Show and Guest
Fortune’s AI Weekly (11 November 2026): Guest Ara Kharazian, Ramp chief economist; hosts Jeremy Kahn and Beatrice Nolan. This transcript covers 00:00–09:30 (the section where Kharazian discusses AI spending and pricing).
Key Takeaways
- AI spending in August and September was essentially flat, driven entirely by a slowdown among the top 1% of businesses. 0:00
- Businesses representing 1% of the market account for 80% of OpenAI and Anthropic revenue; the median business spends just 12–15 dollars per person per month (the cost of one chat subscription), while the top 1% spend 10 thousand dollars. 3:24
- Businesses adopting AI hire about 10% faster over two years, but the gains are entirely concentrated among heavy users; median users see virtually no benefit. 5:19
- It is not a demand problem—the top 1% of businesses are using more and more AI—but AI itself is getting cheaper: the price per million tokens halved in six months. 8:48
Background and Notes
Subtitle coverage: The video has 667 timestamped subtitle segments covering its full runtime of 36:31; this transcript covers only 00:00–09:30. Later sections (including the price war, Fable and Soul, the referendum, and data-center construction) are not covered here. The views and timestamps are relayed from the original subtitles; each timestamp marks the start of the corresponding spoken segment.