AI Boom Adds More Customers But Spending Remains Highly Concentrated: What It Means for Nvidia, CoreWeave

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The AI compute boom is adding customers, but the money remains extraordinarily concentrated.

New Ramp data highlighted Thursday by Apollo Chief Economist Torsten Slok shows the top 10% of Ramp customers account for 99.5% of spending on model-serving and inference providers and 99% of neocloud spending, a divide that matters for Nvidia Corp. (NASDAQ:NVDA) and CoreWeave Inc. (NASDAQ:CRWV).

Ramp provides corporate cards and spend-management software to businesses, giving it a window into how companies are allocating money across software and technology services.

More Businesses Are Buying AI Compute

Roughly 10% of software-spending businesses on Ramp now pay a GPU-compute vendor, up from under 4% two years ago.

Most of that growth came from model-serving and inference providers, which run AI models for customers. Adoption rose from 2.4% to 8.7%, while neocloud adoption increased from 2% to 3.3%.

The new users, however, aren’t where most of the money is. The figures reflect businesses using Ramp rather than all U.S. companies.

That concentration comes as the infrastructure bet reaches historic proportions. Economist Stijn van Nieuwerburgh estimates U.S. data-center and related AI investment could total $10.3 trillion from 2025 through 2032.

CoreWeave Shows the Concentration