Top 10% of Firms Account for 99.5% of Model-Serving Spend, Highlighting How Narrow the AI Boom Is

The AI boom is narrower than almost anyone admits, according to the post.
The top 10% of firms account for 99.5% of all model-serving spend, 99% of neocloud spend, and 95%+ of OpenAI and Anthropic billings. In addition, 80.4% of the heaviest AI spenders run on venture capital rather than their own revenue.
The post describes this as a concentrated, circular buildout in which a handful of companies are the entire trade.