OpenAI and Anthropic account for a large share of overall AI revenue and are widely treated as proxies for the broader AI industry.

“And OpenAI and Anthropic, the reality is, is they're a huge percentage of the overall AI revenues, and so everyone looks to them as a proxy for the rest of the industry. So if they keep growing, which again, I think a lot of the bears would say they're gonna stop growing because open weight models are gonna eat their lunch, like this, this, and that.”