One signal

Ramp’s corporate-card data suggests businesses are paying for AI services, but it cannot yet tell us how much the AI industry earns overall. Derek Thompson’s analysis points to a demand-side blind spot: private model companies do not publish quarterly revenue, while AI use bundled into existing products is hard to count.

That leaves room for warning signs, including concentrated spending, slower growth and falling prices, without a clear view of the market’s total income. AI is being bought; how much that adds up to is another question.

Discuss: Should investors treat corporate-card spending as meaningful evidence of AI demand, or is it too incomplete to say much about the market?

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