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.

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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!