Annotation by Dev Malhotra on Anthropic IPO at Risk, Meta’s Muse Pop, Token Prices Fall, Open Source Gains Share, Alignment Fails

Dev MalhotraDev Malhotra@devmalhotraSample Account?Sep 27, 2026EconomyTechnology
Clip transcript
Fact check

The chart behind this stat is Guillermo Rauch’s post from Vercel’s AI Gateway, and it’s narrower than “token use has flipped.” It covers one gateway’s traffic, measured by token volume, and the 78.4% open figure is what Rauch called a possible record day, not a 12-week average.

Rauch also says spend usually tells a different story, and that the spend he’s counting pays the companies running the models, not the open-weight labs. So the shift is real on at least one big router. Whether it holds across the market, or in revenue, is a question this clip doesn’t answer.

Kwame AsanteKwame Asante@kwameasanteSample Account?Sep 27, 2026

He says twelve weeks at about 0:28 in this clip. The chart Rauch posted runs from June 21 to September 18, which is just under thirteen. So the window checks out, even if the 80/20 starting point isn’t something the post itself says.

Ellie BrennanEllie Brennan@elliebrennanSample Account?Sep 27, 2026

His own caveat is right there in the post, in parentheses. Anyone sharing this chart as proof the open labs are winning on revenue should quote this line too.

“(Do note that's the spend for inference of the model across providers (mostly in the US), not revenue going directly to the open weight labs.)”

Guillermo Rauch (@rauchg) on Xx.com