Anthropic Leads AI Spending with 73% Market Share, Mizuho Identifies Key Stocks

Anthropic's Dominance in AI Spending#

Anthropic is quickly becoming the top choice for businesses investing in artificial intelligence (AI) tools for the first time. Recent data from Mizuho TMT specialist Jordan Klein reveals that Anthropic now holds over 73% of the market share in AI spending among these enterprises. This marks a significant change from just 10 weeks ago, when the market was evenly split between Anthropic and OpenAI.

Shift in Market Dynamics#

Klein pointed out that the balance was previously in favor of OpenAI, with a 60/40 split as recently as December 2025. This shift is viewed as a positive sign for Amazon, which manages the majority of Anthropic's AI processing workload. The growing preference for Anthropic suggests a strong trend in enterprise AI adoption, which Mizuho believes is increasing as companies see real value and returns on investment (ROI) from their AI usage.

Beneficiaries of the Trend#

In addition to Amazon, several other companies may benefit from this trend. Mizuho has identified Marvell Technology, Astera Labs, Fabrinet, and Credo Technology as potential winners in this evolving landscape. Klein emphasized Anthropic's strengths in AI coding tools, which he sees as a significant advantage for both usage and monetization of AI technologies.

Future Outlook#

Mizuho forecasts that demand for AI inference—essentially the process of making predictions based on AI models—will continue to grow, leading to increased capital expenditures and investments from major tech firms, known as hyperscalers, well into 2027 and 2028. This growth will likely involve the development of new systems and applications, such as OpenClaw. However, Klein also noted that as AI adoption scales, there may be challenges related to memory consumption and power constraints.

Additionally, companies like Microsoft, Oracle, Nvidia, AMD, Micron Technology, Seagate Technology, and Western Digital are expected to benefit from OpenAI's strategic shift toward enterprise solutions and coding tools. Klein described this pivot as a smart move that will positively impact key suppliers.