04 - The Squeeze

−41%Effective price per million tokens since the March peak: $1.15 → $0.68 (Ramp data)

−38%OpenAI effective price since Aug 1 — now 48 cents

−22%Anthropic since Aug 1 — holding a floor near 90 cents

53→45%Frontier models share of enterprise usage, early Aug → Sept — cheaper models eating the premium tier

The whales are twitching: the top 1% of spenders — about 80% of OpenAI and Anthropic enterprise revenue — cut per-employee spend nearly 10% in August.

Tokens are getting cheaper — fast