Mint Explainer | Google vs OpenAI vs Anthropic: Who is really leading the AI race?

Isn't Google behind Anthropic and OpenAI on AI innovation?

On most popular benchmarks, OpenAI’s GPT-5.5 xhigh and Anthropic’s Claude 4.7 Opus rank marginally higher than Google’s Gemini 3.1 Pro. This year, Google’s Gemini 3.5 family of models could perform better, but this data isn’t out yet. Google’s latest, Gemini 3.5 Flash, is designed for speed of results and lower overall cost of AI applications. While Google was perceived to be behind the curve until April last year, its I/O 2025 conference saw the company catch up. Google’s share price has reflected this, jumping from $174 to $379 in the last one year, until 26 May.

How big are the trio’s AI budgets?

On 5 February, Pichai said Google will spend $185 billion on AI in the year ending December. The company earned $132.17 billion in net profit, and spent $61 billion on R&D in 2025. On 31 March, OpenAI announced a $122 billion fundraise at $852 billion valuation. Anthropic, as per a WSJ report on 15 May, is raising $30 billion at $900 billion valuation. Both are also reportedly eyeing initial public offerings (IPO).

What could this mean for Big Tech’s AI race?

OpenAI is yet to report a profitable quarter. On 20 May, WSJ reported that Anthropic is set to clock its first profitable quarter between April and June, with projected revenue of $10.9 billion and net profit of $559 million in the ongoing period. In comparison, Google’s parent Alphabet reported $109.9 billion in revenue and $62.6 billion in net profit in the March quarter. Experts believe that with deeper pockets, Google has the financial backing to take products to market. Anthropic and OpenAI are both still focused on building models, which is a cost-intensive process.

Are any firms in India close to keeping pace?

Not really. India does not have any large technology company focused on building foundational models. For the most part, India’s IT ministry and tech companies alike have said that chasing cost-intensive AI models may not be India’s approach, and most firms may look at building public-sector AI utilities and services to scale AI deployment. The most-funded startup, Sarvam, is reportedly eyeing a $1.6-billion valuation funding round soon, Bloomberg reported in April. India also does not have AI hardware companies, though Sarvam, on 25 May, partnered with Finland’s HMD Global to equip its ‘Indus’ AI bot in a smartphone.

Shouvik has been tracking the rise and shifts of India’s technology ecosystem for over a decade, across print, broadcast and web-first platforms. He's been a tinkerer of machines and PCs since childhood, a habit he was thrilled to convert into his profession. This has led him to fascinating experiences of technologies around the world, which is what keeps him hooked to his job.<br><br>Shouvik likes to believe that he is one of the few technology journalists in India who can also code. He has also been writing about the rise of AI well before it became a household name, and has met some of the most fascinating people over the years through his work.<br><br>Shouvik writes about AI, Big Tech, data centres, electronics, semiconductors, cybersecurity, gaming, cryptocurrencies, and consumer technologies. He is most fond of the stories he has written during his time here at Mint, for which he also writes 'Transformer', a weekly technology newsletter, and hosts 'Techcetra', a weekly technology podcast.<br><br>Outside of work, Shouvik spends most of his time with Pixel, whom he believes is the world's best dog. He is also an avid reader, a toy collector, a gamer and a frequent traveller.