Goldman Delta 1 head: "The most interesting thing I read over the weekend came from Brian Armstrong at Coinbase. The accompanying chart showed AI spend has almost halved while token usage continues to grow exponentially. As Armstrong put it, “The goal isn’t to suppress usage. It’s to build the infrastructure that makes exponential growth sustainable.” The key wasn’t using less AI, but routing. Simple tasks are automatically sent to cheaper local or open-weight models, while frontier models are reserved for genuinely difficult reasoning. As he put it, “Ultimately, humans shouldn’t be choosing models. AI can automate this task.” I think this is one of the clearest examples yet of inference cost deflation. Some enterprises will build on-prem infrastructure, but many will simply route workloads to lower cost providers. The common denominator is that useful output per dollar keeps rising. Ironically, if companies discover they can achieve the same output for half the AI spend, the first instinct may not be to accelerate capex… it may be to pause and optimize."(zerohedge)