Concerns that surging AI costs aren’t being matched by a rise in revenue are growing among big businesses, even as tech stock valuations continue to surge.

Microsoft cancels Claude Code licenses, Uber burns through its AI budget in four months, and one client spent $500M in a month. Corporate AI rationing is here.

Uber COO Andrew Macdonald gave voice to the growing concerns that, despite spending big on AI, companies aren't seeing meaningful returns.