Kobeissi Letter: AI Token Spending Grows 0.2% MoM
The Kobeissi Letter reports AI token spending grew just 0.2% month-over-month in September, the lowest monthly growth since November 2025, as prices per million tokens fell 48% since July to $0.65.
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Kobeissi Letter data shows AI token spending grew just +0.2% MoM in September, the lowest monthly growth since November 2025, following a +1.0% rise in August and marking the weakest two-month streak in at least 18 months. Falling prices for advanced models and efficiency gains cut the average price per million tokens to $0.65 since July, down 48%, the lowest level since at least January 2026.
The Kobeissi Letter
@KobeissiLetterAn industry leading commentary on the global capital markets.