a16z: AI agents now consume 5x more tokens than humans, up 14x since February
FinanceYF5 · x · 2026-10-02
a16z has released State of Markets II, a chart-packed report covering 1H'26 markets.
Headline stat: AI agents now consume roughly 5x the tokens that humans do in direct chats, a 14x increase since February. The primary mode of AI usage is shifting from human-to-model conversation toward machines working continuously on humans' behalf — humans are becoming the minority of AI users.
The report also frames "Tech is the everything cycle": tech has contributed 76% of S&P 500 total earnings growth since 2023, and the theme of the year is the rotation from bits to atoms (hardware).
Related event: a16z's State of Markets II: Agents Now Consume 5x Human Token Volume(8 posts)→
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