Hi,

Here’s our Monday roundup of data signals across AI, energy and markets.

Enjoy!

1. Rents for the incumbents. OpenAI, Anthropic and Google take 90% of spend on Vercel’s AI Gateway, but only make up 52% of the tokens. For the average token, the Big 3 generate more than 8x as much revenue as the rest of the field¹.

2. Selective use. AI reaches 68% of occupations in the US; within professions, it covers ⅕ of a typical job’s tasks.

3. Cheap fables. Users seem to find output from Cursor’s Router on Auto Intelligence mode just as good as Fable at ~60% lower cost.

4. Utilization, not transformation. US labor productivity is up, largely because firms are running the existing capital harder, with little change in total factor productivity (TFP)².

5. Drugs good for the economy. GLP-1s cut long-term sickness leave by 17% over four years in Denmark. It didn’t move employment or pay; the benefits accrued to employers and public finances.

A MESSAGE FROM OUR SPONSOR OKTA

Secure your AI agents

Governance and oversight are the biggest concerns among teams adopting agentic AI – for a good reason. Your agents can read sensitive information, take actions for you and work for a long time without oversight.

The companies least at risk will be those with governance frameworks that help them scale AI with confidence.

Okta’s 5-minute assessment will give you a score of how secure your AI agents are today and show exactly where the risks are.

Start your assessment

6. Unicorn central. The Bay Area accounts for 91% of the generative AI unicorn market cap and 39% of the market cap, including all unicorns.

7. In the hands of the few. In the US, 5% of VCs generate 90% of investment profits.

8. Cities without kids. The number of kids under 5 in large US cities has dropped 15% in the last decade, even in cities where the population is growing.

9. Policy impact. Despite a late start, electric vehicle sales in Latin America are catching up to the US thanks to tax breaks and other incentives.

Thanks for reading!