Julius Baer analyst Enrico Chinello says US AI adoption momentum indicates ANTHROPIC has overtaken OpenAI; OpenAI is considering price cuts to boost usage and regain share. About 85% of ANTHROPIC’s revenue comes from enterprise customers, while OpenAI earns most revenue from ChatGPT consumer subscriptions and the vast majority of users remain on the free tier, leaving OpenAI’s profitability uncertain. Recent across-the-board token price increases suggest AI labs may still have some pricing power

Julius Baer analyst Enrico Chinello says US AI adoption momentum indicates ANTHROPIC has overtaken OpenAI; OpenAI is considering price cuts to boost usage and regain share. About 85% of ANTHROPIC’s revenue comes from enterprise customers, while OpenAI earns most revenue from ChatGPT consumer subscriptions and the vast majority of users remain on the free tier, leaving OpenAI’s profitability uncertain. Recent across-the-board token price increases suggest AI labs may still have some pricing power without obviously sacrificing margins.