$ANTHROPIC - Anthropic has overtaken OpenAI as the most popular model used by businesses according to Ramp data, showing strong competitive momentum in the AI model market.
$CURSOR - Cursor has displaced GitHub Copilot in the developer tools market and offers competitive advantages through better model routing and developer experience that OpenAI and Anthropic are not incentivized to provide.
$FIGMA - Despite competition from AI-native design tools, Figma continues to be one of the fastest growing vendors on Ramp's platform, contradicting the SaaSpocalypse narrative.
$PERPLEXITY - Perplexity is one of the fastest growing vendors on Ramp despite concerns about competition from model companies, offering products that model companies have not yet competed on.
$OPENROUTER - OpenRouter is seeing increasing adoption among high-intensity AI spenders who are becoming cost-conscious and need to route between multiple models to optimize spending, particularly as token costs have increased 13x year-over-year.
$PROFOUND - ProFound is growing extremely quickly in the new Answer Engine Optimization (AEO) category, which helps firms track their performance in AI models - a sector that didn't exist before and represents growth outside of model companies.
$ADIO - Adio is an extremely fast-growing London-based AI-native CRM that is gaining market share as an alternative to Salesforce, representing growth in AI-enabled SaaS outside of model companies' direct business segments.
$SAAS - Traditional SaaS business models remain resilient with seat-based contracts still accounting for 65-75% of spend and no meaningful shift to token-based pricing, contradicting the SaaSpocalypse narrative.
$NYT - Legacy media companies like The New York Times are well-positioned through licensing deals with model companies and are experimenting with AI to augment reporting, potentially capturing previously unmonetized readership.
Bearish:
$DEEPSEEK - DeepSeek has failed to gain meaningful business adoption despite being cheap, never reaching even 1% of firms on Ramp's platform, primarily due to security concerns and perception issues.
$OPENAI - OpenAI has lost its position as the most popular model used by businesses to Anthropic, and lacks incentive to offer cost-optimization features like auto-routing since 80% of its revenue is token-based.
$GITHUBCOPILOT - GitHub Copilot has been displaced by Cursor in the developer tools market, showing vulnerability to competition from products with better routing and developer experience.
$AIMODELS - AI model companies face structural headwinds from rising cost consciousness as token costs have increased 13x year-over-year for high-intensity users, creating unsustainable spending paths and driving businesses toward cheaper alternatives and multi-model strategies.