截至10月24日，Token支出價格指數略微回升至0.94美元/百萬Token。此前，該指數於10月23日跌至0.9356美元，低於10月2日的0.9374美元，刷新階段低點。按5月末約2.06美元的階段高點計算，當前價格累計下跌約54%。近兩個月，該指數基本在1美元下方運行，近期進一步逼近0.94美元，顯示模型單位Token支出價格持續承壓，單日反彈尚未改變整體下行趨勢。 -------- 1、各大模型降價以及用戶從昂貴的前沿模型轉向更便宜的開源模型、小模型，推動token價格下跌。2、當前階段價格下降可能刺激需求增加，這有利於AI應用等板塊，對雲廠商影響複雜，而對OpenAI、Anthropic等模型廠商來說，定價權下降則是個風險因素。3、數據來自OpenAI、Anthropic、DeepSeek等全球頂尖AI模型。

Jefferies raised its PT for Apple (AAPL.O) to $270.62 from $263.66.

French government bond selling paused on Monday after MOODY'S did not downgrade the sovereign rating. Weekend protests wound down largely peacefully, avoiding the previous week's social unrest. France's 10-year yield fell 5.3 bps to 4.9685% and the 10-year spread over Germany narrowed. A Deutsche Bank rates strategist said the temporary relief could persist through Thursday ahead of the ECB rate decision. Markets are increasingly worried the ECB is paying more attention to the adverse impact of rising long-dated yields.