Julius Baer analyst Enrico Chinello said the momentum in U.S. AI adoption suggests Anthropic has surpassed OpenAI, which is considering lowering pricing to respond to the trend, drive usage and regain market share. The key differentiator, he added, is the customer base.
About 85% of Anthropic's revenue comes from enterprises, he said, while the majority of OpenAI's revenue comes from ChatGPT consumer subscriptions, the vast majority of which are in the free tier.
Anthropic's strength among enterprise users gives it a clearer path to profitability, he said, adding that OpenAI's profitability remains in question.
Recent trends show that token pricing is generally higher across the industry, suggesting that AI labs may still have pricing power without materially sacrificing profitability.