Ara Kharazian

makes money from a lot of stuff.

They don't need you to spend money on tokens explicitly.

Anthropic and OpenAI, 80% of their business revenue is token based.

So it's directly tied to usage and incentivizing you to do that.

Cursor will automatically, I mean, I think the model companies will have to respond to that kind of competitive pressure increasingly because, especially Anthropic, right, people are increasingly hitting these compute limits.

Mm.

And so it behooves them to make that change first so that at least more people can use it most effectively.

They certainly have the demand for it.

But I think it's going to come from whether the first step is going to be whether or not other firms that are in this space start offering it first and end up being that competitive pressure.

And by the way, that's the bull case for something like Cursor, which can compete on the developer experience in that way, in a way that OpenAI and Anthropic, in the absence of Cursor, are not incentivized to do.

They can offer a cheaper, more performant model or better routing as part of the product experience.

Hey, all right.

So in this great chart, you've got Anthropic now leading OpenAI, then Google, then XAI.

Way, way, way at the bottom is the blue line.

People can barely see it is DeepSeek.

What happened, Ara?

I thought, you know, five months ago, we were hearing about how 80% of venture capital backed tech startups were actually using DeepSeek because DeepSeek was so cheap.

If that's the case, how come I can barely see this blue line on my chart?

What's going on?

I don't think 80% of venture-backed companies are using DeepSeek.