After talks with more than 50 customers, the research firm said reported broad spending cuts are overstated and sees limited second-half budget risk for OpenAI and Anthropic API revenue.
Enterprise AI spending is shifting from early-year "tokenmaxxing" to formal budget setting, with monthly caps running from $250-$500 at some companies to $2,000 and even tens of thousands of dollars for higher-end users, SemiAnalysis said. Based on conversations with more than 50 enterprise customers, the firm argued that media reports portraying widespread AI spending pullbacks are overstated. It added that OpenAI and Anthropic API (application programming interface) revenue appears to face little budget risk in the second half as companies move from experimental usage toward more structured procurement.