The Token Expenditure Price Index dropped to 1.6417 last Friday. After hitting a new low since April earlier this month, it has recently rebounded into a volatile state. Overall, it has not yet fully shaken off the downward trend since the end of May, suggesting that the cash burn rate of AI companies is slowing. However, compared to the end of last year, it remains at a relatively high level. -------- Note: Selling Tokens is currently a significant monetization source for the AI industry. Its price serves as one of the signals reflecting the current supply and demand dynamics of computing power. If Token prices remain high, cloud service providers will be incentivized to purchase more GPUs, DRAM memory, and expand data centers. However, if prices continue to decline, caution is warranted regarding potential "consumption downgrades" by AI companies, which could become a leading indicator of the end of this hardware boom cycle. Token price data is sourced from top global AI models such as OpenAI, Anthropic, and DeepSeek.