Jack Farley

We have the lead economist from Ramp Economics, Ara Karazin.

Thank you so much for joining us today.

Thank you, guys.

You've written a number of pieces looking at this very topic.

Are people changing their spending patterns?

What are you guys seeing at Ramp?

So it sounds like less has changed than people are talking about.

Where would you say the real change is happening?

What is changing on the margin?

So for that to really take off, I mean, in theory, you would only offer that as a company if you believe it's going to allow you to take market share or increase usage within an org.

So is somebody going to have to go after everybody else's lunch with a token-based model to force that upon the rest of the market?

What scenario would people fully switch?

Would we see that take over?

So you talked about as well, like the increase in token based spend with some of these software companies.

To what extent is that adding AI capabilities to the existing sort of stack of products and many some of that even being like flowing through to these supposed competitors?

Yeah.

versus it replacing a seat-based consumption, right?

It's adding AI capabilities to their suite of products, and that you might pay token-based, but you still have some sort of seat-based thing on top of that.

Anthropic, surpassing open AI.

I think everybody is kind of familiar with that story at this point.