At a time when markets are growing uneasy over whether the enormous sums being poured into artificial intelligence will ever pay off, the prices the sector commands for each unit of usage are drifting lower.

当市场越来越不安——投入人工智能的巨额资金是否真有回报——AI 行业每单位使用量的定价却在悄然下滑。

The Silicon Data LLM Token Expenditure Index, which tracks what users pay for AI tokens, is down almost 20% from a high in May after nearly doubling since its inception in December. The gauge is the cleanest read anyone has on the $700 billion-plus capex boom that has done the sector's heavy lifting.

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