[jmalicki]

For Anthropic in particular, that we're talking about, API token costs are revenue that is earned in real-time not on a contract - so hypothetically a giant spike in token use on an API use contract could spike revenue. But I don't think most expect that to randomly fluctuate enough to be material.

[sophiebits]

People building applications that use AI do have longer contracts. Not sure how the split is vs Claude Code etc.

[jmalicki]

Sure, but the moment they use the token the revenue is earned.