10/19/2026
Watch this chart - straight from our October Global Market Perspective:
"Even as demand for AI tokens keeps soaring, token prices have collapsed. Silicon Data’s LLM Token Expenditure Index, which tracks what users pay per million tokens, is off 51% since its May 28 peak, and on August 31 it fell below $1 for the first time in its history. Meanwhile, Silicon Data’s H100 Rental Index appears to be topping after climbing 42% from December 1 to August 2. In addition, Nvidia just agreed to pay $12.9 billion for Hugging Face. In other words, demand is soaring, prices are collapsing, and the world’s most valuable company appears to be buying insurance against its best customers."
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