高盛Privorotsky指出，模型经济性仍在以非常快的速度改善，更小、更便宜的模型正在提供越来越有用的智能，导致 “每一美元能够买到的算力”快速增长，同时模型竞争者不断增加。Silicon‑Data大模型Token支出指数自6月底以来已经下降约38%。 这种趋势对AI采用和整体市场非常有利，因为AI使用成本越低，企业越容易扩大部署；但对出售Token和模型访问权限的公司，影响就复杂得多—— 价格下降会让模型之间的差异更难转化成长期定价权，护城河也更难守。 盈利预期还在上修，但估值倍数可能继续下压。 也就是AI需求依然强，市场对产业链公司的估值要求却开始提高。

Interfax reports Russian forces have captured a village in eastern Ukraine.

A senior Iranian official said Tehran plans an economic offensive including attacks on Gulf oil reroute export facilities to push up US gasoline prices and damage support for Trump’s party before the November midterms. Targets would include the two main alternatives used to bypass the Strait of Hormuz — Saudi Arabia’s Yanbu pipeline and the UAE’s Fujairah oil terminal — which together handle about 5.5 mln bpd. The official said if Iran also cut the US‑supported “shadow fleet” flows currently transiting the Strait, roughly 5.0 mln bpd, it would significantly reduce the alternate transport capacity that sustains Gulf exports under a wider blockade. With Brent near $93/bbl, any credible strike on Yanbu or Fujairah could be seen by traders as a supply shock larger than prior disruptions.