It's showing exponential growth but mostly towards the value models (DeepSeek Flash, GLM 5.3 Flash, etc). Which might be an indication that these models are "good enough". At this intelligence level perhaps it's more about cost optimisations.

I cannot speak for everyone else but for us (20 people company) AI spending has definitely peaked and is trending downwards. We're consolidating providers and heavily experimenting with "good enough" models.