According to data from Ramp, the effective price per million tokens has fallen by 41% from March, from $1.15 to 68 cents. Usage of frontier models is declining, and top spenders are cutting per-employee costs. This trend challenges the AI thesis of infinite demand, posing financial risks for bonds financing neocloud buildouts. Companies like OpenAI and Anthropic are competing with price drops, leading businesses to shift to cheaper mid-tier models.
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