Gavin Baker, managing partner and CIO of Atreides Management, has been making a pointed case that Anthropic holds a decisive edge over OpenAI in one of the most consequential dimensions of AI competition: cost per token. The efficiency gapBaker’s core claim is that Anthropic burned roughly 80% less capital than OpenAI to reach a similar revenue run rate. The companies currently sitting on that frontier, per Baker’s analysis: Anthropic, OpenAI, and Grok 4.3. Baker describes Anthropic as roughly four times more capital efficient than OpenAI. Baker’s broader thesis positions token production efficiency as the single most important variable in determining long-term AI winners.