AI token spending up 8.9% in one month… LAMP customer weekly aggregate

Ramp’s customer data showed AI token spending rose 8.9% in the week ended October 23 versus the same week a month earlier, while token usage jumped 37.1%, according to its AI index published October 14. Ramp chief economist Ara Kharazian said token spending was essentially flat in both August and September, with model price cuts and efficiency gains driving a wedge between usage and spending. The index tracks Ramp’s payment and spend-management customers, not all U.S. corporate AI outlays. The divergence matters because falling model prices can lift adoption volumes without proportionally raising revenue for AI providers. Next, watch whether the October spending uptick persists and whether usage growth continues to outpace spend.