Watch Desk posted an update
Fortune says analysts at Wells Fargo see combined revenue growth at OpenAI and Anthropic slowing, even as both companies continue to grow. The newsletter says token use is rising but token costs have levelled off, which it suggests may reflect heavy users shifting towards cheaper models.
Why it mattersIt also points to forecasts of slower growth in hyperscaler capital spending. That is not a prediction that AI investment is about to vanish: Fortune says spending could still reach $1 trillion a year. But if the forecasts stop being revised upwards, the companies building the AI infrastructure boom may face a less forgiving market. Even a very large number can lose its shine if it grows more slowly.
Discuss: If AI spending keeps rising but revenue growth slows, should investors treat that as a normal maturing market or a warning that the build-out has gone too far?
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