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Explore unbiased, data-driven AI themes across the five-layer stack: applications, models, infrastructure, chips, and energy.

When Revenue Met Compute

Anthropic's compute spend increased by $4.3B, or 172%, in 2025. Over the same period, annualized revenue increased by $8B, or 800%.

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Models

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Explore unbiased, data-driven AI insights across the five-layer stack: applications, models, infrastructure, chips, and energy.

OpenAI

OpenAI In Tokens

In March 2026, OpenAI models on OpenRouter processed 9.06 trillion tokens. OpenAI tokens processed increased 63.56% month-over-month.

30 Apr, 2026

Ravinder Deol

OpenAI

The Deep Research Effect

Since Deep Research launched, OpenAI's adoption rate on Ramp increased from 18.22% to 35.18%. In the 2 months after launch, it jumped 13.79 points.

29 Apr, 2026

Ravinder Deol

OpenAI

$852,000,000,000

In March 2026, OpenAI closed a $122B funding round at a $852B valuation. This round made it the most valuable private company in the world.

28 Apr, 2026

Ravinder Deol

OpenAI

$12 Billion In 6 Months

In February 2026, OpenAI reached $25B in annualized revenue. Between GPT-4 and GPT-5 (29 mo), it added $12.8B. Since GPT-5 (6 mo), it added $12B.

27 Apr, 2026

Ravinder Deol