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Corporate buyers of artificial intelligence services are rewriting their procurement logic, moving away from high-volume token consumption — what the industry has taken to calling "tokenmaxxing" — toward disciplined, return-focused deployments.
The shift lands directly on OpenAI and Anthropic, the two providers most exposed to enterprise API demand, and it carries real consequences for their growth rates.
Budget restraint, not a collapse in interest, is the mechanism: customers are still buying, but they are buying differently.
The Inventory Problem: Too Many Tokens, Not Enough Returns The tokenmaxxing era had a straightforward supply-side logic — feed the model more, get more output, repeat.
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