Citadel Securities' "Tokenomics" report has a blunt take: AI hype is running into hard economic reality. Token bills are exploding, power and compute costs are hitting ceilings, and companies are quietly downgrading from premium models to "good enough" ones. Frontier AI is becoming a luxury only the biggest players can afford. The new competitive edge isn't raw capability. It's who can make the economics work.(Lark Davis)