This is one of the most dynamic markets we've seen, particularly for buying software, where month over month you will see large incumbents be replaced by the newcomers.

Anthropic just did that with Open AI. Now the most popular model used by businesses, according to ramp data.

Cursor did that with GitHub co-pilot. My main take is that Caspacalypt as a pronouncement has come way too soon

and is typically not informed by actual business behavior.

You're saying that Caspacalypsepocalypse is not in the data.

I'd say quantitatively neither aspect of Caspacolclipse is supported by actual business spend.

Neither aspect as in it's going to change the way we buy it.

Currently it has not in any meaningful way, nor has it killed off, at least the companies

that are frequently mentioned.

This episode originally aired on the MTS segment, Monetary Matters.

For the last two years, the dominant story in software

has been that AI will wipe out SaaS companies,

collapse seat-based pricing,

and centralize everything around a handful of frontier model providers.

But when you look at actual business spending data,

that story becomes much harder to defend.

Many of the fastest-growing AI companies are not model labs themselves, but the infrastructure, workflow, and application layers forming around them.

At the same time, businesses are increasingly using multiple models, becoming more cost-conscious,

and experimenting with AI in ways that don't neatly fit

the prevailing narrative around automation and labor replacement.

Jack Farley and Max Wheathe speak with Ara Karazian, lead economist at Ramp.

We have the lead economist from Ramp Economics.

...