Anthropic has overtaken OpenAI in business spending, according to transaction data from Ramp, the corporate card and finance platform with visibility into real company expenditures. Ara Kharazian, Ramp's lead economist, brings actual spend data to this conversation, not surveys or projections. That sourcing matters: Ramp sees what companies actually pay, not what executives say in earnings calls.
The interview stress-tests three narratives driving AI coverage right now. First, tokenmaxing: the claim that companies are hitting context limits and spending more as a result. Second, the SaaS apocalypse: the idea that AI is cannibalizing subscription software revenue at scale. Third, whether DeepSeek's resurgence represents a real shift in enterprise model selection. Kharazian gives specific answers to each, and at least one conclusion will surprise you.
Google's enterprise AI position gets attention here as underrated, which cuts against the dominant narrative. The episode also covers Anthropic's regulatory clash with the White House and what it signals about the policy environment ahead. The chapter breakdown shows exactly where each debate is settled: jump to 39:31 for the SaaS question, 31:29 for DeepSeek, and 02:51 for the Anthropic adoption data.
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