

Article · @leadinginds
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The companies spending the most on AI aren't spending it on AI tools. For the top 1% of businesses, 88% of AI spend goes to compute and models. Apps, wrappers, everything else: 12%.
Ara Kharazian
@arakharazianOct 24
Interpret this how you will, but more than a third of AI spend by the top 1% of firms is already going to compute
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Leading Indicators retweeted
Veeral Patel
@vralOct 21
Everyone has been asking me why Ramp is building a router We started by helping companies manage spend. As more of their money goes to buying intelligence, our job is to help 85k customers decide between models, too Excited about the progress so far, but still a lot of work ahead
Vals AI
@ValsAIOct 20
How do model routers compare to individual models on real agentic tasks? Introducing the Vals Router Index. Routers promise to balance quality and cost across a fast-moving model frontier. We put that promise to the test with an independent evaluation of five routers (OpenRouter Auto, FireRouter, Ramp Router, Jev, Fugu Max) against every single model on the Vals Index, using the same agents, ~1,250 tasks and graders across finance, coding, law and tax. We found that routing didn’t consistently deliver better value. Every router was beaten on both score and cost by at least one single model.
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More than half of enterprise project-management buyers purchased Jira in the past 12 months. No other tool reached 30%. The top 5, based on Ramp spend data 👇
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Leading Indicators retweeted
Ara Kharazian
@arakharazianOct 18
Join me and @nathanbenaich who put together one of the best reports in the industry. NYC for the State of AI meetup
Nathan Benaich
@nathanbenaichOct 18
nyc 👋 i'm hosting @stateofai meetup on 10/27 i'll share the report's key findings across research, industry, politics, safety and my predictions then, a fireside w/the one and only @arakharazian, lead economist at @tryramp - the best person to talk ai adoption come hang!
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The big worry for the AI industry in the short term is that customers have started aggressively bargain-hunting. They're switching to cheaper models and switching between models more often. As a result, spending on AI is plateauing even as everyone uses more AI.
Noah Smith 🐇🇺🇸🇺🇦🇹🇼
@NoahpinionOct 15
Talk of an AI bust is back. AI is earning a lot more money than it did last year, but data centers are being built with a lot more debt. noahpinion.blog/p/ai-vs-the-…

AI vs. the railroads

Are we in 1872?

noahpinion.blog
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The leading AI model providers by observed spend across six industries, based on the September 2026 Ramp AI Index.
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“It’s not that businesses are using AI less — in fact, they’re using it more and more.” They’re “beginning to bargain-hunt.” @Noahpinion uses our AI Index data from @arakharazian to ask who captures the value as AI gets cheaper. Read: noahpinion.blog/p/ai-vs-the-…
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Delaware had the highest share of Ramp businesses paying for an AI product or service in September: 72.7%.
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Source: ramp.com/data/ai-index
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The most-purchased AI vendor in each category, based on Ramp spend data. Search, dictation and coding have clear leaders, with Perplexity, Wispr Flow and Claude Code each bought by 87%+ of category buyers. Inference, GPU capacity and AI-first GTM are still fragmented.
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