Goldman Delta One Must read: "Lots of speculation that Astra drops imminently, though no confirmed launch date. Meta’s new Muse Spark 1.3 is another reminder that competition at the frontier is accelerating (extremely competitive on benchmarks). The bigger point is massive compression in cost/token. If unit prices keep collapsing, consumption has to grow extraordinarily fast just to offset it (Silicondata Token index down -29% in month of August) . Add more inference moving toward cheaper/local hardware and I struggle with per token pricing as a durable end state model. That matters for equities. More demand + lower prices is not automatically bullish if pricing falls faster than consumption grows. Unless capability keeps making radical jumps (looking at you, Astra)… periods of compute oversupply become plausible. Beyond the repricing of credit that helps explain why the space has been de-rating."(zerohedge)