A sustained trend of pricing power is emerging among China's top AI labs,
according to Morgan Stanley analysts in a research note. Chinese major AI labs
have raised their input and output token prices by an average of 80% and 36%,
respectively, from 2Q 2025 to 1Q 2026, MS points out. Token usages are how
developers measure and pay for AI. "The price hikes of Chinese large language
models are not driven by rising costs but by performance improvements," the
analysts say. This indicates AI companies may start charging prices based on
performances of models, they note.
