The Token Spending Price Index fell back to 0.97, the level of a week ago, once again approaching the year-to-date low refreshed this month. Since completely erasing its year-to-date gains in August, the token price decline has slowed, but it has not yet broken the downward trend since the end of May, and is currently in a narrow range of fluctuation. It has already fallen by more than 52% from its year-to-date high, suggesting that AI companies are slowing their cash burn and the market is shifting towards cost-effectiveness.
-------- 1. Price reductions by major models and users shifting from expensive cutting-edge models to cheaper open-source and smaller models are driving down token prices.
2. On the other hand, the current price decline may stimulate increased demand, which is beneficial to sectors such as AI applications. The impact on cloud vendors is complex, while for model vendors such as OpenAI and Anthropic, the decline in pricing power is a risk factor.
3. Data comes from top global AI models such as OpenAI, Anthropic, and DeepSeek.
