On November 9th, the Token Spending Price Index fell for the eighth consecutive day, currently hovering around $0.82, continuing to hit new lows on record and extending the downward trend that began in May. -------- 1. Price reductions across various models and users shifting from expensive cutting-edge models to cheaper open-source and smaller models are driving down token prices. 2. The current price decline may stimulate increased demand, which is beneficial to sectors such as AI applications. This has both positive and negative impacts on cloud vendors, while for model vendors like OpenAI and Anthropic, the decline in pricing power is a risk factor. 3. Data comes from top global AI models such as OpenAI, Anthropic, and DeepSeek.