Anthropic's ARR growth rate is slowing down. Its annual recurring revenue (ARR) was only $9 billion at the start of the year, surged to $19 billion in March, hit $47 billion in May, but by July, it only reached just over $65 billion. Explosive growth at the start of the year, but in the past two months, it’s grown by less than 40%. That said, the entire AI industry is still accelerating. OpenAI's monthly ARR in July grew over 20% month-on-month; by the end of September, media reports said its ARR had already hit $70 billion. Back in July, it was just $40 billion, and in September, they even announced a 50% price cut to grab users. Microsoft's AI business brought in $37 billion in annual revenue, up 123% year-on-year, with Copilot paid seats starting at 20 million and growing faster and faster. Google Cloud is up 63%, and AWS's AI revenue saw triple-digit growth. The market will soon shift from focusing on the ARR growth of a single lab to the overall token consumption across the entire market. You can’t doubt the entire sector just because of one lab!