Threat to AI trade: Token prices down 27% in a month

soumitrashukla9 · x · 2026-08-25

Aram Bakhtian identifies the deteriorating price lever as the biggest threat to the AI trade, which relies on ever-increasing model company revenues. While usage quantities are rising despite competition, the average cost per million tokens has fallen 27% over the last month, with OpenAI cutting frontier model prices by another 20% this week. Future gains for model companies will have to rely solely on driving significantly higher volume.

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