Silicon Data pushes back: falling token index means cheaper mix, not stalled AI demand

AccBalanced · x · 2026-09-24

Responding to Fidelity's Timmer claim that token expenditures and GPU lease rates are flat-to-down, Silicon Data corrects the record: its Token Index is an expenditure-weighted price per million tokens, not spending — expenditures and volumes are growing exponentially, and the falling index just reflects a cheaper mix (routing, cheaper tasks, flash models). H100/A100 rents did flatten, but they're no longer the binding market: since June 21, B300 rents are up 37% and B200 up 8%. Silicon Data reads this as mix-shift and a Jevons effect — quantity growing far faster than prices fall — not a demand stall.

Original post →

More from Infra

Infra channel →