Anthropic’s Flagship AI Model Loses Ground as Cheaper Alternatives Win Over Business Users

TLDR

• Spending on Anthropic’s Fable 5, its most expensive model, has plateaued at just 11% of total Anthropic AI spending among US companies
• Enterprise users are saving flagship models for complex tasks and using cheaper models for routine work
• Anthropic’s annualized revenue hit $65 billion in July, falling short of the $80 billion investor target
• OpenAI’s GPT-5.6, a cheaper frontier model, has helped push its annualized revenue up to $40 billion
• Experts are split on whether falling Fable 5 adoption hurts Anthropic overall or simply reflects a healthy mix of model use

Spending on Anthropic’s most advanced AI model, Fable 5, has stalled. Data from 70,000 US companies collected by payments firm Ramp shows it now accounts for just 11% of total spending on Anthropic’s AI tools.

🇺🇸 Anthropic seems to have built one of the best models available but its customers don’t appear willing to pay much more to use it – FT

➡ Will the company building the best model actually be the one capturing the most value?

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