The composition tells a bigger story than the aggregate figure.

Fable 5, the company's most capable model, stalled near the 15-point mark on the index.

The Opus line is driving growth.

A familiar pattern in technology: the top-of-the-line model isn't the one that scales.

Companies buy the model that gets the job done at the right price, not necessarily the best one available.

The AI monetization thesis assumes that frontier-level capability translates into premium revenue.

The data suggests that demand still lies in the middle of the curve.