In the AI sector, the AI coding space saw explosive, hockey-stick growth from early last year through June of this year. Anthropic perfectly timed the wave, scaling its ARR in just one year to surpass OpenAI and claim leadership of the category. However, this phase is likely to moderate in the second half of the year. The core reason is that AI token costs have yet to see a true step-function breakthrough. Real inflection will only arrive when token economics plummet—much like internet access costs did decades ago—turning AI into an ubiquitous, must-have foundation for everyone. That's when the second act begins: the explosive takeoff of AI agent “vibe coding,” especially autonomous agents. Only then will a new generation of giants emerge to surpass today's leaders. Bottom line: The past 18 months of AI coding demand has been primarily for programmers and developers. The next massive leg up will be for agents—and ultimately for everyday people.