Token Expenditure Price Index is currently reported at 0.9762, down approximately 2.8% from 1.00 a week ago. The index hit a new low of 0.9374 on October 2, before rebounding by about 4.1%, but it remains below 1 and is still in a downward trend since late May. Compared to the previous annual high, the cumulative decline now exceeds 50%, reflecting a continuous decrease in the unit token expenditure cost of AI models. -------- 1. Price reductions by major models, along with users shifting from expensive cutting-edge models to more affordable open-source and smaller models, have driven token prices down. 2. The current phase of price decline may stimulate increased demand, which could benefit sectors like AI applications. The impact on cloud providers is complex, while for model providers like OpenAI and Anthropic, the decline in pricing power poses a risk factor. 3. Data is sourced from leading global AI models, including OpenAI, Anthropic, and DeepSeek.